07/30/2008 Farm Bureau Market Report

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Grain & Soybean Date: July 30, 2008 Soybeans Local Elevators: (July) EAST AR:  1366 to - - - (NC) Summ. 1297 to 1327 River Elevators: (July) MISS: 1319 to 1348 ; AR & White 1319 to 1325 (NC) Summ. 1298 to 1344 Ark. Processor Bids: (July) - - - to - - -  (NC) 1322 to 1323 Memphis:  (July) 1349 to 1360 (NC)  1345 to - - - Riceland Foods:  (Oct/Nov) Stuttgart 1325 ; Pendleton 1327 ; West Memphis 1344 Chicago Futures: Aug up 3 3/4 at  1394   Sept  up  3 3/4  at  1395 1/2   Nov up 14  at  1405   Jan 09 up 14 1/2  at  1422 3/4   Nov 09 up 32  at  1390   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans and corn both made good gains based on the announcement that CRP ground would not be released without penalty. That means a possible 6 million acres or so won’t likely be available for the 09 crop. Stronger crude oil also provided support. Improving corn demand has been seen in recent days following the sharp price decline. Wheat Cash bid for July at Memphis  587 3/4 to 602 3/4; Bids to farmers at Local Elevators 545-578; River Elevators 522-578; Chicago Futures: Sept down  4 1/4  at  787 3/4    Dec down 4  at  812 1/2    March 09 down  4  at  835 3/4    May 09 down  4  at  849 3/4    July 09 down  4  at  861    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for new crop at Memphis  877 to 886; Bids to farmers at River Elevators 771-896; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for July at Memphis   563 1/2 to 566 1/2;   New crop at Memphis   563 1/2 to 571 1/2; Bids to farmers at River Elevators  530 to 554 Chicago Futures: Sept up  7 1/2  at  601 1/2    Dec up  7 3/4  at  621 1/4    March 09 up  7 3/4  at  641 1/4    Dec 09 up  19 1/2  at  655    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat was 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 30, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis down 26 at  6615   Greenwood down  26 at 6615 New York Futures: Oct down  26  at  7140    Dec down  16  at  7432    March 09 down  23  at  7969    May 09 down  14  at  8138    July 09 down  9  at  8275  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton was down slightly from yesterday and remains within a very tight trading range. Trade is expected to hold between 71 and 75 cents for the time being. Upside potential will be limited by big supplies until later in the marketing year. Rice Long Grain Cash Bid for  July 1700/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Sept down  1/2  at  1662 1/2    Nov up  5  at  1693    Jan 09 up  4  at  1724    March 09 up  4  at  1755    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice was a little higher in most contracts, but remains very quiet just ahead of harvest. On the international side the Thai market is steady and a little on the quiet side after a brisk export season to this point. In Vietnam the market is relatively unsettled with the minimum export price being ignored. Rice seems to being taking its cue from other grains and that may be the case for a while. Cattle & Hogs  Date: July 30, 2008 Cattle As reported by Federal-State Market News, receipts were 843 head at sales in Conway and Pocahontas.  Compared with last week, feeder steers under 400 lbs. sold firm to $3 higher, weighing over 400 lbs. steers sold $2 to $4 lower, heifers steady . Steers:  Medium & Large Frame 1   400 to 450 lbs. 109.09 to - - -   500 to 550 lbs. 104.90 to - - -   600 to 650 lbs. 100.81 to - - -  Medium & Large Frame 2   400 to 450 lbs. 97.04 to - - - Heifers:  Medium & Large Frame 1   500 to 550 lbs. 94.83 to - - -  Medium & Large Frame 2   400 to 450 lbs. 87.19 to - - - Slaughter Cows, Boners 53   to   60 Light Weight 38 to 43 Bulls, Yield Grade   1   1000   to   2100 lbs.   69   to   74 Midwest Steers   were $2 lower   at   92   to   - - - Panhandle Steers   were steady   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 32 at 9787   Dec up 62 at 10815 Feeders: Aug up 25 at 11252   Oct up 75 at 11462 Cattle Comment Cattle futures were higher again 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     steady   at   51.5   to   52 Chicago Futures: Aug up 85 at 7887   Oct up 30 at 7255 Sheep St. Paul n/a   at   - - -   to   - - - Hogs Comment Hog futures recovered a portion of yesterday’s big losses. This market has been sustained by strong exports and a stronger dollar and higher prices are now expected to decrease exports. Yesterday’s low of $71.35 becomes initial support for October. Poultry  Date: July 30, 2008 Eggs New York:  Ex. Lg. 103-107; Lg. 101-105; 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 Georgia f.o.b. dock quoted price on broilers/fryers for next week’s trading declined .25 cents to 88.50 cents based on full truck load lots of ice-packed USDA grade “A” sized 2 ½ to 3 pound birds. This compares to 81.00 cents last year on August 1, 2007. ---------------------------------------- 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