08/13/2007 Farm Bureau Market Report

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Grain & Soybean Date: August 13, 2007 Soybeans Local Elevators: (Aug) EAST AR:  787 to 806 (NC) Summ. 802 to 826 River Elevators: (Aug) MISS: 797 to 816 ; AR & White 782 to 801 (NC) Summ. 804 to 832 Ark. Processor Bids: (Aug) 806 to 813  (NC) 826 to 827 Memphis:  (Aug) 811 3/4 to 813 3/4 (NC)  831 3/4 to - - - Riceland Foods:  (NC) Stuttgart 826 ; Pendleton 826 ; West Memphis 832 Chicago Futures: Sept up 10 at  866   Nov  up  10  at  881 3/4   Jan up 10 1/4  at  896 3/4   March up 9  at  906 1/2   Nov '08 up 4 1/2  at  904   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans pushed higher today after weather forecasts for the mid section of the country stayed extremely hot and dry. A much smaller acreage leaves beans vulnerable over the next several weeks. Any potential yield loss is too much and that should keep beans working back toward the contract high of $9.49 ½. The next resistance is $8.93. Wheat Cash bid for August at Memphis  596 1/2 to 597 1/2; Bids to farmers at Local Elevators 500; River Elevators 480-515; Chicago Futures: Sept down  1/2  at  666 1/2    Dec up 6  at  690 1/2    March up  7 1/4  at  685 1/4    July '08 up  11  at  580    July '09 up  5  at  577    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for August at Memphis  645 to - - -; Bids to farmers at River Elevators 541-613; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for August at Memphis   293 to - - -;   New crop at Memphis   - - - to - - -; Bids to farmers at River Elevators  270 to 281 Chicago Futures: Sept down  2  at  331    Dec down  1 1/2  at  349    March down  1 1/2  at  364 1/4    Dec '08 up  3/4  at  399 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment December wheat futures ended higher, with prices attempting to consolidate just below the 11 year highs charted last week. Last weeks report was positive for prices with ending stocks cut to 404 million bushels, but the tight supply situation was already well known. 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 13, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis down 20 at  5430   Greenwood down  20 at 5430 New York Futures: Oct down  20  at  5905    Dec down  3  at  6121    March up  11  at  6451    May unchanged    at  6550    Dec '08 unchanged    at  6880  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0.09 cents Cotton Comment Cotton was mixed with the market remaining fairly subdued following a generally positive production report last Friday. USDA put the crop at 17.35 million bales, the low end of expectations. However, they also lowered their projection for China’s imports. For now the market appears to have a little more potential downside – good support at 59 cents – but longer term, the market should work higher, toward the December contract high of 68.8 cents. Rice Long Grain Cash Bid for  Aug/Sept 993/cwt  to  - - -   Oct/Nov 993/cwt  to  - - - Chicago Futures: Sept up  4  at  1044    Nov up  4 1/2  at  1078 1/2    Jan up  4  at  1108    March up  5  at  1137    n/a   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice was slightly higher as the market continued to hold above the short term trendline. Current resistance is around $11 with support near $10.50. USDA projected a 190.4 million cwt ’07 crop with ending stocks of 27.1 million cwt. World use is again expected to be greater than production, thus further reducing stocks. For now, there is very limited sales activity with high freight adding to the weak undertone. U.S. mills continue to operate at a very reduced rate as harvest activities increase. Cattle & Hogs  Date: August 13, 2007 Cattle As reported by Federal-State Market News, receipts were 1997 head at sales in Ash Flat and Springdale.  Compared with last week, feeder steers sold mostly weak to $3 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 122 to 132   500 to 550 lbs. 113 to 123   600 to 700 lbs. 107 to 117  Medium & Large Frame 2   400 to 450 lbs. 120 to 128 Heifers:  Medium & Large Frame 1   500 to 550 lbs. 101 to 111  Medium & Large Frame 2   400 to 450 lbs. 108 to 118 Slaughter Cows, Boners 47   to   53 Light Weight 37 to 43 Bulls, Yield Grade   1   1000   to   2100 lbs.   58   to   65 Midwest Steers   n/a   at   - - -   to   - - - Panhandle Steers   n/a   at   - - -   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 120 to 131.50   550 to 600 lbs. 123.50 to 127.50 Heifers 500 to 550 lbs. 108 to 114   550 to 600 lbs. 108.50 to 114 Chicago Futures: Live Cattle: Oct up 50 at 9505   Dec up 70 at 9817 Feeders: Oct up 57 at 11587   Jan up 52 at 11360 Cattle Comment Cattle futures turned higher on ideas the market was oversold. Friday’s Cattle on Feed report is expected to show low July placements and a smaller on-feed inventory. October live futures found support just above $94. Hogs Peoria: were steady to 50¢     higher   at   50.5   to   51 Chicago Futures: Oct up 60 at 7140   Dec up 107 at 7052 Sheep St. Paul n/a   at   - - -   to   - - - Hogs Comment Hog futures were also higher, with October completing a 50% retracement of recent gains before turning higher. Profit taking and technical buying sparked today’s move. Gains were limited by ideas that big hog supplies are in the cards for fall. Poultry  Date: August 13, 2007 Eggs New York:  Ex. Lg. 103-107; Lg. 101-105; Med. 80-84; Chicago:  Ex. Lg. 93-101; Lg. 91-99; Med. 73-81; Eastern Region Turkeys Hens: 8 -16 lbs. 88-91 Toms: 16 - 24 lbs. 88-91   Delmarva Broilers U.S. Grade A Majority prices were mostly unchanged in all areas when compared to previous weeks prices. Trade sentiment was generally steady. Supplies of all sizes were mixed, but overall sufficient to satisfy trade needs. Floor stocks were in balance. In production areas, live supplies were mostly moderate to light. Weights were desirable to light as lingering hot temperatures continued to affect bird sizes and availability. ---------------------------------------- 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