08/08/2007 Farm Bureau Market Report

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Grain & Soybean Date: August 08, 2007 Soybeans Local Elevators: (Aug) EAST AR:  796 to 815 (NC) Summ. 798 to 827 River Elevators: (Aug) MISS: 803 to 821 ; AR & White 788 to 807 (NC) Summ. 805 to 833 Ark. Processor Bids: (Aug) 809 to 815  (NC) 823 to 827 Memphis:  (Aug) 815 to 818 (NC)  827 to 830 Riceland Foods:  (NC) Stuttgart 827 ; Pendleton 827 ; West Memphis 833 Chicago Futures: Sep up 15 at  862   Nov  up  15 1/4  at  878   Jan up 15 1/2  at  892 1/4   Mar up 13 3/4  at  901 1/2   Nov '08 up 11 1/4  at  898 1/4   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans made strong gains again today with November gapping above resistance at $8.67 and closing near the day’s high. Prospects of crop problems in China and reports they will import more than 10% more beans next year added to the positive undertone. The next resistance for November is $8.93. Wheat Cash bid for August at Memphis  614 to 617; Bids to farmers at Local Elevators 484; River Elevators 464-499; Chicago Futures: Sep up  16 1/2  at  679    Dec up 18 1/2  at  701    Mar up  12 1/2  at  692    Jul '08 up  4 3/4  at  563 3/4    Jul '09 up  6  at  563    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for August at Memphis  639 to 661; Bids to farmers at River Elevators 545-639; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for August at Memphis   303 to 305;   new crop at Memphis   n/a to - - -; Bids to farmers at River Elevators  285 to 296 Chicago Futures: Sep up  5 3/4  at  341    Dec up  6  at  358    Mar up  6  at  373 1/2    Dec '08 up  5 1/4  at  404 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat made new contract highs for the third day in a row and now appears to be zeroing in on the all time high of $7.50. Export demand is exceptional as the world experiences the tightest stocks situation ever. Support now starts at $6.50. Cotton & Rice  Date: August 08, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis up 55 at  5640   Greenwood up  55 at 5640 New York Futures: Oct up  55  at  6115    Dec up  53  at  6351    Mar up  26  at  6640    May up  35  at  6745    Dec '08 up  81  at  7070  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton recouped a portion of yesterday’s declines keeping the market in a 2.5 cents trading range. 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 1000/cwt  to  - - -   Sep/Oct 1000  to  1004/cwt Chicago Futures: Sep down  1  at  1052    Nov down  1 1/2  at  1085    Jan down  2  at  1116    Mar down  2  at  1145 1/2    n/a down  - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment November rice futures ended the day slightly lower after spending most of the session a little higher. 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 08, 2007 Cattle As reported by Federal-State Market News, receipts were 1,162 head at sales in Conway, Ola & Pocahontas.  Compared with last week, feeder steers sold steady to $6 lower, heifers $1-$5 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 121 to 131   500 to 550 lbs. 115 to 125   600 to 700 lbs. 100 to 110  Medium & Large Frame 2   400 to 450 lbs. 101 to 111 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 109.50 to 119  Medium & Large Frame 2   400 to 450 lbs. 101 to 111 Slaughter Cows, Boners 45   to   53.50 Light Weight 37 to 42 Bulls, Yield Grade   1   1000   to   2100 lbs.   63   to   68, high dressing not quoted Midwest Steers   were quoted   at   91   to   - - - Panhandle Steers   were quoted   at   90   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 127.50 to 131.50   600 to 650 lbs. 120.50 to 129 Heifers 500 to 550 lbs. 118 to 122   600 to 650 lbs. 113.50 to 118 Chicago Futures: Live Cattle: Oct down 30 at 9557   Dec down 65 at 9807 Feeders: Oct down 5 at 11525   Jan down 15 at 11265 Cattle Comment Cattle futures lost more ground today as the market showed some followthrough on yesterday’s big declines. Upside potential has been limited by lackluster beef demand and renewed prices added to the negative undertone in feeder futures. Hogs Peoria: were $2     higher   at   50.5   to   51 Chicago Futures: Oct down 5 at 11525   Dec up 42 at 7072 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures made a third straight decline as the market has dropped over five dollars this week. Continued reports of pork exports to China kept the market on the positive side for much of the session. October has support in the $69-$70 area. Poultry  Date: August 08, 2007 Eggs New York:  Ex. Lg. 104-108; Lg. 102-106; Med. 81-85; 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 mostly steady to about steady. Supplies of light weights were more than sufficient, but heavier weights were in a better balance for trade needs. In production areas, live supplies were mostly moderate. Weights were desirable to instances light as high temperatures continued to affect bird sizes and mortality rates. ---------------------------------------- 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