06/19/2007 Farm Bureau Market Report

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Grain & Soybean Date: June 19, 2007 Soybeans Local Elevators: (Jun) EAST AR:  764 to 791 (NC) Summ. 794 to 816 River Elevators: (Jun) MISS: 784 to 803 ; AR & White 778 to 801 (NC) Summ. 793 to 820 Ark. Processor Bids: (Jun) 784 to 790  (NC) 816 to 820 Memphis:  (Jun) 800 to 801 (NC)  812 to 816 Riceland Foods:  (NC) Stuttgart 790 ; Pendleton 791 ; West Memphis 795 Chicago Futures: Jul down 26 1/4 at  829   Aug  down  25 3/4  at  837 1/2   Nov down 25  at  864   Jan down 23  at  874 3/4   Nov '08 down 17 3/4  at  875 3/4   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment The grains took a heavy hit today with soybeans following the early lead of corn and wheat. Technical selling accelerated the decline which amounted to a bearish reaction to a positive crop progress report. All the grains were in a heavily overbought situation and a downward correction in the next 4 weeks was anticipated. This may prove to be a major top. Wheat Cash bid for June at Memphis  531 to - - -; Bids to farmers at Local Elevators 496-510; River Elevators 497-525; Chicago Futures: Jul down  20  at  581    Sep down 20 1/2  at  597    Dec down  21 1/4  at  601 1/2    Jul '08 down  11 1/2  at  564    Jul '09 down  14  at  547    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for new crop at Memphis  663 to - - -; Bids to farmers at River Elevators n/a; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for June at Memphis   399 to 400;   new crop at Memphis   366 to 369; Bids to farmers at River Elevators  n/a to - - - Chicago Futures: Jul down  20  at  396    Sep down  20  at  404    Dec '07 down  20  at  403 1/2    Dec '08 down  16 3/4  at  407    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures fell back below $6 today, and this could signal that a top has been charted. Harvest pressure will be in full force soon, and supply side concerns are more than likely already built in to current price levels. Corn futures were also sharply lower despite bullish news in the weekly crop condition report. Much needed rains fell in the Corn Belt today, and that pressured futures. Cotton & Rice  Date: June 19, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis down 47 at  5220   Greenwood down  47 at 5220 New York Futures: Jul down  45  at  5430    Oct down  47  at  5720    Dec down  8  at  5910    Mar up  5  at  6175    Dec '08 down  42  at  6580  This week's LDP rate for cotton is  5.14 cents   The estimate for next week is  3.34 cents Cotton Comment Cotton recouped much of its early losses which was attributed to weakness in the grains. While cotton is also in a heavily overbought condition, drought conditions are casting doubt on this year’s production. However, overall crop conditions indicated 50% good to excellent, down 2% from last week but 10% above year ago levels. Technically, December cotton gapped higher last week, and continues to trade in a consolidation pattern above that gap. A close above resistance at 60.7 cents would suggest a retest of the contract high at 63.8 cents. However, that will likely take a strong export showing, or further deterioration in this year’s crop. Rice Long Grain Cash Bid for  Jun/Jul 889/cwt  to  - - -   Aug/Sep 1053/cwt  to  - - - Chicago Futures: Jul down  19  at  1062    Sep down  18  at  1102    Nov down  20  at  1128    Jan down  20  at  1149    n/a down  - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice fell victim to the overall weakness in soybeans and grains, and ended the day sharply lower. The overall crop was rated 74% good to excellent, down 2% from last week, but a strong 18% above year ago levels. While overall export demand remains somewhat subdued, the market is looking at declining world stocks and a substantially smaller U.S. crop. Upside potential was likely probed last week as November futures briefly penetrated $11.50. Support starts around $11.25 with additional support around $10.80. Trading should hold in this range until the market has a better handle on this year’s crop. Cattle & Hogs  Date: June 19, 2007 Cattle As reported by Federal-State Market News, receipts were 1,233 head at sales in Fort Smith & Marshall.  Compared with last week, feeder steers sold weak to $3 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 119 to 129   500 to 550 lbs. 109 to 119   600 to 650 lbs. 101 to 110  Medium & Large Frame 2   400 to 450 lbs. 108 to 118 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 109 to 119  Medium & Large Frame 2   400 to 450 lbs. 97 to 107 Slaughter Cows, Boners 45   to   48.50 Light Weight 35 to 38 Bulls, Yield Grade   1-2   1000   to   2100 lbs.   58   to   62, high dressing 63-66 Midwest Steers   n/a   at   - - -   to   - - - Panhandle Steers   n/a   at   - - -   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 122 to 137   600 to 650 lbs. 110 to 119 Heifers 500 to 550 lbs. 107.50 to 112   600 to 650 lbs. 99 to 104 Chicago Futures: Live Cattle: Aug up 5 at 9130   Dec up 7 at 9602 Feeders: Aug up 172 at 10845   Oct up 152 at 10852 Cattle Comment Cattle futures were mostly higher. The turn-around in corn futures was positive for feeders, which led the live pit higher as well. Questions about beef demand limited gains for live futures. Hogs Peoria: were $1     higher   at   48.5   to   49 Chicago Futures: Aug down 77 at 7435   Oct down 117 at 6747 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures posted sharp losses for the second day in a row. Futures’ premium to cash and ideas that product values have topped added to the negative undertone. Initial support for August is at $73. Poultry  Date: June 19, 2007 Eggs New York:  Ex. Lg. 84-88; Lg. 82-86; Med. 62-66; Chicago:  Ex. Lg. 70-78; Lg. 68-76; Med. 50-58; Eastern Region Turkeys Hens: 8-16 lbs. 83 Toms: 16-24 lbs. 83   Delmarva Broilers U.S. Grade A Trade sentiment was generally steady in all areas. Supplies of all sizes were at least sufficient to handle trade needs. In production areas, live supplies were moderate at weights in a full range. The Composite Weighted Average price for 06/18/07 was 79.91 compared to 81.88 a week earlier, and 64.63 a year ago. ---------------------------------------- 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