08/17/2007 Farm Bureau Market Report

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Grain & Soybean Date: August 17, 2007 Soybeans Local Elevators: (Aug) EAST AR:  744 to 763 (NC) Summ. 754 to 783 River Elevators: (Aug) MISS: 754 to 765 ; AR & White 746 to 765 (NC) Summ. 764 to 789 Ark. Processor Bids: (Aug) 759 to 763  (NC) 773 to 783 Memphis:  (Aug) 766 3/4 to 777 3/4 (NC)  780 3/4 to 789 3/4 Riceland Foods:  (NC) Stuttgart 783 ; Pendleton 783 ; West Memphis 789 Chicago Futures: Sep up 12 1/4 at  811 1/2   Nov  up  13 1/4  at  827 3/4   Jan up 12 1/2  at  842 3/4   Mar up 11 1/4  at  852 1/2   Nov '08 up 5  at  849   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans posted double digit gains today, but November failed at resistance at yesterday’s high of $8.30. Overall fundamentals are basically unchanged with weather still a factor. Technically, yesterday’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  592 to 607; Bids to farmers at Local Elevators 493; River Elevators 473-508; Chicago Futures: Sep down  1  at  672    Dec up 1  at  688 1/2    Mar down  5 3/4  at  360    Jul '08 down  6  at  378 3/4    Jul '09 down  3 1/2  at  403    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for August at Memphis  635 to 639; Bids to farmers at River Elevators 276-287; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for August at Memphis   288 1/2 to 291 1/2;   new crop at Memphis   n/a to - - -; Bids to farmers at River Elevators  276 to 287 Chicago Futures: Sep up  7  at  328 1/2    Dec up  6 3/4  at  345 3/4    Mar up  5 3/4  at  360    Dec '08 up  3 3/4  at  390 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment December wheat ended up a penny after trading lower most of the day. Positive export news and continued world production problems are limiting losses, despite the fact that the charts look technically weak. Fund liquidation of long positions could cause prices to decline in a hurry just like we have seen in corn and beans this week. Cotton & Rice  Date: August 17, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis up 77 at  5150   Greenwood up  77 at 5150 New York Futures: Oct up  27  at  5550    Dec up  32  at  5750    Mar up  25  at  6095    May up  30  at  6210    Dec '08 up  53  at  6650  This week's LDP rate for cotton is  .55 cents   The estimate for next week is  3.19 cents Cotton Comment Cotton traded in a narrow range and ended a bit higher after limit declines yesterday. The selloff was 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. The next support is 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 983/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Sep up  7  at  1036    Nov up  7  at  1068    Jan up  6  at  1100    Mar up  4  at  1129    - - - up  - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice also recovered some of yesterday’s big losses, following the lead of soybeans. However, technical damage that was done yesterday was not undone today. November futures broke trendline support and now have support at $10.50. Cattle & Hogs  Date: August 17, 2007 Cattle As reported by Federal-State Market News, receipts were 8,730 head at sales in Arkansas this week.  Compared with last week, feeder steers under 500 lbs sold steady to 3 higher, weights over 500 lbs weak to 3 lower. Feeder heifers sold weak to 3 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 130 to 140   500 to 550 lbs. 112 to 122   600 to 700 lbs. 104 to 114  Medium & Large Frame 2   400 to 450 lbs. 115 to 125 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 109 to 119  Medium & Large Frame 2   400 to 450 lbs. 104 to 114 Slaughter Cows, Boners 46   to   52 Light Weight n/a to - - - Bulls, Yield Grade   1   1000   to   2100 lbs.   63.50   to   68, high dressing 68.50-72 Midwest Steers   n/a   at   - - -   to   - - - Panhandle Steers   n/a   at   - - -   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 117 to 134   600 to 650 lbs. 114.50 to 128.50 Heifers 500 to 550 lbs. 106 to 124.50   600 to 650 lbs. 105 to 118 Chicago Futures: Live Cattle: Oct up 177 at 9547   Dec up 87 at 9787 Feeders: Oct up 170 at 11722   Jan up 122 at 11497 Cattle Comment Cattle futures were also higher, with October closing the gap left yesterday. Stronger stock prices and the Fed’s move to lower interest rates were supportive. Ideas that this afternoon’s cattle on feed report will be bullish were also a factor. Hogs Peoria: were $2     lower   at   44.5   to   45 Chicago Futures: Oct up 30 at 6727   Dec up 35 at 6665 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures ended a bit higher on indications the market was oversold and support from stronger U.S. stocks. 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 17, 2007 Eggs New York:  Ex. Lg. 108-112; Lg. 106-110; 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 Majority prices were unchanged in the West, but higher in the Central and Eastern region when compared to a week earlier. The undertone remains firm as hot humid weather continues to affect both live supplies and weights. Generally, availability of heavier sizes were short, lighter weights were reported as short to occassionally adequate. In production areas, live supplies were mostly moderate. Weights were desirable to light. ---------------------------------------- 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