07/28/2008 Farm Bureau Market Report

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Grain & Soybean Date: July 28, 2008 Soybeans Local Elevators: (July) EAST AR:  1357 to - - - (NC) Summ. 1288 to 1314 River Elevators: (July) MISS: 1325 to 1364 ; AR & White 1335 to 1341 (NC) Summ. 1289 to 1331 Ark. Processor Bids: (July) N/A to - - -  (NC) 1310 to 1313 Memphis:  (July) 1385 1/4 to 1395 1/4 (NC)  1336 to - - - Riceland Foods:  (Oct/Nov) Stuttgart 1314 ; Pendleton 1318 ; West Memphis 1335 Chicago Futures: Aug up 1 1/2 at  1400 1/4   Sept  up  7 3/4  at  1396 1/4   Nov up 9 1/2  at  1396   Jan 09 up 9 1/4  at  1413 1/4   Nov 09 up 6  at  1356 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans were higher, but gains were less than expected. 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. This market is trying to recover from very low stock levels, so a big crop is key. Exports continue to come in above expectations as well. Lower crude oil and fund liquidation have been driving the market lower, however. Wheat Cash bid for July at Memphis  592 3/4 to 597 3/4; Bids to farmers at Local Elevators 553-563; River Elevators 532-588; Chicago Futures: Sept down  13 1/4  at  797 3/4    Dec down 12 3/4  at  821 3/4    March 09 down  11 1/4  at  843 3/4    May 09 down  11  at  857 1/4    July 09 down  13 1/2  at  868 3/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for new crop at Memphis  815 to 842; Bids to farmers at River Elevators 700-861; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for July at Memphis   542 to 547;   New crop at Memphis   542 to 547; Bids to farmers at River Elevators  519 to 534 Chicago Futures: Sept up  4 3/4  at  582    Dec up  4 3/4  at  601 1/4    March 09 up  4 3/4  at  620 3/4    Dec 09 up  3 1/4  at  623 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat gave up much of Friday’s gains. As winter wheat harvest finishes, this looks to be a record year for wheat production, which should go a long ways towards replenishing stocks. Wheat prices continue to be supported by the funds who are slower to exit their wheat positions. September has support at $7.47 with resistance just under $8.60. Cotton & Rice  Date: July 28, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis down 60 at  6583   Greenwood down  60 at 6583 New York Futures: Oct down  60  at  7108    Dec down  65  at  7385    March 09 down  66  at  7929    May 09 down  53  at  8082    July 09 down  42  at  8208  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton turned lower. 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/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Sept up  8  at  1680    Nov up  7 1/2  at  1707 1/2    Jan 09 up  6 1/2  at  1737 1/2    March 09 up  6 1/2  at  1767 1/2    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice was higher today. 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. Price resistance from key importing nations is also keeping a lid on this market. November has support between $16.30 and $16.40. Cattle & Hogs  Date: July 28, 2008 Cattle As reported by Federal-State Market News, receipts were 1455 head at sales in Ash Flat and Ola.  Compared with last week, feeder steers sold unevenly, steers week to $3 lower, heifers firm to $3 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 106.79 to - - -   500 to 550 lbs. 104.42 to - - -   600 to 650 lbs. 105.51 to - - -  Medium & Large Frame 2   400 to 450 lbs. 99.20 to - - - Heifers:  Medium & Large Frame 1   500 to 550 lbs. 96.04 to - - -  Medium & Large Frame 2   400 to 450 lbs. 90.55 to - - - Slaughter Cows, Boners 50   to   57 Light Weight 38 to 44 Bulls, Yield Grade   1   1000   to   2100 lbs.   66   to   71 Midwest Steers   were steady to 50¢ higher   at   94   to   95 Panhandle Steers   were steady to $1 higher   at   94   to   95 Oklahoma City Feeders Steers 550 to 600 lbs. 117.25 to 121.50   600 to 650 lbs. 114 to 114.60 Heifers 500 to 550 lbs. 109.5 to 111.50   550 to 600 lbs. 109 to 109.50 Chicago Futures: Live Cattle: Aug down 75 at 9707   Dec down 40 at 10690 Feeders: Aug down 60 at 11115   Oct down 77 at 11250 Cattle Comment Cattle futures remain weak. Prices have been unable to show any follow through after last Thursday’s rally. Weak wholesale beef prices as well as fund liquidation are pressuring prices lower. Hogs Peoria: were 50¢ to $1.50     higher   at   50.5   to   51 Chicago Futures: Aug down 5 at 7855   Oct down 47 at 7335 Sheep St. Paul n/a   at   - - -   to   - - - Hogs Comment Hog futures ended the day mixed. While strong cash prices are supportive, increasing pork prices appear to be weakening demand. October has resistance at the recent high of $74.25. Poultry  Date: July 28, 2008 Eggs New York:  Ex. Lg. 97-101; Lg. 95-99; Med. 73-77; 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 was light to moderate with very light business following the weekend. Supplies of all sizes were fully sufficient with some discounting noted 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