08/21/2007 Farm Bureau Market Report

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Grain & Soybean Date: August 21, 2007 Soybeans Local Elevators: (Aug) EAST AR:  744 to 763 (NC) Summ. 757 to 783 River Elevators: (Aug) MISS: 751 to 764 ; AR & White 736 to 755 (NC) Summ. 758 to 789 Ark. Processor Bids: (Aug) 762 to 763  (NC) 781 to 783 Memphis:  (Aug) 761 to 767 (NC)  786 to - - - Riceland Foods:  (NC) Stuttgart 783 ; Pendleton 783 ; West Memphis 789 Chicago Futures: Sep up 4 at  815 3/4   Nov  up  3 3/4  at  831   Jan up 4  at  845 1/2   Mar up 4 1/4  at  857   Nov '08 up 4 1/4  at  851 3/4   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans closed slightly higher after solid early gains slipped away in late trading. There was concern about possible flooding in some areas of the Midwest as the tropical storm remnants passed through major production areas. A two point drop in yesterday’s report added to the positive undertone. From a technical and seasonal standpoint the market could be set for further declines. Last week’s big decline completed a potential head and shoulders top that suggests $7.25 downside objective for November futures. Initial resistance is located in the $8.50 to $8.60 range. Wheat Cash bid for new crop at Memphis  511 to - - -; Bids to farmers at Local Elevators 501; River Elevators 481-516; Chicago Futures: Sep up  5 1/2  at  655    Dec up 13  at  704    Mar up  15 1/2  at  704 1/2    Jul '08 up  8 1/2  at  581    Jul '09 up  5 1/2  at  412    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for August at Memphis  652 to 655; Bids to farmers at River Elevators n/a; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for August at Memphis   300 1/2 to 301 1/2;   new crop at Memphis   n/a to - - -; Bids to farmers at River Elevators  283 to 294 Chicago Futures: Sep up  6 3/4  at  338 1/2    Dec up  6 1/4  at  355    Mar up  6  at  370    Dec '08 up  5 1/2  at  398 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment December wheat posted double digit gains and moved back above $7. Another big purchase of U.S. soft red winter (240,000 tons) by Egypt gave the market a boost. Right now the U.S. is one of the only nations with good quality wheat on the export market. However, the positive fundamental situation should be built in to prices at this point. Fund liquidation of long positions could cause prices to decline in a hurry if the market breaks. Cotton & Rice  Date: August 21, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis down 43 at  5235   Greenwood down  43 at 5235 New York Futures: Oct down  43  at  5635    Dec down  33  at  5835    Mar down  30  at  6190    May down  40  at  6300    Dec '08 down  40  at  6720  This week's LDP rate for cotton is  .55 cents   The estimate for next week is  2.84 cents Cotton Comment Cotton was lower today as it lost a little of the momentum that had built up following last week’s one day limit decline. 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  Aug 983/cwt  to  - - -   Sep/Oct/Nov 977  to  983/cwt Chicago Futures: Sep up  3  at  1039    Nov up  1/2  at  1068 1/2    Jan up  1  at  1101    Mar up  1  at  1130    n/a   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice was steady to slightly higher as the market continued to consolidate in a tight range following last week’s big decline. All the commodity markets continue to watch the U.S. and world economic situation for signs of further deterioration in conditions. 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 21, 2007 Cattle As reported by Federal-State Market News, receipts were n/a head at sales in n/a.  Compared with last week, feeder steers n/a . Steers:  Medium & Large Frame n/a   - - - to - - - lbs. - - - to - - -   - - - to - - - lbs. - - - to - - -   - - - to - - - lbs. - - - to - - -  Medium & Large Frame n/a   - - - to - - - lbs. - - - to - - - Heifers:  Medium & Large Frame n/a   - - - to - - - lbs. - - - to - - -  Medium & Large Frame n/a   - - - to - - - lbs. - - - to - - - Slaughter Cows, Boners n/a   to   - - - Light Weight n/a to - - - Bulls, Yield Grade   n/a   - - -   to   - - - lbs.   - - -   to   - - - Midwest Steers   were $.50-$2.75 higher   at   88   to   - - - Panhandle Steers   were $1.75-$3 higher   at   88   to   - - - 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 75 at 9640   Dec up 65 at 9932 Feeders: Oct down 7 at 11777   Jan down 5 at 11535 Cattle Comment Cattle futures were mixed. Feeders were lower in reaction to gains in corn futures. Ideas that market ready cattle supplies will continue to decline gave live futures a boost. The recent low of $96.50 is the first level of support for October. Hogs Peoria: were     steady   at   44   to   44.5 Chicago Futures: Oct up 110 at 6820   Dec up 112 at 6750 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures moved higher on indications the market was oversold and the fact that futures are trading at a discount to cash. Gains were limited by large hog supplies. October could still retest the July low of $63.47 ½. Poultry  Date: August 21, 2007 Eggs New York:  Ex. Lg. 112-116; Lg. 110-114; Med. 86-90; Chicago:  Ex. Lg. 97-105; Lg. 95-103; Med. 77-85; Eastern Region Turkeys Hens: 8-16 lbs. 88-93 Toms: 16-24 lbs. 88-91   Delmarva Broilers U.S. Grade A Trade sentiment was mixed, steady to firm. Supplies were in good balance to short as lingering heat in the southeast cointinued to affect availabilty. In production areas, live supplies were moderate at desirable to light weights. The Composite Weighted Average price for 08/20/07 was 79.97 compared to 77.88 a week earlier, and 69.07 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