07/17/2008 Farm Bureau Market Report

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Grain & Soybean Date: July 17, 2008 Soybeans Local Elevators: (Jul) EAST AR:  n/a to - - - (NC) Summ. n/a to - - - River Elevators: (Jul) MISS: n/a to - - - ; AR & White n/a to - - - (NC) Summ. n/a to - - - Ark. Processor Bids: (Jul) n/a to - - -  (NC) n/a to - - - Memphis:  (Jul) 1511 to 1516 (NC)  1423 to 1428 Riceland Foods:  (Jul) Stuttgart 1407 ; Pendleton 1411 ; West Memphis 1428 Chicago Futures: Aug down 52 at  1521   Sep  down  50  at  1508   Nov down 50  at  1498   Jan '09 down 49 1/2  at  1513 3/4   Nov '09 down 33  at  1432   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans led today’s reversal and closed sharply lower. However, this emphasizes the very volatile nature of the market and the high probability there will be major shifts in price over the weeks ahead. Support remains in the $14.70 to $14.80 area with resistance ranging from $15.60 to $16.15. December corn tested support near $6.50 and could move toward $6 if that area is penetrated. Resistance starts near $7 which was last week’s low. Wheat Cash bid for July at Memphis  604 1/2 to 609 1/2; Bids to farmers at Local Elevators n/a; River Elevators n/a; Chicago Futures: Sep down  24 1/2  at  809 1/2    Dec down 23 1/2  at  833 1/2    Mar '09 down  23 1/4  at  856 1/2    May '09 down  22 1/4  at  872 1/4    Jul '09 down  21 3/4  at  886 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for new crop at Memphis  875 to 884; Bids to farmers at River Elevators n/a; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for July at Memphis   581 1/4 to 596 1/4;   new crop at Memphis   571 1/4 to - - -; Bids to farmers at River Elevators  n/a to - - - Chicago Futures: Sep down  27 1/4  at  631 1/4    Dec down  27 1/4  at  650    Mar '09 down  26 3/4  at  668 3/4    Dec '09 down  15  at  642    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat was sharply lower, again following corn and beans. The fundamental picture for wheat does appear bearish for prices. September support is seen at $7.97 and $7.47 with resistance just under $8.60. Cotton & Rice  Date: July 17, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis down 62 at  6479   Greenwood down  62 at 6479 New York Futures: Oct down  60  at  7031    Dec down  61  at  7322    Mar '09 down  60  at  7866    May '09 down  73  at  8034    Jul '09 down  80  at  8169  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton was sharply lower again today. December remains 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 up  3  at  1783    Nov up  2  at  1809    Jan '09 up  2  at  1840    Mar '09 up  2  at  1871    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice was mixed as the recent trend of light trading continued. Overall movement remains 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 17, 2008 Cattle As reported by Federal-State Market News, receipts were 1,802 head at sales in Charlotte, Ratcliff & Green Forest.  Compared with last week, feeder steers sold firm to $4 higher, heifers sold weak to $3 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 115 to - - -   500 to 550 lbs. 113.13 to - - -   600 to 650 lbs. 107.26 to - - -  Medium & Large Frame 2   400 to 450 lbs. 92.04 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 95.02 to - - -  Medium & Large Frame 2   400 to 450 lbs. 92.04 to - - - Slaughter Cows, Boners 48   to   54 Light Weight 35 to 43 Bulls, Yield Grade   1-2   1000   to   2100 lbs.   63   to   70, high dressing 72-76.50 Midwest Steers   were $2 lower   at   95   to   - - - Panhandle Steers   remained   at   97   to   - - - Oklahoma City Feeders Steers 600 to 650 lbs. 105 to 114   n/a to - - - lbs. - - - to - - - Heifers n/a to - - - lbs. - - - to - - -   n/a to - - - lbs. - - - to - - - Chicago Futures: Live Cattle: Aug down 120 at 9740   Dec down 165 at 10790 Feeders: Aug up 42 at 11155   Oct down 17 at 11452 Cattle Comment Live cattle were lower again today. October completed a 50% retracement of recent gains and charted a bearish reversal in the process. This could signal a move to the 62% retracement level of $103.50. Hogs Peoria: were $.50-1     lower   at   44   to   46 Chicago Futures: Aug up 12 at 7670   Oct down 85 at 7290 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures traded in a wide range before closing lower. Packer margins are declining but are still positive and should provide support in the near term. Declining weights indicate farmers are reacting to higher feed prices. Poultry  Date: July 17, 2008 Eggs New York:  Ex. Lg. 95-99; Lg. 93-97; Med. 73-87; Chicago:  Ex. Lg. 97-105; Lg. 95-103; Med. 76-84; Eastern Region Turkeys Hens: 8-16 lbs. 92-94 Toms: 16-24 lbs. 92-94   Delmarva Broilers U.S. Grade A Trade sentiment was steady. Demand was fair to moderate with light trading approaching the weekend. 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