06/12/2007 Farm Bureau Market Report

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Grain & Soybean Date: June 12, 2007 Soybeans Local Elevators: (June) EAST AR:  762 to 789 (NC) Summ. 802 to 824 River Elevators: (June) MISS: 782 to 793 ; AR & White 765 to 785 (NC) Summ. 787 to 824 Ark. Processor Bids: (June) 788 to - - -  (NC) 823 to 824 Memphis:  (June) 787 1/2 to 792 1/2 (NC)  802 1/4 to 816 1/4 Riceland Foods:  (NC) Stuttgart 788 ; Pendleton 789 ; West Memphis 793 Chicago Futures: July down 3 1/2 at  826 1/2   Aug  down  3 3/4  at  834 1/4   Nov down 3 1/4  at  860 1/4   Jan down 2 1/2  at  870 3/4   Nov '08 down 2 1/2  at  882 1/2   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  512 to 520; Bids to farmers at Local Elevators 491-500; River Elevators 484-515; Chicago Futures: July up  9  at  565    Sept up 8 1/2  at  580 1/4    Dec up  9 3/4  at  593 1/2    July '08 up  4 1/2  at  566    July '09 up  8  at  564    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for new crop at Memphis  656 to 667; Bids to farmers at River Elevators 609-673; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for June at Memphis   391 1/2 to 396 1/2;   New crop at Memphis   365 1/2 to 368 1/2; Bids to farmers at River Elevators  370 to 383 Chicago Futures: July down  2 1/2  at  393 1/2    Sept down  2 1/2  at  402 1/2    Dec '07 down  1/2  at  405 1/2    Dec '08 down  1 1/4  at  415 1/4    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 12, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis down 32 at  4810   Greenwood down  32 at 4810 New York Futures: July down  32  at  5160    Oct down  40  at  5530    Dec down  45  at  5729    March down  55  at  5980    Dec '08 down  35  at  6450  This week's LDP rate for cotton is  6.76 cents   The estimate for next week is  5.22 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 1063/cwt  to  - - -   Sept 1063/cwt  to  - - - Chicago Futures: July up  33  at  1075    Sept up  28 1/2  at  1111    Nov up  25 1/2  at  1138    Jan up  25  at  1164    n/a   - - -  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 12, 2007 Cattle As reported by Federal-State Market News, receipts were 1326 head at sales in Fort Smith and Marshall.  Compared with last week, feeder steers sold weak to $5 lower, mostly $2 to $4 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 118 to 128   500 to 550 lbs. 111 to 118   600 to 650 lbs. 101 to 110  Medium & Large Frame 2   400 to 450 lbs. 115 to 115 Heifers:  Medium & Large Frame 1   500 to 550 lbs. 100 to 111  Medium & Large Frame 2   400 to 450 lbs. 91 to 101 Slaughter Cows, Boners 46   to   50 Light Weight 37 to 41 Bulls, Yield Grade   1   1000   to   2100 lbs.   60   to   65, high dressing 65-67 Midwest Steers   too few to report   at   - - -   to   - - - Panhandle Steers   too few to report   at   - - -   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 124 to 136.10   550 to 600 lbs. 115.5 to 121.25 Heifers 500 to 550 lbs. 107.5 to 114   550 to 600 lbs. 106.5 to 113.5 Chicago Futures: Live Cattle: Aug up 30 at 9030   Dec up 42 at 9495 Feeders: Aug up 57 at 10812   Oct up 55 at 10825 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 150 at 7512   Oct up 100 at 6835 Sheep St. Paul n/a   at   - - -   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 12, 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. 80-82 Toms: 16-24 lbs. 80-82   Delmarva Broilers U.S. Grade A Trade sentiment ranged steady to instances weak, but was mostly steady overall. Supplies of all sizes were at least sufficient for trade needs; floor stocks were adequate to long. In production areas, live supplies were moderate at mixed, but 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