08/04/2008 Farm Bureau Market Report

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Grain & Soybean Date: August 04, 2008 Soybeans Local Elevators: (Aug) EAST AR:  n/a to - - - (NC) Summ. 1187 to 1217 River Elevators: (Aug) MISS: 1210 to - - - ; AR & White n/a to - - - (NC) Summ. 1188 to 1234 Ark. Processor Bids: (Aug) 1212 to - - -  (NC) 1212 to 1213 Memphis:  (Aug) 1255 to 1257 (NC)  1240 to - - - Riceland Foods:  (Aug) Stuttgart 1213 ; Pendleton 1217 ; West Memphis 1234 Chicago Futures: Sep down 70 at  1285 1/2   Nov  down  70  at  1295   Jan '09 down 70  at  1313   Mar '09 down 70  at  1328   Nov '09 down 70  at  1300   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment A weak open in soybeans was just a prelude to the limit declines that followed. A myriad of factors contributed to the downturn include further liquidation by index funds as crude oil fell over $5 per barrel in early trading. In addition technical selling was amplified by a gap lower opening which dropped November below support at $13.50. Rain in the Midwest and a general feeling that the crop has improved contributed the overall negative undertone in both soybeans and corn. Support at $12.80 and $12.50 may be vulnerable leaving a potential for the May 1 low of $11.63 to come into play. December corn support at $5.20 to $5.25 is the only thing standing between the market and $5. Wheat Cash bid for August at Memphis  558 3/4 to 568 3/4; Bids to farmers at Local Elevators 516-524; River Elevators 508-549; Chicago Futures: Sep down  35 1/4  at  758 3/4    Dec down 35 1/4  at  783 3/4    Mar '09 down  34 1/4  at  807 1/2    May '09 down  33 1/4  at  821 3/4    Jul '09 down  33 1/4  at  833 3/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for new crop at Memphis  n/a to - - -; Bids to farmers at River Elevators 779; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for August at Memphis   505 1/2 to - - -;   new crop at Memphis   n/a to - - -; Bids to farmers at River Elevators  478 to - - - Chicago Futures: Sep down  29 1/2  at  535 1/2    Dec down  29 1/2  at  555 1/2    Mar '09 down  29 1/4  at  575 3/4    Dec '09 down  26 1/2  at  596 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment September wheat closed sharply lower, while holding at key support just above $7.50. The next long term downside objective is the 62% retracement objective of $6.77. Cotton & Rice  Date: August 04, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis down 227 at  6179   Greenwood down  227 at 6179 New York Futures: Oct down  216  at  6715    Dec down  283  at  6906    Mar '09 down  272  at  7465    May '09 down  276  at  7638    Jul '09 down  274  at  7788  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton was hit with another round of sharp declines with both October and December falling through major support at 68 to 71 cents respectfully. This suggests further declines are in the making with the next likely downside objective being the late 62% retracement level of 63.3 cents. Lead contracts retraced to that level in both June and July. Big stocks continue to weigh on the market and that will remain the case until later in the year. Rice Long Grain Cash Bid for  Aug 1700/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Sep down  31  at  1605    Nov down  30  at  1636    Jan '09 down  30  at  1667    Mar '09 down  28  at  1699    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice continued to follow other grains lower, closing sharply lower again today. September closed just above $16 and is likely to move toward the next downside objective of $15.64. Last spring’s wild moves have settled out and international values are well below the spring peaks. Thai values are holding around $750 per metric tonne, while Vietnam pricing has fallen well below their minimum export price of $750 – with some sales as low as $650 per metric tonne. Cattle & Hogs  Date: August 04, 2008 Cattle As reported by Federal-State Market News, receipts were 1,907 head at sales in Ash Flat, Ola & Springdale.  Compared with last week, feeder steers under 450 lbs. sold $4-5 higher, weights over 450 lbs. sold steady to $2 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 113.82 to - - -   500 to 550 lbs. 105.04 to - - -   600 to 650 lbs. 106.16 to - - -  Medium & Large Frame 2   400 to 450 lbs. 106.40 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 99.78 to - - -  Medium & Large Frame 2   400 to 450 lbs. 95.60 to - - - Slaughter Cows, Boners 50   to   58 Light Weight 37 to 44 Bulls, Yield Grade   1   1000   to   2100 lbs.   64.50   to   71, high dressing 71-83.50 Midwest Steers   were $3 higher   at   97   to   - - - Panhandle Steers   were $3-4 higher   at   97   to   98 Oklahoma City Feeders Steers n/a to - - - lbs. - - - to - - -   n/a to - - - lbs. - - - to - - - Heifers n/a to - - - lbs. - - - to - - -   n/a to - - - lbs. - - - to - - - Chicago Futures: Live Cattle: Oct down 30 at 10750   Dec down 70 at 10942 Feeders: Oct down 45 at 11820   Nov up 17 at 11915 Cattle Comment Cattle closed a little lower with distant contracts leading the decline. A strong cash trade and firming beef prices contributed support for nearby contracts. The prospect of tightening available supplies later this fall should limit downside potential. Hogs Peoria: were $1     higher   at   51.5   to   52 Chicago Futures: Oct up 32 at 7495   Dec down 5 at 7580 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs closed mixed with nearby contract higher. Falling grain prices are mitigating potential breeding herd liquidation that has been widely anticipated. Good packer demand remains a support factor. Poultry  Date: August 04, 2008 Eggs New York:  Ex. Lg. 105-109; Lg. 103-107; Med. 73-77; Chicago:  Ex. Lg. 94-102; Lg. 92-100; Med. 63-71; Eastern Region Turkeys Hens: 8-16 lbs. 94-97 Toms: 16-24 lbs. 94-97   Delmarva Broilers U.S. Grade A Trade sentiment was weak. Demand was light to moderate with hopes of progress for first of the month business. Supplies of all sizes were at least adequate to readily available to satisfy trade needs. 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