08/20/2007 Farm Bureau Market Report

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Grain & Soybean Date: August 20, 2007 Soybeans Local Elevators: (Aug) EAST AR:  743 to 762 (NC) Summ. 753 to 782 River Elevators: (Aug) MISS: 753 to 762 ; AR & White 740 to 759 (NC) Summ. 759 to 788 Ark. Processor Bids: (Aug) 758 to 762  (NC) 777 to 782 Memphis:  (Aug) 764 1/4 to 766 1/4 (NC)  783 1/4 to - - - Riceland Foods:  (NC) Stuttgart 782 ; Pendleton 782 ; West Memphis 788 Chicago Futures: Sep up 1/4 at  811 3/4   Nov  down  1/2  at  827 1/4   Jan down 1 1/4  at  841 1/2   Mar up 1/4  at  852 3/4   Nov '08 down 1 1/2  at  847 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans were lower most of the day before closing at the upper end of the day’s range. From a technical standpoint, November futures appear to have considerable downside risk. The market gapped lower on Thursday completing a possible head and shoulders top that has a downside objective of $7.25. Wheat Cash bid for August at Memphis  595 to 602; Bids to farmers at Local Elevators 493; River Elevators 472-508; Chicago Futures: Sep up  3  at  675    Dec up 2 1/2  at  691    Mar up  4 3/4  at  689    Jul '08 down  1/2  at  572 1/2    Jul '09 up  2  at  570 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for August at Memphis  641 to 644; Bids to farmers at River Elevators 559-630; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for August at Memphis   291 3/4 to 296 3/4;   new crop at Memphis   n/a to - - -; Bids to farmers at River Elevators  277 to 288 Chicago Futures: Sep up  3 1/4  at  331 3/4    Dec up  3  at  348 3/4    Mar up  4  at  364    Dec '08 up  2  at  392 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment December wheat ended higher 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 if the market breaks. Cotton & Rice  Date: August 20, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis down 128 at  5278   Greenwood down  128 at 5278 New York Futures: Oct up  128  at  5678    Dec up  118  at  5868    Mar up  125  at  6220    May up  130  at  6340    Dec '08 up  110  at  6760  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton continued the upturn which began Friday. The market remains in an oversold situation but is vulnerable to additional declines if the stock market fails to stabilize. Cotton is dependent on exports and the recent weakness in the world markets has raised concerns. From a fundamental standpoint this year’s crop, while significantly smaller will be sufficient to meet projected demand. Longer term, there could be supply problems, which would necessitate additional production in the U.S. For now, the market appears to have trendline resistance just above 61 cents. Current support was Friday’s low of 56.95 cents. Rice Long Grain Cash Bid for  Sep/Oct 977  to  983/cwt   Nov 983/cwt  to  - - - Chicago Futures: Sep unchanged    at  1036    Nov unchanged    at  1068    Jan unchanged    at  1100    Mar unchanged    at  1129    n/a unchanged  - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice managed a steady close today as everyone took a step back to see how the stock market would react. Initial reaction appears to be a little weaker, but the key will be whether another big slide starts. In that case commodity markets, like rice could suffer further declines. Overall fundamentals remain unchanged with world stocks declining and U.S. long grain production stable at best. Declines in oil and fuel could help rice, if freight rates decline enough to make U.S. rice more competitive. For now, there is a stalemate as there is little interest being shown in available U.S. stocks and mills continue to operate at a very reduced schedule. Cattle & Hogs  Date: August 20, 2007 Cattle As reported by Federal-State Market News, receipts were 1,937 head at sales in Ash Flat & Springdale.  Compared with last week, feeder steers sold very unevenly averaging near steady . Steers:  Medium & Large Frame 1   400 to 450 lbs. 125 to 135   500 to 550 lbs. 111 to 121   600 to 700 lbs. 110 to 115  Medium & Large Frame 2   400 to 450 lbs. 121 to 131 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 109 to 119  Medium & Large Frame 2   400 to 450 lbs. 105 to 115 Slaughter Cows, Boners 42   to   50 Light Weight 35 to 40 Bulls, Yield Grade   1   1000   to   2100 lbs.   58   to   65.50, high dressing 65.50-74 Midwest Steers   were quoted   at   88.50   to   90.75 Panhandle Steers   were quoted   at   89.75   to   91 Oklahoma City Feeders Steers 600 to 650 lbs. 121 to 127   650 to 700 lbs. 120.50 to 125.35 Heifers 550 to 600 lbs. 112 to 114   600 to 650 lbs. 113.50 to 114 Chicago Futures: Live Cattle: Oct up 17 at 9565   Dec up 80 at 9867 Feeders: Oct up 62 at 11785   Jan up 42 at 11540 Cattle Comment Cattle futures were higher on support from Friday’s cattle on feed report. The USDA said placements were down 17% from a year ago, even smaller than the average trade guess of down 13%. The recent low of $96.50 is the first level of support. Hogs Peoria: were $.5     lower   at   44   to   44.5 Chicago Futures: Oct down 17 at 6710   Dec down 27 at 6637 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures were a bit lower, under pressure from lower cash hog prices and the continued effect of China’s suspension of imports from some U.S. plants. October looks to be headed for a retest of the July low of $63.47 ½. Poultry  Date: August 20, 2007 Eggs New York:  Ex. Lg. 108-112; Lg. 106-110; Med. 84-88; Chicago:  Ex. Lg. 97-105; Lg. 95-103; Med. 77-85; Eastern Region Turkeys Hens: 8-16 lbs. 88-93 Toms: 16-24 lbs. 88-93   Delmarva Broilers U.S. Grade A Majority prices were unchagned in the West, but higher in the Midwest and East when compared to a week earlier. Trade sentiment was steady in the West, but fully steady to firm elsewhere. In production areas, live supplies were mostly moderate. Weights were desirable to light, also affected by hot 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