08/15/2007 Farm Bureau Market Report

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Grain & Soybean Date: August 15, 2007 Soybeans Local Elevators: (Aug) EAST AR:  760 to 779 (NC) Summ. 775 to 795 River Elevators: (Aug) MISS: 778 to 789 ; AR & White 765 to 784 (NC) Summ. 783 to 803 Ark. Processor Bids: (Aug) 792 1/2 to 794 1/2  (NC) 804 1/2 to 806 1/2 Memphis:  (Aug) 792 1/2 to 794 1/2 (NC)  804 1/2 to 806 1/2 Riceland Foods:  (NC) Stuttgart 796 ; Pendleton 796 ; West Memphis 802 Chicago Futures: Sep down 12 at  839   Nov  down  11 1/2  at  854 1/2   Jan down 11 1/4  at  870 1/2   Mar down 11 1/4  at  881 1/2   Nov '08 down 11 3/4  at  879 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment More moderate forecasts for the Midwest added pressure to the soybean/grain complex. Showers in the upper Midwest and forecasts for more left beans 10 to 5 cents lower at the close. November is testing trendline support near $8.50, with additional support at $8.36 and $8.27. The general tending would have beans working lower into early November. Downside should be limited by size of crop and the battle for acreage next year. Wheat Cash bid for August at Memphis  608 1/2 to - - -; Bids to farmers at Local Elevators 506; River Elevators 486-521; Chicago Futures: Sep down  14  at  678 1/2    Dec down 14  at  697    Mar down  7 1/2  at  695 1/2    Jul '08 down  3 3/4  at  586 1/4    Jul '09 down  1/2  at  578    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 543-614; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for August at Memphis   290 to - - -;   new crop at Memphis   n/a to - - -; Bids to farmers at River Elevators  271 to 282 Chicago Futures: Sep up  1/2  at  328    Dec up  1/4  at  345 1/4    Mar unchanged    at  360 1/2    Dec '08 down  1 3/4  at  394 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment December wheat set a new high again today, but charted a bearish key reversal later in the day. Early strength came from news that Egypt purchased another 120,000 tons of wheat, a day after purchasing 415,000 tons. This market is due a correction, and it could happen fast. Today’s reversal could be the beginning. December’s inability to hold above $7 could spark the downturn. Cotton & Rice  Date: August 15, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis down 35 at  5350   Greenwood down  35 at 5350 New York Futures: Oct down  35  at  5800    Dec down  36  at  6018    Mar down  38  at  6370    May down  25  at  6480    Dec '08 down  57  at  6897  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton traded to both sides of yesterday’s close but couldn’t muster enough buying to hold the positive side. Small declines keep the market pushing toward support near 59 cents. A possible tropical storm in southern Texas could push inland enough to bring rain to the plains cotton area. Another named storm, Dean, is building in the Atlantic and some weather models suggest it could threaten areas in the Gulf of Mexico next week. For now, high temperatures and dry weather are likely to reduce yields. Rice Long Grain Cash Bid for  Aug/Sep/Oct/Nov 1001/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Sep up  2  at  1052    Nov up  3  at  1086    Jan unchanged    at  1115    Mar unchanged    at  1144    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice was again slightly higher as the stalemate continues. World stocks are tightening and there will be limited rice available until new crop harvest in the Asian areas. But for now the U.S. would be a reluctant choice. High freight and higher price levels are limiting interest. That may and likely will change at some point down the line. Iraq has reportedly confirmed rice purchases from the U.S., but there appears to have been no firm commitment to mills. So for now the waiting game continues and the Arkansas harvest is just around the corner. Currently November futures are holding between $10.50 and $11.05 while honoring a short term uptrend with support around $10.80. Cattle & Hogs  Date: August 15, 2007 Cattle As reported by Federal-State Market News, receipts were 1,258 head at sales in Conway, Ola & Pocahontas.  Compared with last week, feeder steers sold steady to $2 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 122 to 132   500 to 550 lbs. 110 to 120   600 to 700 lbs. 108 to 118  Medium & Large Frame 2   400 to 450 lbs. 111 to 121 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 108 to 118  Medium & Large Frame 2   400 to 450 lbs. 99 to 109 Slaughter Cows, Boners 47   to   51 Light Weight 36 to 40 Bulls, Yield Grade   1   1000   to   2100 lbs.   63   to   68 Midwest Steers   were steady to $.50 higher   at   88   to   90.50 Panhandle Steers   were $1 lower to $.50 higher   at   89   to   90 Oklahoma City Feeders Steers 500 to 550 lbs. 123.25 to 131.50   600 to 650 lbs. 120 to 128.50 Heifers 550 to 600 lbs. 108.50 to 114   600 to 650 lbs. 110 to 111.50 Chicago Futures: Live Cattle: Oct up 77 at 9592   Dec up 67 at 9890 Feeders: Oct up 52 at 11655   Jan up 62 at 11437 Cattle Comment Cattle futures posted solid gains. Friday’s Cattle on Feed report is expected to show low July placements and a smaller on-feed inventory. Gains were limited by weakness in the beef market. October live futures have support just above $94. Hogs Peoria: were $1.5     lower   at   47   to   47.5 Chicago Futures: Oct down 122 at 6857   Dec down 100 at 6767 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment The selloff continued in the hog pit today. Today’s move completed a 62% retracement of recent gains. Expectations for burdensome hog supplies this fall are weighing on the market. Technical selling and weakness in the cash hog market were also factors. Poultry  Date: August 15, 2007 Eggs New York:  Ex. Lg. 104-108; Lg. 102-106; Med. 81-85; 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 overall steady to firm. Supplies were in good balance to short as lingering hot weather continued to increase mortality rates and affect availability in production areas. In production areas, live supplies were mostly moderate to light. Weights were desirable to light, also a result of high 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