08/28/2007 Farm Bureau Market Report

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Grain & Soybean Date: August 28, 2007 Soybeans Local Elevators: (Aug) EAST AR:  765 to 784 (NC) Summ. 798 to 821 River Elevators: (Aug) MISS: 777 to 784 ; AR & White 762 to 781 (NC) Summ. 804 to 827 Ark. Processor Bids: (Aug) 780 to 784  (NC) 810 to 821 Memphis:  (Aug) 775 1/4 to 782 1/4 (NC)  827 1/4 to - - - Riceland Foods:  (NC) Stuttgart 784 ; Pendleton 784 ; West Memphis 783 Chicago Futures: Sep down 1 1/4 at  855 1/4   Nov  down  1/2  at  872 1/4   Jan down 1/4  at  888   Mar down 1 1/2  at  897 1/2   Nov '08 up 1  at  889   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans retraced early declines and ended the session with small losses. The market was pressured by improved crop ratings, instead of the expected decline. While some flooding has been noted, overall, rains have probably improved yield expectations across the Midwest. November remains below key resistance at $8.88 to $8.95. Wheat Cash bid for August at Memphis  596 1/2 to 620 1/2; Bids to farmers at Local Elevators 512; River Elevators 492-527; Chicago Futures: Sep down  1 3/4  at  720 1/2    Dec up 1/4  at  738 1/4    Mar unchanged    at  739    Jul '08 up  1  at  592    Jul '09 up  4  at  584    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for August at Memphis  580 to 591; Bids to farmers at River Elevators n/a; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for August at Memphis   252 1/4 to 257 1/4;   new crop at Memphis   n/a to - - -; Bids to farmers at River Elevators  240 to 257 Chicago Futures: Sep down  8 1/2  at  327 1/4    Dec down  8 1/4  at  344 3/4    Mar down  7 3/4  at  361 1/2    Dec '08 down  4 1/4  at  392 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat lost a little today as trade remained in a narrow consolidation pattern just below recent record highs. New crop July is testing $6.00, and offers a good pricing opportunity for expected ’08 production. Cotton & Rice  Date: August 28, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis up 37 at  5277   Greenwood up  37 at 5277 New York Futures: Oct up  37  at  5552    Dec up  51  at  5748    Mar up  54  at  6079    May up  35  at  6185    Dec '08 up  45  at  6645  This week's LDP rate for cotton is  2.70 cents   The estimate for next week is  3.01 cents Cotton Comment December cotton held above key support at 57 cents, but couldn’t manage much upside momentum. 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  989/cwt   Nov 989/cwt  to  - - - Chicago Futures: Sep down  8  at  1049    Nov down  12  at  1075    Jan down  10  at  1107    Mar down  10  at  1136    n/a down  - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice futures worked lower throughout today’s session, remaining a broad trading range between $10.50 and $11.00. U.S. milled exports remain slow with mills still operating well below capacity. The industry remains optimistic about tenders from Iraq and perhaps later in September from the Philippines. The international market is steady to firm with Thailand continuing to ship against old sales to Iraq and Iran, while anticipating sales to Indonesia and the Philippines. Vietnam remains out of the market as prior commitments put them in a tight situation with little help from the summer harvest. The rice harvest is about 70 percent complete in Texas and Louisiana and just 6 percent complete in Arkansas. Early yield reports are good. A big question to be answered later is how much rice will be planted in ’08. Early talk suggests acreage moving to wheat, soybeans and corn. Cattle & Hogs  Date: August 28, 2007 Cattle As reported by Federal-State Market News, receipts were 1,498 head at sales in Fort Smith & Marshall.  Compared with last week, feeder steers sold steady to firm, instances 1-2 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 124 to 134   500 to 550 lbs. 113 to 123   600 to 700 lbs. 106 to 116  Medium & Large Frame 2   400 to 450 lbs. 102 to 112 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 111 to 121  Medium & Large Frame 2   400 to 450 lbs. 102 to 112 Slaughter Cows, Boners 46   to   51 Light Weight 32.50 to 38 Bulls, Yield Grade   1   1000   to   2100 lbs.   62.50   to   69.50, high dressing 70-74 Midwest Steers   were $1.50 lower to $3.50 lower   at   90   to   - - - Panhandle Steers   were $2-$3.50 lower   at   90   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 down 15 at 9760   Dec down 15 at 10060 Feeders: Oct down 2 at 11885   Jan steady at 11620 Cattle Comment Cattle futures were lower today as the market took a cue from Wall Street where stocks declined. Packers are reluctant to pay current feedlot asking prices as margins remain weak. Lower corn values kept feeder futures moving higher with the November contract topping $119. Technically, December live cattle may be making a double top at $101. Hogs Peoria: were     steady   at   42.5   to   43 Chicago Futures: Oct up 20 at 6790   Dec up 70 at 6802 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs were a little higher after monster up and down moves the last two sessions. The market remains nervous about big hog supplies and are hopeful that Chinese demand will help. Supplies this fall may exceed slaughter capabilities. Poultry  Date: August 28, 2007 Eggs New York:  Ex. Lg. 125-129; Lg. 123-127; 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. 89-93   Delmarva Broilers U.S. Grade A The undertone ranged from fully steady to mostly steady. Supplies of all sizes were in close balance to sufficient for trade needs. In production areas, live supplies were moderate at weights usually in a full range of desirable to light. The Composite Weighted Average price for 08/27/2007 was 79.95 compared to 79.97 a week earlier, and 69.69 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