06/15/2007 Farm Bureau Market Report

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Grain & Soybean Date: June 15, 2007 Soybeans Local Elevators: (Jun) EAST AR:  782 to 809 (NC) Summ. 811 to 833 River Elevators: (Jun) MISS: 802 to 814 ; AR & White 792 to 812 (NC) Summ. 810 to 837 Ark. Processor Bids: (Jun) 808 to - - -  (NC) 832 to 833 Memphis:  (Jun) 792 1/2 to 794 1/2 (NC)  811 to 816 Riceland Foods:  (NC) Stuttgart 808 ; Pendleton 809 ; West Memphis 813 Chicago Futures: Jul up 1 3/4 at  847 1/4   Aug  up  19 1/2  at  854 1/2   Nov up 19 3/4  at  880 3/4   Jan up 17 1/2  at  888 1/4   Nov '08 up 8 1/2  at  888 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans made another strong move based primarily on dry conditions in the midwest and strong soy oil values. November futures hit resistance in the form of an old uptrend that was broken in early April. The next major chart resistance is $9.03. Wheat Cash bid for June at Memphis  546 1/2 to - - -; Bids to farmers at Local Elevators 522-536; River Elevators 524-547; Chicago Futures: Jul unchanged    at  606 1/2    Sep down 1 3/4  at  620 3/4    Dec down  1/2  at  622    Jul '08 down  4  at  579    Jul '09 down  1 1/2  at  564    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 655-720; 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  405 to 418 Chicago Futures: Jul up  9 1/2  at  419    Sep up  8 1/2  at  426    Dec '07 up  6 3/4  at  424 1/4    Dec '08 up  1 3/4  at  427    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures seemed to be taking a breather after the week’s sharp rally, which pushed many contracts above $6. 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 higher, despite weather forecasts that would normally be considered bearish. Increasing demand and active fund buying are pushing futures higher. Cotton & Rice  Date: June 15, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis up 92 at  5167   Greenwood up  92 at 5167 New York Futures: Jul up  92  at  5492    Oct up  82  at  5790    Dec up  67  at  5968    Mar up  50  at  6200    Dec '08 up  20  at  6630  This week's LDP rate for cotton is  n/a cents   The estimate for next week is  n/a cents Cotton Comment Cotton moved back to a new recent high with December touching 59.8 cents. There is substantial resistance between here and 60.7 cents with the next major resistance the early ’06 December '07 contract high of 63.8 cents. Substantially smaller plantings in ’07 and weather impacts in the mid-South and southeast are providing a boost. Upside will be limited by a prompted carryover of almost 10 million bales. The Farm bill remains under discussion with mark up of the commodity titles by the House Ag subcommittee scheduled for June 19. Rice Long Grain Cash Bid for  Aug/Sep 1065/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Jul down  2 1/2  at  1072    Sep down  4 1/2  at  1110 1/2    Nov down  1/2  at  1140    Jan down  1/2  at  1161    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice futures encountered minor selling pressure early in the session as the market continued to retrace a portion of early week 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 15, 2007 Cattle As reported by Federal-State Market News, receipts were 9,495 head at sales in Arkansas this week.  Compared with last week, feeder steers sold steady to $2 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 116 to 126   500 to 550 lbs. 109 to 119   600 to 700 lbs. 99 to 109  Medium & Large Frame 2   400 to 450 lbs. 109 to 119 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 105 to 114  Medium & Large Frame 2   400 to 450 lbs. 103 to 113 Slaughter Cows, Boners 44   to   49 Light Weight 34 to 41 Bulls, Yield Grade   1   1000   to   2100 lbs.   56   to   62 Midwest Steers   n/a   at   - - -   to   - - - Panhandle Steers   n/a   at   - - -   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 111 to 136.10   600 to 650 lbs. 106 to 123.75 Heifers 500 to 550 lbs. 103 to 122.50   600 to 650 lbs. 100 to 113 Chicago Futures: Live Cattle: Aug up 40 at 9095   Dec up 42 at 9580 Feeders: Aug down 62 at 10695   Oct down 52 at 10735 Cattle Comment Cattle futures were trading mixed. August live cattle charted a bullish key reversal yesterday, 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     steady   at   45.5   to   46 Chicago Futures: Aug up 2 at 7542   Oct down 2 at 6890 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures were higher at midday. 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 15, 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 Majority prices in the West and East were unchanged, but lower in the Mid-West when compared to a week earlier. 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