05/30/2007 Farm Bureau Market Report

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Grain & Soybean Date: May 30, 2007 Soybeans Local Elevators: (May) EAST AR:  748 to 775 (NC) Summ. 774 to 797 River Elevators: (May) MISS: 763 to 779 ; AR & White 752 to 772 (NC) Summ. 774 to 799 Ark. Processor Bids: (May) 769 to 774  (NC) 797 to 800 Memphis:  (May) 776 1/4 to - - - (NC)  793 to 802 Riceland Foods:  (NC) Stuttgart 774 ; Pendleton 775 ; West Memphis 779 Chicago Futures: Jul up 10 3/4 at  808 1/4   Aug  up  10 1/2  at  815 3/4   Nov up 10 1/4  at  837   Jan up 10 1/4  at  845 3/4   Nov ' 08 up 7 1/4  at  857 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans bounced back after yesterday’s brief technically inspired decline. The market was due a correction with the relative strength index (RSI) indicating a very overbought situation. Soybeans led the reversal which saw corn and wheat make huge late gains. Weekly export inspections were viewed as negative as the grains and soybeans were all below expectations. November is back in position to retest resistance at $8.43 as we head toward the weekend. Wheat Cash bid for new crop at Memphis  475 3/4 to 477 3/4; Bids to farmers at Local Elevators 457-468; River Elevators 453-483; Chicago Futures: Jul up  19 3/4  at  510 3/4    Sep up 19 1/2  at  524 3/4    Dec up  19 1/2  at  536    Jul ' 08 up  14 1/2  at  512    Jul ' 09 up  17  at  523    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for new crop at Memphis  618 to - - -; Bids to farmers at River Elevators 589-654; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for May at Memphis   387 1/4 to 394 1/4;   New Crop at Memphis   355 3/4 to 356 3/4; Bids to farmers at River Elevators  375 to 388 Chicago Futures: Jul up  17 1/2  at  382 1/4    Sep up  17  at  384 3/4    Dec ' 07 up  13 3/4  at  381 1/4    Dec ' 08 up  9 1/2  at  398    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat regained all of yesterday’s losses and then some, mostly on ideas that yesterday’s losses were overdone. A small amount of deterioration in the winter wheat crop was reported by USDA in the weekly ratings. 57% of the crop is now rated good to excellent, compared to 59% last week. Production problems across Europe were supportive as well. Today’s move could bring the contract high of $5.30 back into play. Cotton & Rice  Date: May 30, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis up 35 at  4638   Greenwood up  35 at 4638 New York Futures: Jul up  35  at  5038    Oct up  50  at  5420    Dec up  55  at  5600    Mar up  58  at  5885    Dec ' 08 up  68  at  6338  This week's LDP rate for cotton is  9.39   The estimate for next week is  7.98 cents Cotton Comment Like grains, cotton retraced a good portion of yesterday’s decline. The up and down movement of the past two days left last week’s bull flag intact. Fundamentals don’t support much upside potential but the bull flag has an upside objective around 59 cents. This is just below the late March high. While official planting figures are unavailable it appears Arkansas will plant less than 900,000 acres. Unofficial numbers suggest the Central Zone of the Arkansas Boll Weevil Eradication program will be down over 30%. Southeast Arkansas will be down around 15%, while Northeast Arkansas will be down less than 10%. Drought conditions are impacting Georgia crop, while some Texas areas have more than ample moisture. Rice Long Grain Cash Bid for  May 907/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Jul up  3  at  1022    Sep up  5  at  1062    Nov up  4  at  1092    Jan up  2  at  1116    Mar up  6  at  1144  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice firmed slightly as the overall trading range remained very narrow. Fundamental news is lacking as there is little new business being generated. Mills continue to operate well below capacity and there doesn’t appear to be anything on the horizon to suggest a near term change. The international market is steady with high freight rates dominating the trade. Both Vietnam and Thailand are shipping against prior sales but fresh business is slow. The U.S. crop is progressing at a nice pace and will decline again as overall plantings are well below year ago levels. Technically, November has support at $10.80, upside potential appears limited for the near term. Cattle & Hogs  Date: Cattle As reported by Federal-State Market News, receipts were 1,244 head at sales in Conway, Ola & Pocahontas.  Compared with last week, feeder steers sold unevenly, near steady . Steers:  Medium & Large Frame 1   400 to 450 lbs. 118 to 128   500 to 550 lbs. 112 to 122   600 to 700 lbs. 95 to 105  Medium & Large Frame 2   400 to 450 lbs. 106 to 116 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 105 to 115  Medium & Large Frame 2   400 to 450 lbs. 95 to 105 Slaughter Cows, Boners 45   to   49 Light Weight 34 to 41 Bulls, Yield Grade   1   1000   to   2100 lbs.   58   to   64, high dressing 64.50-65 Midwest Steers   were 1-2.50 lower   at   93   to   - - - Panhandle Steers   were steady to 2 lower   at   93   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 32 at 9110   Dec down 25 at 9537 Feeders: Aug down 120 at 11035   Oct down 87 at 10950 Cattle Comment Cattle futures were under pressure from sharp gains in corn and expectations for lower cash cattle prices. August has significant support between $90 and $91. Hogs Peoria: were     steady   at   47.5   to   48 Chicago Futures: Aug up 37 at 7390   Oct up 85 at 6672 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs followed through on yesterday’s bullish price action and closed higher. Stronger wholesale pork prices and improved packer margins were also supportive. Poultry  Date: May 30, 2007 Eggs New York:  Ex. Lg. 89-93; Lg. 87-91; Med. 78-82; Chicago:  Ex. Lg. 80-88; Lg. 78-86; Med. 72-80; Eastern Region Turkeys Hens: 8-16 lbs. 77-79 Toms: 16-24 lbs. 77-79   Delmarva Broilers U.S. Grade A Trade sentiment was steady in all areas. Supplies of all sizes were usually sufficient to handle trade needs. In production areas, live supplies were moderate at mixed, but mostly desirable weights. The Composite Weighted Average price for 05/28/07 was 82.89 compared to 82.87 a week earlier, and 64.06 a year ago. ---------------------------------------- HOW TO UNSUBSCRIBE You are receiving this newsletter because you requested that your e-mail address be added to the Arkansas Farm Bureau Market Report. To unsubscribe or change your subscription information, go to http://www.arfb.com/commodity/daily_rpt_email.asp ---------------------------------------- QUESTIONS OR COMMENTS? If you have any comments or questions about this e-newsletter please e-mail us at mktrpt@arfb.com Arkansas Farm Bureau 10720 Kanis Road Little Rock, AR 72211 501-224-4400 Copyright 2007 Arkansas Farm Bureau, Inc. All rights reserved