08/05/2008 Farm Bureau Market Report

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Grain & Soybean Date: August 05, 2008 Soybeans Local Elevators: (Aug) EAST AR:  n/a to - - - (NC) Summ. 1161 to 1191 River Elevators: (Aug) MISS: 1184 to 1215 ; AR & White 1186 to 1192 (NC) Summ. 1162 to 1208 Ark. Processor Bids: (Aug) 1186 to - - -  (NC) 1186 to 1187 Memphis:  (Aug) 1224 to - - - (NC)  1214 to - - - Riceland Foods:  (Aug) Stuttgart 1187 ; Pendleton 1191 ; West Memphis 1208 Chicago Futures: Sep down 26 1/2 at  1259   Nov  down  26  at  1269   Jan '09 down 26 1/4  at  1286 3/4   Mar '09 down 25 1/4  at  1302 3/4   Nov '09 down 12  at  1288   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment For a brief time soybeans and corn moved to the positive side, however the market resumed the recent downtrend with substantial declines in both corn and beans at the close. Improving crop conditions, a stronger $ and weaker crude oil contributed to the weaker undertone. Several private marketing groups raised their yield estimates for corn putting them in or near the 155 bushel range, well above the current USDA estimate of 148.4 bushels per acre. November beans came within 7 cents of closing the upside gap that starts at $12.50. Inability to close here could push the market toward the May 1 low at $11.63. December seems intent to test support around $5.20 to $5.25. Wheat Cash bid for new crop at Memphis  595 1/4 to 655 1/4; Bids to farmers at Local Elevators 537-545; River Elevators 529-570; Chicago Futures: Sep up  21 1/4  at  780    Dec up 21  at  804 3/4    Mar '09 up  21 1/4  at  828 3/4    May '09 up  21 1/2  at  843 1/2    Jul '09 up  21 1/2  at  855 1/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for August at Memphis  759 to 768; Bids to farmers at River Elevators n/a; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for August at Memphis   495 1/4 to 500 1/4;   new crop at Memphis   n/a to - - -; Bids to farmers at River Elevators  457 to 481 Chicago Futures: Sep down  10 1/4  at  525 1/4    Sep down  10 1/2  at  545    Mar '09 down  11  at  564 3/4    Dec '09 down  3 3/4  at  592 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment September wheat held above support at $7.47 and turned higher at mid-day, charting a bullish reversal in the process. The spring wheat crop ratings showed deterioration due to dry conditions. 56% of the crop is now rated good to excellent, compared with 60% last week. Cotton & Rice  Date: August 05, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis up 43 at  6222   Greenwood up  43 at 6222 New York Futures: Oct up  5  at  6709    Dec down  10  at  6903    Mar '09 down  26  at  7426    May '09 down  22  at  7616    Jul '09 down  27  at  7761  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton attempted a rebound early in today’s session but failed to hold good gains and ended the session mixed. 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 1650/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Sep up  15  at  1620    Nov up  15  at  1651    Jan '09 up  14  at  1681    Mar '09 up  12  at  1711    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice made small gains today, but this by no means suggests the market has bottomed. As we head toward harvest additional pressure could be exerted on the market. While September continues to hold above $16 it is possible that the market could 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 05, 2008 Cattle As reported by Federal-State Market News, receipts were 1,086 head at sales in Fort Smith & Marshall.  Compared with last week, feeder steers sold steady to $2 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 111.37 to - - -   500 to 550 lbs. 109.50 to   600 to 650 lbs. 108.68 to - - -  Medium & Large Frame 2   400 to 450 lbs. 100 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 102.74 to - - -  Medium & Large Frame 2   400 to 450 lbs. 93.77 to - - - Slaughter Cows, Boners 52.50   to   58.50 Light Weight n/a to - - - Bulls, Yield Grade   1   1000   to   2100 lbs.   65   to   72.50, low dressing 72.50-77 Midwest Steers   n/a   at   - - -   to   - - - Panhandle Steers   n/a   at   - - -   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 116 to 118   600 to 650 lbs. 113 to 115 Heifers 500 to 550 lbs. 105 to 108   600 to 650 lbs. 108.50 to 115.50 Chicago Futures: Live Cattle: Oct down 60 at 10690   Dec down 212 at 10730 Feeders: Oct down 65 at 11755   Nov down 52 at 11862 Cattle Comment Cattle closed mostly 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   52.5   to   53 Chicago Futures: Oct down 45 at 7450   Dec down 165 at 7415 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 05, 2008 Eggs New York:  Ex. Lg. 107-111; Lg. 105-109; 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 barely steady to weak. Demand was no betterthan fair with light trading. Supplies of all sizes were more than adequate to satisfy trade needs. 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