06/04/2007 Farm Bureau Market Report

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Grain & Soybean Date: June 04, 2007 Soybeans Local Elevators: (Jun) EAST AR:  756 to 783 (NC) Summ. 783 to 806 River Elevators: (Jun) MISS: 771 to 787 ; AR & White 762 to 782 (NC) Summ. 781 to 808 Ark. Processor Bids: (Jun) 777 to 782  (NC) 806 to 809 Memphis:  (Jun) 784 3/4 to 785 3/4 (NC)  806 1/4 to 808 1/4 Riceland Foods:  (NC) Stuttgart 782 ; Pendleton 783 ; West Memphis 787 Chicago Futures: Jul down 1 3/4 at  815 3/4   Aug  down  1 3/4  at  823   Nov down 1  at  846 1/4   Jan down 2 1/2  at  853 1/2   Nov '08 down 1/2  at  866   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment November soybeans moved to a new contract high before sliding back to close slightly lower. Strong demand and weaker concerns are providing support. Soybeans continue to slide to new contract highs but have been unable to break away and establish a strong up-move. This may be a trend unless there is stronger evidence of weather problems at some time in the future. Long term resistance on the monthly charts is located at $8.56 and $9.03. Wheat Cash bid for new crop at Memphis  n/a to - - -; Bids to farmers at Local Elevators 466-475; River Elevators 460-490; Chicago Futures: Jul down  1/2  at  520 1/4    Sep unchanged   at  535 1/2    Dec down  1/2  at  546 1/2    Jul '08 down  12  at  535 1/2    Jul '09 down  8  at  533    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for new crop at Memphis  630 to 639; Bids to farmers at River Elevators 593-657; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for June at Memphis   390 3/4 to 395 3/4;   new crop at Memphis   359 1/4 to 360 1/4; Bids to farmers at River Elevators  375 to 388 Chicago Futures: Jul down  3  at  393 3/4    Sep down  1  at  388 1/4    Dec unchanged    at  387 1/4    Dec '08 unchanged    at  398 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Corn and wheat futures ended mixed in quiet trading today. Relatively good rain coverage across the Mid-West over the weekend was good for the corn crop, and mildly bearish for futures. Wheat was supported by news that Egypt bought 180,000 tons of U.S. soft red winter wheat over the weekend. July set a new contract high of $5.31 before closing fractionally lower. Cotton & Rice  Date: June 04, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis up 49 at  4599   Greenwood up  49 at 4599 New York Futures: Jul down  49  at  4999    Oct down  60  at  5370    Dec down  58  at  5585    Mar down  65  at  5855    Dec '08 down  45  at  6295  This week's LDP rate for cotton is  7.86   The estimate for next week is  7.12 cents Cotton Comment Cotton started the week on the downside with a continuation of Friday’s decline. While export sales are showing good recent response, there will need to be additional sales made to hold stocks at current projected levels. World mills appear to be locking in for delivery next year, which will leave a void going into the end o the 06-07 marketing year. Technically, last week’s bull flag formation remains intact, with an upside objective around 59 cents, or near the late March high. Rice Long Grain Cash Bid for  Jun 890/cwt  to  - - -   Aug/Sep 1010/cwt  to  - - - Chicago Futures: Jul down  3  at  1016    Sep down  3  at  1055    Nov down  5  at  1085    Jan down  5  at  1110    n/a down  - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice trading stayed in the very narrow range of recent days with November closing 5 cents 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 04, 2007 Cattle As reported by Federal-State Market News, receipts were 2,160 head at sales in Ash Flat & Springdale.  Compared with last week, feeder steers uneven, near steady . Steers:  Medium & Large Frame 1   400 to 450 lbs. 125 to 135   500 to 550 lbs. 114 to 124   600 to 700 lbs. 105 to 115  Medium & Large Frame 2   400 to 450 lbs. 121 to 131 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 110 to 120  Medium & Large Frame 2   400 to 450 lbs. 109 to 118 Slaughter Cows, Boners 44   to   50 Light Weight 34 to 40 Bulls, Yield Grade   1   1000   to   2100 lbs.   55   to   63 Midwest Steers   were $3 lower to $.50 higher   at   90   to   93.50 Panhandle Steers   were $3 lower to $.50 higher   at   90   to   93.50 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 steady at 9067   Dec up 10 at 9557 Feeders: Aug up 77 at 11102   Oct up 60 at 11050 Cattle Comment Cattle futures were mostly higher on indications the market was oversold. Feeders continue to be under pressure from relatively high corn prices. August has key support between $90-$91. Hogs Peoria: were $.5     lower   at   46.5   to   47 Chicago Futures: Aug up 50 at 7500   Oct up 10 at 6815 Sheep St. Paul sheep shorn slaughter lams   at   n/a   to   - - - Hogs Comment Hogs closed mostly higher despite a bearish cash situation. 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. Poultry  Date: June 04, 2007 Eggs New York:  Ex. Lg. 82-86; Lg. 80-84; Med. 68-72; Chicago:  Ex. Lg. 73-81; Lg. 71-79; Med. 61-69; Eastern Region Turkeys Hens: 8-16 lbs. 78-80 Toms: 16-24 lbs. 78-80   Delmarva Broilers U.S. Grade A Majority prices were unchanged to lower in the Midwest, unchanged in the East, and higher in the West when compared to previous week. Supplies of all sizes were more than sufficient to handle trade needs. In production areas, live supplies were moderate at 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