06/05/2008 Farm Bureau Market Report

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Grain & Soybean Date: June 05, 2008 Soybeans Local Elevators: (Jun) EAST AR:  1375 to 1399 (NC) Summ. 1324 to 1356 River Elevators: (Jun) MISS: 1362 to 1401 ; AR & White 1387 to 1399 (NC) Summ. 1330 to 1364 Ark. Processor Bids: (Jun) 1382 to 1390  (NC) 1352 to 1354 Memphis:  (Jun) 1428 to 1438 (NC)  1362 to - - - Riceland Foods:  (Jun) Stuttgart 1390 ; Pendleton 1399 ; West Memphis 1490 Chicago Futures: Jul up 63 at  1452   Aug  up  59 3/4  at  1454 1/4   Sep up 54 3/4  at  1438 1/2   Nov up 52 1/4  at  1432   Nov '09 up 38 1/2  at  1403   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans gapped higher and ended the day sharply higher. November futures gapped higher and ended near the day’s highs, just 34 cents short of early March contract high. Weather impacts including late planting, have the market concerned. Further support came from the ongoing strike in Argentina, strength in oil and a big reversal in the dollar. Corn was also boosted by many of the same concerns with December gapping higher and closing just under the new contract high of $6.71. A move toward $7 is certainly possible. Wheat Cash bid for new crop at Memphis  n/a to - - -; Bids to farmers at Local Elevators 538-565; River Elevators 541-596; Chicago Futures: Jul up  32 1/2  at  785 1/2    Sep up 32 1/4  at  801 3/4    Dec up  32  at  824 1/2    Mar '09 up  29  at  847    Jul '09 up  29 3/4  at  870    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for June at Memphis  1042 to 1050; Bids to farmers at River Elevators 961-1036; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for June at Memphis   608 1/4 to 615 1/4;   new crop at Memphis   601 to - - -; Bids to farmers at River Elevators  578 to 605 Chicago Futures: Jul up  29 3/4  at  643 1/4    Sep up  28 1/4  at  656    Dec up  27 3/4  at  670 3/4    Dec '09 up  19 1/4  at  634 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat regained losses of the past two days, closing just under Monday’s high. Export sales remain flat as evidenced by the very wide basis being seen at the Gulf. That is currently $1.50 to $1.75 under July, which puts local basis levels near $2.00. Harvest pressure will keep levels extremely wide. Cotton & Rice  Date: June 05, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis up 33 at  5790   Greenwood up  33 at 5790 New York Futures: Jul up  40  at  6472    Dec up  24  at  7310    Mar '09 down  15  at  7843    May '09 up  10  at  8023    Jul '09 up  3  at  8150  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton closed slightly higher as the market failed to respond to across the board gains in soybeans and grains. December briefly backed up to prior support at 74 cents, but didn’t have enough momentum to move higher and 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 1936/cwt  to  - - -   Jul 1936/cwt  to  - - - Chicago Futures: Jul up  75  at  1936    Sep up  51 1/2  at  1859 1/2    Jan '09 up  49  at  1892    Mar '09 up  44  at  1922    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment What a difference a day makes – yesterday rice dropped the limit and today it was sharply higher influenced by strong gains in soybeans, wheat and corn. A weaker dollar and stronger crude oil provided support. 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 05, 2008 Cattle As reported by Federal-State Market News, receipts were 2,245 head at sales in Ratcliff & Green Forest.  Compared with last week, feeder steers sold mostly unevenly, steers under 450 lbs. steady to $3 higher, over 450 lbs. weak to $4 lower. Feeder heifers under 500 lbs. $1-3 lower, over 500 lbs. steady to $2 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 120.84 to - - -   500 to 550 lbs. 112.43 to - - -   600 to 650 lbs. 108.96 to - - -  Medium & Large Frame 2   400 to 450 lbs. 108.54 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 106.55 to - - -  Medium & Large Frame 2   400 to 450 lbs. 101.56 to - - - Slaughter Cows, Boners 48   to   52.50 Light Weight 31 to 38 Bulls, Yield Grade   1-2   1000   to   2100 lbs.   63   to   68.50 Midwest Steers   were $1 lower to steady   at   92   to   93 Panhandle Steers   were $2-1 lower   at   92   to   93 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 50 at 10100   Dec up 80 at 10877 Feeders: Aug down 90 at 11282   Oct down 62 at 11502 Cattle Comment Cattle futures were mixed with live contracts higher and feeders mostly lower. Good beef movement is being seen as retailers have stepped up their featuring activities. Good packer margins are supportive for current bids. Hogs Peoria: were $1     lower   at   47.5   to   46 Chicago Futures: Aug up 25 at 7712   Oct up 130 at 7465 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures were slightly lower as higher soybean and corn values added pressure. Ample hog supplies are also a factor. Poultry  Date: June 05, 2008 Eggs New York:  Ex. Lg. 118-122; Lg. 116-120; Med. 101-105; 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 n/a ---------------------------------------- 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. 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