08/14/2007 Farm Bureau Market Report

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Grain & Soybean Date: August 14, 2007 Soybeans Local Elevators: (Aug) EAST AR:  766 to 785 (NC) Summ. 786 to 807 River Elevators: (Aug) MISS: 771 to 800 ; AR & White 771 to 790 (NC) Summ. 789 to 813 Ark. Processor Bids: (Aug) 785 to 797  (NC) 807 to 811 Memphis:  (Aug) 797 to 800 (NC)  816 to - - - Riceland Foods:  (NC) Stuttgart 785 ; Pendleton 785 ; West Memphis 785 Chicago Futures: Sep down 15 at  851   Nov  down  15 3/4  at  866   Jan down 15  at  881 3/4   Mar down 13 3/4  at  892 3/4   Nov '08 down 12 3/4  at  891 1/4   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans reversed yesterday’s gains and closed sharply lower. The trade was anticipating a reduction of as much as 2% in the good and excellent categories in yesterday’s crop progress report. However, it was unchanged and that pressured beans despite the continued hot dry weather. The forecast suggests little immediate improvement and that should limit losses in the day’s ahead. November has trendline support just above $8.50. Resistance starts at yesterdays’ high of $8.88. Wheat Cash bid for August at Memphis  622 1/2 to - - -; Bids to farmers at Local Elevators 510; River Elevators 490-525; Chicago Futures: Sep up  26  at  692 1/2    Dec up 20 1/2  at  711    Mar up  17 3/4  at  703    Jul '08 up  10  at  590    Jul '09 down  4 1/2  at  408    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for August at Memphis  638 to - - -; Bids to farmers at River Elevators 534-605; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for August at Memphis   289 1/2 to - - -;   new crop at Memphis   n/a to - - -; Bids to farmers at River Elevators  269 to 280 Chicago Futures: Sep down  3 1/2  at  327 1/2    Dec down  4  at  345    Mar down  3 3/4  at  360 1/2    Dec '08 down  3 1/4  at  396 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment December wheat gapped to new 11 year highs today. Egypt purchased 415,000 tons of U.S. wheat today, and Iraq is in the market for 200,000 tons. News that France has cut its soft red winter wheat estimate by 2.5 million metric tons was also positive. Cotton & Rice  Date: August 14, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis down 45 at  5385   Greenwood down  45 at 5385 New York Futures: Oct down  70  at  5835    Dec down  67  at  6054    Mar down  43  at  6408    May down  45  at  6505    Dec '08 down  40  at  6840  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton continued to lose ground despite a relatively neutral report last Friday. The reduced export number and smaller Chinese import number seems to have overshadowed the smaller than expected production estimate. The present weather situation is likely to reduce yields. The extremely high temperature situation is expected to continue thru the week. Yesterday’s crop progress report reduced the good/excellent categories by 1%. On the technical side December could work toward the next major support, near 59 cents, before the market shows any improvement. Rice Long Grain Cash Bid for  Aug/Sep/Oct/Nov 998/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Sep up  6  at  1050    Nov up  4 1/2  at  1083    Jan up  7  at  1115    Mar up  7  at  1144    n/a up  - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice was steady to firm again today 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 14, 2007 Cattle As reported by Federal-State Market News, receipts were 1,173 head at sales in Fort Smith & Marshall.  Compared with last week, feeder steers sold mostly $2-$4 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 127 to 137   500 to 550 lbs. 110 to 120   600 to 650 lbs. 103 to 113  Medium & Large Frame 2   400 to 450 lbs. 117 to 127 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 108 to 118  Medium & Large Frame 2   400 to 450 lbs. 98 to 108 Slaughter Cows, Boners 45   to   50 Light Weight 35 to 39 Bulls, Yield Grade   1   1000   to   2100 lbs.   62   to   67.50, high dressing 68-70 Midwest Steers   were quoted   at   88   to   90 Panhandle Steers   were steady to $.50 higher   at   90   to   90.50 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 up 10 at 9515   Dec up 5 at 9822 Feeders: Oct up 15 at 11602   Jan up 15 at 11375 Cattle Comment Cattle futures traded in a narrow range and closed mostly higher. Friday’s Cattle on Feed report is expected to show low July placements and a smaller on-feed inventory. October live futures have support just above $94. Hogs Peoria: were $2     lower   at   48.5   to   49 Chicago Futures: Oct down 160 at 6980   Dec down 185 at 6867 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures continued lower today after taking a breather yesterday. Technical pressure and commodity fund selling were the impetus for the move. Poultry  Date: August 14, 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 Trade sentiment was mixed, but generally steady to fully steady. In production areas, live supplies were moderate at desirable to light weights. The Composite Weighted Average price for 08/13/07 was 77.88 compared to 77.70 a week earlier, and 69.04 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