06/06/2007 Farm Bureau Market Report

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Grain & Soybean Date: June 06, 2007 Soybeans Local Elevators: (Jun) EAST AR:  757 to 784 (NC) Summ. 796 to 818 River Elevators: (Jun) MISS: 777 to 788 ; AR & White 763 to 783 (NC) Summ. 789 to 818 Ark. Processor Bids: (Jun) 783 to - - -  (NC) 817 to 818 Memphis:  (Jun) 784 1/4 to 788 1/4 (NC)  810 1/2 to 813 1/2 Riceland Foods:  (NC) Stuttgart 783 ; Pendleton 784 ; West Memphis 788 Chicago Futures: Jul down 6 at  822 1/4   Aug  down  6  at  829 3/4   Nov down 5 3/4  at  853 1/2   Jan down 4  at  862   Nov '08 down 2 3/4  at  875 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Lower soy oil values put soybeans on the defensive with November registering a key reversal after making a new contract high early in the session. This may be the first sign of a major turnaround. A divergence between November futures and the Relative Strength Index (RSI) also suggests near term weakness. The RSI has trended down over the last three weeks, while futures have trended higher. Wheat Cash bid for June at Memphis  482 3/4 to 486 3/4; Bids to farmers at Local Elevators 459-473; River Elevators 460-488; Chicago Futures: Jul down  7 1/2  at  519 3/4    Sep down 8 3/4  at  534 1/2    Dec down  7  at  547 1/2    Jul '08 down  5 1/2  at  539 1/2    Jul '09 unchanged    at  538    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for new crop at Memphis  627 to 636; Bids to farmers at River Elevators 577-630; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for June at Memphis   381 3/4 to 382 3/4;   new crop at Memphis   352 1/2 to 353 1/2; Bids to farmers at River Elevators  360 to 373 Chicago Futures: Jul down  5 1/2  at  374 3/4    Sep down  4 1/4  at  381 1/2    Dec '07 down  1 1/2  at  381 1/4    Dec '08 down  1/2  at  400 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat was lower today but didn’t flash a potential market top like soybeans. Lower crop estimates for the Ukraine and soaring European prices will limit the downside for wheat. Today’s decline was likely profit taking after gains of over 70 cents the last two weeks. Corn partially recouped early declines as price movement remains within the range that has contained trading for the last 10 weeks. Cotton & Rice  Date: June 06, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis up 30 at  4805   Greenwood up  30 at 4805 New York Futures: Jul down  20  at  5155    Oct down  35  at  5505    Dec down  8  at  5730    Mar down  20  at  5990    Dec '08 down  5  at  6450  This week's LDP rate for cotton is  7.86   The estimate for next week is  7.39 cents Cotton Comment Cotton was a little lower as the market gave back a smaller portion of yesterday’s gains. 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 1005/cwt  to  - - - Chicago Futures: Jul down  8  at  1011    Sep down  8 1/2  at  1047 1/2    Nov down  61  at  1080    Jan down  4  at  1107    n/a down  - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice closed lower but recouped a good portion of early sharp losses. Overall U.S. mill activity remains slow with very little export activity. That doesn’t appear likely to change in the near future or perhaps even into the new crop harvest. At the same time Thailand is actively shipping against prior sales. Both Thailand and Vietnam are expected to be active participants in a 300,000 metric tonne tender by the Philippines. Technically, futures dipped below key support at $10.80 but retraced to close at that level. The next support is the late March low of $10.65. Cattle & Hogs  Date: June 06, 2007 Cattle As reported by Federal-State Market News, receipts were 1,519 head at sales in Conway, Ola & Pocahontas.  Compared with last week, feeder steers sold mostly $2-$4 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 116 to 126   500 to 550 lbs. 107 to 117   600 to 700 lbs. 99 to 109  Medium & Large Frame 2   400 to 450 lbs. 106 to 116 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 104 to 114  Medium & Large Frame 2   400 to 450 lbs. 91 to 101 Slaughter Cows, Boners 42   to   47 Light Weight 28 to 33 Bulls, Yield Grade   1   1000   to   2100 lbs.   58   to   64, high dressing untested Midwest Steers   were quoted   at   90   to   90.50 Panhandle Steers   were quoted   at   90   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. 107 to 114   600 to 650 lbs. 102.75 to 107.60 Chicago Futures: Live Cattle: Aug down 130 at 8972   Dec down 102 at 9465 Feeders: Aug down 110 at 10977   Oct down 115 at 10945 Cattle Comment Cattle futures were under heavy selling pressure and closed sharply lower with June at the key support level of $90. Big supplies of cattle and weakness in dressed beef contributed to the downturn. Hogs Peoria: were $.5     lower   at   46   to   46.5 Chicago Futures: Aug down 100 at 7395   Oct down 92 at 6745 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures gapped lower, pressured by a big decline in the composite pork cutout value yesterday. Packers are expected to reduce slaughter operations because of declining margins. A possible strike at an Eastern cornbelt plant is adding to the negative undertone. Poultry  Date: June 06, 2007 Eggs New York:  Ex. Lg. 78-82; Lg. 76-80; Med. 62-66; Chicago:  Ex. Lg. 73-81; Lg. 71-79; Med. 61-69; Eastern Region Turkeys Hens: 8-16 lbs. 79-81 Toms: 16-24 lbs. 79-81   Delmarva Broilers U.S. Grade A Trade sentiment was about steady in the West, cautiously steady in the East, and barely steady to weak in the Midwest. Supllies of all sizes were at least adequate for trade needs. In production areas, live supplies were moderate. Weights were mixed, but mostly desirable. ---------------------------------------- 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