08/10/2007 Farm Bureau Market Report

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Grain & Soybean Date: August 10, 2007 Soybeans Local Elevators: (Aug) EAST AR:  777 to 796 (NC) Summ. 792 to 816 River Elevators: (Aug) MISS: 792 to 806 ; AR & White 777 to 796 (NC) Summ. 804 to 839 Ark. Processor Bids: (Aug) 796 to 803  (NC) 816 to 817 Memphis:  (Aug) 804 3/4 to 808 3/4 (NC)  821 3/4 to Riceland Foods:  (NC) Stuttgart 796 ; Pendleton 796 ; West Memphis 802 Chicago Futures: Sep down 6 at  856   Nov  down  6  at  871 3/4   Jan down 5 3/4  at  886 1/2   Mar down 4  at  897 1/2   Nov '08 down 1 1/2  at  899 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans were a little lower for the day despite a generally positive report. The U.S. yield was 41.5 bushels per acre unchanged from July. The crop of 2.63 billion bushels was a little below the pre-report expectations. USDA also lowered the beginning and ending stocks 25 million bushels, projected the 07/08 stocks at just 220 million bushels. November fell below old resistance briefly, but ended above that point which should be considered positive. Support remains $8.55 and resistance is $8.93. Wheat Cash bid for August at Memphis  600 to 603; Bids to farmers at Local Elevators 489; River Elevators 469-504; Chicago Futures: Sep down  6 1/2  at  667    Dec down 6 1/2  at  684 1/2    Mar down  5 1/2  at  678    Jul '08 down  5  at  569    Jul '09 down  1  at  562    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for August at Memphis  644 to 647; Bids to farmers at River Elevators 539-613; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for August at Memphis   293 to 295;   new crop at Memphis   n/a to - - -; Bids to farmers at River Elevators  275 to 286 Chicago Futures: Sep up  3/4  at  333    Dec up  1 3/4  at  350 1/2    Mar up  1 1/4  at  365 3/4    Dec '08 up  2 3/4  at  399    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures ended the day lower despite a modestly bullish report. Ending stocks were cut to 404 million bushels, but were down from 418 million, which was already extremely tight. It is possible that the positive news is already built into prices at these levels. Support now starts at $6.50. Cotton & Rice  Date: August 10, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis down 100 at  5450   Greenwood down  100 at 5450 New York Futures: Oct down  100  at  5925    Dec down  118  at  6124    Mar down  135  at  6440    May down  125  at  6550    Dec '08 down  90  at  6880  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton production at 17.35 million bales was below expectations. However the market reacted negatively and closed lower for the day, touching the 50% retracement objective at one point in the session. While this could be a bottom, the market could still move down to the next support near 59 cents. USDA’s projection for Chinese production stayed at 32.5 million bales, while their import needs were reduced slightly to 16 million bales. Rice Long Grain Cash Bid for  Aug 989/cwt  to  - - -   Sep/Oct 989  to  1004/cwt Chicago Futures: Sep down  2  at  1040    Nov down  1  at  1074    Jan down  1  at  1104    Mar down  1  at  1132    n/a down  - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice yield was adjusted upward by a meager 14 pounds per acre with production projected at 190.4 million cwt. With all other numbers left unchanged the projected ending stocks were increased a like amount from 26.7 to 27.1 million cwt. A slight adjustment in beginning world was the only major change in the report. That left the market drifting with little direction. November closed a penny lower and well above support at $10.75. The next support is located at the recent low of $10.47. Cattle & Hogs  Date: August 10, 2007 Cattle As reported by Federal-State Market News, receipts were 9,255 head at sales in Arkansas this week.  Compared with last week, feeder steers sold steady to $2 lower, heifers steady . Steers:  Medium & Large Frame 1   400 to 450 lbs. 127 to 137   500 to 550 lbs. 115 to 125   600 to 700 lbs. 107 to 117  Medium & Large Frame 2   400 to 450 lbs. 110 to 120 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 114 to 124  Medium & Large Frame 2   400 to 450 lbs. 107 to 117 Slaughter Cows, Boners 46   to   52 Light Weight 35 to 41 Bulls, Yield Grade   1   1000   to   2100 lbs.   60   to   68, high dressing 68-71.50 Midwest Steers   n/a   at   - - -   to   - - - Panhandle Steers   were steady   at   90   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 118 to 136   600 to 650 lbs. 111.50 to 129 Heifers 500 to 550 lbs. 111 to 122   600 to 650 lbs. 106.50 to 119.50 Chicago Futures: Live Cattle: Oct down 30 at 9455   Dec down 15 at 9747 Feeders: Oct down 40 at 11530   Jan up 10 at 11307 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   50.5   to   - - - Chicago Futures: Oct down 40 at 7080   Dec down 52 at 6945 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures continued lower. Ideas cash prices will be lower this week due to weak margins pressured futures. October has support in the $69-$70 area. Poultry  Date: August 10, 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 Majority prices were trending unchanged in all areas when compared to Monday's final majority prices. Trade sentiment was generally steady. Supplies were mixed and varied by size, but was overall available to satisfy trade needs. In production areas, live supplies were mostly moderate to light where mortality rates increased due to intense summer heat. Weights were in a full range, but were lighter in areas also affected by hot temperatures. ---------------------------------------- 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