08/27/2007 Farm Bureau Market Report

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Grain & Soybean Date: August 27, 2007 Soybeans Local Elevators: (Aug) EAST AR:  756 to 775 (NC) Summ. 788 to 807 River Elevators: (Aug) MISS: 774 to 785 ; AR & White 762 to 781 (NC) Summ. 803 to 823 Ark. Processor Bids: (Aug) 775 to 781  (NC) 807 to 811 Memphis:  (Aug) 772 3/4 to 782 3/4 (NC)  824 3/4 to 827 3/4 Riceland Foods:  (NC) Stuttgart 807 ; Pendleton 807 ; West Memphis 847 Chicago Futures: Sep up 7 1/2 at  856 1/2   Nov  up  7 3/4  at  872 3/4   Jan up 8  at  888 1/4   Mar up 8 1/2  at  899   Nov '08 up 9 1/2  at  888   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans firmed in the early trade and held good gains at the close as November futures broke key trendline resistance. That opens the market to test resistance at $8.88. The only other upside target is the contract high just below $9.50. Possible flood damage will be partially offset by enhanced yields from the late August rains. Wheat Cash bid for August at Memphis  598 1/4 to 622 1/4; Bids to farmers at Local Elevators 511; River Elevators 491-526; Chicago Futures: Sep down  3 1/2  at  722 1/4    Dec down 4  at  738    Mar down  3  at  739    Jul '08 down  4  at  591    Jul '09 down  1  at  410    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for August at Memphis  586 to 605; Bids to farmers at River Elevators 511-621; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for August at Memphis   263 3/4 to 265 3/4;   new crop at Memphis   n/a to - - -; Bids to farmers at River Elevators  251 to 274 Chicago Futures: Sep down  5 3/4  at  335 3/4    Dec down  5 3/4  at  353    Mar down  5  at  369 1/4    Dec '08 down  2  at  396 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat was slightly lower as the market appears to be consolidating just below last Thursday’s contract high. This is a little unusual following a spike high of this kind. It suggests the market may still move higher despite its historic level. Cotton & Rice  Date: August 27, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis down 55 at  5240   Greenwood down  55 at 5240 New York Futures: Oct down  105  at  5515    Dec down  138  at  5697    Mar down  145  at  6025    May down  140  at  6150    Dec '08 down  115  at  6600  This week's LDP rate for cotton is  2.70 cents   The estimate for next week is  2.46 cents Cotton Comment Cotton got tagged again today as December again tested support near 57 cents. A lower close would suggest a retest of the contract low at 51.6 cents. 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. Rice Long Grain Cash Bid for  Aug/Sep/Oct 945  to  1002/cwt   Nov 1002/cwt  to  - - - Chicago Futures: Sep down  4  at  1057    Nov down  2 1/2  at  1087    Jan down  3  at  1117    Mar down  3  at  1146    n/a down  - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice was a little lower again today as futures continue to consolidate below the recent high of $11.00. November resistance starts at $11.00 to $11.14 with good support starting 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 27, 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 1.50 lower to .50 higher   at   91.50   to   93.50 Panhandle Steers   were 1 lower to .50 higher   at   92   to   93.50 Oklahoma City Feeders Steers 500 to 550 lbs. 119 to 127.25   650 to 700 lbs. 115 to 124 Heifers 500 to 550 lbs. 113.75 to 122.50   600 to 650 lbs. 110 to 113.85 Chicago Futures: Live Cattle: Oct down 7 at 9775   Dec up 2 at 10075 Feeders: Oct up 57 at 11887   Jan up 40 at 11620 Cattle Comment Cattle futures closed mixed with live cattle consolidating in a narrow range after big gains last week. Expectations of tight supplies this winter contributes to a fairly strong undertone particularly in feeders. A short slaughter week for the Labor Day holiday will limit demand, as will weak packer margins. A December futures close above the contract high just above $101 would be positive. Hogs Peoria: were $1.5     lower   at   42.5   to   43 Chicago Futures: Oct down 295 at 6770   Dec down 227 at 6732 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures were sharply lower as traders took profit following Friday’s big move. That was considered an over reaction to export sales to China. Lower cash markets and wholesale values also contributed to the weaker trade. Poultry  Date: August 27, 2007 Eggs New York:  Ex. Lg. 122-126; Lg. 120-124; Med. 91-95; Chicago:  Ex. Lg. 112-120; Lg. 110-118; Med. 85-93; Eastern Region Turkeys Hens: 8-16 lbs. 89-93 Toms: 16-24 lbs. 89-91   Delmarva Broilers U.S. Grade A Majority prices were one cent higher in the West, but unchanged elsewhere when compared to previous week's values. Trade sentiment was fully steady in the West, and steady in all other areas. In production areas, live supplies were sufficient to well cleared. 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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