06/14/2007 Farm Bureau Market Report

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Grain & Soybean Date: June 14, 2007 Soybeans Local Elevators: (Jun) EAST AR:  763 to 790 (NC) Summ. 793 to 815 River Elevators: (Jun) MISS: 783 to 794 ; AR & White 772 to 792 (NC) Summ. 790 to 817 Ark. Processor Bids: (Jun) 789 to - - -  (NC) 812 to 815 Memphis:  (Jun) 792 1/2 to 794 1/2 (NC)  811 to 816 Riceland Foods:  (NC) Stuttgart 789 ; Pendleton 790 ; West Memphis 794 Chicago Futures: Jul up 1 3/4 at  827 1/2   Aug  up  1 3/4  at  835   Nov up 1 1/4  at  861   Jan up 3/4  at  870 3/4   Nov '08 down 2  at  880   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans closed higher but well below the day’s high which was also a new contract high. A strong move in corn and wheat helped boost beans as did strong soy oil values. The next major long term chart resistance is just below $9. Wheat Cash bid for June at Memphis  546 1/2 to - - -; Bids to farmers at Local Elevators 522-527; River Elevators 520-551; Chicago Futures: Jul up  17  at  606 1/2    Sep up 17 1/2  at  622 1/2    Dec up  8 1/2  at  621 1/2    Jul '08 up  8 1/2  at  583    Jul '09 up  7 1/2  at  565 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for new crop at Memphis  678 to 681; Bids to farmers at River Elevators 638-702; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for June at Memphis   409 1/2 to 413 1/2;   new crop at Memphis   377 1/2 to 380 1/2; Bids to farmers at River Elevators  395 to 408 Chicago Futures: Jul up  5  at  409 1/2    Sep up  5  at  417 1/2    Dec '07 up  2 1/2  at  417 1/2    Dec '08 up  3 1/2  at  428 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment July wheat topped $6.00 today. 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 higher, despite weather forecasts that would normally be considered bearish. Increasing demand and active fund buying are pushing futures higher. Cotton & Rice  Date: June 14, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis up 156 at  5075   Greenwood up  156 at 5075 New York Futures: Jul up  156  at  5400    Oct up  93  at  5708    Dec up  102  at  5901    Dec '08 up  80  at  6610    n/a up  - - -  at  - - -  This week's LDP rate for cotton is  6.76 cents   The estimate for next week is  5.14 cents Cotton Comment Cotton continued to move sharply higher with a gap higher open. The market made the move to complete the bull flag objective but is just short of the last high of 60.1 cents. Above that is additional resistance near 61 cents and the contract high that was made in February ’06 at 63.8 cents. 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  Aug/Sep 1065/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Jul down  9  at  1074 1/2    Sep down  3  at  1115    Nov down  1/2  at  1140 1/2    Jan down  5 1/2  at  1161 1/2    n/a down  - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice closed steady to slightly lower after failing to hold early morning gains. Technically, the market is still in position for 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 14, 2007 Cattle As reported by Federal-State Market News, receipts were 3,119 head at sales in Charlotte, Ratcliff & Green Forest.  Compared with last week, feeder steers sold very unevenly from sale to sale averaging near steady . Steers:  Medium & Large Frame 1   400 to 450 lbs. 117 to 127   500 to 550 lbs. 108 to 118   600 to 700 lbs. 106 to 116  Medium & Large Frame 2   400 to 450 lbs. 119 to 129 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 110 to 120  Medium & Large Frame 2   400 to 450 lbs. 102 to 112 Slaughter Cows, Boners 44   to   50 Light Weight 32 to 39 Bulls, Yield Grade   1-2   1000   to   2100 lbs.   56   to   62, high dressing 62.50-65 Midwest Steers   were $2-$2.50 higher   at   90   to   90.50 Panhandle Steers   were $2-$2.50 higher   at   90   to   90.50 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 100 at 9055   Dec up 80 at 9537 Feeders: Aug up 97 at 10757   Oct up 95 at 10787 Cattle Comment Cattle futures ended higher on technical buying. August live cattle charted a bullish key reversal, but the upside could be limited by negative cash fundamentals. Big supplies of cattle, weakness in dressed beef values and high corn prices are all taking their toll on the market. Hogs Peoria: were $1     higher   at   45.5   to   46 Chicago Futures: Aug up 72 at 7540   Oct up 65 at 6892 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures were mixed. Improving pork prices and product movement were supportive, especially considering that packers are producing at a relatively high rate for this time of year. Poultry  Date: June 14, 2007 Eggs New York:  Ex. Lg. 81-85; Lg. 79-83; 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 mixed, but overall steady at best. In production areas, live supplies were moderate at mixed, but mostly desirable weights. According to the National Agricultural Statistics Service for the week ending 09-Jun-07, broiler egg sets were up 3%, and chick placements were up 4% when compared to a year ago. Based on the preliminary chich placements, the number of fryers available for marketing during the week ending 21-Jun-2007 was estimated at 166.9 million head compared to 166.3 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? 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