08/06/2008 Farm Bureau Market Report

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Grain & Soybean Date: August 06, 2008 Soybeans Local Elevators: (Aug) EAST AR:  n/a to - - - (NC) Summ. 1114 to 1151 River Elevators: (Aug) MISS: 1137 to 1168 ; AR & White 1139 to 1145 (NC) Summ. 1115 to 1168 Ark. Processor Bids: (Aug) n/a to - - -  (NC) 1144 to 1147 Memphis:  (Aug) 1177 to - - - (NC)  1167 to - - - Riceland Foods:  (Aug) Stuttgart 1147 ; Pendleton 1151 ; West Memphis 1168 Chicago Futures: Aug down 42 at  1220 1/2   Nov  down  47  at  1222   Jan '09 down 47  at  1239 3/4   Mar '09 down 47  at  1255 3/4   Nov '09 down 40  at  1248   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment After a higher open, soybeans and corn quickly lost momentum and pushed sharply lower for the fourth day in a row. The underlying factors are beginning to sound like a summer weather forecast, very repetitive, but nevertheless improving crop conditions, a stronger dollar and weaker oil were major factors. Continued liquidation of positions by index funds added to the slide. November soybeans fell just below $12 and are in position to test support at the May 1 low of $11.63. December corn held in the $5.20 to $5.25 support range. There is no indication the downward move is over. Wheat Cash bid for August at Memphis  585 3/4 to 590 3/4; Bids to farmers at Local Elevators 523-531; River Elevators 520-558; Chicago Futures: Sep down  14 1/4  at  765 3/4    Dec down 14  at  790 3/4    Mar '09 down  14  at  814 3/4    May '09 down  14 1/4  at  829    Jul '09 down  13  at  842 1/4    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 641-729; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for August at Memphis   473 to 483;   new crop at Memphis   n/a to - - -; Bids to farmers at River Elevators  443 to 467 Chicago Futures: Sep down  17 1/4  at  508    Dec down  17 1/4  at  527 3/4    Mar '09 down  17 1/2  at  547 1/2    Dec '09 down  18  at  574 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat also declined, but held ongoing support in the $7.50 area. With soybeans and corn declining and world production expected to be significantly higher, there appears to be little change wheat will move substantially higher in the near term. Further losses could be possible. Cotton & Rice  Date: August 06, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis up 49 at  6271   Greenwood up  49 at 6271 New York Futures: Oct up  79  at  6776    Dec up  83  at  6986    Mar '09 up  69  at  7505    May '09 up  4  at  7620    Jul '09 up  46  at  7807  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton managed to hold gains throughout today’s session pushing December above 70 cents at one point. However, the overall fundamental picture remains rather murky and prospects of further declines are possible. The next likely downside objective is 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 down  32  at  1588    Nov down  33  at  1618    Jan '09 down  31  at  1650    Mar '09 down  30  at  1681    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice futures were lower again today as the market continues to follow grain and soybeans. September dropped below $16 and isn’t to far from the next downside objective of $15.66. While losses in grains and oil, and stronger $ are factors in the current downturn, the approaching harvest and transition to new crop is also a factor. Mills appear to be covered for needs into September. On the international scene the market seems almost as unsettled as earlier when it was moving sharply higher. Vietnam price offers are all over the board, while they are maintaining a minimum export price of $750 per tonne. Thailand is considering release of as much as 2 million metric tonnes of intervention stocks. All of this is weighing on the U.S. market. Cattle & Hogs  Date: August 06, 2008 Cattle As reported by Federal-State Market News, receipts were 791 head at sales in Conway & Pocahontas.  Compared with last week, feeder steers sold $2-4 higher, heifers steady to $2 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 114.79 to - - -   500 to 550 lbs. 107.25 to - - -   600 to 650 lbs. 105.39 to - - -  Medium & Large Frame 2   400 to 450 lbs. 94.08 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 96.27 to - - -  Medium & Large Frame 2   400 to 450 lbs. 87.83 to - - - Slaughter Cows, Boners 53   to   59 Light Weight 37 to 42 Bulls, Yield Grade   1   1000   to   2100 lbs.   68.50   to   74 Midwest Steers   remained   at   96   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. 100 to 105   600 to 650 lbs. 110 to 110.50 Chicago Futures: Live Cattle: Oct up 165 at 10855   Dec up 10 at 10720 Feeders: Oct down 2 at 11752   Nov up 7 at 11870 Cattle Comment Cattle futures were mixed with nearby contracts closing with solid gains. Tightening cattle supplies and improving beef values are helping boost values. Packer margins remain strong. Hogs Peoria: were $1     higher   at   53.5   to   54 Chicago Futures: Oct up 240 at 7690   Dec up 20 at 7435 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs were also mixed with front end contracts sharply higher. Declining corn and soybean prices are prompting rethinking about liquidation plans and that is pressuring distant contracts and supporting the nearby. Poultry  Date: August 06, 2008 Eggs New York:  Ex. Lg. 109-113; Lg. 107-111; Med. 74-78; 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 steady to about steady. Demand into all channels was light to fair, and usually limited to regular commitments. Supplies of all sizes were at least 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