06/07/2007 Farm Bureau Market Report

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Grain & Soybean Date: June 07, 2007 Soybeans Local Elevators: (Jun) EAST AR:  767 to 794 (NC) Summ. 807 to 829 River Elevators: (Jun) MISS: 787 to 798 ; AR & White 771 to 791 (NC) Summ. 800 to 829 Ark. Processor Bids: (Jun) 793 to - - -  (NC) 828 to 829 Memphis:  (Jun) 794 to 796 (NC)  823 1/2 to 824 1/2 Riceland Foods:  (June) Stuttgart 793 ; Pendleton 794 ; West Memphis 798 Chicago Futures: Jul up 9 3/4 at  832   Aug  up  10  at  839 3/4   Nov up 11  at  864 1/2   Jan up 10 3/4  at  872 3/4   Nov '08 up 11 3/4  at  887 1/4   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans quickly negated yesterday’s key reversal top. Higher oil values and continued concern about dry conditions in the southeast and perhaps the eastern cornbelt contributed to another good move. Corn led the way with beans quick to follow. The new contract high gives the market another opportunity to work toward the next long term resistance at $9.03. Wheat Cash bid for June at Memphis  491 1/2 to 492 1/2; Bids to farmers at Local Elevators 464-474; River Elevators 458-493; Chicago Futures: Jul up  4 3/4  at  524 1/2    Sep up 6 3/4  at  541 1/4    Dec up  6 3/4  at  554 1/4    Jul '08 up  6 1/2  at  596    Jul '09 unchanged    at  538    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for new crop at Memphis  649 to - - -; Bids to farmers at River Elevators 595-659; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for June at Memphis   391 3/4 to 392 3/4;   new crop at Memphis   364 1/2 to 365 1/2; Bids to farmers at River Elevators  370 to 383 Chicago Futures: Jul up  10  at  384 3/4    Sep up  12  at  393 1/2    Dec '07 up  12 1/4  at  393 1/2    Dec '08 up  8 1/4  at  408 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Corn futures moved higher despite disappointing export sales totals and bearish chart signals. The USDA said only 14.8 million bushels of corn were sold to export markets last week, and that is well below trade expectations. Dry weather in the eastern Corn Belt was credited as giving the market a boost. Wheat was also higher, with an export sales total of 45.3 million bushels. Cotton & Rice  Date: June 07, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis up 21 at  4826   Greenwood up  21 at 4826 New York Futures: Jul up  21  at  5176    Oct up  15  at  5520    Dec up  19  at  5749    Mar up  20  at  6010    Dec '08 up  15  at  6465  This week's LDP rate for cotton is  7.86   The estimate for next week is  6.76 cents Cotton Comment Cotton was slightly higher across the board. December futures remained in a narrow trading range just above 57 cents the last two days and remains in position to move toward the bull flag objective at 59 cents. 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. Rice Long Grain Cash Bid for  Jun 890  to  900   Aug/Sep 1005  to  - - - Chicago Futures: Jul down  1  at  1010    Sep up  1 1/2  at  1049    Nov unchanged    at  1080    Jan unchanged    at  1107    n/a unchanged  - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice was steady to slightly higher with little indication of fundamental market changes expected. 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, November closed the $10.88 support. The next support is the late March low of $10.65. Cattle & Hogs  Date: June 07, 2007 Cattle As reported by Federal-State Market News, receipts were 2,531 head at sales in Charlotte, Ratcliff & Green Forest.  Compared with last week, feeder steers sold mostly weak to $5 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 121 to 131   500 to 550 lbs. 108 to 118   600 to 700 lbs. 101 to 111  Medium & Large Frame 2   400 to 450 lbs. 120 to 130 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 103 to 113  Medium & Large Frame 2   400 to 450 lbs. 105 to 115 Slaughter Cows, Boners 44   to   50 Light Weight 35 to 40 Bulls, Yield Grade   1-2   1000   to   2100 lbs.   57.50   to   62.50, high dressing 64.50-67.50 Midwest Steers   were steady to $.50 lower   at   90   to   - - - Panhandle Steers   were steady   at   90   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 120 to 128   n/a to - - - lbs. - - - to - - - Heifers 550 to 600 lbs. 105 to 110   n/a to - - - lbs. - - - to Chicago Futures: Live Cattle: Aug down 20 at 8952   Dec up 7 at 9472 Feeders: Aug down 92 at 10885   Oct down 75 at 10870 Cattle Comment Cattle futures were under heavy selling pressure again today and June violated the key support level of $90. Big supplies of cattle and weakness in dressed beef contributed to the downturn. The next support for June is just below $89. Hogs Peoria: were $.5     lower   at   45.5   to   46.5 Chicago Futures: Aug down 37 at 7357   Oct steady at 6745 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures were lower again today after gapping lower yesterday. Packers are expected to reduce slaughter operations because of declining margins. Deferred contracts are being supported by higher corn prices, which are spurring expectations for decreased hog production in the coming months. Poultry  Date: June 07, 2007 Eggs New York:  Ex. Lg. 77-81; Lg. 75-79; Med. 60-64; Chicago:  Ex. Lg. 73-81; Lg. 71-79; Med. 61-69; Eastern Region Turkeys Hens: 8-16 lbs. 79-82 Toms: 16-24 lbs. 79-81   Delmarva Broilers U.S. Grade A Trade sentiment was mixed, ranging cautiously steady in the East, steady in the West, and barely steady to instances weak in the Midwest. In production areas, live supplies were moderate at mixed, but mostly desirable weights. According to the National Agricultural Statistics Service (NASS) for the week ending 02-Jun-07, broiler egg sets were up 3%, and chick placements were up 3% when compared to a year ago. Based on the preliminary chick placements, the number of fryers available for marketing during the week ending 14-Jul-2007 was estimated at 166.3 million head compared to 165.4 million head a week earlier. ---------------------------------------- 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? 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