07/11/2008 Farm Bureau Market Report

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Grain & Soybean Date: July 11, 2008 Soybeans Local Elevators: (Jul) EAST AR:  1557 to - - - (NC) Summ. 1483 to 1509 River Elevators: (Jul) MISS: 1548 to 1651 ; AR & White 1575 to 1581 (NC) Summ. 1489 to 1526 Ark. Processor Bids: (Jul) n/a to - - -  (NC) 1503 to 1505 Memphis:  (Jul) 1610 1/2 to 1615 1/2 (NC)  1526 to - - - Riceland Foods:  (NC) Stuttgart 1505 ; Pendleton 1509 ; West Memphis 1526 Chicago Futures: Aug up 15 at  1615 1/2   Sep  up  12 1/2  at  1605 1/2   Nov up 9  at  1596   Jan '09 up 9  at  1610 1/2   Nov '09 up 17  at  1516   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment After trading up and down today, soybeans finally finished the day higher. Strong demand, tight supplies and uncertainty regarding this year’s crop continue to support this market. Early firmness in crude oil and a weaker dollar were also contributing factors. Today’s report held few surprises for soybeans. Today’s move brings resistance at the contract high of $16.35 ½ back into play. Corn was also higher. Soaring crude oil prices carried over here as well. 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 578-586; River Elevators 565-611; Chicago Futures: Sep up  12 3/4  at  830 3/4    Dec up 12 3/4  at  855    Mar '09 up  12 1/2  at  878    May '09 up  12 3/4  at  892 1/2    Jul '09 up  14 1/4  at  900 3/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for July at Memphis  990 to 999; Bids to farmers at River Elevators 945-1055; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for July at Memphis   651 to 656;   new crop at Memphis   631 to - - -; Bids to farmers at River Elevators  625 to 640 Chicago Futures: Sep up  4 1/2  at  691    Dec up  5  at  709 1/4    Mar '09 up  5 1/2  at  726 3/4    Dec '09 up  11 3/4  at  679    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat was also higher. 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. Today’s report was within trade expectations, and didn’t appear to affect the market much. Some support has developed around $8.20, but a retest of the September low around $7.60 is possible. Cotton & Rice  Date: July 11, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis up 32 at  6513   Greenwood up  32 at 6513 New York Futures: Oct down  3  at  7058    Dec up  2  at  7360    Mar '09 up  1  at  7895    May '09 down  7  at  8074    Jul '09 down  166  at  8050  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton traded in wide range today before closing near unchanged. 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 1905/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Sep down  50  at  1790    Nov down  50  at  1817 1/2    Jan '09 down  50  at  1849 1/2    Mar '09 down  50  at  1881    n/a down  - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice gapped lower, but November seems to be building support in the $18 area. The USDA has increased its production estimate by 8 million hundredweight since June’s supply/demand report, and that, combined with a 4 million cwt. increase in the beginning stocks estimate and higher utilization estimates, resulted in a 3.5 million cwt increase in the ending stocks estimate. Cattle & Hogs  Date: July 11, 2008 Cattle As reported by Federal-State Market News, receipts were 6,735 head at sales in Arkansas this week.  Compared with last week, feeder steers sold mostly firm to $3 higher. Feeder heifers sold $1-3 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 111.27 to - - -   500 to 550 lbs. 109.29 to - - -   600 to 650 lbs. 106.58 to - - -  Medium & Large Frame 2   400 to 450 lbs. 103.28 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 100.85 to - - -  Medium & Large Frame 2   400 to 450 lbs. 93.23 to - - - Slaughter Cows, Boners 50   to   59 Light Weight 37 to 46 Bulls, Yield Grade   1   1000   to   2100 lbs.   66   to   73, high dressing 73-79.50 Midwest Steers   were $1 higher   at   100   to   - - - Panhandle Steers   were $1 higher   at   100   to   - - - Oklahoma City Feeders Steers 550 to 600 lbs. 106.50 to 120.75   600 to 650 lbs. 106.25 to 116.50 Heifers 550 to 600 lbs. 98 to 115.50   600 to 650 lbs. 95 to 116.75 Chicago Futures: Live Cattle: Aug down 85 at 10120   Dec down 65 at 11140 Feeders: Aug down 92 at 11172   Oct down 65 at 11555 Cattle Comment Cattle futures ended lower under pressure from weak cash market prices and ideas product values have topped. 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   40   to   42 Chicago Futures: Aug down 22 at 7465   Feb up 65 at 8430 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs ended a bit lower after gapping higher two days in a row. This week’s chart action left a potential island reversal bottom which could suggest further near term improvement. Poultry  Date: July 11, 2008 Eggs New York:  Ex. Lg. 107-111; Lg. 105-109; Med. 85-89; 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 with limited trading entering the weekend. Supplies of all sizes were at least 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