08/16/2007 Farm Bureau Market Report

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Grain & Soybean Date: August 16, 2007 Soybeans Local Elevators: (Aug) EAST AR:  726 to 745 (NC) Summ. 735 to 763 River Elevators: (Aug) MISS: 738 to 749 ; AR & White 730 to 749 (NC) Summ. 748 to 769 Ark. Processor Bids: (Aug) 745 to 746  (NC) 760 to 763 Memphis:  (Aug) 753 1/2 to 768 1/2 (NC)  767 1/2 to 778 1/2 Riceland Foods:  (NC) Stuttgart 763 ; Pendleton 763 ; West Memphis 769 Chicago Futures: Sep down 39 3/4 at  79 1/4   Nov  down  40  at  814 1/2   Jan down 40 1/4  at  830 1/4   Mar down 40 1/4  at  840 1/4   Nov '08 down 35 1/2  at  844   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans gapped lower, hitting a limit decline at one point before making a partial recovery at the close. Most of the commodities were caught in the downward spiral of the stock market. Index funds have been a big part of the upturn and many are having to liquidate in order to meet margin calls in other sectors. Overall fundamentals are basically unchanged with weather still a factor. Technically, today’s plunge fell through several layers of support and brings the old bear flag objective at $7.76 back into play. Wheat Cash bid for August at Memphis  593 to 603; Bids to farmers at Local Elevators 496; River Elevators 475-511; Chicago Futures: Sep down  5 1/2  at  673    Dec down 9 1/2  at  687 1/2    Mar down  9 1/2  at  686    Jul '08 down  10 3/4  at  575 1/2    Jul '09 down  2  at  576    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for August at Memphis  623 to 627; Bids to farmers at River Elevators 523-602; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for August at Memphis   281 1/2 to 286 1/2;   new crop at Memphis   n/a to - - -; Bids to farmers at River Elevators  259 to 272 Chicago Futures: Sep down  6 1/2  at  321 1/2    Dec down  6 1/4  at  339    Mar down  6 1/4  at  354 1/4    Dec '08 down  7 3/4  at  386    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment December wheat was sharply lower in early dealings, but closed near the top of the day’s trading range. Positive export news and continued world production problems are limiting losses, despite the fact that the charts look technically weak. Cotton & Rice  Date: August 16, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis down 277 at  5073   Greenwood down  277 at 5073 New York Futures: Oct down  277  at  5523    Dec down  300  at  5718    Mar down  300  at  6070    May down  300  at  6180    Dec '08 down  300  at  6597  This week's LDP rate for cotton is  0 cents   The estimate for next week is  .55 cents Cotton Comment Cotton took a major head, declining the 300 point limit today. This is closely related to the sharp decline in stocks. Index funds got interested in cotton and helped boost the market earlier this year, now they are having to bail out to meet financial obligations in other sectors. This has accelerated the downturn and contributed to today’s gap lower open. From there the market took out other key points of support and pushed December down the limit. The next support is about a penny near 56 cents. If that fails the next downside objective for lead October is 54 cents. Rice Long Grain Cash Bid for  Aug/Sep/Oct/Nov 976/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Sep down  23  at  1029    Nov down  25  at  1061    Jan down  21  at  1094    Mar down  19  at  1125    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment The recent stability in rice futures was shattered as weakness in the stock market spilled over into commodities. Rice was no exception, although probably less directly impacted than the other grains. Today it appeared to be guilt by association. November futures broke trendline support early and moved to within a few cents of the support at $10.50. Like the other grains and soybeans the market had a late reprieve and moved off the lows by the end of the session. That may be little comfort as the whole complex still appears very shaky in the short term. Cattle & Hogs  Date: August 16, 2007 Cattle As reported by Federal-State Market News, receipts were 1,782 head at sales in Charlotte, Ratcliff & Green Forest.  Compared with last week, feeder steers sold unevenly, weights under 500 lbs 1-3 lower, over 500 lbs steady to 3 higher. Feeder heifers sold steady 3 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 121 to 131   500 to 550 lbs. 114 to 124   600 to 700 lbs. 108 to 118  Medium & Large Frame 2   400 to 450 lbs. 120 to 130 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 106 to 116  Medium & Large Frame 2   400 to 450 lbs. 100 to 110 Slaughter Cows, Boners sold mostly steady   to   - - - Light Weight 35 to 42 Bulls, Yield Grade   1   1000   to   2100 lbs.   58   to   64, high dressing 66.50-71.25 Midwest Steers   were $2 higher to steady   at   90   to   90.50 Panhandle Steers   were $1 higher to $.50 lower   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 down 222 at 9370   Dec down 190 at 9700 Feeders: Oct down 102 at 11552   Jan down 62 at 11375 Cattle Comment Cattle futures gapped lower. Sharp losses in hog futures added weakness, as did general concern about the world economy. October live futures could be set to retest the June low of $92.27 ½. Hogs Peoria: were $.5     lower   at   46.5   to   47 Chicago Futures: Oct down 160 at 6697   Dec down 137 at 6630 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment News that China has suspended pork imports from more U.S. plants weighed heavily on hog futures. Strength in wholesale pork prices limited cash weakness, but had little effect on futures. October looks to be headed for a retest of the July low of $63.47 ½. Poultry  Date: August 16, 2007 Eggs New York:  Ex. Lg. 107-111; Lg. 105-109; Med. 84-88; Chicago:  Ex. Lg. 93-101; Lg. 91-99; Med. 73-81; Eastern Region Turkeys Hens: 8-16 lbs. 88-93 Toms: 16-24 lbs. 88-91   Delmarva Broilers U.S. Grade A Trade sentiment was steady in the West, but mostly fully steady to firm elsewhere. Supplies were adequate to short and availability continued to be affected by extreme heat. In production areas, live supplies were moderate to light. Weights were desirable to considerably lighter in areas afflicted with hot weather. According to the National Agriculture Statistics Service (NASS) for the week ending 11-Aug-2007, broiler egg sets were up 2%, and chick placements were up 2% when compared to a year ago. Based on the preliminary chick placements, the number of fryers available for marketing during the week ending 22-Sep-2007 is estimated at 165.4 million head, this compares to 164.9 million head a week earlier. ---------------------------------------- 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. 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