08/24/2007 Farm Bureau Market Report

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Grain & Soybean Date: August 24, 2007 Livestock Market news report is unavailable until Monday, August 27, 2007. Soybeans Local Elevators: (Aug) EAST AR:  756 to 775 (NC) Summ. 785 to 804 River Elevators: (Aug) MISS: 763 to 777 ; AR & White 748 to 767 (NC) Summ. 780 to 805 Ark. Processor Bids: (Aug) 775 to 780  (NC) 804 to 807 Memphis:  (Aug) 772 to 775 (NC)  808 to 818 Riceland Foods:  (NC) Stuttgart 804 ; Pendleton 804 ; West Memphis 810 Chicago Futures: Sep up 7 at  849   Nov  up  6 3/4  at  865   Jan up 7  at  880 1/4   Mar up 6 1/2  at  890 1/2   Nov '08 up 1  at  878 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans were steady to slightly higher throughout today’s session. November closed near critical trendline resistance, as traders remained a little leary about weather in the Midwest this weekend. Flooding and the potential for more rain has the market on edge because it raises uncertainty with regard to the size on this year’s crop. Until weather situations developed, the market appeared to be ready to follow the normal seasonal pattern and move lower. If there are weekend losses expect the market to test resistance at $8.85, if there are not big losses then the tendency will be to head toward the recent $8.00 low. Wheat Cash bid for August at Memphis  620 3/4 to 647 3/4; Bids to farmers at Local Elevators 507; River Elevators 487-522; Chicago Futures: Sep up  3 1/4  at  725 3/4    Dec up 3  at  742    Mar up  3  at  742    Jul '08 up  4 1/2  at  587    Jul '09 up  3 1/2  at  405 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for August at Memphis  616 to 641; Bids to farmers at River Elevators 534-632; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for August at Memphis   286 1/2 to - - -;   new crop at Memphis   n/a to - - -; Bids to farmers at River Elevators  256 to 284 Chicago Futures: Sep down  3 3/4  at  341 1/2    Dec down  3 1/4  at  358 3/4    Mar down  3  at  374 1/4    Dec '08 down  2 3/4  at  298 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures traded in a narrow range before closing higher across the board. Old crop December moved to a new all time high of $7.54 yesterday and that will be tough resistance. This market is being supported by strong export sales despite over bought conditions. The cumulative sales total for the current marketing year is up 90% from last year. Cotton & Rice  Date: August 24, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis down 5 at  5295   Greenwood down  5 at 5295 New York Futures: Oct down  20  at  5620    Dec down  26  at  5835    Mar down  21  at  6170    May down  15  at  6290    Dec '08 down  21  at  6715  This week's LDP rate for cotton is  2.70 cents   The estimate for next week is  2.46 cents Cotton Comment Cotton worked lower today, while remaining in a narrow consolidation pattern and showing little in the way of an upward tendency. 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 1004/cwt  to  - - -   Sep/Oct 983  to  1004/cwt Chicago Futures: Sep up  1  at  1061    Nov down  2 1/2  at  1089 1/2    Jan unchanged    at  1120    Mar unchanged    at  1149    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice moved in a narrow range before closing slightly lower. There are several areas of resistance between $11.00 and $11.14. Strong support has been met at $10.50. 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 24, 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 - - - to - - - Bulls, Yield Grade   n/a   - - -   to   - - - lbs.   - - -   to   - - - Midwest Steers   were steady   at   93   to   - - - Panhandle Steers   were steady   at   93   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 114 to 118.50   600 to 650 lbs. 110 to 127 Heifers 500 to 550 lbs. 107 to 121.50   600 to 650 lbs. 105 to 117.75 Chicago Futures: Live Cattle: Oct up 97 at 9782   Dec up 130 at 10072 Feeders: Oct up 80 at 11830   Jan up 40 at 11580 Cattle Comment Cattle futures posted solid gains again today. Deferred contracts were supported by expectations for fed cattle supplies to tighten this winter. December gapped higher on the open and could make another run at the contract high of $101.10. Hogs Peoria: were     steady   at   44   to   44.5 Chicago Futures: Oct up 217 at 7065   Dec up 207 at 6960 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures were sharply higher. News that Smithfield Foods sold 60 million pounds of pork to China gave this market a boost. The market is clearly attempting to break out of the recent down mode, but the upside could be limited by expectations for record-large hog supplies this fall. Poultry  Date: August 24, 2007 Eggs New York:  Ex. Lg. 122-126; Lg. 120-124; Med. 91-95; Chicago:  Ex. Lg. 97-105; Lg. 95-105; Med. 77-85; Eastern Region Turkeys Hens: 8-16 lbs. 88-93 Toms: 16-24 lbs. 89-91   Delmarva Broilers U.S. Grade A Majority prices were trending one cent higher in the West, but mostly unchanged in the East and Midwest when compared to previous Monday's values. Trade sntiment was firm in the West, and steady to fully steady elsewhere. In production areas, live supplies were moderate to light at desirable to light weights. ---------------------------------------- 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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