07/02/2008 Farm Bureau Market Report

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Grain & Soybean Date: July 02, 2008 Soybeans Local Elevators: (July) EAST AR:  1569 to 1593 (NC) Summ. 1512 to 1538 River Elevators: (July) MISS: 1566 to 1628 ; AR & White 1563 to 1605 (NC) Summ. 1502 to 1550 Ark. Processor Bids: (July) 1584 to - - -  (NC) 1532 to 1537 Memphis:  (July) 1634 1/2 to - - - (NC)  1550 to 1555 Riceland Foods:  (NC) Stuttgart 1537 ; Pendleton 1538 ; West Memphis 1555 Chicago Futures: Aug up 16 1/2 at  1639 1/2   Sept  up  17  at  1632   Nov up 20  at  1630   Jan '09 up 19  at  1643 1/4   Nov 09 up 22 1/2  at  1537 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans continued to push higher after a brief downturn in early trading. Concern about tightening stocks and development of this year’s crop provided underlying support. Firm crude oil and a weaker dollar were also contributing factors. Upside objectives are $16.50 to $17. Corn rebounded from losses on Monday and Tuesday to close almost limit higher. Wheat Cash bid for July at Memphis  666 1/4 to 668 1/4; Bids to farmers at Local Elevators 627-635; River Elevators 610-660; Chicago Futures: Sept up  15 1/2  at  880 1/4    Dec up 15 1/2  at  903 1/2    March 09 up  14 3/4  at  924 1/2    May 09 up  14 3/4  at  937 1/4    July 09 up  14 1/2  at  944 1/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for July at Memphis  1144 to 1153; Bids to farmers at River Elevators 1114-1180; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for July at Memphis   721 to 726;   New crop at Memphis   701 to - - -; Bids to farmers at River Elevators  695 to 710 Chicago Futures: Sept up  28 3/4  at  791    Dec up  28 1/2  at  780 1/2    March 09 up  29  at  797 3/4    Dec 09 up  27 1/2  at  700 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures gapped higher following strength in corn. Wheat appears to be overpriced based on extremely wide basis levels that are quoted. September wheat will need outside influence to keep from declining toward recent support near $7.50. Cotton & Rice  Date: July 02, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis down 95 at  6426   Greenwood down  95 at 6426 New York Futures: Oct down  95  at  7226    Dec down  104  at  7529    March 09 down  98  at  8073    May 09 down  81  at  8231    July 09 down  76  at  8346  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton was lower again as the market continued to decline after Monday’s report and penetration of prior support. This week’s larger than anticipated planted acreage report coupled with slow export movement has triggered the down turn. The ending stocks figure, currently at 10.3 million bales, will likely increase more in the July supply demand report. In some quarters, a 10.7 million bales stocks figure is being mentioned. Penetration of support at 77 cents suggests the market is headed toward previous lows near 71 cents- or perhaps even lower. Dr. Carl Anderson suggests the market may need to trade between 65 and 69 cents on the futures market in order to entice export buying and help reduce stocks. Rice Long Grain Cash Bid for  July 1975/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Sept unchanged  0  at  1880    Nov unchanged  0  at  1900    Jan 09 unchanged  0  at  1930    March 09 unchanged  0  at  1960    - - - unchanged  - - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice was unchanged in all except the expiring July contract. Light trading again characterized the market as overall activity is expected to be limited going into the holiday weekend and perhaps longer as we move toward harvest. International markets are continuing to work lower on limited trade. That will likely be the situation for the near term. Look for market activities to remain mostly sideways into and through harvest, with stronger bids later in the year. Cattle & Hogs  Date: July 02, 2008 Cattle As reported by Federal-State Market News, receipts were 894 head at sales in Conway and Pocahontas.  Compared with last week, feeder steers sold firm to $3 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 111.26 to - - -   500 to 550 lbs. 106.61 to - - -   600 to 650 lbs. 104.04 to - - -  Medium & Large Frame 2   400 to 450 lbs. 100.58 to - - - Heifers:  Medium & Large Frame 1   500 to 550 lbs. 96.03 to - - -  Medium & Large Frame 2   400 to 450 lbs. 91.36 to - - - Slaughter Cows, Boners 53   to   60 Light Weight 36 to 42 Bulls, Yield Grade   1   1000   to   2100 lbs.   65   to   72 Midwest Steers   were   at   97   to   - - - Panhandle Steers   were   at   97   to   - - - Oklahoma City Feeders Steers 550 to 600 lbs. 118 to 119   600 to 650 lbs. 114.75 to 115 Heifers 500 to 515 lbs. 107.5 to 113   600 to 650 lbs. 109 to 110 Chicago Futures: Live Cattle: Aug up 67 at 10400   Dec up 100 at 11442 Feeders: Aug down 2 at 11215   Oct steady at 11530 Cattle Comment Cattle futures were mixed again today, with live futures higher. October live cattle futures are consolidating between $111 and $113. Beef cutout values are sharply higher and along with strong packer margins should help boost the live market following the long holiday weekend. Feeders were under pressure from renewed strength in corn. Hogs Peoria: were     steady   at   44.5   to   45 Chicago Futures: Aug up 100 at 7130   Oct up 117 at 6965 Sheep St. Paul n/a   at   - - -   to   - - - Hogs Comment Hogs turned higher on indications the market was oversold, but recent price action still leaves open the possibility that August will test the contract low of $69.45. Weaker wholesale prices and last week’s bearish report are now driving the market. Poultry  Date: July 02, 2008 Eggs New York:  Ex. Lg. 127-131; Lg. 125-129; Med. 95-99; Chicago:  Ex. Lg. 121-129; Lg. 119-127; Med. 91-99; Eastern Region Turkeys Hens: 8-16 lbs. 91-93 Toms: 16-24 lbs. 91-93   Delmarva Broilers U.S. Grade A Trade sentiment was at least fully steady. Demand was fair to good best where needs increased for the holiday. Supplies of all sizes were usually adequate to satisfy trade needs. Processing schedules for this week are mostly part time with most plants down Friday for the July 4th holiday. In production areas, live supplies were moderate. Weights were mostly desirable. ---------------------------------------- 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_marketing/email/ ---------------------------------------- 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 2008 Arkansas Farm Bureau, Inc. All rights reserved Terms of Use