08/31/2007 Farm Bureau Market Report

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Grain & Soybean Date: August 31, 2007 Due to the Labor Day Weekend, there will not be a Market Report for Monday, September 3. However, we will return on Tuesday, September 4. Soybeans Local Elevators: (Aug) EAST AR:  766 to 788 (NC) Summ. 809 to 830 River Elevators: (Aug) MISS: 787 to 794 ; AR & White 775 to 794 (NC) Summ. 813 to 836 Ark. Processor Bids: (Aug) 772 to 788  (NC) 830 to 831 Memphis:  (Aug) 787 1/2 to - - - (NC)  834 1/2 to 837 1/2 Riceland Foods:  (NC) Stuttgart 788 ; Pendleton 788 ; West Memphis 787 Chicago Futures: Sept down 2 1/2 at  868   Nov  down  2 1/2  at  882 1/2   Jan down 1 1/2  at  898   March down 2 3/4  at  907 1/2   Nov '08 up 3/4  at  893 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans failed to hold early gains but ended the pre-holiday session only a few cents lower. November closed back below recent resistance at $8.88 and appears vulnerable to further setbacks in the short term. Seasonally, the market generally moves lower into late October or early November. Wheat Cash bid for August at Memphis  652 to 672; Bids to farmers at Local Elevators 521; River Elevators 501-531; Chicago Futures: Sept down  3  at  767    Dec down 9  at  775 1/2    March down  6 1/4  at  771 1/4    July '08 down  9  at  601    July '09 down  6  at  590    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for August at Memphis  571 to 580; Bids to farmers at River Elevators 491-580; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for August at Memphis   261 to - - -;   New crop at Memphis   - - - to - - -; Bids to farmers at River Elevators  242 to 252 Chicago Futures: Sept up  1 1/4  at  324    Dec up  1/4  at  340    March unchanged    at  356    Dec '08 up  1 1/2  at  391 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat hits $8.00 then loses steam going into the long Labor Day Holiday. New crop July registered a key reversal top, while old crop did not quite complete a topping move. December futures could be set to gap lower on Tuesday, and if so that would signal a top there as well. Key support for new crop July is the old high at $5.85, inability to hold here would project down to the $5.40 to $5.60 area. Cotton & Rice  Date: August 31, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis up 172 at  5612   Greenwood up  172 at 5612 New York Futures: Oct up  172  at  5887    Dec up  190  at  6097    March up  211  at  6431    May up  210  at  6550    Dec '08 up  199  at  6994  This week's LDP rate for cotton is  3.12 cents   The estimate for next week is  2.19 cents Cotton Comment Cotton futures gapped above downtrend resistance and pushed up near the 3 cent limit at one point. Late profit taking chipped away part of the gain, but left values almost 4 cents above this week’s low. December futures have retracement values of 61.31, 62.72 and 64.14 cents. Strong export sales provided a boost yesterday and it appears traders wanted to get in the market before the recent bargain disappeared. 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  1025/cwt   Oct/Nov 1025/cwt  to  Chicago Futures: Sept up  16  at  1085    Nov up  14  at  1113    Jan up  12  at  1140    March up  11  at  1165    n/a   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0 medium grain rice is  0 Rice Comment November rice futures showed good followthrough on yesterday’s big gains and ended the week on a positive note. November closed right on the 62% retracement objective and could be set to move toward the contract high of $11.58. 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 31, 2007 Cattle As reported by Federal-State Market News, receipts were 9,655 head at sales in Arkansas this week.  Compared with last week, feeder steers sold unevenly ranging from $2 higher to $2 lower, averaging near steady . Steers:  Medium & Large Frame 1   400 to 450 lbs. 124 to 134   500 to 550 lbs. 111 to 121   600 to 700 lbs. 106 to 116  Medium & Large Frame 2   400 to 450 lbs. 109 to 119 Heifers:  Medium & Large Frame 1   500 to 550 lbs. 105 to 115  Medium & Large Frame 2   400 to 450 lbs. 104 to 114 Slaughter Cows, Boners 46   to   52 Light Weight 34 to 40 Bulls, Yield Grade   1   1000   to   2100 lbs.   59   to   66.5; high dressing 66.50 to 69. Midwest Steers   n/a   at   - - -   to   - - - Panhandle Steers   n/a   at   - - -   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 116 to 135.5   550 to 600 lbs. 115 to 129.5 Heifers 500 to 550 lbs. 104 to 122.5   550 to 600 lbs. 103 to 123 Chicago Futures: Live Cattle: Oct down 17 at 9690   Dec up 12 at 10002 Feeders: Oct down 52 at 11762   Jan down 12 at 11542 Cattle Comment Cattle closed mixed with December futures showing signs of potentially moving lower. While cash fundamentals are positive, futures are trading a big premium to current packer bids. The long holiday weekend has pushed wholesale values up to the highest level since June, with retailers having to hustle to cover their needs. Reduced feedlot numbers also suggest potential gains in the cash market near term. Hogs Peoria: were     steady   at   41.5   to   42 Chicago Futures: Oct down 102 at 6682   Dec down 15 at 6882 Sheep St. Paul n/a   at   - - -   to   - - - Hogs Comment Hog futures declined as carcass values lost over $2/cwt this week. The market is anticipating a big slaughter rate through the last quarter of the year, and that could mean weaker price levels. Poultry  Date: August 31, 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: 16-24lbs. 89-93   Delmarva Broilers U.S. Grade A Majority prices for next week were trending unchanged in all areas. Trade sentiment was generally steady. Supplies of all sizes were usually sufficient to at times well cleared for trade needs. 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