08/08/2008 Farm Bureau Market Report

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Grain & Soybean Date: August 08, 2008 Soybeans Local Elevators: (Aug) EAST AR:  - - - to - - - (NC) Summ. 1073 to 1110 River Elevators: (Aug) MISS: 1096 to 1126 ; AR & White 1097 to 1103 (NC) Summ. 1074 to 1127 Ark. Processor Bids: (Aug) - - - to - - -  (NC) 1103 to 1106 Memphis:  (Aug) 1135 1/2 to - - - (NC)  1125 1/2 to - - - Riceland Foods:  (Oct/Nov) Stuttgart 1106 ; Pendleton 1110 ; West Memphis 1127 Chicago Futures: Sept down 57 1/2 at  1177   Nov  down  58 1/2  at  1180 1/2   Jan 09 down 58 1/2  at  1198 1/4   March 09 down 58  at  1214   Nov 09 down 58  at  1209   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans quickly reversed yesterday’s gains as the dollar gained strength and oil declined. By the end of the session, November was near the next level of support at $11.63. Depending on Tuesday’s report, the downward retracement may not be over. A gap at $13.50 would suggest a possible retest of the March low of $10.60. Corn also lost significant ground with December falling through support at $5.20 and appearing to be headed toward the $4.80 to $5.00 range. Wheat Cash bid for August at Memphis  585 1/4 to - - -; Bids to farmers at Local Elevators 532; River Elevators 519-565; Chicago Futures: Sept down  57  at  765 1/4    Dec down 56 3/4  at  790 1/4    March 09 down  55 1/2  at  814 1/2    May 09 down  55  at  829 1/4    July 09 down  52 3/4  at  843    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for August at Memphis  747 to - - -; Bids to farmers at River Elevators 632-713; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for August at Memphis   463 1/2 to 473 1/2;   New crop at Memphis   - - - to - - -; Bids to farmers at River Elevators  435 to 459 Chicago Futures: Sept down  23 3/4  at  498 1/2    Dec down  23 3/4  at  518 1/4    March 09 down  23 3/4  at  538    Dec 09 down  20 3/4  at  570 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat was also hammered today with big across the board declines. September gave strong positive signals yesterday, but today’s reversal took the market back near this week’s low of 7.49 which remains key support. Cotton & Rice  Date: August 08, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis down 208 at  6250   Greenwood down  208 at 6250 New York Futures: Oct down  208  at  6725    Dec down  221  at  6917    March 09 down  203  at  7436    May 09 down  - - -  at  - - -    July 09 down  228  at  7725  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton was unable to sustain yesterday’s gains and quickly lost ground. Losses of over 2 cents put December close to 69 cents. Any surprises in Tuesday’s report could send the market lower. Subsequent expiring contract have all moved toward the support area around 63 cents. Rice Long Grain Cash Bid for  Aug 1650/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Sept down  16  at  1596    Nov down  16  at  1625    Jan 09 down  17  at  1656    March 09 down  18  at  1687    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice was also lower in another lightly traded session. September once again closed below $16 and could be headed for the 50% retracement objective of $15.29. Many producers feel USDA overestimated this year’s production potential in the last report and are looking for that number to come down at some point. The international market is continuing to soften with indications Thailand will offer 1 to 2 million metric tonnes of their intervention stocks. Longer term downside should be limited. Cattle & Hogs  Date: August 08, 2008 Cattle As reported by Federal-State Market News, receipts were 6,700 head at sales in Arkansas this week.  Compared with last week, feeder steers sold firm to $4 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 116.90 to - - -   500 to 550 lbs. 107.09 to - - -   600 to 650 lbs. 103.35 to - - -  Medium & Large Frame 2   400 to 450 lbs. 104 to - - - Heifers:  Medium & Large Frame 1   500 to 550 lbs. 98.96 to - - -  Medium & Large Frame 2   400 to 450 lbs. 95.91 to - - - Slaughter Cows, Boners 50   to   58 Light Weight 36 to 42 Bulls, Yield Grade   1   1000   to   2100 lbs.   64   to   73 Midwest Steers   were $2 higher   at   98   to   - - - Panhandle Steers   were   at   98   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 111 to 130   550 to 600 lbs. 105 to 124 Heifers 500 to 550 lbs. 98 to 112.50   550 to 600 lbs. 97.50 to 113.50 Chicago Futures: Live Cattle: Oct down 75 at 10645   Dec down 77 at 10605 Feeders: Oct up 5 at 11540   Nov down 55 at 11565 Cattle Comment Cattle closed mixed with live futures mostly lower. The recent erosion of corn and grain values is changing the long term outlook with regard to ’09. A smaller cutback is expected to mean more beef, and that is pressuring distant contracts. At the same time, less culling means less beef near term, which is boosting feeder values. Hogs Peoria: were     steady   at   55.5   to   56 Chicago Futures: Oct up 92 at 7790   Dec up 102 at 7647 Sheep St. Paul n/a   at   - - -   to   - - - Hogs Comment Hogs were higher with expiring August approaching $89. A strong surge is pork cutout values provided good support for the market. Export demand remains strong despite the rapidly improving dollar. Poultry  Date: August 08, 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. 95-98 Toms: 16-24 lbs. 95-98   Delmarva Broilers U.S. Grade A Trade sentiment was steady. Demand was fair to moderate with increased interest noted entering the weekend. Supplies of all sizes were no more than adequate 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