Grain & Soybean Date: July 25, 2007

Soybeans

Local Elevators:
(Jul) EAST AR:  717 to 748
(NC) Summ. 743 to 765
River Elevators:
(Jul) MISS: 733 to 755 ; AR & White 729 to 749
(NC) Summ. 750 to 777
Ark. Processor Bids: (Jul) 740 to 745  (NC) 764 to 765
Memphis:  (Jul) 755 to 760 (NC)  774 1/4 to 775 1/4
Riceland Foods:  (NC) Stuttgart 765 ; Pendleton 765 ; West Memphis 774

Chicago Futures: Aug down 5 1/4 at  815
  Nov  down  6 1/4  at  839 1/4
  Jan down at  855
  Mar down 5 1/4  at  867 3/4
  Nov '08 down 4 1/2  at  885
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans closed lower after holding small gains for a short time early in the session. Weather remains a factor with most of the Midwest growing area in excellent shape. Technically, November appears weak after gapping out of a bear flag formation that has an objective of $7.76. Additional support is located around $8.25. While last Friday’s high of $8.93 ½ is now major resistance.

Wheat
Cash bid for July at Memphis  585 to 586;
Bids to farmers at Local Elevators 563-572;
River Elevators 559-588;

Chicago Futures: Sep down  at  634 
  Dec down 6 1/2  at  652 1/2 
  Mar down  9 1/2  at  648 1/2 
  Jul '08 down  4 1/2  at  577 
  Jul '09 unchanged    at  562 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for new crop at Memphis  572 to 579;
Bids to farmers at River Elevators 489-561;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for July at Memphis   271 1/2 to 306 1/2;
  new crop at Memphis   271 1/2 to 281 1/2;
Bids to farmers at River Elevators  253 to 264

Chicago Futures: Sep unchanged    at  311 1/2 
  Dec up  1/2  at  627 1/4 
  Mar up  1/2  at  342 1/2 
  Dec '08 up  1 1/4  at  380 1/4 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat futures ended lower on profit taking after gapping higher yesterday. Trade was limited to a narrow range today with no fresh news out of Europe. Early reports from the U.S. spring wheat tour indicate the crop is in good shape.



Cotton & Rice  Date: July 25, 2007


Cotton
Spot Price, Grade 41 Staple 34: Memphis up 25 at  5725
  Greenwood up  25 at 5725

New York Futures: Oct up  15  at  6200 
  Dec up  10  at  6395 
 Mar up  10  at  6705 
 May up  at  6795 
 Dec '08 unchanged    at  7110 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton moved in a very narrow range before ending the session with very small gains. Overall fundamentals are unchanged and technicals suggest the market should have support from 59 to 61 cents. The market has retraced over 38% of the recent gains and a drop to 60.7 cents would complete a 50% retracement. The market will have a hard time moving above the recent high of $68.80 for December ’07, without more and serious weather concerns. On the other hand, ’08 December can and will move higher if the market wants to pull acreage back into cotton.

Rice
Long Grain Cash Bid for  Aug/Sep/Oct/Nov 997/cwt  to  - - -
  - - - - - -  to  - - -

Chicago Futures: Sep unchanged    at  1039 
 Nov up  at  1072 
 Jan up  at  1102 
 Mar up  at  1128 
 - - -   - - -  at  - - - 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice again managed small gains as the market continues to hold above support at $10.50. Inability to hold this area would allow for a probable move toward the mid-March contract low of $10.02. A good crop outlook and potentially excellent yields will offset this year’s smaller long grain acreage. However, declining world stocks are a long term positive which could see better demand develop for U.S. rice. On the international market Vietnam has again oversold their export quota and that could provide opportunities for other providers.



Cattle & Hogs  Date: July 25, 2007

Cattle
As reported by Federal-State Market News, receipts were 1,232 head at sales in Conway, Ola & Pocahontas.  Compared with last week, feeder steers sold mostly firm to $2 higher. Feeder heifers steady to $2 higher .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 125 to 135
  500 to 550 lbs. 113 to 123
  600 to 700 lbs. 105 to 115
 Medium & Large Frame 2   400 to 450 lbs. 110 to 120

Heifers:
 Medium & Large Frame 1   400 to 450 lbs. 111 to 121
 Medium & Large Frame 2   400 to 450 lbs. 101 to 111

Slaughter Cows, Boners 47   to   51
Light Weight n/a to - - -
Bulls, Yield Grade   1   1000   to   2100 lbs.   60   to   68
Midwest Steers   were steady   at   88   to   - - -
Panhandle Steers   were quoted   at   88   to   - - -

Oklahoma City Feeders
Steers 550 to 600 lbs. 117 to 124.50
  650 to 700 lbs. 115 to 121.25
Heifers 500 to 550 lbs. 115 to 119
  600 to 650 lbs. 112.50 to 118.75

Chicago Futures:
Live Cattle: Aug down 55 at 9207
  Dec down 27 at 9907
Feeders: Aug down 65 at 11585
  Oct down 80 at 11702

Cattle Comment
Cattle futures were lower under pressure from profit taking. Weak beef product prices are having an effect on futures’ trade as is news that South Korea has delayed a decision about importing bone-in beef from the U.S. August live cattle have resistance just above $94 with support beginning near $91.

Hogs
Peoria: were $1     higher   at   47   to   47.5

Chicago Futures: Aug down 5 at 7410
  Oct up 62 at 7197

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

Hogs Comment
Hog futures were mixed. News that Tyson will cut back production indicates cash prices may have topped for the time being. Futures’ premium to cash prices is a limiting factor. October ended higher but would have to close back above $72.70 in order to negate the bearish reversal charted yesterday.



Poultry  Date: July 25, 2007

Eggs
New York:  Ex. Lg. 119-123; Lg. 117-121; Med. 92-96;
Chicago:  Ex. Lg. 110-118; Lg. 108-116; Med. 84-92;

Eastern Region Turkeys
Hens: 8-16 lbs. 86-89
Toms: 16-24 lbs. 86
 

Delmarva Broilers
U.S. Grade A
Trade sentiment was mixed, but overall ranged no better than steady to weak. Supplies of all sizes were at least adequate to readily availble with heavier weights ample in the West. In production areas, live supplies were moderate at mostly desirable weights.