07/31/2008 Farm Bureau Market Report

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Grain & Soybean Date: July 31, 2008 Soybeans Local Elevators: (July) EAST AR:  - - - to - - - (NC) Summ. 1296 to 1326 River Elevators: (July) MISS: 1319 to 1350 ; AR & White 1321 to 1327 (NC) Summ. 1297 to 1343 Ark. Processor Bids: (July) - - - to - - -  (NC) 1321 to 1322 Memphis:  (July) 1359 to 1365 3/4 (NC)  1344 to 1349 Riceland Foods:  (Oct/Nov) Stuttgart 1322 ; Pendleton 1326 ; West Memphis 1343 Chicago Futures: Aug up 1 3/4 at  1395 3/4   Sept  down  1 1/4  at  1394 1/4   Nov down 1  at  1404   Jan 09 down 3/4  at  1422   Nov 09 up 11 1/2  at  1401 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans closed narrowly mixed while corn was pushed sharply lower. Hot weather across the Midwest is a major factor, with more concerns for soybeans than corn. Soybeans appear to be in a sideways consolidation mode – moving between $13.40 and $14.15. Corn is again testing support near $6. Wheat Cash bid for July at Memphis  593 3/4 to - - -; Bids to farmers at Local Elevators 541-549; River Elevators 533-574; Chicago Futures: Sept down  4  at  783 3/4    Dec down 3 3/4  at  808 3/4    March 09 down  4  at  831 3/4    May 09 down  3 1/4  at  846 1/2    July 09 down  3 3/4  at  857 1/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for new crop at Memphis  862 to - - -; Bids to farmers at River Elevators 764-871; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for July at Memphis   549 1/2 to 557 1/2;   New crop at Memphis   549 1/2 to 557 1/2; Bids to farmers at River Elevators  516 to 540 Chicago Futures: Sept down  14  at  587 1/2    Dec down  13 3/4  at  607 1/2    March 09 down  13 3/4  at  627 1/2    Dec 09 down  12  at  643    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat is attempting to hold support near $7.80, but a big world crop and indications exports will be down as much as 20% are weighing on the market. A move to $7.50 or lower appears probable. Cotton & Rice  Date: July 31, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis up 25 at  6640   Greenwood up  25 at 6640 New York Futures: Oct up  25  at  7165    Dec up  18  at  7450    March 09 up  20  at  7989    May 09 up  22  at  8160    July 09 up  24  at  8299  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton was a little higher for the day as the market remains in a tight consolidation pattern. 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  4 1/2  at  1658    Nov down  2  at  1691    Jan 09 down  2  at  1722    March 09 down  2  at  1753    - - - down  - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice closed a little lower as the market 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 31, 2008 Cattle As reported by Federal-State Market News, receipts were 1796 head at sales in Charlotte, Ratcliff and Green Forest.  Compared with last week, feeder steers sold mostly $4 to $5 higher, heifers sold $1 to $3 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 120 to - - -   500 to 550 lbs. 109.97 to - - -   600 to 650 lbs. 106.57 to - - -  Medium & Large Frame 2   400 to 450 lbs. 104.71 to - - - Heifers:  Medium & Large Frame 1   500 to 550 lbs. 97.51 to - - -  Medium & Large Frame 2   400 to 450 lbs. 90.14 to - - - Slaughter Cows, Boners 50   to   57.50 Light Weight 42 to 45 Bulls, Yield Grade   1-2   1000   to   2100 lbs.   66.50   to   71 Midwest Steers   were steady to $2 higher   at   92   to   94 Panhandle Steers   were steady   at   92   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 117 to 126   550 to 600 lbs. 115 to 122 Heifers 500 to 550 lbs. 109 to - - -   550 to 600 lbs. 107.50 to 110 Chicago Futures: Live Cattle: Aug up 52 at 9840   Dec up 87 at 10902 Feeders: Aug up 127 at 11380   Oct up 180 at 11642 Cattle Comment Cattle were stronger again today as the market reacted to good export news. Feed lots are tight holders of cattle asking $97 to $98 while packers are offering $94 to $95. Prospects of tighter supplies this Fall is a supportive factor. Hogs Peoria: were     steady   at   51.5   to   52 Chicago Futures: Aug up 75 at 7962   Oct up 180 at 7435 Sheep St. Paul n/a   at   - - -   to   - - - Hogs Comment August hogs made strong technical gains but closed well off the day’s highs. Strong demand and a high composite value are helping offset an almost 10% increase in pork over this time last year. Poultry  Date: July 31, 2008 Eggs New York:  Ex. Lg. 105-109; Lg. 103-107; Med. 73-77; Chicago:  Ex. Lg. 84-92; Lg. 82-90; Med. 63-71; Eastern Region Turkeys Hens: 8-16 lbs. 94-96 Toms: 16-24 lbs. 94-96   Delmarva Broilers U.S. Grade A Trade sentiment was 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 for light trade needs. In production areas, live supplies were moderate at desirable to heavy 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