08/23/2007 Farm Bureau Market Report

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Grain & Soybean Date: August 23, 2007 Livestock Market news report is unavailable until Monday, August 27, 2007. Soybeans Local Elevators: (Aug) EAST AR:  759 to 778 (NC) Summ. 784 to 800 River Elevators: (Aug) MISS: 764 to 778 ; AR & White 749 to 768 (NC) Summ. 778 to 810 Ark. Processor Bids: (Aug) 758 1/4 to 773 1/4  (NC) 801 1/4 to 810 1/4 Memphis:  (Aug) 758 1/4 to 773 1/4 (NC)  801 1/4 to 810 1/4 Riceland Foods:  (NC) Stuttgart 778 ; Pendleton 778 ; West Memphis 778 Chicago Futures: Sep up 10 3/4 at  842   Nov  up  11 1/4  at  358 1/4   Jan up 11 1/2  at  873 1/4   Mar up 12  at  884   Nov '08 up 12  at  877 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Heavy rains, flooding and a big export report boosted beans above key resistance. The market gapped above the old uptrend leaving a possible 5 day island reversal. The market remains extremely volatile with hot, dry weather impacting potential delta and Southeast yields. The opposite is true in parts of the Midwest where heavy rains are leaving some areas flooded. The market has been counting on 41 bushels per acre or more and that may not be possible. Current resistance is $8.67 and then $8.88. Wheat Cash bid for August at Memphis  616 1/2 to 644 1/2; Bids to farmers at Local Elevators 503; River Elevators 482-518; Chicago Futures: Sep up  4  at  722 1/2    Dec up 7 1/4  at  739    Mar up  9 3/4  at  739    Jul '08 up  7 1/2  at  582 1/2    Jul '09 up  4  at  577    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for August at Memphis  621 to 654; Bids to farmers at River Elevators 554-646; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for August at Memphis   290 1/4 to - - -;   new crop at Memphis   n/a to - - -; Bids to farmers at River Elevators  275 to 295 Chicago Futures: Sep down  2 1/4  at  345 1/4    Dec down  2 1/4  at  362    Mar down  1 3/4  at  377 1/4    Dec '08 up  1/2  at  401 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Old crop wheat moved higher yet again, but new crop July charted a bearish key reversal after setting a new contract high in early dealings. July found support, though, at the chart gap at $5.77. Export sales were a whopping 38.9 million bushels, with some even booked for 08/09. The cumulative sales total for the current marketing year is up 90% from last year. Cotton & Rice  Date: August 23, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis up 70 at  5290   Greenwood up  70 at 5290 New York Futures: Oct up  20  at  5640    Dec up  25  at  5861    Mar up  23  at  6191    May up  15  at  6305    Dec '08 up  36  at  6736  This week's LDP rate for cotton is  .55 cents   The estimate for next week is  2.70 cents Cotton Comment Cotton remained in a narrow consolidation pattern and has shown little upward propensity, even as soybeans and grains move higher. 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  1007/cwt   Nov 1007/cwt  to  - - - Chicago Futures: Sep up  4  at  1060    Nov up  6 1/2  at  1092    Jan up  4  at  1120    Mar up  3  at  1149    n/a up  - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice continued yesterday’s upturn with November touching $11.00. The next upside retracement objective is $11.14. 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 23, 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 $5 higher   at   93   to   - - - Panhandle Steers   were $5 higher   at   93   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 137 at 9685   Dec up 82 at 9942 Feeders: Oct up 75 at 11750   Jan up 72 at 11540 Cattle Comment Cattle futures recovered from yesterday’s losses, ending higher. Deferred contracts were supported by expectations for fed cattle supplies to tighten this winter. 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 up 67 at 6847   Dec up 22 at 6752 Sheep St. Paul n/a   at   - - -   to   - - - Hogs Comment Hog futures were higher today. Firm pork prices and improving packer margins were supportive. October broke through resistance at $68.40 and is attempting to break out of the recent consolidation range. Poultry  Date: August 23, 2007 Eggs New York:  Ex. Lg. 122-126; Lg. 120-124; Med. 91-95; Chicago:  Ex. Lg. 97-105; Lg. 95-103; Med. 77-85; Eastern Region Turkeys Hens: 8-16 lbs. 89-93 Toms: 16-24 lbs. 89-91   Delmarva Broilers U.S. Grade A Trade sentiment was fully steady to firm in the West, mostly steady to fully steady elsewhere. Supplies of all sizes were usually sufficient, but short in areas of the Southeast still being affected by extreme heat. In production areas, live supplies were moderate at mostly desirable to light weights. According to the National Agriculture Statistics Service (NASS) for the week ending 18-Aug-2007, broiler egg sets were up 2%, and chick placements were up 1% when compared to a year ago. Based on the preliminary chick placements, the number of fryers available for marketing during the week ending 29-Sep-2007 is estimated at 164.2 million head, this compares to 165.4 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. To unsubscribe or change your subscription information, go to http://www.arfb.com/commodity/daily_rpt_email.asp ---------------------------------------- QUESTIONS OR COMMENTS? 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