07/22/2008 Farm Bureau Market Report

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Grain & Soybean Date: July 22, 2008 Soybeans Local Elevators: (Jul) EAST AR:  1370 to - - - (NC) Summ. 1296 to 1322 River Elevators: (Jul) MISS: 1349 to 1385 ; AR & White 1356 to 1362 (NC) Summ. 1302 to 1339 Ark. Processor Bids: (Jul) n/a to - - -  (NC) 1316 to 1318 Memphis:  (Jul) 1401 3/4 to 1411 3/4 (NC)  1339 to 1354 Riceland Foods:  (Jul) Stuttgart 1056 ; Pendleton 1060 ; West Memphis 1077 Chicago Futures: Aug up 7 1/4 at  1416 3/4   Sep  up  4 1/4  at  1409 1/4   Nov up 6  at  1409   Jan '09 up 6 1/2  at  1426 1/4   Nov '09 up 10  at  1377 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans were under pressure in early dealings from sharp losses in crude oil futures. November found support at the chart gap between $13.87 and $14.02. December corn has fallen below the key $6 level, and this could signal a move to $5.50. The market is oversold, though, and a corrective bounce is likely. Wheat Cash bid for new crop at Memphis  n/a to - - -; Bids to farmers at Local Elevators 552-562; River Elevators 531-587; Chicago Futures: Sep up  5 3/4  at  796 3/4    Dec up 5  at  819 3/4    Mar '09 up  4  at  842    May '09 up  2 1/2  at  855 1/2    Jul '09 up  3/4  at  866 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for July at Memphis  790 to - - -; Bids to farmers at River Elevators 673-846; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for July at Memphis   523 1/2 to 538 1/2;   new crop at Memphis   513 1/2 to - - -; Bids to farmers at River Elevators  504 to 519 Chicago Futures: Sep down  15 3/4  at  573 1/2    Dec down  16  at  592 1/4    Mar '09 down  16 1/2  at  611 1/4    Dec '09 down  10 3/4  at  620 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat was higher at midday. 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 22, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis down 113 at  6351   Greenwood down  113 at 6351 New York Futures: Oct down  111  at  6878    Dec down  123  at  7155    Mar '09 down  115  at  7703    May '09 down  89  at  7901    Jul '09 down  110  at  8000  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton was lower at midday. 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  to  1850/cwt   Aug 1850/cwt  to  - - - Chicago Futures: Sep down  34  at  1727    Nov down  33  at  1752    Jan '09 down  32  at  1783    Mar '09 down  32  at  1813    - - -   - - -  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 22, 2008 Cattle As reported by Federal-State Market News, receipts were 303 head at sales in Marshall.  Compared with last week, feeder steers sold steady to $1 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 112.88 to - - -   500 to 550 lbs. 106.28 to - - -   600 to 650 lbs. 107.33 to - - -  Medium & Large Frame 2   400 to 450 lbs. 103.23 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 99.17 to - - -  Medium & Large Frame 2   400 to 450 lbs. n/a to - - - Slaughter Cows, Boners 52.50   to   56 Light Weight 37 to 40 Bulls, Yield Grade   1   1000   to   2100 lbs.   n/a   to   - - - Midwest Steers   were $1 higher to $3 lower   at   94   to   - - - Panhandle Steers   n/a   at   - - -   to   - - - Oklahoma City Feeders Steers n/a to - - - lbs. - - - to - - -   n/a to - - - lbs. - - - to - - - Heifers n/a to - - - lbs. - - - to - - -   n/a to - - - lbs. - - - to - - - Chicago Futures: Live Cattle: Aug down 90 at 9760   Dec down 110 at 10460 Feeders: Aug down 77 at 11387   Oct down 105 at 11485 Cattle Comment Cattle futures were also under pressure from weaker crude oil prices. Friday's cattle on feed report is expected to show light placements because of high corn placements. Hogs Peoria: were $2     higher   at   48.5   to   49 Chicago Futures: Aug up 117 at 7875   Oct up 50 at 7385 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures were higher at midday. Strong cash prices were supportive, but expectations for record hog supplies this fall limited the upside. Poultry  Date: July 22, 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. 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