07/21/2008 Farm Bureau Market Report

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Grain & Soybean Date: July 21, 2008 Soybeans Local Elevators: (Jul) EAST AR:  1364 to - - - (NC) Summ. 1290 to 1316 River Elevators: (Jul) MISS: 1342 to 1379 ; AR & White 1350 to 1356 (NC) Summ. 1296 to 1333 Ark. Processor Bids: (Jul) n/a to - - -  (NC) 1310 to 1312 Memphis:  (Jul) 1394 1/2 to 1404 1/2 (NC)  1333 to 1343 Riceland Foods:  (Jul) Stuttgart 1312 ; Pendleton 1316 ; West Memphis 1333 Chicago Futures: Aug down 60 1/2 at  1409 1/2   Sep  down  53 1/2  at  1405   Nov down 45  at  1403   Jan down 44  at  1419 3/4   Nov '09 down 26  at  1367 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans tumbled lower again today, and appear to be confirming a top. Long liquidation by index funds seems to be driving the market lower. This afternoon's crop ratings are expected to show improvement for both corn and beans. November is testing support at $14.02. December corn appears headed to a retest of $6. Failure to hold there would signal a move to $5.50. Wheat Cash bid for new crop at Memphis  n/a to - - -; Bids to farmers at Local Elevators 546-556; River Elevators 530-581; Chicago Futures: Sep down  13  at  791    Dec down 13 3/4  at  814 3/4    Mar '09 down  13 1/2  at  838    May '09 down  14  at  853    Jul '09 down  14  at  865 3/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for July at Memphis  809 to 818; Bids to farmers at River Elevators 701-873; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for July at Memphis   539 1/4 to 554 1/4;   new crop at Memphis   529 1/4 to - --; Bids to farmers at River Elevators  519 to 534 Chicago Futures: Sep down  20 1/4  at  589 1/4    Dec down  20 1/4  at  608 1/4    Mar '09 down  20  at  627 3/4    Dec '09 unchanged    at  631    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat was lower again following corn and beans. The fundamental picture for wheat does appear bearish for prices. September has support at $7.47 with resistance just under $8.60. Cotton & Rice  Date: July 21, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis down 21 at  6464   Greenwood down  21 at 6464 New York Futures: Oct down  48  at  6987    Dec down  48  at  7276    Mar '09 down  52  at  7812    May '09 down  37  at  8000    Jul '09 down  48  at  8115  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton ended lower. 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 1850/cwt  to  - - -   Aug 1850/cwt  to  - - - Chicago Futures: Sep up  19  at  1761    Nov up  9  at  1785    Jan '09 up  10  at  1815    Mar '09 up  10  at  1845    - - - up  - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice followed crude oil and other grains lower. 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. Cattle & Hogs  Date: July 21, 2008 Cattle As reported by Federal-State Market News, receipts were 2,101 head at sales in Ash Flat, Ola & Springdale.  Compared with last week, feeder steers sold unevenly, weights under 500 lbs steady to $1 higher, over 500 lbs. weak to $4 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 113.21 to - - -   500 to 550 lbs. 107.29 to - - -   600 to 650 lbs. 102.88 to - - -  Medium & Large Frame 2   400 to 450 lbs. 110.02 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 101.31 to - - -  Medium & Large Frame 2   400 to 450 lbs. 93.77 to - - - Slaughter Cows, Boners 50   to   57 Light Weight 39 to 44 Bulls, Yield Grade   1   1000   to   2100 lbs.   66   to   72, high dressing 72.50-80.50 Midwest Steers   were quoted   at   93   to   97 Panhandle Steers   were quoted   at   95   to   98 Oklahoma City Feeders Steers 500 to 550 lbs. 128 to 128.50   600 to 650 lbs. 111 to 115.50 Heifers 540 to 600 lbs. 108.75 to - - -   600 to 700 lbs. 100 to 107 Chicago Futures: Live Cattle: Aug up 100 at 9850   Dec up 37 at 10845 Feeders: Aug up 77 at 11465   Oct down 37 at 11590 Cattle Comment Live cattle turned higher on indications the market is oversold. Friday's cattle on feed report is expected to show light placements because of high corn placements. Hogs Peoria: were     steady   at   45.5   to   46 Chicago Futures: Aug up 67 at 7757   Oct up 70 at 7335 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures ended higher after being under pressure early from fund liquidation. Strong cash prices were supportive, but expectations for record hog supplies this fall limited the upside. Poultry  Date: July 21, 2008 Eggs New York:  Ex. Lg. 95-99; Lg. 93-97; Med. 73-87; Chicago:  Ex. Lg. 84-92; Lg. 82-90; Med. 63-71; 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 at best. Demand was fair to moderate with light trading following the weekend. Supplies of all sizes were sufficient to satisfy trade needs. In productions areas, live supplies were moderate at mostly desirable weights. ---------------------------------------- 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