Grain & Soybean Date: July 09, 2007

Soybeans

Local Elevators:
(Jul) EAST AR:  809 to 840
(NC) Summ. 826 to 848
River Elevators:
(Jul) MISS: 814 to 844 ; AR & White 800 to 821
(NC) Summ. 822 to 852
Ark. Processor Bids: (Jul) 831 to 837  (NC) 848 to - - -
Memphis:  (Jul) 823 1/2 to 832 1/2 (NC)  849 to 870
Riceland Foods:  (NC) Stuttgart 837 ; Pendleton 840 ; West Memphis 844

Chicago Futures: Aug up 6 1/4 at  875 1/2
  Nov  up  at  902
  Jan up 6 3/4  at  914 3/4
  Mar up 7 3/4  at  923 1/4
  Nov '08 up 3 3/4  at  908
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans traded to both sides of last Friday’s close before ending the day on a positive note. November hit a new contract high, while also closing above $900 for the first time. Weather will continue to be a major factor over the next six weeks as this year’s small acreage pushes toward maturity. The next major chart point is the ’04 high of $10.64. However, old crop July is still about 30 cents below the May ’07 high of $9.03.

Wheat
Cash bid for July at Memphis  559 1/2 to - - -;
Bids to farmers at Local Elevators 530-542;
River Elevators 526-558;

Chicago Futures: Sep down  10 1/2  at  599 1/2 
  Dec down 9 1/2  at  613 
  Mar down  11  at  615 
  Jul '08 down  8 1/2  at  555 
  Jul '09 down  at  538 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for new crop at Memphis  611 to 617;
Bids to farmers at River Elevators - - -;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for July at Memphis   339 1/4 to 341 1/4;
  new crop at Memphis   304 1/4 to 307 1/4;
Bids to farmers at River Elevators  n/a to - - -

Chicago Futures: Sep down  2 1/4  at  339 1/4 
  Dec down  1 3/4  at  350 1/4 
  Mar down  1 1/2  at  363 3/4 
  Dec '08 down  1/2  at  396 1/2 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat futures posted double digit losses today. Production problems worldwide and harvest delays in the U.S. Southern Plains have been supportive, but should be mostly factored in to prices at this point. Last Friday’s contract high of $6.32 is likely to hold for some time.



Cotton & Rice  Date: July 09, 2007


Cotton
Spot Price, Grade 41 Staple 34: Memphis up 17 at  6000
  Greenwood up  2 at 5975

New York Futures: Oct up  202  at  6475 
  Dec up  200  at  6663 
 Mar up  215  at  6965 
 May up  225  at  7025 
 Dec '08 up  150  at  7000 
This week's LDP rate for cotton is  -.99 cents
  The estimate for next week is  .2.02 cents
Cotton Comment
Cotton started the week with an exceptionally strong move, gapping higher and closing the session 200 points higher. The market exceeded a mid-June gap objective and with October becoming the lead month now has an objective about 250 points above today’s high of 65.1. This would suggest the next December objective is around 70 cents. The market is extremely overbought and due a downward correction. Sometimes a small correction will reduce the pressure. Cotton is now enjoying the strength of fund buying which often ignores both fundamentals and technicals. Obviously, much smaller plantings and weather concerns add to the upside potential. Producers should be aware of the current price for both the ’07 and ’08 crops and be prepared to lock in a price floor. Using options would allow that to be done.

Rice
Long Grain Cash Bid for  Jul 900/cwt  to  - - -
  Aug/Sep/Aug/Nov 1013/cwt  to  - - -

Chicago Futures: Sep up  1/2  at  1059 
 Nov down  1 1/2  at  1088 1/2 
 Jan down  at  1117 
 Mar unchanged    at  1147 
 n/a   - - -  at  - - - 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice traded in a narrow range before ending the session virtually unchanged for the third day in a row. Support for November remains in the $10.65 to $10.80 range with resistance at the recent high of $11.55, an overall trading range of 75 cents. A slightly larger than expected ’07 planted acreage was revealed in last week’s report. Overall acreage, while down a little over a 100,000 acres from ’06, is expected to produce a good crop. Current ratings have the crop at 74% good to excellent, 15% above the ’06 crop at the same point in development. Medium grain production is expected to be up while long grain will be down slightly.



Cattle & Hogs  Date: July 09, 2007

Cattle
As reported by Federal-State Market News, receipts were 891 head at sales in Ash Flat & Springdale.  Compared with last week, feeder steers sold steady to $5 higher .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 123 to 132
  500 to 550 lbs. 108 to 115
  600 to 700 lbs. 100 to 110
 Medium & Large Frame 2   400 to 450 lbs. 115 to 119

Heifers:
 Medium & Large Frame 1   400 to 450 lbs. 108 to 118
 Medium & Large Frame 2   400 to 450 lbs. 101 to 111

Slaughter Cows, Boners 47.50   to   52.50
Light Weight n/a to - - -
Bulls, Yield Grade   1   1000   to   2100 lbs.   61   to   66.50
Midwest Steers   were $5-$6.50 higher   at   89   to   90.50
Panhandle Steers   were $4.50-$5.50 higher   at   88.50   to   90.50

Oklahoma City Feeders
Steers 500 to 550 lbs. 127 to 134
  600 to 650 lbs. 116.75 to 118
Heifers n/a to - - - lbs. - - - to - - -
  600 to 650 lbs. 110 to 117

Chicago Futures:
Live Cattle: Aug up 2 at 9252
  Dec up 40 at 9777
Feeders: Aug down 22 at 11447
  Oct down 5 at 11535

Cattle Comment
Cattle prices took a breather today and closed mixed. Brisk movement was reported last week thanks to strong gains in futures. The upside could be limited by futures’ premium to cash, but August could retest the May high of $94.10.

Hogs
Peoria: were $1.5     higher   at   44.5   to   45

Chicago Futures: Aug down 25 at 6985
  Oct steady at 6475

Sheep
St. Paul sheep shorn slaughter lambs   at   n/a   to   - - -

Hogs Comment
Hog futures also closed on either side of unchanged. Fundamentals are still weak as packer margins remain negative and cash prices remain weak.



Poultry  Date: July 09, 2007

Eggs
New York:  Ex. Lg. 110-114; Lg. 108-112; Med. 76-80;
Chicago:  Ex. Lg. 99-107; Lg. 97-105; Med. 67-75;

Eastern Region Turkeys
Hens: 8-16 lbs. 85-87
Toms: 16-24 lbs. 85-86
 

Delmarva Broilers
U.S. Grade A
Majority prices were unchanged in all areas when compared to previous week. Trade sentiment was steady. In production areas, live supplies were moderate at mixed weights.