06/22/2007 Farm Bureau Market Report

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Grain & Soybean Date: June 22, 2007 Soybeans Local Elevators: (Jun) EAST AR:  739 to 766 (NC) Summ. 761 to 783 River Elevators: (Jun) MISS: 752 to 770 ; AR & White 748 to 768 (NC) Summ. 760 to 783 Ark. Processor Bids: (Jun) 758 to - - -  (NC) 782 to 783 Memphis:  (Jun) 770 to 771 (NC)  777 3/4 to 779 3/4 Riceland Foods:  (NC) Stuttgart 758 ; Pendleton 766 ; West Memphis 770 Chicago Futures: Jul down 21 1/2 at  797   Aug  down  21 1/2  at  804 1/2   Nov down 21  at  830 3/4   Jan down 19  at  842 1/2   Nov '08 down 14 3/4  at  858   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans and corn ended the trading period on a weak note with both showing key reversal tops on weekly charts. This is generally a signal that can’t be ignored. Increased moisture in the eastern cornbelt triggered the downturn with technical selling adding pressure. November soybeans have initial downside objectives of $8.20 and $8.04. The market will remain volatile and subject to big swings if the weather takes another dry term. Wheat Cash bid for June at Memphis  770 to 771; Bids to farmers at Local Elevators 515-524; River Elevators 511-529; Chicago Futures: Jul down  13 3/4  at  592 1/4    Sep down 17  at  605    Dec down  15 1/2  at  612 1/2    Jul '08 down  9  at  564    Jul '09 down  4  at  549    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for new crop at Memphis  624 to 633; Bids to farmers at River Elevators 563-627; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for June at Memphis   370 1/2 to 371 1/2;   new crop at Memphis   336 3/4 to 341 3/4; Bids to farmers at River Elevators  352 to 365 Chicago Futures: Jul down  17 1/2  at  367 1/2    Sep down  18  at  376 3/4    Dec '07 down  17 1/2  at  381 1/2    Dec '08 down  6 1/4  at  401    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures were lower following corn and soybeans. The market has resistance at the contract high of $6.18 ½. The price action in corn suggests that a top has been put in to the market. A downward key reversal was charted on the weekly continuance. December gapped lower and is testing support near $3.78. Cotton & Rice  Date: June 22, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis down 70 at  5430   Greenwood down  70 at 5430 New York Futures: Jul down  61  at  5589    Oct down  70  at  5930    Dec down  53  at  6097    Mar down  50  at  6335    Dec '08 down  72  at  6758  This week's LDP rate for cotton is  3.03 cents   The estimate for next week is  .41 cents Cotton Comment Cotton closed a little lower as the market closed a little over a penny below Wednesday’s December high of 62.1 cents. The old contract high of 63.8 cents remains a possible upside objective for December. While July has a gap objective of around 59 cents as long as the big gap left last week remains open. December briefly penetrated the previous resistance at 60.7 cents but ended the week above that level. 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. Rice Long Grain Cash Bid for  Jun/Jul 889/cwt  to  - - -   Aug/Sep 1053/cwt  to  - - - Chicago Futures: Jul down  1  at  1064    Sep down  3  at  1099    Nov down  2  at  1128    Jan down  3  at  1150    - - - down  - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice was once again lower, as the consolidation of the last six days still has the potential of a bull flag formation. If that becomes reality, it will have an upside objective somewhere around $12.15 to $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 22, 2007 Cattle As reported by Federal-State Market News, receipts were 10,600 head at sales in Arkansas this week.  Compared with last week, feeder steers sold mostly steady to $2 lower, hefiers sold steady . Steers:  Medium & Large Frame 1   400 to 450 lbs. 116 to 126   500 to 550 lbs. 107 to 117   600 to 700 lbs. 100 to 110  Medium & Large Frame 2   400 to 450 lbs. 101 to 111 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 105 to 115  Medium & Large Frame 2   400 to 450 lbs. 101 to 111 Slaughter Cows, Boners 45   to   51 Light Weight 35 to 42 Bulls, Yield Grade   1   1000   to   2100 lbs.   56   to   65, high dressing 65-69 Midwest Steers   were steady   at   87   to   - - - Panhandle Steers   were steady   at   87, few 87.50   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 115 to 137   600 to 650 lbs. 107.50 to 119.50 Heifers 500 to 550 lbs. 103 to 112.50   600 to 650 lbs. 99 to 104.50 Chicago Futures: Live Cattle: Aug down 27 at 8965   Dec down 42 at 9492 Feeders: Aug up 30 at 10840   Oct up 40 at 10880 Cattle Comment Cattle futures ended mixed. Weaker cash values and futures’ premium to cash prices pushed futures lower. Support for August begins between $89.30 and $89.50. Feeders were higher on sharp losses in corn. Hogs Peoria: were     steady   at   49.5   to   50 Chicago Futures: Aug down 107 at 7237   Oct down 102 at 6550 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures pushed lower again today, with August taking out support at $73. Futures’ premium to cash and ideas that product values have topped added to the negative undertone. Poultry  Date: June 22, 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. 84-85 Toms: 16-24 lbs. 84-85   Delmarva Broilers U.S. Grade A Majority prices were trending unchanged in all areas. Trade sentiment was generally steady. Supplies of all sizes were usually sufficient to handle trade needs. 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. 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