07/06/2007 Farm Bureau Market Report

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Grain & Soybean Date: July 06, 2007 Soybeans Local Elevators: (Jul) EAST AR:  802 to 833 (NC) Summ. 820 to 842 River Elevators: (Jul) MISS: 809 to 837 ; AR & White 799 to 819 (NC) Summ. 818 to 846 Ark. Processor Bids: (Jul) 824 to 830  (NC) 842 to - - - Memphis:  (Jul) 824 1/4 to 829 1/4 (NC)  843 to 861 Riceland Foods:  (NC) Stuttgart 830 ; Pendleton 833 ; West Memphis 837 Chicago Futures: Aug up 9 1/4 at  869 1/4   Nov  up  9 1/2  at  896   Jan up 9  at  908   Mar up 9 1/2  at  915 1/2   Nov '08 up 5 3/4  at  904 1/4   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans led the grain market higher as the prospect of hotter, drier conditions were forecast for the Western cornbelt. A much reduced soybean acreage will get quick market attention when weather forecasts suggest potential problems. November futures made another move to $9 and could move higher if weather forecasts don’t change early next week. Technically, November futures remain in an overbought condition, which is ripe for a downward retracement of recent gains. Support starts around $8.50. Wheat Cash bid for July at Memphis  570 to - - -; Bids to farmers at Local Elevators 537-552; River Elevators 539-568; Chicago Futures: Sep up  6  at  610    Dec up 6 1/2  at  622 1/2    Mar up  7  at  626    Jul '08 up  7  at  563 1/2    Jul '09 up  2  at  542    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for new crop at Memphis  602 to 605; Bids to farmers at River Elevators - - -; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for July at Memphis   341 1/2 to 342 1/2;   new crop at Memphis   306 1/2 to 309 1/2; Bids to farmers at River Elevators  n/a to - - - Chicago Futures: Sep up  9  at  341 1/2    Dec up  9 1/2  at  352    Mar up  8 3/4  at  365 1/4    Dec '08 up  8  at  403    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures were higher again today, with July pushing back above $6. Production problems worldwide and harvest delays in the U.S. Southern Plains are supportive, but harvest pressure could keep a lid on prices. Last Friday’s contract high of $6.32 is likely to hold for some time. Cotton & Rice  Date: July 06, 2007 Cotton Spot Price, Grade 41 Staple 34: Memphis up 73 at  5773   Greenwood up  73 at 5773 New York Futures: Oct up  73  at  6273    Dec up  74  at  6463    Mar up  87  at  6750    May up  70  at  6800    Dec '08 up  15  at  7000  This week's LDP rate for cotton is  -1.64 cents   The estimate for next week is  -.99 cents Cotton Comment Cotton received a boost from strong export movement and made a new contract high as the market finally moved above a week long consolidation area. Export movement was above expectations and along with weather gave the market strong support. The ’07 plantings are down almost 4 million acres from last year. Weather, dry in the southeast and wet in Texas, could further reduce production possibilities for the year. Some estimates have the crop under 17 million bales for ’07, with 07-08 ending stocks likely dropping to 5 million bales or lower. The December contract high of 64.9 cents was within a few points of the mid-June gap objective. The market is also in an extremely overbought situation which suggests a short term retracement is possible. Key support starts at the top of the planted acreage report gap at 62.8 cents. Rice Long Grain Cash Bid for  Jul 889/cwt  to  - - -   Aug/Sep/Oct/Nov 1015/cwt  to  - - - Chicago Futures: Sep down  1 1/2  at  1058 1/2    Nov down  1  at  1090    Jan down  1  at  1119    Mar down  1  at  1147    - - - down  - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice completed the holiday shortened trading week on a quiet note. November futures were moving in a very narrow range before closing a penny lower. Support between $10.80 and $10.65 held again this week as the market backed off the recent push to $11.55. A slightly larger than expected ’07 planted acreage was revealed in last week’s report. Overall acreage, while down a little over a 100,000 acres from ’06, is expected to produce a good crop. Current ratings have the crop at 74% good to excellent, 15% above the ’06 crop at the same point in development. Medium grain production is expected to be up while long grain will be down slightly. Overall trading has futures remaining in a 75 cents range. Support is at $10.80 and resistance at $11.55. Cattle & Hogs  Date: July 06, 2007 Cattle As reported by Federal-State Market News, receipts were n/a head at sales in n/a.  Compared with last week, feeder steers n/a . Steers:  Medium & Large Frame n/a   - - - to - - - lbs. - - - to - - -   - - - to - - - lbs. - - - to - - -   - - - to - - - lbs. - - - to - - -  Medium & Large Frame n/a   - - - to - - - lbs. - - - to - - - Heifers:  Medium & Large Frame n/a   - - - to - - - lbs. - - - to - - -  Medium & Large Frame n/a   - - - to - - - lbs. - - - to - - - Slaughter Cows, Boners n/a   to   - - - Light Weight n/a to - - - Bulls, Yield Grade   n/a   - - -   to   - - - lbs.   - - -   to   - - - Midwest Steers   were steady   at   84   to   - - - Panhandle Steers   were steady   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 up 180 at 9250   Dec up 125 at 9737 Feeders: Aug up 252 at 11470   Oct up 225 at 11540 Cattle Comment Cattle prices surged higher with traders optimistic after yesterday’s strong close. Feeders were sharply higher despite gains in corn. Firmer beef prices and positive packer margins are supporting beef prices; however ample beef supplies are likely to limit market gains in the short term. The upside could be limited by futures’ premium to cash, but a retest of the May high of $94.10 is possible. Hogs Peoria: were     steady   at   46   to   46.5 Chicago Futures: Aug down 50 at 7010   Oct down 15 at 6475 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog prices gave back all of yesterday’s gains and then some to close out the week. Fundamentals are still weak as packer margins remain negative and cash prices remain weak. Poultry  Date: July 06, 2007 Eggs New York:  Ex. Lg. 110-114; Lg. 108-112; Med. 76-80; Chicago:  Ex. Lg. 97-105; Lg. 95-103; Med. 65-73; Eastern Region Turkeys Hens: 8-16 lbs. 85-87 Toms: 16-24 lbs. 85-86   Delmarva Broilers U.S. Grade A Majority prices for next week were trending unchanged in all areas. Trade sentiment was at least steady in the East, but mostly steady elsewhere. In production areas, live supplies were moderate at mixed weights. ---------------------------------------- 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