06/05//2007 Farm Bureau Market Report

Click here to view this report online.

Grain & Soybean Date: June 05, 2007 Soybeans Local Elevators: (Jun) EAST AR:  768 to 795 (NC) Summ. 796 to 819 River Elevators: (Jun) MISS: 783 to 799 ; AR & White 769 to 789 (NC) Summ. 794 to 821 Ark. Processor Bids: (Jun) 789 to 794  (NC) 819 to 822 Memphis:  (Jun) 790 1/4 to 797 1/4 (NC)  819 1/4 to 821 1/4 Riceland Foods:  (NC) Stuttgart 794 ; Pendleton 795 ; West Memphis 799 Chicago Futures: Jul up 12 1/2 at  828 1/4   Aug  up  12 3/4  at  835 3/4   Nov up 13  at  859 1/4   Jan up 12 1/2  at  866   Nov '08 up 12 1/4  at  787 1/4   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans made new contract highs again today with record palm oil prices contributing support. Malaysia is expected to raise their export tax on oil, while India reduces its import duties. Tightening vegetable oil stocks are keying the current upturn. November soybeans are heavily overbought and due a correction but the close was just below the new high leaving the next upside resistance just above $9. Wheat Cash bid for June at Memphis  495 1/4 to 497 1/4; Bids to farmers at Local Elevators 471-480; River Elevators 467-495; Chicago Futures: Jul up  5 3/4  at  510 1/2    Sep up 5 1/4  at  522    Dec up  8 1/4  at  538 1/4    Jul '08 up  9 1/2  at  545    Jul '09 up  5  at  538    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 586-650; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for June at Memphis   387 1/4 to 391 1/4;   new crop at Memphis   356 3/4 to 357 3/4; Bids to farmers at River Elevators  371 to 384 Chicago Futures: Jul down  3 1/2  at  380 1/4    Sep down  2 1/2  at  385 3/4    Dec '07 down  1/4  at  382 3/4    Dec '08 down  2 1/2  at  401    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment July wheat bulled to a new contract high but lost momentum going into the close. Poor crop ratings and yields in the mid-South provided support along with indications other areas of the world are having problems with their wheat. Corn hit old resistance at the top of the recent trading range before declining to close lower for the day. Cotton & Rice  Date: June 05, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis up 176 at  4775   Greenwood up  176 at 4775 New York Futures: Jul up  176  at  5175    Oct up  170  at  5540    Dec up  153  at  5738    Mar up  155  at  6010    Dec '08 up  160  at  6455  This week's LDP rate for cotton is  7.86   The estimate for next week is  7.27 cents Cotton Comment Cotton made a strong move despite a good crop rating report yesterday. Planting remains a little behind schedule with a rating of 84% compared to a 5 year average of 91%. A huge loan redemption over the last two weeks leaves only 2.76 million bales in the loan. Merchants are looking to hedge those redemptions as the market moves higher. Wet weather in parts of Texas and dry weather in the mid-South and Southeast may impact the final plantings with some acreage expected to move to beans. There are hopes that China will add an additional 5 million bales to their TRQ. Technically December closed above resistance at 57 cents and moved toward the bull flag objective at 59 cents. Rice Long Grain Cash Bid for  Jun 890  to  900/cwt   Aug/Sep 1011/cwt  to  - - - Chicago Futures: Jul up  3  at  1019    Sep up  1  at  1056    Nov up  1  at  1086    Jan up  1  at  1111    n/a up  - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice remained in a narrow trading range, ending the day a little higher in all contracts. 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 05, 2007 Cattle As reported by Federal-State Market News, receipts were 1,654 head at sales in Fort Smith & Marshall.  Compared with last week, feeder steers sold steady to $3 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 119 to 129   500 to 550 lbs. 112 to 122   600 to 650 lbs. 103 to 112  Medium & Large Frame 2   400 to 450 lbs. 115 to 118 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 108 to 118  Medium & Large Frame 2   400 to 450 lbs. 105 to - - - Slaughter Cows, Boners 48   to   51 Light Weight n/a to - - - Bulls, Yield Grade   1   1000   to   2100 lbs.   63   to   67 Midwest Steers   n/a   at   - - -   to   - - - Panhandle Steers   n/a   at   - - -   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 120 to 134.50   650 to 700 lbs. 112 to 119 Heifers 500 to 550 lbs. 110 to 113   600 to 650 lbs. 104.25 to 106 Chicago Futures: Live Cattle: Aug up 35 at 9102   Dec up 10 at 9567 Feeders: Aug down 15 at 11087   Oct up 10 at 11060 Cattle Comment Cattle futures were mixed, with front end contracts supported by the current discount to cash. Strong packer margins helped offset seasonally large supplies of cattle. June futures have support just below $110. Hogs Peoria: were     steady   at   46.5   to   47 Chicago Futures: Aug down 5 at 7495   Oct up 22 at 6837 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs were narrowly mixed. Negative packer margins offset tighter than expected hog supplies. However, slaughter levels remain above the norm for this time of year. Support for June hogs is currently $74. Poultry  Date: June 05, 2007 Eggs New York:  Ex. Lg. 80-84; Lg. 78-82; Med. 65-69; 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 Trade sentiment was mixed, ranging steady to instances weak in all areas. Supplies of all sizes were at least sufficient for trade needs. In production areas, live supplies were moderate at mixed, but mostly desirable weights. The Composite Weighted Average price for 06/04/07 was 82.74 compared to 82.89 a week earlier, and 64.81 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