06/18/2007 Farm Bureau Market Report

Click here to view this report online.

Grain & Soybean Date: June 18, 2007 Soybeans Local Elevators: (June) EAST AR:  790 to 817 (NC) Summ. 819 to 841 River Elevators: (June) MISS: 810 to 841 ; AR & White 803 to 823 (NC) Summ. 818 to 841 Ark. Processor Bids: (June) 816 to - - -  (NC) 840 to 841 Memphis:  (June) 824 1/4 to 825 1/2 (NC)  837 to 841 Riceland Foods:  (June) Stuttgart 816 ; Pendleton 817 ; West Memphis 821 Chicago Futures: July up 8 at  855 1/4   Aug  up  8 3/4  at  863 1/4   Nov up 8 1/4  at  889   Jan up 9 1/2  at  897 3/4   Nov '08 up 5  at  894   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans made several up and down moves before closing with good across the board gains. Concern that overall crop ratings will deteriorate and the forecasts for rain in the eastern section of the Midwest contributed to today’s strength. An early estimate by Informa put ’07 plantings at 68.77 million acres. That’s up about 1.6 million acres from the USDA March estimate. Soybeans continue to work toward the long term chart resistance at 9.03. July hit $8.59 and remains 30 to 35 cents below November. Wheat Cash bid for June at Memphis  541 to 543; Bids to farmers at Local Elevators 516-530; River Elevators 515-538; Chicago Futures: July down  5 1/2  at  601    Sept down 3 1/4  at  617 1/2    Dec up  3/4  at  622 3/4    July '08 down  3 1/2  at  575 1/2    July '09 down  3  at  561    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for new crop at Memphis  688 to 692; Bids to farmers at River Elevators 650-714; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for June at Memphis   419 to 420;   New crop at Memphis   386 to 389; Bids to farmers at River Elevators  402 to 412 Chicago Futures: July down  3  at  416    Sept down  2  at  424    Dec '07 down  3/4  at  423 1/2    Dec '08 down  2 3/4  at  423 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures turned lower, probably a technical correction to last week’s rally, which drove prices 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 futures traded either side of unchanged today ahead of the weekly crop conditions report. Dry weather is expected to have caused some deterioration in the crop last week. December set a new contract high before turning lower and stopping just short of charting a bearish key reversal. Cotton & Rice  Date: June 18, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis up 100 at  5267   Greenwood up  100 at 5267 New York Futures: July down  17  at  5475    Oct down  23  at  5767    Dec down  50  at  5918    March down  30  at  6170    Dec '08 down  8  at  6622  This week's LDP rate for cotton is  5.14 cents   The estimate for next week is  3.28 cents Cotton Comment Cotton traded to the downside throughout today’s session. 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 1073/cwt  to  - - -   Sept 1073/cwt  to  - - - Chicago Futures: July up  9  at  1081    Sept up  9 1/2  at  1120    Nov up  8  at  1148    Jan up  8  at  1169    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment November futures reversed modest early declines and closed higher for the session. The market bounced off the back of the old downtrend that was penetrated last week and closed just below last week’s high. The market remains in position to retest the 11.59 contract high but because of the overbought position the market is subject to a setback and retracement of recent gains. Fundamentals are unchanged with declining U.S. and World stocks forecast for the coming year. Upside potential will be limited by the inability to make export sales at current price levels. Cattle & Hogs  Date: June 18, 2007 Cattle As reported by Federal-State Market News, receipts were 2463 head at sales in Ash Flat & Springdale.  Compared with last week, feeder steers weak to $4 lower. Heifers $2 to $6 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 120 to 125   500 to 550 lbs. 108 to 118   600 to 700 lbs. 101 to 111  Medium & Large Frame 2   400 to 450 lbs. 114 to 124 Heifers:  Medium & Large Frame 1   500 to 550 lbs. 95 to 105  Medium & Large Frame 2   400 to 450 lbs. 100 to 110 Slaughter Cows, Boners 42   to   49 Light Weight 32 to 40 Bulls, Yield Grade   1   1000   to   2100 lbs.   52   to   60.50, high dressing 62 to 66.5. Midwest Steers   were   at   88   to   90.50 Panhandle Steers   were   at   89   to   90.50 Oklahoma City Feeders Steers 500 to 550 lbs. 125 to 130.25   550 to 600 lbs. 120 to 121.50 Heifers 500 to 550 lbs. 109.5 to 111   550 to 600 lbs. 108 to 110 Chicago Futures: Live Cattle: Aug up 30 at 9125   Dec up 15 at 9595 Feeders: Aug down 22 at 10672   Oct down 35 at 10700 Cattle Comment Cattle futures were mixed. Big supplies of cattle, weakness in dressed beef values and high corn prices are all taking their toll on the market. August live cattle charted a key reversal last week, but follow through has been limited by the fundamental situation. Hogs Peoria: were $1.50 to $2.50     higher   at   47.5   to   48 Chicago Futures: Aug down 30 at 7512   Oct down 25 at 6865 Sheep St. Paul n/a   at   - - -   to   - - - Hogs Comment Hog futures posted sharp losses. Futures’ premium to cash and ideas that product values have topped added to the negative undertone. Poultry  Date: June 18, 2007 Eggs New York:  Ex. Lg. 81-85; Lg. 79-83; Med. 60-64; Chicago:  Ex. Lg. 70-78; Lg. 68-76; Med. 50-58; Eastern Region Turkeys Hens: 8-16 lbs. 82-83 Toms: 16-24 lbs. 82-83   Delmarva Broilers U.S. Grade A Majority prices were unchanged in the East and West, but lower in the Central region when compared to a week earlier. Movement was reported as light to moderate for early week business. Offerings were generally balanced, but still 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