06/02/2008 Farm Bureau Market Report

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Grain & Soybean Date: June 02, 2008 Soybeans Local Elevators: (Jun) EAST AR:  1289 to 1313 (NC) Summ. 1251 to 1283 River Elevators: (Jun) MISS: 1266 to 1335 ; AR & White 1301 to 1312 (NC) Summ. 1259 to 1291 Ark. Processor Bids: (Jun) 1296 to 1304  (NC) 1279 to 1281 Memphis:  (Jun) 1337 1/2 to 1340 1/2 (NC)  1288 1/2 to - - - Riceland Foods:  (Jun) Stuttgart 1304 ; Pendleton 1313 ; West Memphis 1333 Chicago Futures: Jul up 2 at  1365 1/2   Aug  up  2  at  1370 3/4   Sep up 4 3/4  at  1361   Nov up 4  at  1358 1/2   Nov '09 up 4 1/2  at  1352   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans ended the session slightly higher. Trading started higher early, but lost momentum at midday. Weather concerns continue to provide underlying support. Ongoing situation in Argentina has pushed Chinese buying to Brazil and the U.S. The weaker dollar gives the U.S. the edge. Upside is limited as the perception remains that there is still time to plant beans and make good yields. Corn production concerns helped boost the market back near the top of a 10 week trading range. A December close above $6.44 would be bullish. Wheat Cash bid for new crop at Memphis  n/a to - - -; Bids to farmers at Local Elevators 580-590; River Elevators 574-608; Chicago Futures: Jul up  21  at  782 1/2    Sep up 21 1/4  at  798 3/4    Dec up  21  at  820 1/4    Mar '09 up  21 1/2  at  840 1/2    Jul '09 up  19 1/2  at  858    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for June at Memphis  992 to 1000; Bids to farmers at River Elevators 913-973; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for June at Memphis   574 3/4 to 589 3/4;   new crop at Memphis   574 to - - -; Bids to farmers at River Elevators  556 to 578 Chicago Futures: Jul up  16 1/2  at  615 3/4    Sep up  16 1/2  at  629    Dec up  16 3/4  at  643 1/4    Dec '09 up  12 1/2  at  609    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat made solid gains on what appeared to be a technical correction. The market has dropped over $5 without much correction. However with harvest beginning the rebound appears limited. If final numbers are disappointing, we could see more recovery later in the summer. Current resistance is between $8 and $8.15. Cotton & Rice  Date: June 02, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis down 30 at  5869   Greenwood down  30 at 5869 New York Futures: Jul down  84  at  6490    Dec down  76  at  7361    Mar '09 down  47  at  7956    May '09 down  67  at  8100    Jul '09 up  107  at  8405  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton closes lower with December dipping below key support and opening up potential for a decline to the next major chart area around 71 cents. Big U.S. and world supplies and limited demand will keep the market under pressure. Prospects of a 10 million bale carryover in the U.S. points to potentially lower price levels, unless major problems are seen with this year’s crop. Rice Long Grain Cash Bid for  Jun 1900/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Jul down  30  at  1880    Sep down  15  at  1835    Jan '09 down  19  at  1874    Mar '09 down  19  at  1907    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice futures dipped lower in limited trade. While the overall fundamental situation is unchanged - tight U.S. and world stocks – there is a more subdued situation than just a month ago. At that point the feeding frenzy was pushing international values higher every day. A recent sale by Thailand to Malaysia at about $950 per metric tonne has seen values settle in the $950 to $1,000 range. In the U.S. some additional acreage probably resulted from the higher level, but all in all, the supply situation will remain tight. Current November support is just under $18. Cattle & Hogs  Date: June 02, 2008 Cattle As reported by Federal-State Market News, receipts were 3,403 head at sales in Ash Flat, Ola & Springdale.  Compared with last week, feeder steers sold mostly steady to $2 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 117.76 to - - -   500 to 550 lbs. 114.74 to - - -   600 to 650 lbs. 106.94 to - - -  Medium & Large Frame 2   400 to 450 lbs. 111.29 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 107.48 to - - -  Medium & Large Frame 2   400 to 450 lbs. 106.83 to - - - Slaughter Cows, Boners 50   to   57 Light Weight 36 to 40 Bulls, Yield Grade   1   1000   to   2100 lbs.   68   to   70, high dressing 72-78.50 Midwest Steers   were $3 lower to steady   at   92   to   95 Panhandle Steers   were $2 lower to $.50 higher   at   94   to   96.50 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 down 102 at 10082   Dec down 20 at 10862 Feeders: Aug down 232 at 11370   Oct down 215 at 11567 Cattle Comment Live cattle futures were lower as the market reacted to yet another delay in the potential shipment of U.S. beef to South Korea. Packer cutbacks are expected to limit the week’s slaughter partially offsetting a brief bull in seasonal demand. Longer term the market appears to have good upside potential. Hogs Peoria: were     steady   at   47.5   to   48 Chicago Futures: Aug down 160 at 7737   Oct down 165 at 7290 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs lost ground falling to the bottom side of a two week trading range. A significant decline in pork cutout values contributed to today’s weaker undertone. June futures have support around $76 with resistance just over $78. Poultry  Date: June 02, 2008 Eggs New York:  Ex. Lg. 110-114; Lg. 108-112; Med. 99-103; Chicago:  Ex. Lg. 97-105; Lg. 95-103; Med. 87-95; Eastern Region Turkeys Hens: 8-16 lbs. 90-92 Toms: 16-24 lbs. 90-92   Delmarva Broilers U.S. Grade A Trade sentiment was steady. Demand was light to moderate with optimism noted for first of the month. Supplies of all sizes were sufficient to handle trade needs. In production areas, live supplies were moderate at mostly desirable 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_marketing/email/ ---------------------------------------- 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 2008 Arkansas Farm Bureau, Inc. All rights reserved Terms of Use