06/11/2007 Farm Bureau Market Report

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Grain & Soybean Date: June 11, 2007 Soybeans Local Elevators: (Jun) EAST AR:  765 to 792 (NC) Summ. 806 to 828 River Elevators: (Jun) MISS: 785 to 796 ; AR & White 769 to 789 (NC) Summ. 799 to 828 Ark. Processor Bids: (Jun) 791 to - - -  (NC) 827 to 828 Memphis:  (Jun) 792 to 796 (NC)  815 1/2 to 823 1/2 Riceland Foods:  (NC) Stuttgart 791 ; Pendleton 792 ; West Memphis 796 Chicago Futures: Jul up 8 1/2 at  830   Aug  up  9  at  838   Nov up 9  at  863 1/2   Jan up 9  at  873 1/4   Nov '08 up 9 3/4  at  885   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans rode the strength in wheat to new recent highs. However, this market remains highly volatile with big moves the last four days. 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  506 to 516; Bids to farmers at Local Elevators 486-495; River Elevators 475-510; Chicago Futures: Jul up  28 1/2  at  556    Sep up 29 1/4  at  571 3/4    Dec up  27 1/4  at  583 3/4    Jul '08 up  12  at  561 1/2    Jul '09 up  14  at  556    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for new crop at Memphis  668 to 671; Bids to farmers at River Elevators 614-679; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for June at Memphis   398 to 402;   new crop at Memphis   371 to - - -; Bids to farmers at River Elevators  377 to 390 Chicago Futures: Jul up  14  at  396    Sep up  14 3/4  at  405    Dec '07 up  13 3/4  at  406    Dec '08 up  9 3/4  at  416 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures shattered contract highs in reaction to the monthly supply/demand report. The trade was expecting a small increase in production, but what we got was a 6 million bushel decrease in the estimate, thanks to poor yield estimates in places like Oklahoma. The lowest world ending stocks estimate in 30 years also added support. Corn was also higher, despite a 50 million bushel cut in the export projection. Cotton & Rice  Date: June 11, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis up 50 at  4842   Greenwood up  50 at 4842 New York Futures: Jul up  50  at  5192    Oct up  70  at  5570    Dec up  59  at  5774    Mar up  55  at  6035    Dec '08 up  35  at  6485  This week's LDP rate for cotton is  6.76 cents   The estimate for next week is  5.28 cents Cotton Comment Cotton stayed in a narrow trading range again today but did manage a higher close. December 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  Aug/Sep 1037/cwt  to  - - -   n/a - - -  to  - - - Chicago Futures: Jul up  33 1/2  at  1042    Sep up  32  at  1082 1/2    Nov up  30 1/2  at  1112 1/2    Jan up  31  at  1139    n/a up  - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice received a big boost and moved sharply higher after several weeks of modest pressure. The slow export situation 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. Cattle & Hogs  Date: June 11, 2007 Cattle As reported by Federal-State Market News, receipts were 1,699 head at sales in Ash Flat & Springdale.  Compared with last week, feeder steers weak to $5 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 120 to 130   500 to 550 lbs. 110 to 120   600 to 700 lbs. 100 to 110  Medium & Large Frame 2   400 to 450 lbs. 122 to 126 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 108 to 118  Medium & Large Frame 2   400 to 450 lbs. 103 to 113 Slaughter Cows, Boners 44   to   50 Light Weight n/a to - - - Bulls, Yield Grade   1   1000   to   2100 lbs.   55   to   60.50, high dressing 62.50-65.50 Midwest Steers   were $3 lower to $.50 higher   at   88   to   91.50 Panhandle Steers   were $1 lower to steady   at   90   to   91.50 Oklahoma City Feeders Steers n/a to - - - lbs. - - - to - - -   n/a to - - - lbs. - - - to - - - Heifers 550 to 600 lbs. 102.50 to 105.75   600 to 650 lbs. 101 to 105.25 Chicago Futures: Live Cattle: Aug up 40 at 9000   Dec down 7 at 9452 Feeders: Aug down 65 at 10755   Oct down 50 at 10770 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     steady   at   44.5   to   45 Chicago Futures: Aug up 25 at 7362   Oct down 15 at 6735 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 11, 2007 Eggs New York:  Ex. Lg. 77-81; Lg. 75-79; Med. 60-64; Chicago:  Ex. Lg. 66-74; Lg. 64-72; Med. 50-58; Eastern Region Turkeys Hens: 8-16 lbs. 79-82 Toms: 16-24 lbs. 79-81   Delmarva Broilers U.S. Grade A Majority prices were lower in the Midwest, but unchanged in the West and East when compared to previous week. Trade sentiment was barely steady to weak in the Midwest, steady to about steady in all other areas. Supplies of all sizes were usually more than sufficient for 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