07/25/2008 Farm Bureau Market Report

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Grain & Soybean Date: July 25, 2008 Soybeans Local Elevators: (July) EAST AR:  1348 to - - - (NC) Summ. 1279 to 1305 River Elevators: (July) MISS: 1331 to 1367 ; AR & White 1338 to 1344 (NC) Summ. 1280 to 1322 Ark. Processor Bids: (July) - - - to - - -  (NC) 1301 to 1304 Memphis:  (July) 1383 3/4 to 1391 3/4 (NC)  1326 1/2 to 1336 1/2 Riceland Foods:  (Oct/Nov) Stuttgart 1301 ; Pendleton 1305 ; West Memphis 1322 Chicago Futures: Aug up 13 3/4 at  1398 3/4   Sept  up  15 1/2  at  1388 1/2   Nov up 13 1/2  at  1386 1/2   Jan 09 up 13 1/4  at  1404   Nov 09 up 7 1/2  at  1350 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans ended the week on a positive note. This market has made an apparent top, but the fundamental situation should provide some support. The condition of the crop is questionable, since many acres were planted (or replanted) late. Exports continue to come in above expectations. Lower crude oil and fund liquidation have been driving the market, however. Corn futures were also higher today, but December could still retest support at the chart gap between $5.25 and $5.50. This crop is in very good shape considering, and the weather in the Midwest is very favorable for yields right now. Both markets are oversold and due a correction, though, and that could come at any time. Wheat Cash bid for July at Memphis  603 to 611; Bids to farmers at Local Elevators 566-576; River Elevators 545-601; Chicago Futures: Sept up  23 1/4  at  811    Dec up 23 1/4  at  834 1/2    March 09 up  21 3/4  at  855    May 09 up  21  at  868 1/4    July 09 up  22 1/2  at  882 1/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for July at Memphis  804 to 806; Bids to farmers at River Elevators 680-851; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for July at Memphis   540 1/4 to 542 1/4;   New crop at Memphis   542 1/4 to - - -; Bids to farmers at River Elevators  514 to 529 Chicago Futures: Sept up  4 1/4  at  577 1/4    Dec up  4 1/2  at  596 1/2    March 09 up  4 3/4  at  616    Dec 09 up  4  at  620    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat also posted solid gains. 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 25, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis up 64 at  6643   Greenwood up  64 at 6643 New York Futures: Oct up  64  at  7168    Dec up  64  at  7450    March 09 up  62  at  7995    May 09 up  55  at  8135    July 09 up  47  at  8250  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. The market is consolidating below 75.70 cents, and has for most of July. 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  July 1800  to  1850/cwt   Aug 1850/cwt  to  - - - Chicago Futures: Sept up  5  at  1672    Nov up  4  at  1700    Jan 09 up  4  at  1731    March 09 up  4  at  1761    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice also ended on a positive note. Carryover strength from other grains gave rice a boost. 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 25, 2008 Cattle As reported by Federal-State Market News, receipts were 7045 head at sales in Arkansas this week.  Compared with last week, feeder steers sold somewhat unevenly again this week averaging near steady . Steers:  Medium & Large Frame 1   400 to 450 lbs. 113.40 to - - -   500 to 550 lbs. 106.94 to - - -   600 to 650 lbs. 103.68 to - - -  Medium & Large Frame 2   400 to 450 lbs. n/a to - - - Heifers:  Medium & Large Frame 1   500 to 550 lbs. 96.64 to - - -  Medium & Large Frame 2   400 to 450 lbs. 92.15 to - - - Slaughter Cows, Boners 50   to   57 Light Weight 37 to 44 Bulls, Yield Grade   1   1000   to   2100 lbs.   65   to   70.5 Midwest Steers   were steady to 50¢ higher   at   94   to   94.50 Panhandle Steers   were $1 lower   at   94   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 109 to 128.50   550 to 600 lbs. 107 to 119.50 Heifers 500 to 550 lbs. 100 to 115   550 to 600 lbs. 97.5 to 111.5 Chicago Futures: Live Cattle: Aug down 72 at 9782   Dec down 100 at 10730 Feeders: Aug down 62 at 11175   Oct down 32 at 11327 Cattle Comment Cattle futures were lower after big losses in cutout values yesterday. This afternoon’s cattle on feed report is expected to be bullish for prices, but the trade was hesitant to build in too much strength ahead of the report. Hogs Peoria: were 50¢ to $1.50     higher   at   51.5   to   52 Chicago Futures: Aug down 112 at 7860   Oct down 20 at 7382 Sheep St. Paul n/a   at   - - -   to   - - - Hogs Comment Hog futures ended mixed. Strong cash prices are supportive, and lighter weights are forcing packers to buy a few more hogs to meet their needs. October showed strength early, but failed to challenge resistance at the chart gap at $74.70 and $74.87. Poultry  Date: July 25, 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 about steady to barely steady. Retail and food service demand was light to moderate with light business entering the weekend. Supplies of all sizes were fully sufficient to satisfy trade needs. In production 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