06/04/2008 Farm Bureau Market Report

Click here to view this report online.

Grain & Soybean Date: June 04, 2008 Soybeans Local Elevators: (Jun) EAST AR:  1312 to 1336 (NC) Summ. 1272 to 1304 River Elevators: (Jun) MISS: 1289 to 1359 ; AR & White 1324 to 1336 (NC) Summ. 1278 to 1312 Ark. Processor Bids: (Jun) 1319 to 1327  (NC) 1300 to 1302 Memphis:  (Jun) 1363 to 1369 (NC)  1308 3/4 to 1309 3/4 Riceland Foods:  (Jun) Stuttgart 1327 ; Pendleton 1336 ; West Memphis 1356 Chicago Futures: Jul up 29 1/2 at  1389   Aug  up  29 1/2  at  1394 1/2   Sep up 27 3/4  at  1383 3/4   Nov up 26  at  1379 3/4   Nov '09 up 15 3/4  at  1364 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment November soybean futures broke out of a tight trading range to close at the highest level since mid-March. This technical breakout could lead to a retest of resistance at the early March high of $14.66. This was an exceptionally strong showing considering crude oil declined and the dollar strengthened. Late planting and tightening stocks contributed to the upturn. Corn made solid gains with December just 12 cents below the contract high. Wheat Cash bid for new crop at Memphis  n/a to - - -; Bids to farmers at Local Elevators 515-542; River Elevators 510-563; Chicago Futures: Jul up  2 1/2  at  753    Sep up 2 1/2  at  769 1/2    Dec up  2 3/4  at  792 1/2    Mar '09 up  7  at  818    Jul '09 down  1/4  at  840 1/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for June at Memphis  990 to 997; Bids to farmers at River Elevators 909-970; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for June at Memphis   579 1/2 to 586 1/2;   new crop at Memphis   572 3/4 to - - -; Bids to farmers at River Elevators  550 to 576 Chicago Futures: Jul up  6 1/2  at  614 1/2    Sep up  6 1/2  at  627 3/4    Dec up  6 3/4  at  643    Dec '09 up  7 1/2  at  615 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat was a bit higher, recovering a little from yesterday’s selloff. Beneficial rains in Australia were apparently figured in yesterday. Harvest is getting underway now and will limit the upside. Support for July begins at the recent low of $7.31. Cotton & Rice  Date: June 04, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis up 9 at  5757   Greenwood up  9 at 5757 New York Futures: Jul down  6  at  6415    Dec down  20  at  7263    Mar '09 down  37  at  7820    May '09 down  13  at  8014    Jul '09 down  31  at  8150  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment For the second day in a row, cotton futures trimmed big losses late in the session but remains under technical pressure as Monday’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  Jun 1861/cwt  to  - - -   Jul 1861/cwt  to  - - - Chicago Futures: Jul down  50  at  1861    Sep down  50  at  1808    Jan '09 down  50  at  1843    Mar '09 down  50  at  1878    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice futures dropped the limit as the market adjusts to a much more subdued situation. On the international side reports suggest several factors are contributing to a less stressful supply situation. Japan is expected to release some stocks, Vietnam has indicated they will lift their export ban on July 1 and India is going to allow exports to some West African countries. This has allowed price levels to move a little lower. They now appear to be stabilizing in the $800 to $900 range. U.S. offers have softened slightly but downside would appear to be limited long term. Technically, November futures should have support between $17.50 and $18.00, if not there, just under $16.50. Cattle & Hogs  Date: June 04, 2008 Cattle As reported by Federal-State Market News, receipts were 1,098 head at sales in Conway & Pocahontas.  Compared with last week, feeder steers sold steady to $2 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 118.09 to - - -   500 to 550 lbs. 112.87 to - - -   600 to 650 lbs. 107.34 to - - -  Medium & Large Frame 2   400 to 450 lbs. 101.55 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 105.44 to - - -  Medium & Large Frame 2   400 to 450 lbs. 93.75 to - - - Slaughter Cows, Boners 53   to   59 Light Weight 38 to 42.50 Bulls, Yield Grade   1   1000   to   2100 lbs.   65   to   70, high dressing $71-74 Midwest Steers   were $1-1.50 lower   at   93   to   - - - Panhandle Steers   were $.50 lower   at   94   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 124.50 to 130   550 to 600 lbs. 116 to 121 Heifers 500 to 550 lbs. 111 to 114.50   600 to 650 lbs. 107.75 to 113.50 Chicago Futures: Live Cattle: Aug up 25 at 10050   Dec down 7 at 10797 Feeders: Aug down 5 at 11372   Oct down 35 at 11565 Cattle Comment Live cattle were mixed. The situation in South Korea is still affecting futures. Improving beef values limited losses. 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 $1     lower   at   46.5   to   47 Chicago Futures: Aug down 47 at 7687   Oct up 2 at 7335 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs ended lower again today. Weak pork values and lower cash prices pressured futures. Today’s spike down to $76.05 will be the first level of support for August. Poultry  Date: June 04, 2008 Eggs New York:  Ex. Lg. 114-118; Lg. 112-116; Med. 99-103; Chicago:  Ex. Lg. 90-99; Lg. 89-98; Med. 81-90; 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 into all channels was light to moderate, best for retail and fast food. Supplies of all sizes were at least sufficient to handle trade needs. In production areas live supplies were moderate at mixed, but mostly lighter 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