06/25/2007 Farm Bureau Market Report

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Grain & Soybean Date: June 25, 2007 Soybeans Local Elevators: (Jun) EAST AR:  746 to 773 (NC) Summ. 769 to 791 River Elevators: (Jun) MISS: 764 to 777 ; AR & White 764 to 777 (NC) Summ. 767 to 791 Ark. Processor Bids: (Jun) 765 to - - -  (NC) 790 to 791 Memphis:  (Jun) 778 1/4 to 779 1/4 (NC)  785 1/2 to 787 1/2 Riceland Foods:  (NC) Stuttgart 765 ; Pendleton 773 ; West Memphis 777 Chicago Futures: Jul up 7 1/4 at  804 1/4   Aug  up  7  at  811 1/2   Nov up 7 3/4  at  838 1/2   Jan up 7 1/4  at  849 3/4   Nov '08 up 7 1/2  at  865 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans recouped a portion of late last week’s losses. Weekend rain in the eastern cornbelt was scattered and the outlook is for more of the same this week. Higher than normal temperatures will bring additional stress to the crop. Technically, last week’s declines completed a key reversal on the weekly charts, that at least suggests a temporary top. This week’s planted acreage report is expected to be near the March intentions with early private forecasts ranging to both sides of that. Wheat Cash bid for June at Memphis  541 1/2 to 543 1/2; Bids to farmers at Local Elevators 515-527; River Elevators 508-542; Chicago Futures: Jul down  2 3/4  at  589 1/2    Sep down 1/2  at  604 1/2    Dec up  2 1/4  at  614 3/4    Jul '08 up  1 1/2  at  565 1/2    Jul '09 up  2  at  551    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for new crop at Memphis  614 to 620; Bids to farmers at River Elevators 546-611; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for June at Memphis   360 3/4 to 364 3/4;   new crop at Memphis   327 to 328; Bids to farmers at River Elevators  346 to 359 Chicago Futures: Jul down  9 3/4  at  357 3/4    Sep down  9 3/4  at  367    Dec '07 down  7 1/2  at  374    Dec '08 down  3 1/2  at  397 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Corn futures ended lower again today. The general consensus is that the USDA will up their acreage estimate in Friday’s report. Private estimates have the crop pegged above 92 million acres. Wheat futures were lower following corn, but losses were limited by positive export demand. Cotton & Rice  Date: June 25, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis down 30 at  5400   Greenwood down  30 at 5400 New York Futures: Jul down  44  at  5545    Oct down  30  at  5900    Dec down  18  at  6079    Mar down  5  at  6330    Dec '08 down  12  at  6770  This week's LDP rate for cotton is  3.03 cents   The estimate for next week is  .63 cents Cotton Comment Cotton continued in a consolidation pattern just below last week’s high. The market is awaiting confirmation of a much smaller planted acreage as weather either reduced producer intentions or will lead to significant abandonment. Extreme drought conditions have left the crop in poor shape in the mid-South. Coupled with increased Chinese buying, it boosted futures significantly with July in position to move to 59 cents and new crop December hit 62.1 cents, less than 2 cents below the contract high of 63.8 cents. China has issued export licenses for approximately 5 million bales of cotton over the next 3 months. The U.S. could get a significant portion of that business. Rice Long Grain Cash Bid for  Aug/Sep 1019/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Jul down  4  at  1060    Sep down  5  at  1094    Nov down  4  at  1124    Jan down  1  at  1149    n/a down  - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment November rice was slightly lower again today as the market remained in a consolidation pattern just below the recent high. A smaller U.S. crop and tightening world stocks should limit the downside despite very slow mill export movement. The current trading range is between $10.75 and $11.55, with a potential upside technical objective around $12.20. Key resistance is located just below $11.60 at the contract high. Cattle & Hogs  Date: June 25, 2007 Cattle As reported by Federal-State Market News, receipts were 2,132 head at sales in Ash Flat & Springdale.  Compared with last week, feeder steers very uneven averaging near steady. Heifers uneven, mostly steady, instances $2 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 118 to 128   500 to 550 lbs. 107 to 117   600 to 700 lbs. 100 to 110  Medium & Large Frame 2   400 to 450 lbs. 107 to 117 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 100 to 110  Medium & Large Frame 2   400 to 450 lbs. 100 to 110 Slaughter Cows, Boners 42   to   49 Light Weight 35 to 42 Bulls, Yield Grade   1   1000   to   2100 lbs.   56   to   62, high dressing 63-68.50 Midwest Steers   were $5 higher to steady   at   82   to   87 Panhandle Steers   were $2 higher to steady   at   85   to   87.50 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 40 at 8925   Dec down 12 at 9480 Feeders: Aug up 15 at 10855   Oct up 25 at 10905 Cattle Comment Cattle futures ended mixed. Weaker cash values and futures’ premium to cash prices pushed live futures lower. Feeders were higher on sharp losses in corn. Hogs Peoria: were     steady   at   49.5   to   50 Chicago Futures: Aug up 20 at 7257   Oct up 25 at 6575 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures turned higher on ideas that Friday’s losses were overdone. The likelihood that hot weather will slow marketings was also supportive. August could retest support near $70. Poultry  Date: June 25, 2007 Eggs New York:  Ex. Lg. 93-97; Lg. 91-95; Med. 65-69; Chicago:  Ex. Lg. 82-90; Lg. 80-88; Med. 55-63; Eastern Region Turkeys Hens: 8-16 lbs. 84-85 Toms: 16-24 lbs. 84-85   Delmarva Broilers U.S. Grade A Majority prices were generally unchanged in all areas when compared to previous week. Trade sentiment was mostly steady. Supplies of all sizes were usually in good balance to sufficient for 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