Grain & Soybean Date: July 16, 2007

Soybeans

Local Elevators:
(Jul) EAST AR:  784 to 815
(NC) Summ. 808 to 830
River Elevators:
(Jul) MISS: 799 to 819 ; AR & White 780 to 800
(NC) Summ. 824 to 830
Ark. Processor Bids: (Jul) 803 to 812  (NC) 824 to 830
Memphis:  (Jul) 801 3/4 to 810 3/4 (NC)  823 3/4 to 828 3/4
Riceland Foods:  (NC) Stuttgart 830 ; Pendleton 830 ; West Memphis 834

Chicago Futures: Aug down 50 at  871 3/4
  Nov  down  50  at  898 3/4
  Jan down 50  at  913 1/4
  Mar down 50  at  920 3/4
  Nov '08 down 40  at  905 1/4
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans were hit hard early and held limit declines going into the end of the session. Lower temperatures and more rain than forecast late last week, provided the impetus for the downturn. The market was heavily overbought and due a correction. Initial support at $8.80 could be vulnerable, if so, trendline support around $8.50 will be next.

Wheat
Cash bid for July at Memphis  548 3/4 to 551 3/4;
Bids to farmers at Local Elevators 332-344;
River Elevators 523-560;

Chicago Futures: Sep down  19  at  601 3/4 
  Dec down 17 1/4  at  618 
  Mar down  14 1/2  at  626 
  Jul '08 down  14  at  562 
  Jul '09 down  at  545 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for new crop at Memphis  604 to 606;
Bids to farmers at River Elevators 511-582;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for July at Memphis   329 3/4 to 332 3/4;
  new crop at Memphis   298 3/4 to 304 3/4;
Bids to farmers at River Elevators  275 to 286

Chicago Futures: Sep down  20  at  334 3/4 
  Dec down  20  at  348 1/2 
  Mar down  20  at  361 3/4 
  Dec '08 down  16 3/4  at  391 1/2 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat futures were sharply lower following limit losses in corn and beans. Fundamentals should be positive, but are likely well factored in to prices at this point. The recently charted contract high of $6.32 is likely to hold for some time.



Cotton & Rice  Date: July 16, 2007


Cotton
Spot Price, Grade 41 Staple 34: Memphis down 57 at  6092
  Greenwood down  57 at 6092

New York Futures: Oct down  57  at  6592 
  Dec down  63  at  6775 
 Mar down  59  at  7060 
 May down  50  at  7135 
 Dec '08 down  35  at  7315 
This week's LDP rate for cotton is  0¢ cents
  The estimate for next week is  0¢ cents
Cotton Comment
Cotton was slightly lower as the market retraced a portion of the recent gains. Overall fundamentals remain on the positive side and suggest additional long term gains are possible. A much smaller acreage and weather problems have set the stage to reduce ending stocks significantly as indicated by last week's report. The big price move puts cotton back in the acreage mix for '08. For now look for a little more downward retracement as the market reacts to an overbought situation. Weather conditions make this year's crop suspect and could further reduce stocks.

Rice
Long Grain Cash Bid for  Aug/Sep/Oct/Nov 993/cwt  to  - - -
  - - - - - -  to  - - -

Chicago Futures: Sep down  9 1/2  at  1035 
 Nov down  at  1068 
 Jan down  at  1096 
 Mar down  at  1122 
 n/a down  - - -  at  - - - 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice was down today, but losses were much less than what was seen in beans and grains. This year's crop yields could be good and that will partially offset a smaller long grain acreage. However, the lightening of world and U.S. stocks suggests additional upside potential as November traces near recent support just above $10.60.



Cattle & Hogs  Date: July 16, 2007

Cattle
As reported by Federal-State Market News, receipts were 2,640 head at sales in Ash Flat & Springdale.  Compared with last week, feeder steers sold mostly firm to $5 higher .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 121 to 131
  500 to 550 lbs. 113 to 123
  600 to 700 lbs. 106 to 116
 Medium & Large Frame 2   400 to 450 lbs. 118 to 128

Heifers:
 Medium & Large Frame 1   400 to 450 lbs. 109 to 119
 Medium & Large Frame 2   400 to 450 lbs. 104 to 114

Slaughter Cows, Boners 46   to   52
Light Weight 36 to 40
Bulls, Yield Grade   1   1000   to   2100 lbs.   60   to   65, high dressing 66-73
Midwest Steers   were $2 lower to $3.50 higher   at   86   to   91.50
Panhandle Steers   were $1 lower to $3.50 higher   at   89   to   91.50

Oklahoma City Feeders
Steers 550 to 600 lbs. 115 to 124
  600 to 650 lbs. 113 to 117
Heifers n/a to - - - lbs. - - - to - - -
  n/a to - - - lbs. - - - to - - -

Chicago Futures:
Live Cattle: Aug down 27 at 9135
  Dec down 17 at 9767
Feeders: Aug down 130 at 11515
  Oct down 107 at 11595

Cattle Comment
Cattle prices were mixed. The upside could be limited by futures’ premium to cash and ideas corn prices are headed higher again. August has resistance at the May high of $94.10.

Hogs
Peoria: were $.5     higher   at   43.5   to   44

Chicago Futures: Aug down 47 at 7297
  Oct down 82 at 6790

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

Hogs Comment
Hog futures ended mixed on weakness in cash hogs and lower wholesale pork prices. Packers aren’t having any trouble bringing hogs to market, and prices reflect that.



Poultry  Date: July 16, 2007

Eggs
New York:  Ex. Lg. 117-121; Lg. 115-119; Med. 83-87;
Chicago:  Ex. Lg. 107-115; Lg. 105-113; Med. 74-82;

Eastern Region Turkeys
Hens: 8-16 lbs. 85-88
Toms: 16-24 lbs. 85-86
 

Delmarva Broilers
U.S. Grade A
Majority prices were mostly unchanged in all areas when compared to previous week. Trade sentiment was mixed, but overall steady at best. Supplies of all sizes were at least sufficient for trade needs. In production areas, live supplies were moderate. Weights were desirable to instances heavy, but mostly desirable.