Grain & Soybean Date: July 26, 2007

Soybeans

Local Elevators:
(Jul) EAST AR:  724 to 755
(NC) Summ. 755 to 777
River Elevators:
(Jul) MISS: 740 to 762 ; AR & White 735 to 755
(NC) Summ. 757 to 786
Ark. Processor Bids: (Jul) 752 to - - -  (NC) 772 to 777
Memphis:  (Jul) 761 1/2 to 768 1/2 (NC)  781 1/2 to 784 1/2
Riceland Foods:  (NC) Stuttgart 777 ; Pendleton 777 ; West Memphis 786

Chicago Futures: Aug up 6 1/2 at  821 1/2
  Nov  up  7 1/4  at  846 1/2
  Jan up 6 1/2  at  861 1/2
  Mar up 7 3/4  at  875 1/2
  Nov '08 up 6 1/2  at  891 1/2
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans remained in a consolidation pattern with the market holding a portion of the early morning gains. A big move in wheat contributed to stronger corn and beans. The market was also boosted by smaller than projected rain events in the dry portions of the Western cornbelt. November has resistance around $8.60 and support around $8.34.

Wheat
Cash bid for July at Memphis  600 to 603;
Bids to farmers at Local Elevators 580-589;
River Elevators 576-605;

Chicago Futures: Sep up  17  at  651 
  Dec up 16 1/2  at  669 
  Mar up  14 1/2  at  663 
  Jul '08 up  6 1/2  at  583 1/2 
  Jul '09 up  at  563 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for new crop at Memphis  580 to 589;
Bids to farmers at River Elevators - - -;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for July at Memphis   292 1/2 to 314 1/2;
  new crop at Memphis   277 1/2 to 290 1/2;
Bids to farmers at River Elevators  259 to 270

Chicago Futures: Sep up  at  317 1/2 
  Dec up  5 3/4  at  333 
  Mar up  at  348 1/2 
  Dec '08 up  3 1/2  at  383 3/4 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat futures jumped to new highs today in reaction to a huge weekly export sales total. The USDA reported that 76 million bushels of wheat was sold to foreign buyers last week. The number indicates that prices aren’t yet high enough to ration wheat. $7 may not be out of the question at this point.



Cotton & Rice  Date: July 26, 2007


Cotton
Spot Price, Grade 41 Staple 34: Memphis down 125 at  5600
  Greenwood down  125 at 5600

New York Futures: Oct down  125  at  6075 
  Dec down  116  at  6279 
 Mar down  112  at  6593 
 May down  105  at  6690 
 Dec '08 down  100  at  7010 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton’s failure to move above last week’s broken downtrend led to further weakness today. December closed near the day’s lows as the market declined over 100 points. Overall fundamentals are unchanged as big old crop stocks and a smaller ’07 crop will still be sufficient for expected demand. Good crop conditions in much of the cotton belt will help offset weather reduced yields in the parts of the southeast and midsouth production areas. Domestic demand continues to slide, while world demand is expected to grow with China leading the way. For now, ‘07 December will likely be pushed toward support around 59 to 61 cents. Rebounds will have a difficult time making it back to recent highs. Longer term the market will have to move higher to get more cotton planted in ’08.

Rice
Long Grain Cash Bid for  Aug/Sep/Oct/Nov 999/cwt  to  - - -
  - - - - - -  to  - - -

Chicago Futures: Sep up  1 1/2  at  1040 1/2 
 Nov up  at  1074 
 Jan up  at  1105 
 Mar up  at  1134 
 - - -   - - -  at  - - - 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice failed to hold big mid-day gains and ended the day just slightly higher. The ability to hold above $10.50 is positive as the market did close above down trend resistance. Good crop prospects in the U.S. will likely offset this year’s smaller long grain plantings. For now, milled rice export demand remains slow as the U.S. price plus freight is well above the Asian origin price levels. As world stocks get tighter, that differential will get less important. Vietnam has exceeded their stated export objective and no new sales are being completed. Thailand continues to make sales out of intervention stocks as overall availability tightens. Additional supplies won’t be available until harvest late this year. Technically, the November contract high today of $10.89 becomes resistance.



Cattle & Hogs  Date: July 26, 2007

Cattle
As reported by Federal-State Market News, receipts were 1,950 head at sales in Charlotte, Ratcliff & Green Forest.  Compared with last week, feeder steers sold mostly steady to $2 higher .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 126 to 136
  500 to 550 lbs. 115 to 125
  600 to 700 lbs. 105 to 115
 Medium & Large Frame 2   400 to 450 lbs. 112 to 122

Heifers:
 Medium & Large Frame 1   400 to 450 lbs. 111 to 121
 Medium & Large Frame 2   400 to 450 lbs. 103 to 113

Slaughter Cows, Boners 47   to   52
Light Weight n/a to - - -
Bulls, Yield Grade   1   1000   to   2100 lbs.   57   to   64, high dressing 68-70
Midwest Steers   were steady   at   88   to   - - -
Panhandle Steers   were steady   at   88   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: Aug down 5 at 9202
  Dec up 5 at 9902
Feeders: Aug up 50 at 11635
  Oct up 25 at 11727

Cattle Comment
Cattle futures were mixed again today. 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 $.5     lower   at   46.5   to   47

Chicago Futures: Aug down 95 at 7315
  Oct down 92 at 7105

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

Hogs Comment
Hog futures ended lower after posting strong gains early. Further weakness in cutouts has pushed packer margins into the red, a huge change from last week, when the average margin was estimated to be $10.85/head.



Poultry  Date: July 26, 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. 87-89
Toms: 16-24 lbs. 87-90
 

Delmarva Broilers
U.S. Grade A
Trade sentiment in the major terminal markets were cautiously steady in the West, but weak in the East and Central regions. Supplies of larger sizes were more than sufficient to satisfy trade requirements. In production areas, live supplies were moderate. Weights were mixed, but mostly desirable. According to the National Agriculture Statistics Service (NASS) for the week ending 21-Jul-2007, broiler egg sets were up 2%, and chick placements were up 2% when compared to a year ago. Based on the preliminary chick placements, the number of fryers available for marketing during the week ending 01-Sep-2007 was estimated at 163.4 million head, this compares to 165.2 million head a week earlier.