06/21/2007 Farm Bureau Market Report

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Grain & Soybean Date: June 21, 2007 Soybeans Local Elevators: (Jun) EAST AR:  761 to 788 (NC) Summ. 782 to 804 River Elevators: (Jun) MISS: 774 to 792 ; AR & White 767 to 787 (NC) Summ. 781 to 808 Ark. Processor Bids: (Jun) 780 to - - -  (NC) 803 to 804 Memphis:  (Jun) 791 1/2 to 793 1/2 (NC)  798 3/4 to 799 3/4 Riceland Foods:  (NC) Stuttgart 780 ; Pendleton 788 ; West Memphis 792 Chicago Futures: Jul up 20 1/2 at  818 1/2   Aug  up  21 3/4  at  826   Nov up 22 3/4  at  851 3/4   Jan up 24 1/2  at  861 1/2   Nov '08 up 16 3/4  at  872 3/4   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybean prices were unable to hold yesterday’s gains and fell sharply today. Soybean prices continue to be supported by strong exports; however, strong technical signals pressured soybean prices lower today. When soybean prices fell below trendline support today this triggered a technical sell off of soybean contracts. Soybean losses are limited as weather concerns, strong demand, and continued strengthening in the Brazilian Real continue to provide a solid base for soybean prices. Wheat Cash bid for June at Memphis  556 to - - -; Bids to farmers at Local Elevators 531-543; River Elevators 525-558; Chicago Futures: Jul up  1  at  606    Sep up 6  at  622    Dec up  4 1/2  at  628    Jul '08 up  1 1/2  at  573    Jul '09 unchanged    at  553    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for new crop at Memphis  655 to 664; Bids to farmers at River Elevators 595-659; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for June at Memphis   388 to 389;   new crop at Memphis   359 3/4 to - - -; Bids to farmers at River Elevators  368 to 381 Chicago Futures: Jul down  9 1/4  at  385    Sep down  9 1/2  at  394 3/4    Dec '07 down  7 1/4  at  399    Dec '08 down  5 3/4  at  407 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures ended higher but July failed to challenge resistance at the contract high of $6.18 ½. Weekly export sales totals were supportive at 19.9 million bushels. Corn was under pressure because of forecasts for beneficial rains this weekend across the Corn Belt. Cotton & Rice  Date: June 21, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis down 30 at  5500   Greenwood down  30 at 5500 New York Futures: Jul up  75  at  5650    Oct up  30  at  6000    Dec up  8  at  6150    Mar down  5  at  6385    Dec '08 up  5  at  6830  This week's LDP rate for cotton is  5.14 cents   The estimate for next week is  3.03 cents Cotton Comment Cotton ended mixed. December was higher, but failed to challenge yesterday’s high of 62.1 cents. A move above that level could signal a move toward the contract high of 63.8 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 and old resistance, 60.7 cents, now becomes support. Rice Long Grain Cash Bid for  Jun/Jul 889/cwt  to  - - -   Aug/Sep 1055/cwt  to  - - - Chicago Futures: Jul down  11  at  1065    Sep down  10  at  1102    Nov down  9  at  1130    Jan down  7  at  1153    n/a down  - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice moved lower, but 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 21, 2007 Cattle As reported by Federal-State Market News, receipts were 3,145 head at sales in Charlotte, Ratcliff & Green Forest.  Compared with last week, feeder steers sold weak to $4 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 116 to 126   500 to 550 lbs. 113 to 123   600 to 700 lbs. 106 to 116  Medium & Large Frame 2   400 to 450 lbs. 114 to 123 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 105 to 115  Medium & Large Frame 2   400 to 450 lbs. 102 to 112 Slaughter Cows, Boners 44   to   51 Light Weight n/a to - - - Bulls, Yield Grade   1   1000   to   2100 lbs.   56   to   63, high dressing 63-67 Midwest Steers   were quoted   at   87   to   - - - Panhandle Steers   were quoted   at   87   to   - - - 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 down 57 at 8992   Dec down 37 at 9535 Feeders: Aug steady at 10810   Oct down 10 at 10840 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. Hogs Peoria: were     steady   at   49.50   to   50 Chicago Futures: Aug down 40 at 7345   Oct down 12 at 6652 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 21, 2007 Eggs New York:  Ex. Lg. 93-97; Lg. 91-95; Med. 65-69; 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. In production areas, live supplies were moderate at weights in a full range. According to the National Agricultural Statistics Service for the week ending 16-Jun-07, broiler egg sets were up 4%, and chick placements were up 2% when compared to a year ago. Based on the preliminary chick placements, the number of fryers available for marketing during the week ending 28-Jul-2007 was estimated at 166.9 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