Grain & Soybean Date: July 27, 2007

Soybeans

Local Elevators:
(Jul) EAST AR:  718 to 749
(NC) Summ. 749 to 771
River Elevators:
(Jul) MISS: 734 to 756 ; AR & White 718 to 749
(NC) Summ. 751 to 780
Ark. Processor Bids: (Jul) 746 to - - -  (NC) 766 to 771
Memphis:  (Jul) 764 1/2 to 772 1/2 (NC)  777 1/2 to 780 1/2
Riceland Foods:  (NC) Stuttgart 771 ; Pendleton 771 ; West Memphis 780

Chicago Futures: Aug down 6 at  815 1/2
  Nov  down  at  840 1/2
  Jan down 5 1/4  at  856 1/4
  Mar down 8 1/2  at  867
  Nov '08 down 5 1/2  at  886
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans remained in a consolidating phase as November held above recent support at $8.34. While most of the soybean crop has outstanding yield potential we are still a few weeks away from confirming that. So, weather remains a factor. Technically, November has a downside objective of $7.76.

Wheat
Cash bid for July at Memphis  605 1/4 to - - -;
Bids to farmers at Local Elevators 582-591;
River Elevators 576-607;

Chicago Futures: Sep up  2 1/4  at  653 1/4 
  Dec unchanged   at  669 
  Mar down  1/4  at  662 3/4 
  Jul '08 down  3/4  at  582 3/4 
  Jul '09 down  at  566 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for new crop at Memphis  596 to 613;
Bids to farmers at River Elevators 529-600;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for July at Memphis   296 to 318;
  new crop at Memphis   281 to 294;
Bids to farmers at River Elevators  263 to 274

Chicago Futures: Sep up  3 1/2  at  321 
  Dec up  3 1/2  at  336 1/2 
  Mar up  3 1/4  at  351 3/4 
  Dec '08 up  2 3/4  at  386 1/2 
  Today's Arkansas LDP rate for corn is: 0¢0

Grain Comment
Wheat traded in a narrow range after wild moves yesterday. Further tightening of world stocks are adding to the technical potential with September having made a new contract high yesterday. That makes the ’96 high of $7.17 the next objective.



Cotton & Rice  Date: July 27, 2007


Cotton
Spot Price, Grade 41 Staple 34: Memphis up 80 at  5680
  Greenwood up  80 at 5680

New York Futures: Oct up  80  at  6155 
  Dec up  71  at  6350 
 Mar up  72  at  6665 
 May up  80  at  6770 
 Dec '08 up  58  at  7068 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton recouped most of yesterday’s losses, but will have to close above 64.5 cents to get December back in an upmode. 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 992/cwt  to  - - -
  - - - - - -  to  - - -

Chicago Futures: Sep down  7 1/2  at  1033 
 Nov down  at  1067 
 Jan down  at  1100 
 Mar down  at  1129 
 n/a down  - - -  at  - - - 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice ended the week on a lower note, however 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 27, 2007

Cattle
As reported by Federal-State Market News, receipts were 7,950 head at sales in Arkansas this week.  Compared with last week, feeder steers sold mostly firm to $3 higher .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 127 to 137
  500 to 550 lbs. 115 to 125
  600 to 700 lbs. 106 to 116
 Medium & Large Frame 2   400 to 450 lbs. 113 to 123

Heifers:
 Medium & Large Frame 1   400 to 450 lbs. 111 to 121
 Medium & Large Frame 2   400 to 450 lbs. 108 to 118

Slaughter Cows, Boners 48   to   54
Light Weight 38 to 41
Bulls, Yield Grade   1   1000   to   2100 lbs.   61   to   68, high dressing 68.50-75.50
Midwest Steers   were $3-$3.50 higher   at   91   to   91.50
Panhandle Steers   were $3-$3.50 higher   at   91   to   91.50

Oklahoma City Feeders
Steers 500 to 550 lbs. 112.50 to 139
  600 to 650 lbs. 107.50 to 124.25
Heifers 500 to 550 lbs. 100 to 114.50
  600 to 650 lbs. 96 to 113.50

Chicago Futures:
Live Cattle: Aug up 160 at 9362
  Dec up 80 at 9982
Feeders: Aug up 77 at 11712
  Oct up 82 at 11810

Cattle Comment
Improved product movement and stronger beef values contributed to big gains in cattle futures. Live cattle are back in position to retest recent resistance at $94. A close above this level would suggest a move toward the contract high just above $96.

Hogs
Peoria: were     steady   at   46.50   to   47

Chicago Futures: Aug down 37 at 7277
  Oct up 150 at 7255

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

Hogs Comment
With the exception of nearby August lean hogs, futures closed sharply higher. Persistent rumors of Chinese buying overrode negative factors including ample hog numbers and negative packer margins.



Poultry  Date: July 27, 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. 87-89
 

Delmarva Broilers
U.S. Grade A
Majority prices in the West were unchanged, but in the East and Central regions values were lower compared to a week earlier. Supplies were fully adequate for trade needs, but lighter sizes were in the best position. Trade sentiment was mixed at current levels, but no better than steady. In production areas, live supplies were moderate at mostly desirable weights.