06/03/2008 Farm Bureau Market Report

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Grain & Soybean Date: June 03, 2008 Soybeans Local Elevators: (June) EAST AR:  1283 to 1307 (NC) Summ. 1246 to 1278 River Elevators: (June) MISS: 1260 to 1329 ; AR & White 1295 to 1306 (NC) Summ. 1252 to 1286 Ark. Processor Bids: (June) 1290 to 1298  (NC) 1274 to 1276 Memphis:  (June) 1234 1/2 to 1336 1/2 (NC)  1283 3/4 to - - - Riceland Foods:  (June) Stuttgart 1298 ; Pendleton 1307 ; West Memphis 1327 Chicago Futures: July down 6 at  1359 1/2   Aug  down  5 3/4  at  1365   Sept down 5  at  1356   Nov down 4 3/4  at  1353 3/4   Nov '09 down 3 1/4  at  1348 3/4   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans closed lower after losing early gains. A weaker undertone in corn and wheat contributed to the late decline, which was also helped by strength in the dollar. Overall trading remained within the recent trading range that has pushed above $13.70 several times over the last 3 weeks. Potential CFTC changes in position reporting, or perhaps even limits on holdings has the market a little wary. Last week’s low of $13.10 remains short term support for November futures. Wheat Cash bid for new crop at Memphis  n/a to - - -; Bids to farmers at Local Elevators 548-561; River Elevators 507-574; Chicago Futures: July down  32  at  750 1/2    Sept down 31 3/4  at  767    Dec down  30 1/2  at  789 3/4    March '09 down  29 1/2  at  811    July '09 down  17 1/2  at  840 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for June at Memphis  979 to 988; Bids to farmers at River Elevators 898-959; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for June at Memphis   573 to 580;   New crop at Memphis   566 1/4 to - - -; Bids to farmers at River Elevators  543 to 570 Chicago Futures: July down  7 3/4  at  608    Sept down  7 3/4  at  621 1/4    Dec down  7  at  636 1/4    Dec '09 down  1  at  608    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat gave back all of yesterday’s gains. The weekly crop ratings might have sparked the selloff. 47% of the crop is rated good to excellent, and while that is uninspiring, it is unchanged from last week. Since the trade was expecting a decline in the ratings, the report was bearish. Beneficial rains falling in Australia were also disappointing. Support for July begins at the recent low of $7.31. Cotton & Rice  Date: June 03, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis down 123 at  5746   Greenwood down  123 at 5746 New York Futures: July down  123  at  6421    Dec down  133  at  7283    March '09 down  127  at  7857    May '09 down  132  at  8027    July '09 down  138  at  8181  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment December cotton trimmed early losses but remained under pressure as yesterday’s decline opened the market to further technical selling and possible test of chart support near 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  June 1900/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: July up  31  at  1911    Sept up  23  at  1858    Jan '09 up  19  at  1893    Mar '09 up  21  at  1928    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice futures reversed yesterday’s decline and closed higher in another day of 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 03, 2008 Cattle As reported by Federal-State Market News, receipts were 1300 head at sales in Fort Smith and Marshall.  Compared with last week, feeder steers sold mostly steady to $2 higher. Feeder heifers sold mostly $1 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 123.09 to - - -   500 to 550 lbs. 115.81 to - - -   600 to 650 lbs. 106.12 to - - -  Medium & Large Frame 2   400 to 450 lbs. 109.93 to - - - Heifers:  Medium & Large Frame 1   500 to 550 lbs. 104.13 to - - -  Medium & Large Frame 2   400 to 450 lbs. 93.97 to - - - Slaughter Cows, Boners 52   to   56 Light Weight 40 to 42.50 Bulls, Yield Grade   1   1000   to   2100 lbs.   64.75   to   67.50 Midwest Steers   were $1 lower to $2.50 higher   at   94   to   94.50 Panhandle Steers   were 50¢ higher to $2 lower   at   94.50   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 116 to 121.50   550 to 600 lbs. 112 to 119.50 Heifers 500 to 550 lbs. 103 to 112.50   550 to 600 lbs. 99 to 107.50 Chicago Futures: Live Cattle: Aug down 57 at 10025   Dec down 57 at 10805 Feeders: Aug up 7 at 11377   Oct up 32 at 11600 Cattle Comment Live cattle futures were lower again today. The situation in South Korea is still affecting futures. Lower cash trade was also a factor. Packer cutbacks are expected to limit the week’s slaughter partially offsetting a brief lull 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 2 at 7735   Oct up 42 at 7332 Sheep St. Paul n/a   at   - - -   to   - - - Hogs Comment Hogs ended lower but at the top of the day’s trading range. Weak pork values and lower cash prices pressured futures. June futures have support around $76 with resistance just over $78. Poultry  Date: June 03, 2008 Eggs New York:  Ex. Lg. 112-116; Lg. 110-114; 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, best where first of the month and retail feature were active. Supplies of all sizes were at least adequate to satisfy 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