07/09/2008 Farm Bureau Market Report

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Grain & Soybean Date: July 09, 2008 Soybeans Local Elevators: (Jul) EAST AR:  1518 to - - - (NC) Summ. 1444 to 1470 River Elevators: (Jul) MISS: 1498 to 1561 ; AR & White 1532 to 1538 (NC) Summ. 1450 to 1487 Ark. Processor Bids: (Jul) n/a to - - -  (NC) 1464 to 1466 Memphis:  (Jul) 1567 to - - - (NC)  1482 to - - - Riceland Foods:  (NC) Stuttgart 1466 ; Pendleton 1470 ; West Memphis 1487 Chicago Futures: Aug up 23 at  1572   Sep  up  26 3/4  at  1564 3/4   Nov up 27 1/2  at  1557   Jan '09 up 28 1/4  at  1571   Nov '09 up 11 1/2  at  1466   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans broke away from grains continuing yesterday’s late reversal and closing higher for the session. Strong demand, tight supplies and uncertainty regarding this year’s crop combined to give soybeans early upward impetus. Early firmness in crude oil and a weaker dollar were also contributing factors. November came within a penny of closing yesterday’s gap. However, there is overhead resistance in the $15.60 area which could forest all further gains. Improving crop conditions and a favorable weather outlook kept corn on the defensive. December is testing key support around $7. Additional support is seen at $6.75 and $6.50. Wheat Cash bid for new crop at Memphis  n/a to - - -; Bids to farmers at Local Elevators 573-581; River Elevators 560-606; Chicago Futures: Sep down  10 3/4  at  825 3/4    Dec down 10 1/2  at  849 1/4    Mar '09 down  10 1/4  at  871 3/4    May '09 down  9 1/2  at  885 1/4    Jul '09 down  6 1/2  at  893    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for July at Memphis  996 to 1005; Bids to farmers at River Elevators 979-1063; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for July at Memphis   654 3/4 to 659 3/4;   new crop at Memphis   634 3/4 to - - -; Bids to farmers at River Elevators  629 to 644 Chicago Futures: Sep down  9 3/4  at  694 3/4    Dec down  9 3/4  at  712 3/4    Mar '09 down  10 1/4  at  729 3/4    Dec '09 down  3 1/2  at  662    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat continues to follow corn and closed lower for the day. Wheat production is expected to be significantly higher world wide, particularly soft red, that makes it more attractive for feed purposes, which links the market to corn. Some support has developed around $8.20, but a retest of the September low around $7.60 is possible. Cotton & Rice  Date: July 09, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis up 200 at  6481   Greenwood up  200 at 6481 New York Futures: Jul up  190  at  6684    Dec up  170  at  7344    Mar '09 up  173  at  7877    May '09 up  169  at  8067    Jul '09 up  166  at  8212  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton got strong upward bounce despite the generally weaker undertone in grains. However, upside potential appears limited. December will likely test support around 71 cents in the near future. 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 1956/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Sep down  16  at  1791    Nov down  18  at  1819    Jan '09 down  18  at  1851    Mar '09 down  19  at  1883    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice declined slightly as it followed corn and wheat lower. September ended the session with an inside trading day that gave little in the way of clues about future movement. The international market continues to weaken with Thai quotes generally below $750.00 per tonne on a milled basis. 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 09, 2008 Cattle As reported by Federal-State Market News, receipts were 1,030 head at sales in Conway & Pocahontas.  Compared with last week, feeder steers sold $2-3 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 110.07 to - - -   500 to 550 lbs. 105.21 to - - -   600 to 650 lbs. 101.92 to - - -  Medium & Large Frame 2   400 to 450 lbs. 95.33 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 94.48 to - - -  Medium & Large Frame 2   400 to 450 lbs. 86.98 to - - - Slaughter Cows, Boners 52   to   59 Light Weight 36 to 40 Bulls, Yield Grade   1   1000   to   2100 lbs.   67   to   72.50, high dressing 77.50-78 Midwest Steers   remained   at   99   to   - - - Panhandle Steers   were quoted   at   99   to   - - - Oklahoma City Feeders Steers n/a to - - - lbs. - - - to - - -   n/a to - - - lbs. - - - to - - - Heifers 500 to 550 lbs. 107.25 to 111   550 to 600 lbs. 108.25 to 112 Chicago Futures: Live Cattle: Aug up 45 at 10255   Dec up 47 at 11240 Feeders: Aug up 137 at 11290   Oct up 112 at 11617 Cattle Comment Cattle futures reversed recent declines and moved higher today. Feedlots and packers remain somewhat apart with bids at $99 and asking prices at $103. Overall beef demand is good as a result of export movement. Longer range we could see some seasonal weakness develop as ample market ready supplies head to town. Hogs Peoria: were     steady   at   41   to   43 Chicago Futures: Aug up 230 at 7300   Oct up 205 at 7055 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs took a big jump after 5 or 6 days of sideways trading following last week’s sharp decline. Today’s move left a potential island reversal bottom which could suggest further near term improvement. Falling slaughter weights is also positive for price. Poultry  Date: July 09, 2008 Eggs New York:  Ex. Lg. 112-116; Lg. 110-114; Med. 87-91; 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 mostly 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