07/29/2008 Farm Bureau Market Report

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Grain & Soybean Date: July 29, 2008 Soybeans Local Elevators: (July) EAST AR:  1352 to - - - (NC) Summ. 1283 to 1313 River Elevators: (July) MISS: 1309 to 1338 ; AR & White 1309 to 1315 (NC) Summ. 1284 to 1330 Ark. Processor Bids: (July) - - - to - - -  (NC) 1308 to 1309 Memphis:  (July) 1339 1/4 to 1369 1/4 (NC)  1331 to - - - Riceland Foods:  (Oct/Nov) Stuttgart 1309 ; Pendleton 1313 ; West Memphis 1330 Chicago Futures: Aug down 16 at  1384 1/4   Sept  down  10  at  1386 1/4   Nov down 5  at  1391   Jan 09 down 5  at  1408 1/4   Nov 09 up 1 1/2  at  1358   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans were hit hard in the early going. Lower oil, a stronger dollar, and improving crop conditions contributed to a weaker start. This market has made an apparent top, but the fundamental situation should provide some support. 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. Corn recovered to show small gains going into the close. Wheat Cash bid for July at Memphis  592 to 597; Bids to farmers at Local Elevators 547-557; River Elevators 526-582; Chicago Futures: Sept down  5 3/4  at  792    Dec down 5 1/4  at  816 1/2    March 09 down  4  at  839 3/4    May 09 down  3 1/2  at  853 3/4    July 09 down  3 3/4  at  865    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for new crop at Memphis  863 to - - -; Bids to farmers at River Elevators 721-882; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for July at Memphis   554 to 559;   New crop at Memphis   554 to 564; Bids to farmers at River Elevators  523 to 547 Chicago Futures: Sept up  12  at  594    Dec up  12 1/4  at  613 1/2    March 09 up  12 3/4  at  633 1/2    Dec 09 up  12 1/4  at  635 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat was also lower, reacting to declining crude oil prices and a strengthening dollar. 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 29, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis up 58 at  6641   Greenwood up  58 at 6641 New York Futures: Oct up  58  at  7166    Dec up  63  at  7448    March 09 up  63  at  7992    May 09 up  70  at  8152    July 09 up  76  at  8284  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton continued under pressure. 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 down  17  at  1663    Nov down  19 1/2  at  1688    Jan 09 down  17 1/2  at  1720    March 09 down  16 1/2  at  1751    - - - unchanged  - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice movement was limited as the market continued in a consolidation pattern 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. 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 29, 2008 Cattle As reported by Federal-State Market News, receipts were 303 head at sales in Fort Smith and Marshall.  Compared with last week, feeder steers sold near steady . Steers:  Medium & Large Frame 1   400 to 450 lbs. 114.01 to - -   500 to 550 lbs. 107.58 to - - -   600 to 650 lbs. 104.14 to - - -  Medium & Large Frame 2   400 to 450 lbs. 107.99 to - - - Heifers:  Medium & Large Frame 1   500 to 550 lbs. 97.21 to - - -  Medium & Large Frame 2   400 to 450 lbs. 93.13 to - - - Slaughter Cows, Boners 54   to   61 Light Weight n/a to - - - Bulls, Yield Grade   1   1000   to   2100 lbs.   69   to   73.50 Midwest Steers   were steady to $1 lower   at   94   to   - - - Panhandle Steers   were $2 to $3 lower   at   92   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 107 to 112   550 to 600 lbs. 113.50 to 121.50 Heifers 500 to 550 lbs. 108 to 111.50   550 to 600 lbs. 104.50 to 109.50 Chicago Futures: Live Cattle: Aug up 47 at 9755   Dec up 62 at 10752 Feeders: Aug up 112 at 11227   Oct up 137 at 11387 Cattle Comment Cattle futures posted solid gains today. Indications are that beef prices and cash cattle markets are bottoming and will begin to climb higher. Continued weakness in crude oil could keep a lid on prices since fund liquidation must follow. Hogs Peoria: were 50¢ to $1.50     higher   at   51.5   to   52 Chicago Futures: Aug down 52 at 7802   Oct down 110 at 7225 Sheep St. Paul n/a   at   - - -   to   - - - Hogs Comment Hog futures turned lower. This market has been sustained by strong exports and a stronger dollar and higher prices are now expected to decrease exports. October could retest support around $68.40. Poultry  Date: July 29, 2008 Eggs New York:  Ex. Lg. 100-104; Lg. 98-102; 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 trading usually limited to regular commitments. Supplies of all sizes were at least adequate and often discounted to help clear. 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