06/13/2007 Farm Bureau Market Report

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Grain & Soybean Date: June 13, 2007 Soybeans Local Elevators: (Jun) EAST AR:  761 to 788 (NC) Summ. 792 to 814 River Elevators: (Jun) MISS: 781 to 792 ; AR & White 765 to 785 (NC) Summ. 787 to 822 Ark. Processor Bids: (Jun) 787 to - - -  (NC) 811 to 814 Memphis:  (Jun) 785 3/4 to 791 3/4 (NC)  801 3/4 to 805 3/4 Riceland Foods:  (NC) Stuttgart n/a ; Pendleton n/a ; West Memphis n/a Chicago Futures: Jul up 3/4 at  525 3/4   Aug  up  1  at  833 1/4   Nov up 1/2  at  859 3/4   Jan up 3/4  at  870   Nov '08 up 1/2  at  882   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans managed to recoup most of the early session losses. However, compared to corn and wheat, soybeans were the ugly stepsister. Lower palm oil prices were passed down the chain to soy oil which contributed to the weaker undertone in beans. Dry weather in the mid-South is expected to reduce double crop beans behind wheat in some areas. Thus the planted acreage report due later this month could be little changed. Wheat Cash bid for June at Memphis  524 1/2 to 536 1/2; Bids to farmers at Local Elevators 514-525; River Elevators 503-540; Chicago Futures: Jul up  24 1/2  at  589 1/2    Sep up 24 3/4  at  605    Dec up  19 1/2  at  613    Jul '08 up  8 1/2  at  574 1/2    Jul '09 up  9  at  573    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for new crop at Memphis  671 to 684; Bids to farmers at River Elevators 629-693; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for June at Memphis   404 1/2 to 407 1/2;   new crop at Memphis   372 1/2 to 378 1/2; Bids to farmers at River Elevators  385 to 398 Chicago Futures: Jul up  11  at  404 1/2    Sep up  10  at  412 1/2    Dec '07 up  9 1/2  at  415    Dec '08 up  10  at  425 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures are trading at their highest level since 1996. Supply concerns are the driving force behind the market. Production problems domestically and abroad have the USDA estimating the smallest carryout in 30 years. Corn was also sharply higher, despite weather forecasts that would normally be considered bearish. Increasing demand and active fund buying are pushing futures higher. Cotton & Rice  Date: June 13, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis up 109 at  4919   Greenwood up  109 at 4919 New York Futures: Jul up  84  at  5244    Oct up  85  at  5615    Dec up  70  at  5799    Mar up  70  at  6050    Dec '08 up  80  at  6530  This week's LDP rate for cotton is  6.76 cents   The estimate for next week is  5.27 cents Cotton Comment Cotton reversed early declines to close just under 58 cents. This also appears to be a breakout from the consolidation area that contained trading for the last 5 days. The bull flag objective of 59 cents and the late March high of 60.1 cents remain viable upside objectives. This week’s supply demand report indicated minor changes with a 300,000 bales increase in both 06/07 and 07/08 ending stocks generally expected. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: Jul up  8 1/2  at  1083 1/2    Sep up  7  at  1118    Nov up  3  at  1141    Jan up  3  at  1167    - - - up  - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice futures were only slightly higher today but it was an important close with November ending the session above the May 4 spike high of $11.40. Technically, this suggests a retest of the $11.59 contract high, but the market is heavily overbought and is probably due a setback. Fundamentals changed very little in the Monday supply demand report with a slightly larger 06/07 ending stock number the biggest change. World numbers were essentially unchanged but still show further reductions in ending world stocks. Rice futures have made big moves which may be tied to the other grains with wheat now leading the charge. Cattle & Hogs  Date: June 13, 2007 Cattle As reported by Federal-State Market News, receipts were 1,621 head at sales in Conway, Ola & Pocahontas.  Compared with last week, feeder steers sold mostly $1-$4 lower. Feeder heifers $5-$8 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 115 to 125   500 to 550 lbs. 103 to 113   600 to 700 lbs. 97 to 107  Medium & Large Frame 2   400 to 450 lbs. 101 to 111 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 99 to 109  Medium & Large Frame 2   400 to 450 lbs. 89 to 99 Slaughter Cows, Boners 42   to   48 Light Weight 33 to 37.50 Bulls, Yield Grade   1   1000   to   2100 lbs.   51   to   63, high dressing 65.50-67.50 Midwest Steers   were quoted   at   88   to   - - - Panhandle Steers   were quoted   at   88   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 124 to 136.10   600 to 650 lbs. 108 to 116.50 Heifers 500 to 550 lbs. 107.50 to 114   600 to 650 lbs. 100.50 to 109 Chicago Futures: Live Cattle: Aug down 75 at 8955   Dec down 37 at 9457 Feeders: Aug down 152 at 10660   Oct down 132 at 10692 Cattle Comment Cattle futures remain under pressure from negative fundamentals. 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. October feeders are testing support near $106. Hogs Peoria: were     steady   at   44.5   to   45 Chicago Futures: Aug down 45 at 7467   Oct down 7 at 6827 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures gave back most of yesterday’s gains. Weak cash prices pressured futures. Packers are expected to reduce slaughter operations because of declining margins. Poultry  Date: June 13, 2007 Eggs New York:  Ex. Lg. 78-82; Lg. 76-80; 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 was about steady in the West, steady to barely steady in the Midwest, and steady in the East. 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