08/07/2007 Farm Bureau Market Report

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Grain & Soybean Date: August 07, 2007 Soybeans Local Elevators: (Aug) EAST AR:  756 to 784 (NC) Summ. 783 to 812 River Elevators: (Aug) MISS: 784 to 803 ; AR & White 770 to 799 (NC) Summ. 792 to 823 Ark. Processor Bids: (Aug) 785 to 789  (NC) 803 to 812 Memphis:  (Aug) 806 3/4 to 812 3/4 (NC)  812 3/4 to 819 3/4 Riceland Foods:  (NC) Stuttgart 812 ; Pendleton 812 ; West Memphis 818 Chicago Futures: Sep up 12 3/4 at  847   Nov  up  12 3/4  at  862 3/4   Jan up 13  at  876 3/4   Mar up 13 1/4  at  887 3/4   Nov '08 up 5 1/4  at  887   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment As has been anticipated the soybean market is very susceptible to anything which might suggest potential yield loss. Yesterday’s crop progress report reduced the good and excellent conditions by 2 percentage points and that seemed to be the trigger for solid gains. November moved back near the top of the recent trading range and closed just off the day’s high. A close above $8.67 would suggest a retest of old resistance at $8.93. If Friday’s report puts yields below 42 bushels that could happen. Support remains just above $8.50. A yield above 43 bushels could test that resistance. Wheat Cash bid for August at Memphis  806 3/4 to 812 3/4; Bids to farmers at Local Elevators 479; River Elevators 464-494; Chicago Futures: Sep down  1 1/2  at  662 1/2    Dec down 1  at  682 1/2    Mar up  4 1/2  at  679 1/2    Jul '08 up  1/4  at  559    Jul '09     at      Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for August at Memphis  645 to 650; Bids to farmers at River Elevators 552-629; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for August at Memphis   295 1/4 to 301 1/4;   new crop at Memphis   n/a to - - -; Bids to farmers at River Elevators  284 to 295 Chicago Futures: Sep up  9 1/2  at  335 1/2    Dec up  9  at  352    Mar up  8 1/4  at  367 1/2    Dec '08 up  6  at  399 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment September wheat set a new contract high again today before closing a bit lower. The weekly USDA crop conditions report showed that the spring wheat crop had improved a bit since last week. Traders have been worried that hot weather had harmed the crop, but UDSA apparently disagrees. Traders were also disappointed that Egypt bought Russian wheat this week. Cotton & Rice  Date: August 07, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis down 135 at  5585   Greenwood down  135 at 5585 New York Futures: Oct down  135  at  6060    Dec down  109  at  6298    Mar down  96  at  6614    May down  95  at  6710    Dec '08 down  71  at  6989  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment December cotton’s failure to push above 65 cents left the market susceptible to additional pressure heading into Friday’s report. Early selling pushed through trendline support which added to the negative undertone. The late July low of 61.85 cents now becomes the next level of support. Early production estimates range from 17.3 to 18.5 million bales with Informa at the low end of the range. However, that was an increase of 200,000 bales from their July estimate. The trade will be watching the U.S. production number, as well as that of China. Their current projection is 32.5 million bales. Heavy rain in one production area may shave some off that number. Chinese import needs are currently projected to be 16.5 million bales. Rice Long Grain Cash Bid for  Aug 1011/cwt  to  - - -   Sep/Oct 1004  to  1011/cwt Chicago Futures: Sep up  3  at  1053    Nov up  2 1/2  at  1086 1/2    Jan up  3  at  1118    Mar up  7 1/2  at  1147 1/2    May up  7  at  1173  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment November rice ended slightly higher after big early gains carried up to $10.99. Last week’s high of $11.05 remains resistance heading into Friday’s report. Domestic mills remain on reduced schedules as export sales are limited. Potential sales to Cuba and the Dominican Republic buoyed hopes some, as did the tender which Iraq recently floated. At this point none have materialized, but recent volatility in the market suggests something is possible. Cattle & Hogs  Date: August 07, 2007 Cattle As reported by Federal-State Market News, receipts were 1,109 head at sales in Fort Smith & Marshall.  Compared with last week, feeder steers sold mostly steady, instances $2-$3 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 132 to 142   500 to 550 lbs. 117 to 124   600 to 650 lbs. 106 to 116  Medium & Large Frame 2   400 to 450 lbs. 115 to 125 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 112 to 122  Medium & Large Frame 2   400 to 450 lbs. 102 to 112 Slaughter Cows, Boners 47   to   51 Light Weight 38 to 41 Bulls, Yield Grade   1   1000   to   2100 lbs.   59.75   to   67.50 Midwest Steers   n/a   at   - - -   to   - - - Panhandle Steers   n/a   at   - - -   to   - - - Oklahoma City Feeders Steers n/a to - - - lbs. - - - to - - -   n/a to - - - lbs. - - - to - - - Heifers n/a to - - - lbs. - - - to - - -   n/a to - - - lbs. - - - to - - - Chicago Futures: Live Cattle: Oct down 182 at 9587   Dec down 130 at 9872 Feeders: Oct down 207 at 11530   Jan down 175 at 11280 Cattle Comment Today’s weakness began in the hog pit, but quickly spread to both live and feeder cattle. Technical selling after Monday’s weak close was also a factor. Stronger wholesale beef prices limited losses early, but were ignored later in the day. Hogs Peoria: were $2     higher   at   48.5   to   49 Chicago Futures: Oct down 247 at 7257   Dec down 262 at 7030 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment October hogs were sharply lower, violating trendline support in today’s trade. Retracement objectives are $72.26 and then $70.58. Futures were extremely overbought and due a downward correction. Profit taking and technical selling were the driving factors behind the sell-off. Poultry  Date: August 07, 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. 86-89 Toms: 16-24 lbs. 86-89   Delmarva Broilers U.S. Grade A Trade sentiment was mixed, but overall no better than steady to instances weak. In production areas, live supplies were moderate at weights in a full range. The Composite Weighted Average price for 08/06/07 was 77.70 compared to 78.62 a week earlier, and 66.43 a year ago. ---------------------------------------- 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