08/01/2008 Farm Bureau Market Report

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Grain & Soybean Date: August 01, 2008 Soybeans Local Elevators: (Aug) EAST AR:  - - - to - - - (NC) Summ. 1257 to 1287 River Elevators: (Aug) MISS: 1280 to 1311 ; AR & White 1288 to 1382 (NC) Summ. 1258 to 1304 Ark. Processor Bids: (Aug) 1282 to - - -  (NC) 1282 to 1283 Memphis:  (Aug) 1320 to 1327 3/4 (NC)  1305 to 1310 Riceland Foods:  (Oct/Nov) Stuttgart 1283 ; Pendleton 1287 ; West Memphis 1304 Chicago Futures: Sept down 38 3/4 at  1355 1/2   Nov  down  39  at  1365   Jan 09 down 39  at  1383   March 09 down 38 3/4  at  1398   Nov 09 down 31 1/2  at  1370   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans and corn closed sharply lower to end the week. Losses largely were attributed to a good weather outlook in the Midwest for the coming week. Temperatures expected to be very warm next week, but many farmers expect this to help soybeans finish on a strong note. Moisture is not a major concern. However, as you move in the South, both temperature and moisture appear to be a potential problem. November soybeans remained above key support near $13.50, while December corn broke below support near $6. Last week’s low of $5.63 and the March low of $5.20 are potential downside objectives. Wheat Cash bid for August at Memphis  594 to 604; Bids to farmers at Local Elevators 551-559; River Elevators 543-584; Chicago Futures: Sept up  10 1/4  at  794    Dec up 10 1/4  at  819    March 09 up  10  at  841 3/4    May 09 up  8 1/2  at  855    July 09 up  9 3/4  at  867    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for August at Memphis  830 to - - -; Bids to farmers at River Elevators 725-830; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for August at Memphis   530 to 535;   New crop at Memphis   - - - to - - -; Bids to farmers at River Elevators  494 to 518 Chicago Futures: Sept down  22 1/2  at  565    Dec down  22 1/2  at  585    March 09 down  22 1/2  at  605    Dec 09 down  20  at  623    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat ended the week on a positive note. September has 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: August 01, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis down 234 at  6406   Greenwood down  234 at 6406 New York Futures: Oct down  234  at  6931    Dec down  261  at  7189    March 09 down  252  at  7737    May 09 down  246  at  7914    July 09 down  237  at  8062  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton closed the week on a negative note with December diving toward the bottom of a four week trading range. Key support near 71 cents could be vulnerable heading into the August crop report. Huge U.S. and world stocks continue to weigh on the market. A smaller 08 crop will help, but it could be the end of the year before the market can show any significant improvement. Rice Long Grain Cash Bid for  Aug 1700/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Sept down  22  at  1636    Nov down  25  at  1666    Jan 09 down  25  at  1697    March 09 down  26  at  1727    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice continues to trade rather sporadically as it works lower. For the most part, the market appears to be following corn and beans, especially on their down days. Slow movement is being seen as the market transitions to new crop and awaits the bulk of the harvest. The international market is also relatively quiet. The Thai government intervention program is supporting the market there and helping maintain quotes in the $750 to $800 per ton range. In Vietnam, the market is much more sporadic with exporters quoting values well below the established Minimum Export Price (MEP) of $750 per tonne. Look for both September and November futures to work toward support around $16.20 to $16.30. A 50% retracement value of $15.29 on the monthly chart could be a downside objective for harvest. Cattle & Hogs  Date: August 01, 2008 Cattle As reported by Federal-State Market News, receipts were 8,115 head at sales in Arkansas this week.  Compared with last week, feeder steers sold near steady . Steers:  Medium & Large Frame 1   400 to 450 lbs. 113.22 to - - -   500 to 550 lbs. 106.22 to - - -   600 to 650 lbs. 103.08 to - - -  Medium & Large Frame 2   400 to 450 lbs. 103.25 to - - - Heifers:  Medium & Large Frame 1   500 to 550 lbs. 98.53 to - - -  Medium & Large Frame 2   400 to 450 lbs. 93.15 to - - - Slaughter Cows, Boners 50   to   58 Light Weight 35 to 41 Bulls, Yield Grade   1   1000   to   2100 lbs.   64   to   72.50 Midwest Steers   were steady to $2 higher   at   94   to   - - - Panhandle Steers   were $2 higher   at   94   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 107 to 126   550 to 600 lbs. 105 to 122 Heifers 500 to 550 lbs. 94 to 111.50   550 to 600 lbs. 93.50 to 110.50 Chicago Futures: Live Cattle: Oct up 150 at 10780   Dec up 110 at 11012 Feeders: Oct up 222 at 11865   Nov up 225 at 11897 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 50¢ to $1.50     lower   at   50.5   to   51 Chicago Futures: Oct up 27 at 7462   Dec down 5 at 7585 Sheep St. Paul n/a   at   - - -   to   - - - Hogs Comment Hogs were widely mixed. Nearby August was up sharply thanks to its discount to cash prices. Deferred contracts, however, were sharply lower on big losses in corn and beans, since lower feed prices means more hogs this winter. Poultry  Date: August 01, 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: 16-24lbs. 94-96   Delmarva Broilers U.S. Grade A Trade sentiment was weak. Demand was no better than fair with light business entering the weekend. Supplies of all sizes were at least adequate with very little optimism noted for first of the month activity. In productions 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