08/06/2007 Farm Bureau Market Report

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Grain & Soybean Date: August 06, 2007 Soybeans Local Elevators: (Aug) EAST AR:  741 to 771 (NC) Summ. 770 to 791 River Elevators: (Aug) MISS: 771 to 789 ; AR & White 757 to 789 (NC) Summ. 779 to 802 Ark. Processor Bids: (Aug) 770 to 772  (NC) 785 to 791 Memphis:  (Aug) 807 to 810 (NC)  810 to - - - Riceland Foods:  (NC) Stuttgart 791 ; Pendleton 791 ; West Memphis 797 Chicago Futures: Sep down 10 1/2 at  834 1/4   Nov  down  11  at  850   Jan down 10 1/2  at  863 3/4   Mar down 11  at  874 1/2   Nov '08 down 7 1/2  at  881 3/4   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans gapped lower following fairly good weekend rains in the upper Midwest. The decline was tempered by a good export report and concern that the crop progress report to be released later today would show a substantial decline in the ratings. Technically, November dipped down to trendline support at $8.40 before firming. Key support is located between this point and the recent low of $8.34. A close below this level would be negative in the short run. Wheat Cash bid for August at Memphis  604 to 609; Bids to farmers at Local Elevators 479; River Elevators 464-494; Chicago Futures: Sep up  14  at  664    Dec up 14 1/2  at  683 1/2    Mar up  13 3/4  at  675    Jul '08 up  7 1/4  at  558 3/4    Jul '09 up  5  at  570    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for August at Memphis  634 to - - -; Bids to farmers at River Elevators 554-625; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for August at Memphis   285 3/4 to 289 3/4;   new crop at Memphis   n/a to - - -; Bids to farmers at River Elevators  275 to 286 Chicago Futures: Sep down  3/4  at  325 3/4    Dec unchanged    at  343    Mar up  1/2  at  359 1/4    Dec '08 unchanged    at  393 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment September wheat was sharply higher and set a new contract high in today’s trade. A big tender from Morocco had the market buzzing this morning, as the U.S. is expected to get a sizable portion of the business. Ideas that USDA will again cut their hard red winter wheat production estimate were also supportive. Today’s move could clear the way for a test of $7.00. Cotton & Rice  Date: August 06, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis down 90 at  5720   Greenwood down  90 at 5720 New York Futures: Oct down  90  at  6195    Dec down  82  at  6407    Mar down  90  at  6710    May down  90  at  6805    Dec '08 down  70  at  7060  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment December cotton closed near the bottom of today’s trading range and right on trendline support. Last week’s high of 65 cents will offer resistance, if the market attempts to move higher. This week’s supply demand report and production estimate will provide key information for the market. Projections range from 17.5 to 18.5 million bales. Anything on the upper end will keep pressure on the ’07 price as total supplies would be near 28 million bales. With the U.S. domestic use under 5 million bales USDA has plugged in 17.5 million bales for ‘07/‘08. If that’s the case, then stocks will decline and set the stage for further price improvement in ’08 and beyond. Rice Long Grain Cash Bid for  Aug 1009/cwt  to  - - -   Sep/Oct 1004  to  1009/cwt Chicago Futures: Sep up  5  at  1050    Nov up  5 1/2  at  1084    Jan up  5  at  1115    Mar up  5  at  1140    n/a up  - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice continued the recent decline in early trading but bounced back to end the session on a positive note. November appears to be developing a short term uptrend drawn off the recent low and today’s low. Resistance will start at last week’s high of $11.05. That gain simply completed a 50% retracement of the June-July price slide. The milled export market remains slow despite potential prospects in Cuba and Iraq. Many mills have been running reduced schedules in the immediate future. Thailand is the major terminal market of choices, as Vietnam has reached its export quota and has imposed a sales restriction. A higher price and high freight rates tend to reduce interest in U.S. rice. Cattle & Hogs  Date: August 06, 2007 Cattle As reported by Federal-State Market News, receipts were 2,530 head at sales in Ash Flatt & Springdale.  Compared with last week, feeder steers sold mostly steady to $2 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 126 to 136   500 to 550 lbs. 117 to 127   600 to 700 lbs. 107 to 117  Medium & Large Frame 2   400 to 450 lbs. 118 to 128 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 109 to 119  Medium & Large Frame 2   400 to 450 lbs. 106 to 116 Slaughter Cows, Boners 46   to   52 Light Weight 34 to 40 Bulls, Yield Grade   1   1000   to   2100 lbs.   59   to   65.50, high dressing 65.50-72.50 Midwest Steers   were $2 lower to $.50 higher   at   90   to   92.50 Panhandle Steers   were $3 lower to $.50 higher   at   89   to   92.50 Oklahoma City Feeders Steers 500 to 550 lbs. 127.50 to 131.50   600 to 650 lbs. 120.50 to 127.50 Heifers 500 to 550 lbs. 118 to 122   650 to 700 lbs. 112.25 to 113.85 Chicago Futures: Live Cattle: Oct down 27 at 9770   Dec down 5 at 10002 Feeders: Oct up 17 at 11737   Jan up 37 at 11455 Cattle Comment Cattle futures were mixed with live contracts under pressure from Friday’s weak close. October live cattle have resistance at the recent contract high just above $100. November feeders are testing support around $116. On the cash side feed lots passed on offers of $90-$91. Packers were reluctant to bid higher with cutout values declining and beef demand sluggish. Hogs Peoria: were     steady   at   46.5   to   47 Chicago Futures: Oct down 255 at 7505   Dec down 165 at 7292 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs gave back all of Friday’s big gains and then some. Futures were extremely overbought and due a downward correction. Ample supplies of hogs and weak packer margins were also factors. Poultry  Date: August 06, 2007 Eggs New York:  Ex. Lg. 105-109; Lg. 103-107; Med. 82-86; Chicago:  Ex. Lg. 96-104; Lg. 94-102; Med. 74-82; Eastern Region Turkeys Hens: 8-16 lbs. 87-89 Toms: 16-24 lbs. 87-89   Delmarva Broilers U.S. Grade A Majority prices were unchanged in the West, but lower in the East and Midwest. Trade sentiment was mixed, but overall no better than steady. In production areas, live supplies were moderate at weights in a full range. ---------------------------------------- HOW TO UNSUBSCRIBE You are receiving this newsletter because you requested that your e-mail address be added to the Arkansas Farm Bureau Market Report. To unsubscribe or change your subscription information, go to http://www.arfb.com/commodity/daily_rpt_email.asp ---------------------------------------- QUESTIONS OR COMMENTS? If you have any comments or questions about this e-newsletter please e-mail us at mktrpt@arfb.com Arkansas Farm Bureau 10720 Kanis Road Little Rock, AR 72211 501-224-4400 Copyright 2007 Arkansas Farm Bureau, Inc. All rights reserved