06/20/2007 Farm Bureau Market Report

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Grain & Soybean Date: June 20, 2007 Soybeans Local Elevators: (Jun) EAST AR:  781 to 808 (NC) Summ. 778 to 815 River Elevators: (Jun) MISS: 794 to 812 ; AR & White 788 to 808 (NC) Summ. 788 to 823 Ark. Processor Bids: (Jun) 800 to - - -  (NC) 799 to 800 Memphis:  (Jun) 815 to 816 (NC)  796 to 801 Riceland Foods:  (NC) Stuttgart 800 ; Pendleton 808 ; West Memphis 812 Chicago Futures: Jul up 10 at  839   Aug  up  10 1/4  at  847 3/4   Nov up 10 1/2  at  874 1/2   Jan up 11 1/4  at  886   Nov '08 up 13 3/4  at  889 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans reversed yesterday’s losses and closed on a solid note. Wheat led the grains with heavy rains creating concern about harvest, yields and quality. This gave soybeans a boost as did the continued strength of Brazilian real against the dollar. The need to pull additional South American acreage into beans suggests higher prices are needed. The stronger real means less profit for Brazilian farmers. November resistance is Monday’s high of $8.93. Wheat Cash bid for June at Memphis  555 to - - -; Bids to farmers at Local Elevators 520-542; River Elevators 529-557; Chicago Futures: Jul up  24  at  605    Sep up 19  at  616    Dec up  22  at  623 1/2    Jul '08 up  10 1/2  at  574 1/2    Jul '09 up  6  at  553    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for new crop at Memphis  668 to 671; Bids to farmers at River Elevators 611-711; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for June at Memphis   399 to 400;   new crop at Memphis   369 to - - -; Bids to farmers at River Elevators  377 to 390 Chicago Futures: Jul down  1 3/4  at  394 1/4    Sep up  1/4  at  404 1/4    Dec '07 up  2 3/4  at  406 1/4    Dec '08 up  6  at  413    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures bounced back above $6 today on the heels of heavy rains in Oklahoma and north Texas. This has prompted concerns about harvest delays and crop quality. July has resistance at the contract high of $6.18 ½. Corn futures followed wheat higher after trading lower in early dealings. Good growing conditions in the western Corn Belt limited buying interest, though. Cotton & Rice  Date: June 20, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis up 250 at  5470   Greenwood up  250 at 5470 New York Futures: Jul up  145  at  5575    Oct up  250  at  5970    Dec up  232  at  6142    Mar up  215  at  6390    Dec '08 up  230  at  6825  This week's LDP rate for cotton is  5.14 cents   The estimate for next week is  3.41 cents Cotton Comment Cotton proved to be the volatile commodity with December futures throwing a limit gain of 3 cents at one point in today’s trading. A solid close above previous resistance at 60.7 cents puts the market in position to move toward the contract high of 6.38 cents. Old crop July left a gap last week, that could be a measuring gap with an upside objective around 59 cents. Continued dry weather in the southeast, particularly in Alabama and Georgia, plus parts of the mid-South are creating concern about ’07 production. Clearly ’07 plantings were below the March intentions of 12.15 million acres. In addition China has depleted their stocks and are expected to import almost 5 million bales over the next 3 months. Technically, the market is in an overbought position and some retracement of gains is likely. But the bar has been raised an old resistance, 60.7 cents, now becomes support. Rice Long Grain Cash Bid for  Jun/Jul 889/cwt  to  - - -   Aug/Sep 1064/cwt  to  - - - Chicago Futures: Jul up  14  at  1076    Sep up  10  at  1112    Nov up  11  at  1139    Jan up  11  at  1160    - - - up  - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice retraced much of yesterday’s decline and could be forming a bull flag formation, which would have an upside objective around $12.20. The current volatility in all the markets suggests nothing is out of the question. Slow export movement indicates the market is high relative to what is being paid. However, that could change and the shorter supply could pull importers back into play. Declining world stocks are another factor that plays into higher prices at some point. Cattle & Hogs  Date: June 20, 2007 Cattle As reported by Federal-State Market News, receipts were 1,392 head at sales in Conway, Ola & Pocahontas.  Compared with last week, feeder steers sold very unevenly mostly steady . Steers:  Medium & Large Frame 1   400 to 450 lbs. 117 to 127   500 to 550 lbs. 109 to 119   600 to 700 lbs. 99 to 109  Medium & Large Frame 2   400 to 450 lbs. 105 to 115 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 103 to 113  Medium & Large Frame 2   400 to 450 lbs. 93 to 103 Slaughter Cows, Boners 45   to   48 Light Weight 33 to 38 Bulls, Yield Grade   1   1000   to   2100 lbs.   58.50   to   60.50 Midwest Steers   were quoted   at   87   to   - - - Panhandle Steers   were quoted   at   87   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 122 to 137   600 to 650 lbs. 110 to 119 Heifers 500 to 550 lbs. 100.50 to 110   600 to 650 lbs. 98 to 107 Chicago Futures: Live Cattle: Aug down 80 at 9050   Dec down 30 at 9572 Feeders: Aug down 35 at 10810   Oct down 2 at 10850 Cattle Comment Cattle futures turned mostly lower. Nearby June was under pressure from its premium to cash prices. Support for August begins between $89.40 and $89.50. Feeders were under pressure from today’s gains in corn futures. Hogs Peoria: were $1     higher   at   49.5   to   50 Chicago Futures: Aug down 50 at 7385   Oct down 82 at 6665 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures were lower again today. 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 20, 2007 Eggs New York:  Ex. Lg. 88-92; Lg. 86-90; 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 steady in all areas. In production areas, live supplies were moderate at weights in a full range. ---------------------------------------- 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. 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