07/03/2008 Farm Bureau Market Report

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Grain & Soybean Date: July 03, 2008 Due to the Fourth of July Holiday, the Farm Bureau Market report will resume on Monday, July 9. Soybeans Local Elevators: (July) EAST AR:  1592 to - - - (NC) Summ. 1513 to 1539 River Elevators: (July) MISS: 1581 to 1617 ; AR & White 1609 to 1615 (NC) Summ. 1523 to 1551 Ark. Processor Bids: (NC) 1533 to 1538  (- - -) - - - to - - - Memphis:  (July) 1644 to - - - (NC)  1556 to - - - Riceland Foods:  (NC) Stuttgart - - - ; Pendleton - - - ; West Memphis - - - Chicago Futures: Aug up 9 1/2 at  1649   Sept  up  5 1/4  at  1637 1/4   Nov up 1  at  1631   Jan 09 up 1 1/2  at  1644 3/4   Nov 09 up 17  at  1554 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans ended the day higher. 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 was a bit lower on pre-holiday profit taking after yesterday’s sharp gains. Wheat Cash bid for July at Memphis  673 1/2 to 682 1/2; Bids to farmers at Local Elevators 635-643; River Elevators 621-668; Chicago Futures: Sept up  7 1/4  at  887 1/2    Dec up 6 3/4  at  910 1/4    March 09 up  7  at  931 1/2    May 09 up  7 1/4  at  944 1/2    July 09 up  5 1/4  at  949 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for July at Memphis  1138 to 1146; Bids to farmers at River Elevators 1109-1175; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for July at Memphis   717 3/4 to 722 3/4;   New Crop at Memphis   697 3/4 to - - -; Bids to farmers at River Elevators  692 to 707 Chicago Futures: Sept down  3 1/4  at  757 3/4    Dec down  3 1/2  at  777    March 09 down  3 3/4  at  794    Dec 09 down  3  at  697 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures posted gains again today, showing surprising strength in the face of harvest pressure. 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 03, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis down 6 at  6420   Greenwood down  6 at 6420 New York Futures: Oct down  6  at  7220    Dec up  6  at  7535    March 09 up  4  at  8077    May 09 up  12  at  8243    July 09 up  17  at  8363  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton traded in a relatively wide range before closing near unchanged. 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  - - - - - -  to  - - -   - - - - - -  to  - - - Chicago Futures: Sept down  26  at  1854    Nov down  21  at  1879    Jan 09 down  21  at  1909    March 09 down  21  at  1939    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice ended mostly lower. 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 03, 2008 Cattle As reported by Federal-State Market News, receipts were - - - head at sales in - - -.  Compared with last week, feeder steers - - - . Steers:  Medium & Large Frame - - -   - - - to - - - lbs. - - - to - - -   - - - to - - - lbs. - - - to - - -   - - - to - - - lbs. - - - to - - -  Medium & Large Frame - - -   - - - to - - - lbs. - - - to - - - Heifers:  Medium & Large Frame - - -   - - - to - - - lbs. - - - to - - -  Medium & Large Frame - - -   - - - to - - - lbs. - - - to - - - Slaughter Cows, Boners - - -   to   - - - Light Weight - - - to - - - Bulls, Yield Grade   - - -   - - -   to   - - - lbs.   - - -   to   - - - Midwest Steers   were $4 higher   at   101   to   - - - Panhandle Steers   were $4 higher   at   101   to   - - - Oklahoma City Feeders Steers - - - to - - - lbs. - - - to - - -   - - - to - - - lbs. - - - to - - - Heifers - - - to - - - lbs. - -- to - - -   - - - to - -- lbs. -- - to - - - Chicago Futures: Live Cattle: Aug down 20 at 10380   Dec up 7 at 11450 Feeders: Aug down 57 at 11157   Oct down 25 at 11505 Cattle Comment Cattle futures were mostly lower. 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. Hogs Peoria: were 50¢ to $3     lower   at   42   to   44 Chicago Futures: Aug down 35 at 7095   Oct down 20 at 6945 Sheep St. Paul n/a   at   - - -   to   - - - Hogs Comment Hogs ended mixed as traders evened positions ahead of the long holiday weekend. Recent price action 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 03, 2008 Eggs New York:  Ex. Lg. 122-126; Lg. 120-124; 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 fully steady to firm. Demand was fair to good, best for retail and where increased interest is expected for the holiday. Supplies of all sizes were close balanced to short to satisfy trade needs. Processing plants were mixed with some plants down Friday for the July 4th holiday. In productions 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