07/15/2008 Farm Bureau Market Report

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Grain & Soybean Date: July 15, 2008 Soybeans Local Elevators: (Jul) EAST AR:  1477 to - - - (NC) Summ. 1403 to 1429 River Elevators: (Jul) MISS: 1474 to 1521 ; AR & White 1492 to 1498 (NC) Summ. 1409 to 1446 Ark. Processor Bids: (Jul) n/a to - - -  (NC) 1423 to 1425 Memphis:  (Jul) 1537 to 1542 (NC)  1446 to - - - Riceland Foods:  (Jul) Stuttgart 1425 ; Pendleton 1429 ; West Memphis 1446 Chicago Futures: Aug down 40 at  1542   Sep  down  40 1/2  at  1528   Nov down 43  at  1516   Jan '09 down 43  at  1531 1/2   Nov '09 down 42  at  1452   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans lost ground again today as crude oil fell sharply. Losses in oil and further declines in corn over shadowed weakness in the dollar. The question is whether this is the beginning of a much bigger turnaround. November soybeans penetrated trend live support at $15.25 and could test more important support near $14.75 tomorrow. December corn appears to have confirmed a major top after trendline support at $6.80. The market will push toward $6.50 or perhaps $6.00, if the selloff continues. Wheat Cash bid for July at Memphis  611 to - - -; Bids to farmers at Local Elevators 558-566; River Elevators 555-593; Chicago Futures: Sep down  7  at  811    Dec down 7 1/2  at  834 3/4    Mar '09 down  8  at  857    May '09 down  9 3/4  at  870    Jul '09 down  7 1/2  at  878 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for new crop at Memphis  905 to 914; Bids to farmers at River Elevators 852-979; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for July at Memphis   608 1/4 to 613 1/4;   new crop at Memphis   588 1/4 to - - -; Bids to farmers at River Elevators  582 to 597 Chicago Futures: Sep down  15 1/2  at  648 1/4    Dec down  15 1/2  at  666 3/4    Mar '09 down  15  at  685 1/4    Dec '09 down  12 1/2  at  646 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat was lower again today, but today’s weakness was limited considering the big losses in corn. A U.S. attaché is now estimating the Australian crop at 22.5 million metric tons, down from 25 million in last week’s USDA report. Strong export demand is also a positive. Key support for the September contract is the late May low of $7.47. Cotton & Rice  Date: July 15, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis up 174 at  6538   Greenwood up  174 at 6538 New York Futures: Oct up  174  at  7088    Dec up  153  at  7356    Mar '09 up  166  at  7914    May '09 up  172  at  8100    Jul '09 up  169  at  8242  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton was the only major crop to end on a positive note as today’s trade continued in a consolidation mode just above last week’s low of 70.86 cents. But, 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/cwt  to  - - -   Aug 1800/cwt  to  - - - Chicago Futures: Sep down  10  at  1780    Nov down  14 1/2  at  1803    Jan '09 down  12 1/2  at  1837    Mar '09 down  11  at  1869    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice closed a little lower with trade remaining in a narrow consolidation area just below $18. 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 increase 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 15, 2008 Cattle As reported by Federal-State Market News, receipts were 1,215 head at sales in Fort Smith & Marshall.  Compared with last week, feeder steers sold unevenly, mostly steady to $2 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 117.10 to - - -   500 to 550 lbs. 108.51 to - - -   600 to 650 lbs. 106.35 to - - -  Medium & Large Frame 2   400 to 450 lbs. 104.95 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 102.05 to - - -  Medium & Large Frame 2   400 to 450 lbs. 94.24 to - - - Slaughter Cows, Boners 52   to   58.50 Light Weight 40 to 43 Bulls, Yield Grade   1   1000   to   2100 lbs.   67   to   72.50, high dressing $75-79 Midwest Steers   were $1-3 lower   at   95   to   97 Panhandle Steers   were $3-4 lower   at   95   to   97 Oklahoma City Feeders Steers 550 to 600 lbs. 115 to 117.50   600 to 650 lbs. 112.50 to 116.25 Heifers 500 to 550 lbs. 96 to 108.85   650 to 700 lbs. 90 to 103 Chicago Futures: Live Cattle: Aug up 47 at 9960   Dec up 55 at 11000 Feeders: Aug up 127 at 11145   Oct up 72 at 11527 Cattle Comment Live cattle futures ended higher after posting big losses yesterday. August has found support for the time being at $98.60. A disappointing cash trade and weaker wholesale values are contributing to weakness. Hogs Peoria: were $1     higher   at   43.5   to   44 Chicago Futures: Aug up 32 at 7507   Oct up 132 at 7220 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures were mixed. 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 15, 2008 Eggs New York:  Ex. Lg. 101-105; Lg. 99-103; Med. 79-83; 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 fair to moderate. Supplies of all sizes were 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