07/14/2008 Farm Bureau Market Report

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Grain & Soybean Date: July 14, 2008 Soybeans Local Elevators: (Jul) EAST AR:  1520 to - - - (NC) Summ. 1446 to 1472 River Elevators: (Jul) MISS: 1514 to 1571 ; AR & White 1542 to 1548 (NC) Summ. n/a to - - - Ark. Processor Bids: (Jul) n/a to - - -  (NC) 1466 to 1468 Memphis:  (Jul) 1577 to 1582 (NC)  1489 to - - - Riceland Foods:  (NC) Stuttgart 1468 ; Pendleton 1472 ; West Memphis 1489 Chicago Futures: Aug down 33 1/2 at  1582   Sep  down  37  at  1568 1/2   Nov down 37  at  1559   Jan '09 down 36  at  1574 1/2   Nov '09 down 22  at  1494   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans were hit by heavy selling following continued good growing conditions in the Midwest. The trade is expecting at least a 2 point improvement in this week’s crop rating. This should offset last Friday’s report which featured a half bushel reduction in expected yields. November has trendline support about 30 cents below today’s close at $15.59. December corn appears to have confirmed a major top, and if trendline support at $6.80 is breeched the market will push toward $6.50 or perhaps $6.00. Wheat Cash bid for new crop at Memphis  n/a to - - -; Bids to farmers at Local Elevators 565-573; River Elevators 552-598; Chicago Futures: Sep down  12 3/4  at  818    Dec down 12 3/4  at  842 1/4    Mar '09 down  13  at  865    May '09 down  12 3/4  at  879 3/4    Jul '09 down  14 3/4  at  886    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for July at Memphis  942 to 950; Bids to farmers at River Elevators 888-1007; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for July at Memphis   623 3/4 to 628 3/4;   new crop at Memphis   603 3/4 to - - -; Bids to farmers at River Elevators  598 to 613 Chicago Futures: Sep down  27 1/4  at  663 3/4    Dec down  27  at  682 1/4    Mar '09 down  26 1/2  at  700 1/4    Dec '09 down  19 3/4  at  659 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat also declined today, but showed pretty good resiliency considering the pressure that was being exerted on corn and soybeans. Supplies appear ample unless we see major problems develop somewhere wheat could work lower. Key support for the September contract is the late May low of $7.47. Cotton & Rice  Date: July 14, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis down 149 at  6364   Greenwood down  149 at 6364 New York Futures: Oct down  151  at  6912    Dec down  151  at  7208    Mar '09 down  153  at  7750    May '09 down  224  at  7850    Jul '09 down  167  at  8040  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton continues to consolidate just above last week’s low of 70.86 cents. Unless import movement improves this could just be a resting spot as the market moves lower to find buyers. Big ending stocks will offset this year’s smaller planting acreage and expected smaller crop. In the long run, cotton will have to be more competitive with soybeans and corn to garner more acreage. A projected reduction in stocks for the 08/09 marketing year should boost values later in the year. Rice Long Grain Cash Bid for  Jul 1800  to  1919/cwt   Aug 1800/cwt  to  - - - Chicago Futures: Sep unchanged    at  1790    Nov unchanged    at  1817 1/2    Jan '09 unchanged    at  1849 1/2    Mar '09 down  1  at  1880    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice was unchanged in another highly traded session. USDA projected production at 205 million cwt in last week’s supply demand report. Combined with a 4 million cwt increase in beginning stocks, that increased total supply by 12 million cwt. The impact of that increase was mitigated by an 8 million cwt increase in exports of which 6 million cwt was rough rice. That netted a 3.5 cwt. In projected ending stocks for 08/09 of 21.6 million cwt – all of which was long grain. Combined with a quiet international market and the approaching U.S. harvest, it could break current support just below $18 for the September contract. Cattle & Hogs  Date: July 14, 2008 Cattle As reported by Federal-State Market News, receipts were 2,091 head at sales in Ash Flat, Ola & Springdale.  Compared with last week, feeder steers sold near steady to $2 higher, heifers steady to $3 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 112.95 to - - -   500 to 550 lbs. 110.21 to - - -   600 to 650 lbs. 107.09 to - - -  Medium & Large Frame 2   400 to 450 lbs. 111.90 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 100.08 to - - -  Medium & Large Frame 2   400 to 450 lbs. 93.19 to - - - Slaughter Cows, Boners 51   to   57 Light Weight 39 to 47 Bulls, Yield Grade   1   1000   to   2100 lbs.   66   to   74, high dressing 74-83.50 Midwest Steers   were $4 lower to steady   at   96   to   100 Panhandle Steers   were $2 lower to $1 higher   at   98   to   101 Oklahoma City Feeders Steers 550 to 600 lbs. 115 to 117.50   600 to 650 lbs. 115.50 to 116.25 Heifers 500 to 600 lbs. 106.50 to 110   600 to 650 lbs. 94 to 100 Chicago Futures: Live Cattle: Aug down 207 at 9912   Dec down 195 at 10945 Feeders: Aug down 155 at 11017   Oct down 100 at 11455 Cattle Comment Live cattle futures broke out of last week’s consolidation area and closed down for the day. A disappointing cash trade and weaker wholesale values contributed to the big technical declines. Big showlists left over from last week added to the negative undertone. The only positive note was a big increase in exports during May. Hogs Peoria: $1     higher   at   42.5   to   43 Chicago Futures: Aug up 10 at 7475   Oct down 37 at 7087 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures were mixed with distant contracts declining. Strong packer margins, while declining, are still a factor in boosting values. Gains were limited by reports hog supplies this week will be ample. Poultry  Date: July 14, 2008 Eggs New York:  Ex. Lg. 105-109; Lg. 103-107; Med. 83-87; Chicago:  Ex. Lg. 97-105; Lg. 95-103; Med. 76-84; 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 light to moderate with limited trading. Supplies of all sizes were mostly adequate 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