06/08/2007 Farm Bureau Market Report

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Grain & Soybean Date: June 08, 2007 Soybeans Local Elevators: (Jun) EAST AR:  757 to 784 (NC) Summ. 797 to 819 River Elevators: (Jun) MISS: 777 to 788 ; AR & White 765 to 785 (NC) Summ. 783 to - - - Ark. Processor Bids: (Jun) 783 to - - -  (NC) 818 to 819 Memphis:  (Jun) 785 1/2 to 788 1/2 (NC)  806 1/2 to 813 1/2 Riceland Foods:  (Jun) Stuttgart 783 ; Pendleton 784 ; West Memphis 788 Chicago Futures: Jul down 10 1/2 at  821 1/2   Aug  down  10 3/4  at  829   Nov down 10  at  854 1/2   Jan down 8 1/2  at  964 1/4   Nov '08 down 12  at  875 1/4   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans were pressured early as long range weather forecasts look more promising. However, this market remains highly volatile with big moves the last three days. While the market was sharply lower early, declines were more moderate by the close. The market remains overbought and ripe for a setback. The next long term resistance is located around $9.03. November’s support is $8.43, and then $8.23. Wheat Cash bid for June at Memphis  487 1/2 to 493 1/2; Bids to farmers at Local Elevators 463-475; River Elevators 453-490; Chicago Futures: Jul up  3  at  527 1/2    Sep up 1 1/4  at  542 1/2    Dec up  2 1/4  at  556 1/2    Jul '08 up  3 1/2  at  594 1/2    Jul '09 up  4  at  542    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for new crop at Memphis  647 to - - -; Bids to farmers at River Elevators 367-380; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for June at Memphis   386 to 388;   new crop at Memphis   356 1/4 to - - -; Bids to farmers at River Elevators  367 to 380 Chicago Futures: Jul down  2 3/4  at  382    Sep down  3 1/4  at  390 1/4    Dec '07 down  1 1/4  at  392 1/4    Dec '08 down  2  at  406 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Corn futures were a bit lower, but drought concerns are tempering losses. Trade was light ahead of the monthly supply/demand report that will be released Monday morning. Wheat futures were a bit higher at midday, supported by production problems around the world. Cotton & Rice  Date: June 08, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis down 34 at  4792   Greenwood down  34 at 4792 New York Futures: Jul down  34  at  5142    Oct down  20  at  5500    Dec down  34  at  5715    Mar down  30  at  5980    Dec '08 down  15  at  6605  This week's LDP rate for cotton is  6.76 cents   The estimate for next week is  5.16 cents Cotton Comment Cotton stayed in a narrow trading range again today. December closed just above 57 cents 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/cwt   Aug/Sep 1007/cwt  to  - - - Chicago Futures: Jul down  1 1/2  at  1008 1/2    Sep up  1 1/2  at  1050 1/2    Nov up  2  at  1082    Jan up  1  at  1108    n/a   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice trading remains extremely slow. November was lower most of the session before a late rebound carried the market to a positive close. 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 08, 2007 Cattle As reported by Federal-State Market News, receipts were 9,750 head at sales in Arkansas this week.  Compared with last week, feeder steers sold $1-$4 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 117 to 127   500 to 550 lbs. 110 to 120   600 to 700 lbs. 102 to 112  Medium & Large Frame 2   400 to 450 lbs. 110 to 120 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 106 to 116  Medium & Large Frame 2   400 to 450 lbs. 100 to 110 Slaughter Cows, Boners 44   to   51 Light Weight 34 to 39 Bulls, Yield Grade   1   1000   to   2100 lbs.   57   to   63.50, high dressing 66-68 Midwest Steers   were $1 higher   at   91   to   - - - Panhandle Steers   were $1-$1.50 higher   at   91   to   91.50 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 up 7 at 8960   Dec down 12 at 9460 Feeders: Aug down 65 at 10820   Oct down 50 at 10820 Cattle Comment Cattle futures were mixed as the fundamental situation remains bearish. Big supplies of cattle, weakness in dressed beef values and high corn prices are all taking their toll on the market. The next support for June is just below $89. Hogs Peoria: were $1     lower   at   44.5   to   45 Chicago Futures: Aug down 20 at 7337   Oct up 5 at 6750 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures were again lower. 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 08, 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 Majority prices were generally unchanged in the East and West, but lower into the Midwest when compared to a week earlier. Supplies of all sizes were sufficient 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