07/23/2008 Farm Bureau Market Report

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Grain & Soybean Date: July 23, 2008 Soybeans Local Elevators: (Jul) EAST AR:  1370 to - - - (NC) Summ. 1296 to 1322 River Elevators: (Jul) MISS: 1342 to 1363 ; AR & White 1334 to 1340 (NC) Summ. 1302 to 1339 Ark. Processor Bids: (Jul) n/a to - - -  (NC) 1316 to 1318 Memphis:  (Jul) 1379 1/4 to 1389 1/4 (NC)  1314 to 1334 Riceland Foods:  (NC) Stuttgart 1298 ; Pendleton 1302 ; West Memphis 1319 Chicago Futures: Aug down 22 1/2 at  1394 1/4   Sep  down  23 1/2  at  1385 3/4   Nov down 25  at  1384   Jan '09 down 25  at  1401 1/4   Nov '09 down 21 1/2  at  1356   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans were sharply lower. It is clear that both corn and soybeans charted an important top in late June. The reentry of Argentina into the soybean export market is taking its toll. November could be headed for a retest of support around $13.10. December corn may be working toward support at the chart gap between $5.25 and $5.50. Both markets are oversold and due a correction, though, and that could come at any time. Wheat Cash bid for new crop at Memphis  n/a to - - -; Bids to farmers at Local Elevators 552-562; River Elevators 517-587; Chicago Futures: Sep down  13 1/2  at  783 1/4    Dec down 13  at  806 3/4    Mar '09 down  12 1/2  at  829 1/2    May '09 down  12  at  843 1/2    Jul '09 down  10  at  856 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for July at Memphis  787 to 796; Bids to farmers at River Elevators 669-846; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for July at Memphis   521 1/2 to 536 1/2;   new crop at Memphis   511 1/2 to 521 1/2; Bids to farmers at River Elevators  505 to 520 Chicago Futures: Sep down  2  at  571 1/2    Dec down  1 3/4  at  590 1/2    Mar '09 down  1 1/2  at  609 3/4    Dec '09 down  1 3/4  at  618 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat was also lower, 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 23, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis up 141 at  6491   Greenwood up  141 at 6491 New York Futures: Oct up  179  at  7055    Dec up  164  at  7320    Mar '09 up  157  at  7855    May '09 up  170  at  8040    Jul '09 up  165  at  8160  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment December cotton charted a bullish key reversal after charting a new low for the move in early dealings. 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. Today’s low of $70.78 is now the first level of support. Rice Long Grain Cash Bid for  Jul 1800  to  1850/cwt   Aug 1850/cwt  to  - - - Chicago Futures: Sep down  50  at  1677    Nov down  50  at  1702    Jan '09 down  50  at  1733    Mar '09 down  50  at  1763    n/a down  - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice was locked limit down today. Declining Asian prices are having an impact, as is weakness in crude oil. As seen in other ag commodities, index funds are liquidating long positions. There is talk that Egypt may lift their export ban, but so far it is just talk. November has support between $16.30 and $16.40. Cattle & Hogs  Date: July 23, 2008 Cattle As reported by Federal-State Market News, receipts were 711 head at sales in Conway & Pocahontas.  Compared with last week, feeder steers sold $2-4 higher, heifers sold near steady . Steers:  Medium & Large Frame 1   400 to 450 lbs. 111.14 to - - -   500 to 550 lbs. 109.41 to - - -   600 to 650 lbs. 108.40 to - - -  Medium & Large Frame 2   400 to 450 lbs. 96.22 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 94.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 88.18 to - - - Slaughter Cows, Boners 54   to   60 Light Weight 34 to 40 Bulls, Yield Grade   1   1000   to   2100 lbs.   67   to   72 Midwest Steers   remained   at   94   to   - - - Panhandle Steers   were quoted   at   94   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 128.50 to - - -   600 to 650 lbs. 113.50 to 117 Heifers 500 to 550 lbs. 106.25 to 112   600 to 650 lbs. 106.20 to - - - Chicago Futures: Live Cattle: Aug up 55 at 9815   Dec up 37 at 10792 Feeders: Aug down 127 at 11270   Oct down 110 at 11375 Cattle Comment Cattle futures ended mixed. October live cattle found support below $104 and charted a bullish reversal. Feeders were unable to build any upward momentum and closed lower. Friday's cattle on feed report is expected to show light placements because of high corn prices. Hogs Peoria: were $1     higher   at   49.50   to   50 Chicago Futures: Aug down 35 at 7840   Dec down 70 at 7500 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures were lower as weak corn and crude oil prices sparked long liquidation in the hog pit as well. Strong cash prices are supportive, however. August could challenge resistance in the $79 area. Poultry  Date: July 23, 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. 93-95 Toms: 16-24 lbs. 93-95   Delmarva Broilers U.S. Grade A Trade sentiment was barely steady. Demand was light to moderate with light trading. Supplies of all sizes were fully 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