08/07/2008 Farm Bureau Market Report

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Grain & Soybean Date: August 07, 2008 Soybeans Local Elevators: (Aug) EAST AR:  n/a to - - - (NC) Summ. 1131 to 1168 River Elevators: (Aug) MISS: 1154 to 1185 ; AR & White 1156 to 1162 (NC) Summ. 1132 to 1185 Ark. Processor Bids: (Aug) n/a to - - -  (NC) 1161 to 1164 Memphis:  (Aug) 1194 to - - - (NC)  1184 to - - - Riceland Foods:  (Aug) Stuttgart 1164 ; Pendleton 1168 ; West Memphis 1185 Chicago Futures: Sep up 21 at  1234 1/2   Nov  up  17  at  1239   Jan '09 up 17  at  1256 3/4   Mar '09 up 16 1/4  at  1272   Nov '09 up 19  at  1267   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans and corn closed higher for the day, but today’s trading range was an inside day, meaning it didn’t move higher or lower than yesterday’s trading and doesn’t give much indication of where the market might be going. It appears to be buying in reaction to an oversold situation that developed from 4 days of declining values. A stronger $ was partially offset by good export sales and a firming undertone in crude oil. Look for both corn and soybeans to be choppy ahead of next Tuesday’s report. Upside potential will be determined by USDA’s projections in relation to current expectations. Wheat Cash bid for August at Memphis  632 1/4 to 642 1/4; Bids to farmers at Local Elevators 589; River Elevators 576-622; Chicago Futures: Sep up  56 1/2  at  822 1/4    Dec up 56 1/4  at  847    Mar '09 up  55 1/4  at  870    May '09 up  55 1/4  at  884 1/4    Jul '09 up  53 1/2  at  895 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 666-754; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for August at Memphis   487 1/4 to 497 1/4;   new crop at Memphis   n/a to - - -; Bids to farmers at River Elevators  459 to 483 Chicago Futures: Sep up  14 1/4  at  522 1/4    Dec up  14 1/4  at  542    Mar '09 up  14 1/2  at  561 1/2    Dec '09 up  16 1/2  at  591 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat led the market higher, with huge across the board gains. Poor crop conditions in the spring wheat area contributed to the strong move. Weekly exports were also positive and kept cumulative sales within 4% of last year. USDA is projecting exports will decline over 20% for the year. Today’s strong close could give the market an opportunity to test resistance between $8.50 and $8.60. Cotton & Rice  Date: August 07, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis up 187 at  6458   Greenwood up  187 at 6458 New York Futures: Oct up  181  at  6927    Dec up  175  at  7131    Mar '09 up  150  at  7627    May '09 up  159  at  7821    Jul '09 up  146  at  7953  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton made good gains with December pushing up near resistance just under 72 cents. 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 up  24  at  1612    Nov up  23  at  1641    Jan '09 up  23  at  1673    Mar '09 up  24  at  1705    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice futures were higher for the day with September leaving a possible one day island reversal low. This occurred in a very thin trade which lowers the reliability of the formation. September was above $16 once again, but still could move toward the next level of support at $15.66. 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 07, 2008 Cattle As reported by Federal-State Market News, receipts were 1,122 head at sales in Charlotte, Ratcliff & Green Forest.  Compared with last week, feeder steers sold unevely, mostly steady to $2 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 113.40 to - - -   500 to 550 lbs. 108.29 to - - -   600 to 650 lbs. 111.79 to - - -  Medium & Large Frame 2   400 to 450 lbs. 103.15 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 100.86 to - - -  Medium & Large Frame 2   400 to 450 lbs. 91.65 to - - - Slaughter Cows, Boners 50   to   57.50 Light Weight n/a to - - - Bulls, Yield Grade   1   1000   to   2100 lbs.   66   to   71.50, high dressing 78-85 Midwest Steers   remained   at   96   to   - - - Panhandle Steers   n/a   at   - - -   to   - - - 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 135 at 10720   Dec down 35 at 10690 Feeders: Oct down 217 at 11535   Nov down 250 at 11620 Cattle Comment Cattle futures reversed yesterday’s gains as cash bids failed to follow the market higher. Packers are resisting higher offerings despite good margins. Good export demand and firm beef values are expected to limit downside movement. Hogs Peoria: were $2     higher   at   55.5   to   56 Chicago Futures: Oct up 7 at 7697   Dec up 110 at 7545 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures were higher with expiring August having gained over $6 in the last week. Favorable packer margins, good export movement, and lighter weights are helping boost demand. Poultry  Date: August 07, 2008 Eggs New York:  Ex. Lg. 112-116; Lg. 110-114; Med. 76-80; 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 mostly steady. Demand into all channels was fair to moderate with improvement possible approaching the weekend. Supplies of all sizes were sufficient 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