07/07/2008 Farm Bureau Market Report

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Grain & Soybean Date: July 07, 2008 Soybeans Local Elevators: (Jul) EAST AR:  1522 to - - - (NC) Summ. 1453 to 1469 River Elevators: (Jul) MISS: 1509 to 1511 ; AR & White n/a to - - - (NC) Summ. 1453 to 1481 Ark. Processor Bids: (Jul) n/a to - - -  (NC) 1468 to - - - Memphis:  (Jul) 1554 to 1579 (NC)  1466 to 1486 Riceland Foods:  (Oct/Nov) Stuttgart 1470 ; Pendleton 1474 ; West Memphis 1491 Chicago Futures: Aug down 70 at  1579   Sep  down  70  at  1567 1/4   Nov down 70  at  1561   Jan '09 down 70  at  1574 3/4   Nov '09 down 55 1/2  at  1499   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Improved weather in long range forecasts provided impetus for sharp declines in corn and beans. Early losses in crude oil and a strong dollar pushed the market lower on technical selling as some commodity funds took profits. This could bleed over into index funds, which would suggest further selling and perhaps push the market toward the early June gap near $14. Additional support is seen around $14.75. Corn will test support at $7.46 before heading toward the June report gap at $7.03 ½ to $7.15. Wheat Cash bid for new crop at Memphis  n/a to - - -; Bids to farmers at Local Elevators 583-591; River Elevators 576-616; Chicago Futures: Sep down  51 1/2  at  836    Dec down 51 1/4  at  859    Mar '09 down  50 3/4  at  880 3/4    May '09 down  50 1/2  at  894    Jul '09 down  47 1/2  at  902    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for July at Memphis  1075 to 1093; Bids to farmers at River Elevators 1121; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for July at Memphis   671 3/4 to 687 3/4;   new crop at Memphis   646 3/4 to 667 3/4; Bids to farmers at River Elevators  670 to - - - Chicago Futures: Sep down  30  at  727 3/4    Dec down  30  at  747    Mar '09 down  30  at  764    Dec '09 down  30  at  667 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures gapped lower following corn. This market has clearly been following corn, since harvest pressure and an extremely wide basis suggest this market is overpriced. Without carryover strength from corn, September could move toward recent support near $7.50. Cotton & Rice  Date: July 07, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis down 244 at  6176   Greenwood down  244 at 6176 New York Futures: Oct down  256  at  6964    Dec down  277  at  7258    Mar '09 down  288  at  7789    May '09 down  266  at  7977    Jul '09 down  27  at  8136  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton is on a one way street that is currently headed lower. Sharp losses today have the market within easy reach of the early June low of 71.65 cents. Slow utilization and big ending stocks have nullified any advantage of this year’s smaller plantings. Futures may have to trade below 70 cents to encourage exports to help reduce projected stocks. The June report increased stocks to 10.3 million bales and further adjustments are possible in this Friday’s report. Rice Long Grain Cash Bid for  Jul 1985/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Sep down  50  at  1804    Nov down  50  at  1829    Jan '09 down  50  at  1859    Mar '09 down  50  at  1889    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice has become a follower with light trading the matter of course in recent weeks. September move to $18.04 has the market testing support and perhaps even moving toward the late May low of $17.06. Recent reports indicate international markets have dropped below $8.00 per metric tonne for milled rice. The panic buying of this spring has dissipated at least for the time being. U.S. plantings don’t suggest any big shift in total rice available for 08/09. Friday’s report should have production around 200 million cwt. Cattle & Hogs  Date: July 07, 2008 Cattle As reported by Federal-State Market News, receipts were n/a head at sales in n/a.  Compared with last week, feeder steers n/a . Steers:  Medium & Large Frame n/a   - - - to - - - lbs. - - - to - - -   - - - to - - - lbs. - - - to - - -   - - - to - - - lbs. - - - to - - -  Medium & Large Frame n/a   - - - to - - - lbs. - - - to - - - Heifers:  Medium & Large Frame n/a   - - - to - - - lbs. - - - to - - -  Medium & Large Frame n/a   - - - to - - - lbs. - - - to - - - Slaughter Cows, Boners n/a   to   - - - Light Weight n/a to - - - Bulls, Yield Grade   n/a   - - -   to   - - - lbs.   - - -   to   - - - Midwest Steers   were $2 higher to $1 lower   at   99   to   102 Panhandle Steers   were $1.50 higher to $1.50 lower   at   99.50   to   102.50 Oklahoma City Feeders Steers n/a to - - - lbs. - - - to - - -   n/a to - - - lbs. - - - to - - - Heifers n/a to - - - lbs. - - - to - - -   n/a to - - - lbs. - - - to - - - Chicago Futures: Live Cattle: Aug down 150 at 10230   Dec down 172 at 11277 Feeders: Aug down 55 at 11102   Oct down 30 at 11475 Cattle Comment Cattle futures posted losses as well. Weakness in crude oil carried over into livestock pits as index funds liquidated positions. October live cattle futures gapped lower and are challenging trendline support near today’s low of $109.45. Hogs Peoria: were $1     lower   at   41   to   43 Chicago Futures: Aug down 62 at 7032   Oct down 60 at 6885 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs were also under pressure from weaker corn and crude oil futures. Recent price action leaves open the possibility that August will test the contract low of $69.45. Poultry  Date: July 07, 2008 Eggs New York:  Ex. Lg. 122-126; Lg. 120-124; Med. 95-99; Chicago:  Ex. Lg. 112-120; Lg. 110-118; Med. 86-94; 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. Post holiday demand was light to moderate following the weekend. Supplies of all sizes were usually no more than adequate to satisfy trade needs. 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