06/29/2007 Farm Bureau Daily Market Report

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Grain & Soybean Date: June 29, 2007 Soybeans Local Elevators: (Jun) EAST AR:  792 to 819 (NC) Summ. 812 to 834 River Elevators: (Jun) MISS: 810 to 823 ; AR & White 797 to 817 (NC) Summ. 809 to 834 Ark. Processor Bids: (Jun) 811 to - - -  (NC) 833 to 834 Memphis:  (Jun) 812 3/4 to 817 3/4 (NC)  822 3/4 to 826 3/4 Riceland Foods:  (NC) Stuttgart 811 ; Pendleton 819 ; West Memphis 823 Chicago Futures: Jul up 40 1/4 at  850   Aug  up  39 1/2  at  855 3/4   Nov up 39 1/2  at  881 3/4   Jan up 37 3/4  at  892   Nov '08 up 18 1/4  at  891 1/4   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment The USDA planted acreage report was a shocker with soybeans at 64.1 million acres. That was 3 million below March intentions and 4 million acres below the average pre-report estimate. Combined with a stocks report that was on target at 1.09 billion bushels it sent beans up the limit, where it remained for a good part of the session. By late morning, the market traded 10 to 15 cents off the high. Corn plantings of 92.9 million were also a shocker, but the other way. The greater acreage plus slightly larger stocks kept pressure on corn. Wheat Cash bid for June at Memphis  340 to 344 1/2; Bids to farmers at Local Elevators 507-519; River Elevators 506-533; Chicago Futures: Jul down  27  at  582    Sep down 26 3/4  at  597    Dec down  22 1/2  at  610 1/2    Jul '08 down  13 1/2  at  552 1/2    Jul '09 down  18  at  535    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for new crop at Memphis  587 to 591; Bids to farmers at River Elevators 495-559; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for June at Memphis   340 to 344 1/2;   new crop at Memphis   305 to - - -; Bids to farmers at River Elevators  324 to 337 Chicago Futures: Jul down  10  at  329 1/2    Sep down  10  at  340    Dec '07 down  7 1/2  at  350 3/4    Dec '08 up  2 3/4  at  394 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat registered a huge key reversal with July moving to a new contract high of $6.32 before closing sharply lower. Overall fundamentals are positive but this suggests the market is set for a near term correction. Cotton & Rice  Date: June 29, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis up 160 at  5650   Greenwood up  160 at 5650 New York Futures: Jul up  150  at  5850    Oct up  160  at  6150    Dec up  170  at  6333    Mar up  189  at  6639    Dec '08 up  105  at  6950  This week's LDP rate for cotton is  .55 cents   The estimate for next week is  .21 cents Cotton Comment Cotton got another boost from today’s planted acreage report, with all cotton placed at 11.06 million acres. This was a good million acres below March intentions. In Arkansas, plantings were left at the 830,000 March estimate. The market gapped sharply higher with December hitting a new contract high of 64.4 cents. July at 60 cents is just 50 points away from the very top of a consolidation area on monthly charts that goes back just over 3 years. A move above that area would point old crop toward the mid 60’s. A word of caution, however, because today’s gap could be an exhaustion gap. Looking back several weeks, the gap at 58.3 cents points to an objective of 65 cents. Just keep that in mind as we continue to monitor the market next week. Rice Long Grain Cash Bid for  Aug/Sep 1024/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Jul down  21  at  1039    Sep down  25 1/2  at  1067 1/2    Nov down  23  at  1100    Jan down  23  at  1127    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice didn’t have any real shockers, but overall U.S. planted acreage at 2.74 million acres was up about 10,000 over the March intentions. Arkansas acreage at 1.20 million acres was up 80,000 from the intentions. Overall medium grain plantings were up 10,000 acres from ’06 while long grain was down 104,000 acres. Part of the decline was likely in sympathy to the late fall in wheat, and the overall weaker undertone in corn. Longer term, a smaller U.S. crop and tighter world stocks will still bode well for higher prices at some point in the future. Key support for November remains around $10.65 to $10.80. Cattle & Hogs  Date: June 29, 2007 Cattle As reported by Federal-State Market News, receipts were 9,210 head at sales in Arkansas this week.  Compared with last week, feeder steers sold unevenly, mostly steady to 1 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 115 to 125   500 to 550 lbs. 108 to 118   600 to 700 lbs. 103 to 113  Medium & Large Frame 2   400 to 450 lbs. 107 to 117 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 106 to 116  Medium & Large Frame 2   400 to 450 lbs. 96 to 106 Slaughter Cows, Boners 46   to   53 Light Weight 37 to 43 Bulls, Yield Grade   1   1000   to   2100 lbs.   63   to   67, high dressing 67-70 Midwest Steers   were quoted   at   84   to   86 Panhandle Steers   were quoted   at   84   to   86 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 up 12 at 9027   Dec up 30 at 9617 Feeders: Aug up 177 at 11155   Oct up 150 at 11190 Cattle Comment Cattle received a boost from the weaker corn trade as August futures continued to move higher for the third day in a row. There remains a standoff between packers and feedlots as they are about $3 apart on bids and offers. Hogs Peoria: were     steady   at   48   to   48.5 Chicago Futures: Aug down 87 at 7067   Oct down 77 at 6412 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs were lower today as cash bids declined from 50 cents to $2. Weak operating margins and readily available supplies for the holiday shortened week contributed to the decline. Poultry  Date: June 29, 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 Majority prices for next were trending two cents lower in the East, but unchanged elsewhere. Supplies of all sizes were more than 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