07/02/2007 Farm Bureau Daily Market Report

Click here to view this report online.

Grain & Soybean Date: July 02, 2007 Soybeans Local Elevators: (Jul) EAST AR:  807 to 834 (NC) Summ. 828 to 850 River Elevators: (Jul) MISS: 811 to 838 ; AR & White 812 to 832 (NC) Summ. 822 to 851 Ark. Processor Bids: (Jul) 826 to - - -  (NC) 849 to 850 Memphis:  (Jul) 825 to 833 (NC)  829 3/4 to 842 3/4 Riceland Foods:  (NC) Stuttgart 826 ; Pendleton 834 ; West Memphis 838 Chicago Futures: Aug up 15 1/4 at  871   Nov  up  16  at  897 3/4   Jan '08 up 17  at  909   Mar '08 up 16 1/4  at  913   Nov '08 up 17  at  908 1/4   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans finally gained some momentum and November pushed above $9.00 briefly. It should be noted that November ’08 closed above $9.00. Last Friday’s planted acreage estimate of just 64 million acres has the market looking ahead to a potential tight supply situation. With a lot of growing season left any weather problem will give the market upside potential. The best guesstimate suggests stocks will drop from over 600 million bushels this year to 300 million or less next year. So, the market will want to insure against a tighter situation, but $9/bushel beans will spur production in South America. Wheat Cash bid for July at Memphis  339 3/4 to 845 1/2; Bids to farmers at Local Elevators 495-512; River Elevators 499-528; Chicago Futures: Sep down  13 3/4  at  583 1/4    Dec down 13  at  597 1/2    Mar down  13 3/4  at  601 1/2    Jul '08 down  4  at  548 1/2    Jul '09 down  5  at  535    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for new crop at Memphis  572 to 586; Bids to farmers at River Elevators 495-559; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for July at Memphis   339 3/4 to 345 1/2;   new crop at Memphis   304 3/4 to - - -; Bids to farmers at River Elevators  324 to 337 Chicago Futures: Sep down  1/4  at  339 3/4    Dec down  3/4  at  350    Mar up  1/2  at  364 1/4    Dec '08 down  1/2  at  394 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment July wheat was lower, following through on Friday’s key reversal, which moved the market 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: July 02, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis up 15 at  5665   Greenwood up  15 at 5665 New York Futures: Oct up  15  at  6165    Dec up  10  at  6343    Mar down  9  at  6630    May down  20  at  6710    Dec '08 up  15  at  6965  This week's LDP rate for cotton is  .54 cents   The estimate for next week is  -.54 cents Cotton Comment Cotton was mixed with trading restricted to a narrow range following strong gains on Friday. With over 4 million acres trimmed from ’06 plantings it appears the stocks situation will be reduced by this time next year. Plantings of 11.1 million acres should generate a crop of 17 to 18 million bales which with a carryover of approximately 10 million bales will be a more than adequate supply. Good use, particularly on the export side, should see stocks reduced to about half or around 5 million bales. Continued weather problems could push futures into the upper 60’s. December currently has a gap objective of just over 65 cents. July above 60.5 cents would break out of a long term trading range and suggest further gains. Rice Long Grain Cash Bid for  Jul 889/cwt  to  - - -   Aug/Sep/Oct/Nov 1019/cwt  to  - - - Chicago Futures: Sep down  4 1/2  at  1063    Nov down  6  at  1094    Jan down  4  at  1123    Mar down  4  at  1150    - - - down  - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice was under pressure again today as November futures were trimmed by another 6 cents. Arkansas's ’07 acreage of 1.3 million acres is down 105,000 from ’06. Long grain declined 120,000 acres while medium grain increased 15,000. Overall U.S. rice acreage was down just 94,000 acres, with Louisiana planting 40,000 acres more than in ’06. All other stocks declined a little. A smaller U.S. crop and tightening world stocks still suggest a firm market situation, although milled export movement is extremely slow. Key support for November starts at $10.80 to $10.65. Cattle & Hogs  Date: July 02, 2007 Cattle As reported by Federal-State Market News, receipts were 1,724 head at sales in Ash Flat & Springdale.  Compared with last week, feeder steers sold mostly steady, instances 1-5 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 116 to 126   500 to 550 lbs. 109 to 119   600 to 700 lbs. 99 to 109  Medium & Large Frame 2   400 to 450 lbs. 115 to 125 Heifers:  Medium & Large Frame 1   400 to 450 lbs. 106 to 116  Medium & Large Frame 2   400 to 450 lbs. 101 to 111 Slaughter Cows, Boners 45   to   51 Light Weight 34 to 41 Bulls, Yield Grade   1   1000   to   2100 lbs.   59   to   64.50, high dressing 64.50-70.50 Midwest Steers   were $3-$1 higher   at   87   to   - - - Panhandle Steers   were $3-$1.50 higher   at   87   to   87.50 Oklahoma City Feeders Steers 500 to 550 lbs. 120.50 to 129.50   n/a to - - - lbs. n/a to - - - Heifers n/a to - - - lbs. - - - to - - -   550 to 600 lbs. 96.50 to 100 Chicago Futures: Live Cattle: Aug down 60 at 8967   Dec down 45 at 9572 Feeders: Aug down 60 at 11095   Oct steady at 11190 Cattle Comment Cattle ended mixed. There remains a standoff between packers and feedlots as they are about $3 apart on bids and offers. Feeders failed to follow through on Friday’s big gains. Hogs Peoria: were $1     lower   at   47   to   47.5 Chicago Futures: Aug down 80 at 6987   Oct down 7 at 6405 Sheep St. Paul sheep shorn slaughter lambs   at   N/A   to   - - - Hogs Comment Hogs were under pressure from Friday’s inventory report. The inventory was estimated at 2% above last year’s total. Weak operating margins and readily available supplies for the holiday shortened week also contributed to the decline. Poultry  Date: July 02, 2007 Eggs New York:  Ex. Lg. 106-110; Lg. 104-108; Med. 74-78; Chicago:  Ex. Lg. 97-105; Lg. 95-103; Med. 65-73; Eastern Region Turkeys Hens: 8-16 lbs. 85-86 Toms: 16-24 lbs. 85-86   Delmarva Broilers U.S. Grade A Majority prices were two cents lower in the East, but mostly unchanged elsewhere. Trade sentiment was mostly steady in all areas. In production areas, live supplies were moderate. Weights were mixed, but mostly desirable. ---------------------------------------- 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