07/08/2008 Farm Bureau Market Report

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Grain & Soybean Date: July 08, 2008 Soybeans Local Elevators: (Jul) EAST AR:  1491 to - - - (NC) Summ. 1417 to 1443 River Elevators: (Jul) MISS: 1481 to 1538 ; AR & White 1509 to 1515 (NC) Summ. 1423 to 1460 Ark. Processor Bids: (Jul) n/a to - - -  (NC) 1437 to 1439 Memphis:  (Jul) 1544 to - - - (NC)  1454 1/2 to - - - Riceland Foods:  (Jul) Stuttgart 1439 ; Pendleton 1443 ; West Memphis 1460 Chicago Futures: Aug down 30 at  1549   Sep  down  29 1/4  at  1538   Nov down 31 1/2  at  1529 1/2   Jan '09 down 32  at  1542 3/4   Nov '09 down 44 1/2  at  1454 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Yesterday’s downturn in beans and corn continued today with big early losses. However, the markets retrenched in the afternoon with November soybeans closing down just 31 ½ cents. Early declines were about 80 cents, taking November to key support just above $14.80. Inability to hold above $14.70 would suggest a drop to trendline support around $14. Corn also retraced about half of the early losses to close about 20-22 cents lower. December gapped below support at $7.40 and immediately filled the upside breakaway gap between $7.03 ½ and $7.15. That area just above $7 is key support, which if broken would bring test of support at $6.75 and $6.52. Wheat Cash bid for new crop at Memphis  n/a to - - -; Bids to farmers at Local Elevators 584-592; River Elevators 570-617; Chicago Futures: Sep up  1/2  at  836 1/2    Dec up 3/4  at  859 3/4    Mar '09 up  1 1/4  at  882    May '09 up  3/4  at  894 3/4    Jul '09 up  2 1/2  at  899 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for July at Memphis  1022 to 1031; Bids to farmers at River Elevators 1004-1080; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for July at Memphis   664 1/2 to 669 1/2;   new crop at Memphis   644 1/2 to - - -; Bids to farmers at River Elevators  638 to 653 Chicago Futures: Sep down  23 1/4  at  704 1/2    Dec down  24 1/2  at  722 1/2    Mar '09 down  24  at  740    Dec '09 down  2  at  665 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures ended near unchanged after trading lower in early dealings. 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 08, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis down 105 at  6281   Greenwood down  105 at 6281 New York Futures: Oct down  55  at  6921    Dec down  67  at  7209    Mar '09 down  99  at  7722    May '09 up  137  at  8134    Jul '09 down  136  at  8000  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton turned the market into a two way street albeit just briefly. Early pressure gave way to a strong rebound which carried December above 85 cents. However, the market proceeded to move lower into the close after trading a wide 450 point range for the day. December fell below the June low of 71.65 cents and now has support just below 71 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 1969/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Sep up  3  at  1807    Nov up  8  at  1837    Jan '09 up  10  at  1869    Mar '09 up  13  at  1902    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice was again hit with big declines early but retraced to close mostly higher. Only expiring July remained on the negative side. September moved to $17.39 before rebounding to close 3 cents higher. 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 08, 2008 Cattle As reported by Federal-State Market News, receipts were 881 head at sales in Fort Smith & Marshall.  Compared with last week, feeder steers sold unevenly, averaging near steady . Steers:  Medium & Large Frame 1   400 to 450 lbs. 112.14 to - - -   500 to 550 lbs. 107.90 to - - -   600 to 650 lbs. 105.69 to - - -  Medium & Large Frame 2   400 to 450 lbs. 103.14 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 99.75 to - - -  Medium & Large Frame 2   400 to 450 lbs. 89.94 to - - - Slaughter Cows, Boners 51   to   58 Light Weight 36 to 41 Bulls, Yield Grade   1   1000   to   2100 lbs.   65   to   70 Midwest Steers   were steady to $3 lower   at   99   to   - - - Panhandle Steers   n/a   at   - - -   to   - - - 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 20 at 10210   Dec down 85 at 11192 Feeders: Aug up 50 at 11152   Oct up 30 at 11505 Cattle Comment Cattle futures posted losses as well. Yesterday’s weakness sparked further selling. October live cattle futures have clearly violated trendline support and look to be headed back to retest the June low of $105.90. Hogs Peoria: were $1     lower   at   40   to   42 Chicago Futures: Aug up 37 at 7070   Oct down 35 at 6850 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs ended mixed despite early pressure from weak corn prices. Recent price action leaves open the possibility that August will test the contract low of $69.45. Poultry  Date: July 08, 2008 Eggs New York:  Ex. Lg. 117-121; Lg. 115-119; Med. 90-94; 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 at least steady. Demand was fair to moderate. Supplies of all sizes were usually sufficient to satisfy trade needs. 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