06/27/2007 Farm Bureau Daily Market Report

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Grain & Soybean Date: June 27, 2007 Soybeans Local Elevators: (Jun) EAST AR:  746 to 773 (NC) Summ. 768 to 790 River Elevators: (Jun) MISS: 764 to 777 ; AR & White 754 to 774 (NC) Summ. 766 to 790 Ark. Processor Bids: (Jun) 765 to - - -  (NC) 789 to 790 Memphis:  (Jun) 777 1/2 to 779 1/2 (NC)  784 1/2 to 786 1/2 Riceland Foods:  (NC) Stuttgart 765 ; Pendleton 773 ; West Memphis 773 Chicago Futures: Jul down 3 1/2 at  803 1/2   Aug  down  3 1/2  at  811 3/4   Nov down 4 1/2  at  837 1/2   Jan down 4 3/4  at  848 1/4   Nov '08 down 1 3/4  at  870   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans ended the session a little lower after making a big dip at midday. Average estimates suggest plantings will be about 700,000 acres above March intentions. At the same time forecasts of higher temperatures have moderated, and this pushed soybeans and corn lower. With a lot of crop development time left, it is a little early to lock in an anticipated yield. There is still time for the crop to go either way. For now November beans have support at $8.20 and resistance around $8.65. Wheat Cash bid for June at Memphis  561 to 563; Bids to farmers at Local Elevators 529-538; River Elevators 525-552; Chicago Futures: Jul down  2 1/2  at  606    Sep down 4 1/2  at  621 1/2    Dec down  5 1/2  at  628 1/2    Jul '08 down  9 1/2  at  563    Jul '09 down  7  at  560    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for new crop at Memphis  596 to - - -; Bids to farmers at River Elevators 521-586; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for June at Memphis   352 3/4 to 353 3/4;   new crop at Memphis   317 3/4 to 318 3/4; Bids to farmers at River Elevators  339 to 352 Chicago Futures: Jul down  12 3/4  at  343 3/4    Sep down  13 1/4  at  353 3/4    Dec '07 down  13  at  362 3/4    Dec '08 down  9 3/4  at  391    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment July wheat set a new contract high today before retracing gains and closing lower. Early strength came from a 55,000 ton purchase of soft red winter by Egypt. Heavy rains that will cause harvest delays in Texas were also supportive. However, chart action late in the day looks bearish. Corn futures appear to have topped after posting sharp losses today. Support for December begins at $3.56. Cotton & Rice  Date: June 27, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis up 14 at  5480   Greenwood up  14 at 5480 New York Futures: Jul up  85  at  5685    Oct up  14  at  5980    Dec up  24  at  6169    Mar up  45  at  6440    Dec '08 up  13  at  6848  This week's LDP rate for cotton is  3.03 cents   The estimate for next week is  .63 cents Cotton Comment Cotton pushed to a new recent high with December hitting 62.25 before selling off. 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 1044/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Jul down  5  at  1052    Sep down  6  at  1088    Nov down  3  at  1119    Jan down  4  at  1145    - - - down  - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment November rice again lost ground early, then retraced most of the decline by the end of the session. Friday’s acreage report should show slightly smaller plantings than indicated in March. Overall acreage was projected 7% lower, while Arkansas was down 13%. This was the second year in a row that acreage declined. At the same time world stocks are lower for the sixth consecutive year. The two factors combined suggest tightening supplies and potential for higher prices. Higher freight rates are a negative as the U.S. needs to compete for additional export markets. Futures continue to trade within a broad range, just under a dollar, that has contained the market for most of the calendar year. Cattle & Hogs  Date: June 27, 2007 Cattle As reported by Federal-State Market News, receipts were 1,434 head at sales in Conway & Pocahontas.  Compared with last week, feeder steers sold $3-$6 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 110 to 117.50   500 to 550 lbs. 103 to 113   600 to 700 lbs. 95 to 104  Medium & Large Frame 2   400 to 500 lbs. 99 to 109 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 95 to 105  Medium & Large Frame 2   400 to 450 lbs. 90 to 98 Slaughter Cows, Boners 46   to   50 Light Weight 31 to 36 Bulls, Yield Grade   1   1000   to   2100 lbs.   60   to   65.50, high dressing 67.50-70 Midwest Steers   were $1 higher to steady   at   84   to   - - - Panhandle Steers   were steady   at   84   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 120 to 131   600 to 650 lbs. 108.50 to 115.50 Heifers 500 to 550 lbs. 110 to 119   600 to 650 lbs. 104.50 to 107 Chicago Futures: Live Cattle: Aug up 62 at 8925   Dec up 32 at 9462 Feeders: Aug up 92 at 10857   Oct up 70 at 10910 Cattle Comment Cattle futures were mostly higher on profit taking after yesterday’s losses. The cash market is quiet so far this week, giving futures little direction. Beef prices remain weak, and packers are unwilling to raise bids to bring cattle to market. Hogs Peoria: were $.5     lower   at   48   to   48.5 Chicago Futures: Aug up 32 at 7165   Oct down 30 at 6462 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures were lower again today. Deferred contracts are under pressure from expectations for the quarterly inventory report to show expansion in the hog herd. August could retest support near $70. Poultry  Date: June 27, 2007 Eggs New York:  Ex. Lg. 102-106; Lg. 100-104; Med. 70-74; 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 steady to about steady in the West, steady to barely steady in the East, and steady in the Midwest. 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