08/22/2007 Farm Bureau Market Report

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Grain & Soybean Date: August 22, 2007 Soybeans Local Elevators: (Aug) EAST AR:  752 to 771 (NC) Summ. 773 to 793 River Elevators: (Aug) MISS: 763 to 772 ; AR & White 748 to 767 (NC) Summ. 770 to 799 Ark. Processor Bids: (Aug) 771 to 774  (NC) 793 to - - - Memphis:  (Aug) 762 to 775 (NC)  792 to 797 Riceland Foods:  (NC) Stuttgart 793 ; Pendleton 793 ; West Memphis 799 Chicago Futures: Sep up 15 1/2 at  931 1/4   Nov  up  16  at  847   Jan up 16 1/4  at  861 3/4   Mar up 15  at  872   Nov '08 up 13 3/4  at  865 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Apparent improvement in the U.S. and world economies has allowed index funds to reinvest in commodities and soybeans appear to have been a beneficiary. November moved within 2 cents of closing last week’s gap and is now in position to test key resistance. A close above the old uptrend that was broken last week would be very positive. Failure to close higher would suggest a retest of last week’s low just below $8.05. Wheat Cash bid for August at Memphis  635 1/2 to 640 1/2; Bids to farmers at Local Elevators 510; River Elevators 490-495; Chicago Futures: Sep up  27  at  718 1/2    Dec up 27 3/4  at  731 3/4    Mar up  24 3/4  at  729 1/4    Jul '08 up  9  at  590    Jul '09 up  6  at  581    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for August at Memphis  663 to 668; Bids to farmers at River Elevators 575-675; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for August at Memphis   304 1/2 to 305 1/2;   new crop at Memphis   n/a to - - -; Bids to farmers at River Elevators  292 to 303 Chicago Futures: Sep up  9  at  347 1/2    Dec up  9 1/4  at  364 1/4    Mar up  9  at  379    Dec '08 up  6 1/4  at  396 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment December wheat gapped higher and set a new contract high, the highest price level charted in 11 years. New crop July was also solidly higher, but failed at resistance at the contract high of $5.93. Strong export demand is the driving factor behind the market. Cotton & Rice  Date: August 22, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis down 15 at  5220   Greenwood down  15 at 5220 New York Futures: Oct down  15  at  5620    Dec up  1  at  5836    Mar down  22  at  6168    May down  10  at  6290    Dec '08 down  20  at  6700  This week's LDP rate for cotton is  .55 cents   The estimate for next week is  2.76 cents Cotton Comment Cotton closed narrowly mixed. 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 983  to  1000/cwt   Nov/Dec 1000/cwt  to  - - - Chicago Futures: Sep up  17  at  1056    Nov up  17  at  1085 1/2    Jan up  15  at  1116    Mar up  16  at  1146    - - - up  - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice bounced back to close sharply higher today. This put November right back in line with where the market broke last week, and in position to make another move toward resistance around $11.00. The world market remains steady to firm with Vietnam shipping against previous sales and holding a partial ban on new sales. If that doesn’t change, Thailand is expected to receive the majority of the new business. Vietnam could opt to get back in line as well. U.S. sales remain quiet but there are indications that Iraq will confirm purchases as their current supplies are very low. Movement to Haiti and West Africa continues but with harvest activity peaking new sales will be needed. Cattle & Hogs  Date: August 22, 2007 Cattle As reported by Federal-State Market News, receipts were 1,818 head at sales in Conway, Ola & Pocahontas.  Compared with last week, feeder steers sold weak to $2 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 120 to 130   500 to 550 lbs. 101 to 111   600 to 700 lbs. 97 to 107  Medium & Large Frame 2   400 to 450 lbs. 106 to 116 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 106 to 116  Medium & Large Frame 2   400 to 450 lbs. 99 to 109 Slaughter Cows, Boners 48   to   54 Light Weight 35 to 40 Bulls, Yield Grade   1   1000   to   2100 lbs.   63   to   68.50, high dressing 70-71 Midwest Steers   were steady   at   88   to   - - - Panhandle Steers   were steady   at   88   to   - - - Oklahoma City Feeders Steers 550 to 600 lbs. 119.75 to 128   600 to 650 lbs. 120.50 to 127 Heifers 500 to 550 lbs. 112 to 113.50   600 to 650 lbs. 113.50 to 114.50 Chicago Futures: Live Cattle: Oct down 92 at 9547   Dec down 72 at 9860 Feeders: Oct down 102 at 11675   Jan down 67 at 11467 Cattle Comment Cattle futures posted across the board losses. Feeders were under pressure again today from gains in corn futures. Live cattle moved lower on profit taking after recent gains. The recent low of $96.50 is the first level of support for December. Hogs Peoria: were     steady   at   44   to   44.5 Chicago Futures: Oct down 40 at 6780   Dec down 20 at 6730 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures were mixed. Weak cash markets due to large hog supplies were a negative, but strong pork prices limited their impact. October has resistance at $68.40, the high two days in a row. Poultry  Date: August 22, 2007 Eggs New York:  Ex. Lg. 117-121; Lg. 115-119; Med. 89-93; Chicago:  Ex. Lg. 97-103; 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, but overall at least steady in all areas. Supplies of all sizes were in balance to tight as sweltering heat in the Southeast continued to have an affect on availability. 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