06/26/2007 Farm Bureau Market Report

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Grain & Soybean Date: June 26, 2007 Soybeans Local Elevators: (Jun) EAST AR:  749 to 776 (NC) Summ. 772 to 794 River Elevators: (Jun) MISS: 767 to 780 ; AR & White 758 to 778 (NC) Summ. 777 to 794 Ark. Processor Bids: (Jun) 768 to - - -  (NC) 793 to 794 Memphis:  (Jun) 782 to - - - (NC)  789 to 791 Riceland Foods:  (NC) Stuttgart 768 ; Pendleton 776 ; West Memphis 780 Chicago Futures: Jul up 2 3/4 at  807   Aug  up  3 3/4  at  815 1/4   Nov up 3 1/2  at  842   Jan up 3 1/4  at  853   Nov '08 up 6 1/4  at  871 3/4   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans continued yesterday’s rebound, managing small gains again today. The market improved despite improved moisture conditions in the eastern part of the cornbelt and overall good crop ratings. Illinois crop ratings improved by 13% in the good and excellent categories over the last week. Most early reports suggest soybean plantings will be up slightly from the March intentions. Weather remains the key with old chart resistance at $8.43 and $8.65 between the market and the contract high of $8.93. Wheat Cash bid for June at Memphis  561 1/2 to 568 1/2; Bids to farmers at Local Elevators 532-541; River Elevators 527-550; Chicago Futures: Jul up  19  at  608 1/2    Sep up 21 1/2  at  626    Dec up  19 1/4  at  634    Jul '08 up  7  at  572 1/2    Jul '09 up  11  at  562    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for new crop at Memphis  616 to 629; Bids to farmers at River Elevators 543-607; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for June at Memphis   359 1/2 to 363 1/2;   new crop at Memphis   328 to 332; Bids to farmers at River Elevators  349 to 362 Chicago Futures: Jul down  1 1/4  at  356 1/2    Sep unchanged    at  367    Dec '07 up  1  at  375    Dec '08 up  3 1/4  at  400 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures were sharply higher as STATS Canada says their wheat acreage is down 10.5% from a year ago. Production problems in Europe are also supportive. July, however, failed at the contract high of $6.18 ½, charting a possible double top. Corn traded in a narrow range and ended mixed. Ideas that recent weakness was overdone were supportive. Don’t expect much movement either way until the new acreage report is released on Friday. Cotton & Rice  Date: June 26, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis up 66 at  5466   Greenwood up  66 at 5466 New York Futures: Jul up  55  at  5600    Oct up  66  at  5966    Dec up  66  at  6145    Mar up  65  at  6395    Dec '08 up  65  at  6835  This week's LDP rate for cotton is  3.03 cents   The estimate for next week is  .73 cents Cotton Comment December cotton futures continued to move back toward last week’s high of 62.1 cents. The ability to hold above previous resistance at 60.7 cents is a positive, which suggests the possibility of further gains, perhaps to the contract high of 63.8 cents. The sharp upward move of just over 10 cents has all but removed LDP possibilities, with the adjusted world price approaching the 52 cents loan. Fundamentals supporting the upturn include big potential export sales to China, a smaller planted acreage in ’07 and sharply reduced U.S. production. Drought conditions in parts of the South have contributed to that. Rice Long Grain Cash Bid for  Aug/Sep 1047/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Jul down  3  at  1057    Sep unchanged    at  1094    Nov down  2  at  1122    Jan unchanged    at  1149    n/a   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment November rice plunged early in the session before managing a late recovery. Today’s sharp plunge removed any thought that the recent consolidation might be for a bull flag. It remained within the broader confines of the trading range, $10.65 to $11.58 that has contained the market for most of the calendar year. Fundamentals remain unchanged with U.S. and world stocks tightening. This week’s report should provide a better understanding of this year’s production possibilities. Overall acreage is down and Friday’s report should establish how much. Cattle & Hogs  Date: June 26, 2007 Cattle As reported by Federal-State Market News, receipts were 1,238 head at sales in Fort Smith & Marshall.  Compared with last week, feeder steers sold steady to $2 higher. Heifers weak to $2 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 118 to 128   500 to 550 lbs. 111 to 121   600 to 650 lbs. 101 to 110  Medium & Large Frame 2   400 to 450 lbs. 106 to 116 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 101 to 111  Medium & Large Frame 2   400 to 450 lbs. 100 to 103 Slaughter Cows, Boners 45.50   to   50 Light Weight 30 to 35 Bulls, Yield Grade   1   1000   to   2100 lbs.   60   to   64.50, high dressing 65-70.50 Midwest Steers   were $1-$3 higher   at   83   to   84 Panhandle Steers   were $1-$3.50   at   84   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 62 at 8862   Dec down 50 at 9430 Feeders: Aug down 90 at 10765   Oct down 65 at 10840 Cattle Comment Cattle futures ended lower across the board. Weaker cash values and futures’ premium to cash prices pushed live futures lower. Hogs Peoria: were     steady   at   48   to   49.5 Chicago Futures: Aug down 125 at 7132   Oct down 82 at 6492 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures were sharply lower on weakness in cash hogs. August could retest support near $70. Poultry  Date: June 26, 2007 Eggs New York:  Ex. Lg. 98-102; Lg. 96-100; Med. 68-72; 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 Trade sentiment was mostly steady. Supplies of all sizes were usually sufficient to satisfy trade needs. In production areas, live suppiles were moderate at mixed weights. The Composite Weighted Average price for 06/25/07 was $80.60 compared to $79.91 a week earlier, and $64.27 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