08/30/2007 Farm Bureau Market Report

Click here to view this report online.

Grain & Soybean Date: August 30, 2007 Soybeans Local Elevators: (Aug) EAST AR:  768 to 790 (NC) Summ. 811 to 832 River Elevators: (Aug) MISS: 783 to 797 ; AR & White 768 to 787 (NC) Summ. 813 to 838 Ark. Processor Bids: (Aug) 774 to 790  (NC) 832 to 833 Memphis:  (Aug) 786 to 790 (NC)  837 to 840 Riceland Foods:  (NC) Stuttgart 790 ; Pendleton 790 ; West Memphis 789 Chicago Futures: Sept up 12 at  870 1/2   Nov  up  10 3/4  at  885   Jan up 10  at  899 1/2   March up 10 1/4  at  910 1/4   Nov '08 up 6 1/4  at  892 3/4   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans ended the day higher, as they again were the beneficiary of big gains in wheat. The upturn came despite smaller than expected export sales. November futures pushed into resistance between $8.88 and $8.93 before settling just below that level. A close above $8.93 would bring resistance at the $9.49 ½ contract high back into play. Support starts around $8.32. Wheat Cash bid for August at Memphis  646 to 680; Bids to farmers at Local Elevators 530; River Elevators 510-545; Chicago Futures: Sept up  28  at  770    Dec up 26  at  784 1/2    March up  21 1/2  at  777 1/2    July '08 up  10 1/2  at  610    July '09 up  7  at  596    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for August at Memphis  567 to 580; Bids to farmers at River Elevators 482-573; 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 n/a; Bids to farmers at River Elevators  236 to 253 Chicago Futures: Sept unchanged  0  at  322 3/4    Dec down  1/2  at  339 3/4    March down  1  at  356    Dec '08 down  1/2  at  390    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat continues to make new historic highs on a daily basis with December gapping higher and hitting $7.88 ½ . Tight world supplies and another big export sales report boosted the market early. The next likely upside target is $8.00. Be prepared for a sharp downturn once the market peaks. Producers should take advantage of this opportunity to price ’08 production. Cotton & Rice  Date: August 30, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis up 157 at  5440   Greenwood up  157 at 5440 New York Futures: Oct up  157  at  5715    Dec up  165  at  5907    March up  150  at  6220    May up  160  at  6340    Dec '08 up  170  at  6795  This week's LDP rate for cotton is  2.70 cents   The estimate for next week is  3.12 cents Cotton Comment Cotton received a boost from bigger than expected export sales and strong gains in wheat, beans and rice. Today’s gap higher move may have signaled an interim low has been reached. It is no secret that producers are being swayed by high grain and soybean prices. Many cotton producers are contemplating planting wheat and double cropping soybeans, or putting additional acreage in corn. Great corn yields combined with strong levels could reduce ’08 planting significantly unless cotton futures move considerably higher. Rice Long Grain Cash Bid for  Aug/Sept 945  to  1014/cwt   Oct/Nov 1014/cwt  to  - - - Chicago Futures: Sept up  38  at  1069    Nov up  39  at  1099    Jan up  36  at  1128    March up  30  at  1154    n/a up  - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice futures blasted off again today with November recouping all the losses of the last 4 sessions. At one point, November moved above the recent high of $11.05. Tightening world stocks and a second consecutive year of smaller U.S. production make the market susceptible to wide swings. Potential tenders from Iraq and the Philippines have kept the market optimistic, while mills continue to operate on a very reduced schedule. With Vietnam having reached their export quota, Thailand and the U.S. are and will be the major sources for rice in the near term. Longer term rice prices may have to move higher to keep acreage in the U.S. from moving to wheat, corn and soybeans. Cattle & Hogs  Date: August 30, 2007 Cattle As reported by Federal-State Market News, receipts were 2706 head at sales in Charlotte, Ratcliff and Green Forest.  Compared with last week, feeder steers sold unevenly, calves under 450 lbs. $1 higher, other weights steady to $2 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 122 to 132   500 to 550 lbs. 113 to 123   600 to 700 lbs. 106 to 116  Medium & Large Frame 2   400 to 450 lbs. 119 to 129 Heifers:  Medium & Large Frame 1   500 to 550 lbs. 101 to 111  Medium & Large Frame 2   400 to 450 lbs. 100 to 110 Slaughter Cows, Boners 46   to   52 Light Weight 35 to 42 Bulls, Yield Grade   1-2   1000   to   2100 lbs.   62   to   64.5; high dressing 64.5 to 68. Midwest Steers   were steady   at   90   to   91 Panhandle Steers   were steady to $1 higher   at   90   to   91 Oklahoma City Feeders Steers 500 to 550 lbs. 118 to - - -   550 to 600 lbs. 120 to 124 Heifers 500 to 550 lbs. 111 to - - -   550 to 600 lbs. 114 to 114.50 Chicago Futures: Live Cattle: Oct down 97 at 9707   Dec down 100 at 9990 Feeders: Oct down 82 at 11815   Jan down 92 at 11555 Cattle Comment Cattle futures were pressured by higher grain prices. End of month and pre-holiday evening of positions also added to the negative undertone. While cut out values hit the highest level since June, packers are reluctant market participants at current feedlot asking prices. Tightening of available supplies should shake things loose after the long Labor Day weekend. Hogs Peoria: were     steady   at   41.5   to   42 Chicago Futures: Oct up 10 at 6785   Dec up 22 at 6897 Sheep St. Paul n/a   at   - - -   to   - - - Hogs Comment Hog futures were mostly higher, but generally remain in a narrow consolidation area. Overall, fundamentals suggest record hog supplies this fall which could push the market lower, unless there are additional sales to China. Poultry  Date: August 30, 2007 Eggs New York:  Ex. Lg. 131-135; Lg. 129-133; Med. 92-96; 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 at least steady in the East, and steady elsewhere. Retail demand was fair to moderate with increased interests expected for upcoming first of the month and holiday weekend. Supplies of all sizes were usually adequate to instances well cleared. 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