07/24/2008 Farm Bureau Market Report

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Grain & Soybean Date: July 24, 2008 Soybeans Local Elevators: (Jul) EAST AR:  1334 to - - - (NC) Summ. 1265 to 1291 River Elevators: (Jul) MISS: 1317 to 1354 ; AR & White 1325 to 1331 (NC) Summ. 1266 to 1308 Ark. Processor Bids: (Jul) n/a to - - -  (NC) 1280 to 1287 Memphis:  (Jul) 1370 to 1372 (NC)  1308 to 1323 Riceland Foods:  (Oct/Nov) Stuttgart 1287 ; Pendleton 1291 ; West Memphis 1308 Chicago Futures: Aug down 9 1/4 at  1385   Sep  down  12 3/4  at  1373   Nov down 11  at  1373   Jan '09 down 10 1/2  at  1390 3/4   Nov '09 down 13  at  1343   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans were lower again today. 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 543-553; River Elevators 522-578; Chicago Futures: Sep up  4 1/2  at  797 3/4    Dec up 4 1/2  at  811 1/4    Mar '09 up  3 3/4  at  833 1/4    May '09 up  3 3/4  at  847 1/4    Jul '09 up  3 1/4  at  859 3/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for July at Memphis  775 to 798; Bids to farmers at River Elevators 673-844; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for July at Memphis   523 to 530;   new crop at Memphis   523 to 538; Bids to farmers at River Elevators  510 to 525 Chicago Futures: Sep up  1 1/2  at  573    Dec up  1 1/2  at  592    Mar '09 up  1 1/2  at  611 1/4    Dec '09 up  2 1/2  at  616    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. The winter wheat harvest is wrapping up and appears to be one of the largest on record. September has support at $7.47 with resistance just under $8.60. Cotton & Rice  Date: July 24, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis up 88 at  6579   Greenwood up  88 at 6579 New York Futures: Oct up  97  at  7113    Dec up  103  at  7395    Mar '09 up  100  at  7939    May '09 up  61  at  8064    Jul '09 up  83  at  8200  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment December cotton was higher again today after charting a bullish reversal yesterday. 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. Yesterday’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  10  at  1667    Nov down  6  at  1696    Jan '09 down  6  at  1727    Mar '09 down  6  at  1757    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice was lower again today but selling interest was limited. 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 24, 2008 Cattle As reported by Federal-State Market News, receipts were 690 head at sales in Charlotte.  Compared with last week, feeder steers sold steady to $2 lower, heifers sold near steady . Steers:  Medium & Large Frame 1   400 to 450 lbs. 109.62 to - - -   500 to 550 lbs. 104.61 to - - -   600 to 650 lbs. 102.86 to - - -  Medium & Large Frame 2   400 to 450 lbs. n/a to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 94.63 to - - -  Medium & Large Frame 2   400 to 450 lbs. 88.71 to - - - Slaughter Cows, Boners 51.50   to   57.50 Light Weight n/a to - - - Bulls, Yield Grade   1   1000   to   2100 lbs.   63.50   to   68 Midwest Steers   remained   at   94   to   - - - Panhandle Steers   were $1 higher   at   95   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 up 40 at 9855   Dec up 37 at 10830 Feeders: Aug down 22 at 11237   Oct down 15 at 11360 Cattle Comment Cattle futures ended mixed. Weaker cash prices and overall concerns about the economy added pressure. October live cattle were higher following through on yesterday’s bullish key reversal. Hogs Peoria: were $1     higher   at   50.5   to   51 Chicago Futures: Aug up 132 at 7972   Oct up 112 at 7402 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures ended higher. Strong cash prices are supportive, and lighter weights are forcing packers to buy a few more hogs to meet their needs. October has resistance at the recent high of $74.25. Poultry  Date: July 24, 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 to weak. Demand for late week business was slow to fair with trading usually confined to regular commitments. Supplies of all sizes were fully adequate to ample and discounted to help 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