06/01/2007 Farm Bureau Market Report

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Grain & Soybean Date: June 01, 2007 Soybeans Local Elevators: (May) EAST AR:  758 to 785 (NC) Summ. 784 to 807 River Elevators: (May) MISS: 773 to 789 ; AR & White 763 to 783 (NC) Summ. 782 to 809 Ark. Processor Bids: (May) 779 to 784  (NC) 807 to 810 Memphis:  (May) 784 1/2 to 786 1/2 (NC)  800 1/4 to 809 1/4 Riceland Foods:  (NC) Stuttgart 783 ; Pendleton 785 ; West Memphis 789 Chicago Futures: Jul up 11 1/4 at  817 1/2   Aug  up  11 1/4  at  824 3/4   Nov up 11  at  847 1/4   Jan up 12  at  856   Nov '08 up 11  at  866 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans made another strong charge freeled by record palm oil prices. Additional support is coming from the current relationship of the U.S. dollar and the Brazilian real. The weaker dollar versus the real makes U.S. beans a better buy despite recent gains. Technically, the market remains somewhat overbought and due a retracement. Wheat Cash bid for June at Memphis  487 3/4 to 490 3/4; Bids to farmers at Local Elevators 467-478; River Elevators 463-493; Chicago Futures: Jul up  3 3/4  at  520 3/4    Sep up 3 1/2  at  535 1/2    Dec up  4  at  547    Jul '08 up  2 1/2  at  523 1/2    Jul '09 up  5  at  525    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for new crop at Memphis  621 to 639; Bids to farmers at River Elevators 598-663; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for May at Memphis   391 3/4 to 398 3/4;   new crop at Memphis   360 1/4 to 361 1/4; Bids to farmers at River Elevators  378 to 391 Chicago Futures: Jul down  3 1/2  at  386 3/4    Sep down  2 1/4  at  389 1/4    Dec '07 down  1 3/4  at  383    Dec '08 down  1 1/2  at  398 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Corn futures lost ground on profit taking after yesterday’s big gains. Strong export sales limited losses. The USDA says 53.7 million bushels of corn were sold this week, about 50/50 old crop/new crop. Wheat futures were higher again today on strong export sales. The weekly total for wheat was 35.2 million bushels, almost double the average trade estimate. July set a new contract high of $5.30 ½ before retracing most of the day’s gains. Cotton & Rice  Date: June 01, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis down 57 at  4648   Greenwood down  57 at 4648 New York Futures: Jul down  57  at  5048    Oct down  30  at  5430    Dec down  23  at  5643    Mar down  20  at  5920    Dec '08 down  50  at  6340  This week's LDP rate for cotton is  7.86   The estimate for next week is  7.01 cents Cotton Comment Cotton reversed yesterday’s gains, continuing the selloff that began after December hit the 62% retracement objective at 57 cents. Last week’s bull flag formation remains intact with an upside objective around 59 cents, or very near the late March high. Overall fundamentals remain somewhat negative, but recent buying by China is expected to continue. Huge end of year stocks remain a drag on the market, although small U.S. plantings and weather problems could help reduce the ’07 crop significantly. There appeared to be little market reaction to yesterday’s announced approval of Monsanto’s purchase of D&PL, if certain conditions were met. Rice Long Grain Cash Bid for  Aug/Nov 1015/cwt  to  - - -   n/a - - -  to  - - - Chicago Futures: Jul down  2  at  1019    Sep down  3  at  1058    Nov down  1  at  1090    Jan down  1  at  1115    Mar unchanged    at  1143  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice traded in a narrow range again today before closing lower. 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: June 01, 2007 Cattle As reported by Federal-State Market News, receipts were 10,120 head at sales in Arkansas this week.  Compared with last week, feeder steers sold steady to $2 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 121 to 131   500 to 550 lbs. 114 to 124   600 to 700 lbs. 103 to 113  Medium & Large Frame 2   400 to 450 lbs. 112 to 122 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   51 Light Weight 34 to 39 Bulls, Yield Grade   1   1000   to   2100 lbs.   60   to   64.50 Midwest Steers   were $1 higher to steady   at   93   to   - - - Panhandle Steers   were $1 higher to steady   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 80 at 9067   Dec down 47 at 9547 Feeders: Aug down 117 at 11025   Oct down 87 at 10990 Cattle Comment Cattle futures were lower under pressure from weaker cash cattle and wholesale beef prices. Feeders continue to be under pressure from relatively high corn prices. August has key support between $90-$91. Hogs Peoria: were     steady   at   47   to   47.5 Chicago Futures: Aug up 45 at 7450   Oct up 90 at 6805 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs were lower in early dealings, but recovered to post gains by the end of the day. Sharp declines in the composite pork cutout have pushed packer margins into the red, and packers are cutting production and lowering cash bids as a result. August futures are testing resistance at $74.50. Poultry  Date: June 01, 2007 Eggs New York:  Ex. Lg. 82-86; Lg. 80-84; Med. 68-72; 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 Majority prices for next were trending unchanged in the East and West and one cent lower in the Midwest. Trade sentiment was irregular in the West, and overall no better than steady elsewhere. In production areas, live supplies were moderate at mixed, but mostly desirable weights. ---------------------------------------- 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