06/28/2007 Farm Bureau Daily Market Report

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Grain & Soybean Date: June 28, 2007 Soybeans Local Elevators: (Jun) EAST AR:  752 to 779 (NC) Summ. 772 to 794 River Elevators: (Jun) MISS: 770 to 783 ; AR & White 761 to 781 (NC) Summ. 771 to 794 Ark. Processor Bids: (Jun) 771 to - - -  (NC) 793 to 794 Memphis:  (Jun) 785 3/4 to 787 3/4 (NC)  789 1/4 to 792 1/4 Riceland Foods:  (NC) Stuttgart 771 ; Pendleton 779 ; West Memphis 783 Chicago Futures: Jul up 6 1/4 at  809 3/4   Aug  up  4 1/2  at  816 1/4   Nov up 4 3/4  at  842 1/4   Jan up 6  at  854 1/4   Nov '08 up 3  at  873   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybean trading was relatively quiet ahead of tomorrow’s report as November remained within a narrow consolidation area. Pre-report estimates for ’07 soybean plantings range from 66 to 69 million acres, averaging 700,000 acres above the March intentions of 67.1 million acres. Anything below this would be positive for the market. Wheat Cash bid for June at Memphis  549 to 572; Bids to farmers at Local Elevators 532-541; River Elevators 528-556; Chicago Futures: Jul up  3  at  609    Sep up 2 1/4  at  623 3/4    Dec up  4 1/2  at  633    Jul '08 up  3  at  566    Jul '09 down  2  at  553    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for new crop at Memphis  592 to 604; Bids to farmers at River Elevators 513-577; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for June at Memphis   348 1/2 to 351 1/2;   new crop at Memphis   315 to - - -; Bids to farmers at River Elevators  334 to 347 Chicago Futures: Jul down  4 1/4  at  339 1/2    Sep down  3 3/4  at  350    Dec '07 down  3  at  358 1/4    Dec '08 up  1  at  392    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment July wheat traded in a narrow range before closing a bit higher. This market is looking toppy after setting a new contract high yesterday. Corn futures also appear to have topped and posted losses again today. Losses were limited by a positive export report. USDA reported today that nearly 39 million bushels were sold for export last week. Cotton & Rice  Date: June 28, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis up 10 at  5490   Greenwood up  10 at 5490 New York Futures: Jul up  15  at  5700    Oct up  10  at  5990    Dec up  6  at  6163    Mar up  10  at  6450    n/a   - - -  at  - - -  This week's LDP rate for cotton is  3.03 cents   The estimate for next week is  .55 cents Cotton Comment Cotton traded in a very narrow range before closing mixed, as the market treaded water ahead of tomorrow’s report. 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 1048/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Jul up  8  at  1060    Sep up  5  at  1093    Nov up  4  at  1123    Jan up  5  at  1150    - - - up  - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice traded in a narrow range before closing slightly higher for the day. Tomorrow’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 28, 2007 Cattle As reported by Federal-State Market News, receipts were 1,907 head at sales in Charlotte, Ratcliff & Green Forest.  Compared with last week, feeder steers sold mostly $2-5 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 116 to 125   500 to 550 lbs. 107 to 117   600 to 700 lbs. 101 to 111  Medium & Large Frame 2   400 to 450 lbs. 111 to 121 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 98 to 108  Medium & Large Frame 2   400 to 450 lbs. 98 to 108 Slaughter Cows, Boners 45   to   51 Light Weight 37 to 44 Bulls, Yield Grade   1   1000   to   2100 lbs.   57   to   63, high dressing 65-77 Midwest Steers   n/a   at   - - -   to   - - - Panhandle Steers   n/a   at   - - -   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 125.50 to 133   600 to 650 lbs. 111.75 to 120.50 Heifers 500 to 550 lbs. 104 to 115   600 to 650 lbs. 103.50 to 112 Chicago Futures: Live Cattle: Aug up 90 at 9015   Dec up 125 at 9587 Feeders: Aug up 120 at 10977   Oct up 130 at 11040 Cattle Comment Cattle futures posted solid gains today after charting bullish reversals in many contracts yesterday despite bearish fundamentals. Beef prices remain weak, and packers are unwilling to raise bids to bring cattle to market. Hogs Peoria: were     steady   at   48   to   48.5 Chicago Futures: Aug down 10 at 7155   Oct up 27 at 6490 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures ended mixed. Deferred contracts are under pressure from expectations for the quarterly inventory report to show expansion in the hog herd. Losses were limited by gains in cattle futures. August could retest support near $70. Poultry  Date: June 28, 2007 Eggs New York:  Ex. Lg. 106-110; Lg. 104-108; Med. 74-78; Chicago:  Ex. Lg. 82-90; Lg. 80-88; Med. 55-63; Eastern Region Turkeys Hens: 8-16 lbs. 85-86 Toms: 16-24 lbs. 85-86   Delmarva Broilers U.S. Grade A Trade sentiment was mostly steady, at times barely steady in the East. In production areas, live supplies were moderate at mixed weights. According to the National Agricultural Statistics Service (NASS) for the week ending 23-Jun-07, broiler egg sets were up 3% and chick placements were up 4% when compared to a year ago. Based on the preliminary chick placements, the number of fryers available for marketing during the week ending 04-Aug-2007 was estimated at 166.3 million head compared to 166.4 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