08/29/2007 Farm Bureau Daily Market

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Grain & Soybean Date: August 29, 2007 Soybeans Local Elevators: (Aug) EAST AR:  767 to 786 (NC) Summ. 800 to 823 River Elevators: (Aug) MISS: 759 to 786 ; AR & White 759 to 778 (NC) Summ. 802 to 829 Ark. Processor Bids: (Aug) 782 to 786  (NC) 712 to 823 Memphis:  (Aug) 778 1/4 to 784 1/4 (NC)  824 1/4 to 826 1/4 Riceland Foods:  (NC) Stuttgart 786 ; Pendleton 786 ; West Memphis 785 Chicago Futures: Sep up 3 1/4 at  858 1/2   Nov  up  2  at  874 1/4   Jan up 1 1/2  at  889 1/2   Mar up 2 1/2  at  800   Nov '08 up 2 1/2  at  886 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans continue to test upside potential despite this week’s improved rating in the crop progress report. Strong export demand and this year’s much smaller plantings will limit seasonal downside movement. Wheat Cash bid for August at Memphis  618 to 652; Bids to farmers at Local Elevators 550; River Elevators 499-535; Chicago Futures: Sep up  21 1/2  at  742    Dec up 20 1/4  at  758 1/2    Mar up  17  at  756    Jul '08 up  7 1/2  at  599 1/2    Jul '09 up  5  at  589    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for August at Memphis  568 to 590; Bids to farmers at River Elevators 532-579; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for August at Memphis   252 3/4 to 253 3/4;   new crop at Memphis   n/a to - - -; Bids to farmers at River Elevators  236 to 253 Chicago Futures: Sep down  4 1/2  at  322 3/4    Dec down  4 1/2  at  340 1/4    Mar down  4 1/2  at  357    Dec '08 down  1 3/4  at  390 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat continues to find ongoing support from tight world supplies and strong export demand. Producers should be taking advantage of the strong market opportunities, especially if considering additional ’08 plantings. Cotton & Rice  Date: August 29, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis up 6 at  5283   Greenwood up  6 at 5283 New York Futures: Oct up  6  at  5558    Dec down  6  at  5742    Mar down  9  at  6070    May down  5  at  6180    Dec '08 down  20  at  6625  This week's LDP rate for cotton is  2.70 cents   The estimate for next week is  3.08 cents Cotton Comment After an early summer upturn, cotton has lost favor with the index funds and has failed to generate any substantial 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  975/cwt   Nov 975/cwt  to  - - - Chicago Futures: Sep down  18  at  1031    Nov down  15  at  1060    Jan down  15  at  1092    Mar down  12  at  1124    n/a down  - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment The overall undertone of the rice market remains weak. November futures have traded in a broad 50 cents range for the last 6 weeks. 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 29, 2007 Cattle As reported by Federal-State Market News, receipts were 1,975 head at sales in Conway, Ola & Pocahontas.  Compared with last week, feeder steers sold weak to $3 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 117 to 127   500 to 550 lbs. 109 to 119   600 to 700 lbs. 104 to 114  Medium & Large Frame 2   400 to 450 lbs. 108 to 118 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 105 to 115  Medium & Large Frame 2   400 to 450 lbs. 96 to 106 Slaughter Cows, Boners 46   to   51 Light Weight 31.50 to 38 Bulls, Yield Grade   1   1000   to   2100 lbs.   62.50   to   66.50, high dressing 66.50-68 Midwest Steers   were steady to $1 higher   at   90   to   91 Panhandle Steers   were steady   at   90   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 120 to 130   600 to 650 lbs. 124 to 124.75 Heifers 500 to 550 lbs. 119 to 127.25   600 to 650 lbs. 113 to 122.25 Chicago Futures: Live Cattle: Oct up 45 at 9805   Dec up 30 at 10090 Feeders: Oct up 12 at 11897   Jan up 27 at 11647 Cattle Comment Cattle had early support from solid cutout gains and prospects of tightening of fat cattle fed supplies in September. Packers remain reluctant buyers at current offerings as we head into the long Labor Day weekend. Hogs Peoria: were $1     lower   at   41.5   to   42 Chicago Futures: Oct down 15 at 6775   Dec up 72 at 6875 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs don’t appear to have much going as composite cutout values are still declining and overall slaughter supplies are ample. Improving packer margins are an offsetting factor. Poultry  Date: August 29, 2007 Eggs New York:  Ex. Lg. 128-132; Lg. 126-130; 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 Trade sentiment was steady in the West, and overall at least steady elsewhere. Supplies of all sizes were usually adequate to well cleared with slightly lower temperatures in the Southeast aiding availability. In production areas, live supplies were moderate 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? 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