08/09/2007 Farm Bureau Market Report

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Grain & Soybean Date: August 09, 2007 Soybeans Local Elevators: (Aug) EAST AR:  789 to 808 (NC) Summ. 798 to 827 River Elevators: (Aug) MISS: 798 to 814 ; AR & White 783 to 802 (NC) Summ. 803 to 833 Ark. Processor Bids: (Aug) 808 to 809  (NC) 823 to 827 Memphis:  (Aug) 814 3/4 to 817 3/4 (NC)  827 3/4 to - - - Riceland Foods:  (NC) Stuttgart 827 ; Pendleton 827 ; West Memphis 833 Chicago Futures: Sep unchanged at  862   Nov  down  1/4  at  877 3/4   Jan unchanged   at  892 1/4   Mar unchanged   at  901 1/2   Nov '08 down 1/4  at  898   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans closed the day narrowly mixed with the trade keying on tomorrow’s report. The report, as always, is really old news since data was as of August 1. Rain in some areas and intense changed dry weather in others has already changed yield potential. Trendline support seems to be firm around $8.50 to $8.55 for November. A USDA yield above 42 bushels will be negative, but as indicated downside is probably limited. Wheat Cash bid for August at Memphis  606 1/2 to 609 1/2; Bids to farmers at Local Elevators 484; River Elevators 464-499; Chicago Futures: Sep down  5 1/2  at  673 1/2    Dec down 10  at  691    Mar down  8 1/2  at  683 1/2    Jul '08 up  1/4  at  564    Jul '09 down  8  at  396 1/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for August at Memphis  601 to 644; Bids to farmers at River Elevators 538-609; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for August at Memphis   292 1/4 to 293 1/4;   new crop at Memphis   n/a to - - -; Bids to farmers at River Elevators  274 to 285 Chicago Futures: Sep down  8 3/4  at  332 1/4    Dec down  9 1/4  at  348 3/4    Mar down  9  at  364 1/2    Dec '08 down  8  at  396 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment December wheat climbed to $7.10 today before turning lower and closing back below the key $7 mark. Export demand is exceptional as the world experiences the tightest stocks situation ever. Support now starts at $6.50. Cotton & Rice  Date: August 09, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis down 90 at  5550   Greenwood down  90 at 5550 New York Futures: Oct down  90  at  6025    Dec down  109  at  6242    Mar down  65  at  6575    May down  70  at  6675    Dec '08 down  100  at  6970  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton futures lost ground going into tomorrow’s report, suggesting the trade is leaning toward the high end of production estimates. December pushed below the mid-July low of 61.85 cents, but firmed by the end of the session. Technically, the market will likely move toward support at 59 to 61 cents if the production number exceeds 18 million bales by very much. China’s projected production and projected imports will also be watched very closely. There were 32.5 and 16.5 million bales respectfully last month. Rice Long Grain Cash Bid for  Aug 990/cwt  to  - - -   Sep/Oct 990  to  1004/cwt Chicago Futures: Sep down  10  at  1042    Nov down  10  at  1075    Jan down  11  at  1105    Mar down  12 1/2  at  1133    n/a down  - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice was lower as the market dipped back down to trendline support. There is simply little activity in the rice market at this time. A lack of business has most mills operating well below capacity, and there is little in the way of potential business. The tender from Iraq remains a possibility, but with corn harvest starting there is heavy demand for barges and that has pushed freight sharply higher. NO real relief in sight, until after harvest. This has also reduced rough rice movement. Technically, November support is at today’s low of $10.75. If that fails, then the recent low of $10.47 could come into play. Cattle & Hogs  Date: August 09, 2007 Cattle As reported by Federal-State Market News, receipts were 2,068 head at sales in Charlotte, Ratcliff & Green Forest.  Compared with last week, feeder steers sold mostly $3-$4 lower, heifers steady to $3 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 124 to 134   500 to 550 lbs. 114 to 124   600 to 700 lbs. 106 to 116  Medium & Large Frame 2   400 to 450 lbs. 116 to 126 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 110 to 120  Medium & Large Frame 2   400 to 450 lbs. 107 to 117 Slaughter Cows, Boners 47   to   52.50 Light Weight 35 to 40 Bulls, Yield Grade   1   1000   to   2100 lbs.   59.50   to   64.50, high dressing 66-70 Midwest Steers   were $1 lower   at   90   to   - - - Panhandle Steers   were steady   at   90   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 72 at 9485   Dec down 45 at 9762 Feeders: Oct up 45 at 11570   Jan up 32 at 11297 Cattle Comment Cattle futures were lower again today. Upside potential has been limited by lackluster beef demand and renewed prices added to the negative undertone in feeder futures. Hogs Peoria: were     steady   at   50.50   to   - - - Chicago Futures: Oct down 75 at 7120   Dec down 75 at 6997 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures continued lower. News that China has signed deals to import up to 70,000 metric tons of U.S. pork was overshadowed by news that China has rejected some U.S. pork. October has support in the $69-$70 area. Poultry  Date: August 09, 2007 Eggs New York:  Ex. Lg. 103-107; Lg. 101-105; Med. 80-84; Chicago:  Ex. Lg. 96-104; Lg. 94-102; Med. 74-82; Eastern Region Turkeys Hens: 8-16 lbs. 88-89 Toms: 16-24 lbs. 88-89   Delmarva Broilers U.S. Grade A Trade sentiment was steady in the West, steady to about steady elsewhere. Supplies of all sizes were irregular in various locations, but overeall available for trade needs. 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