06/06/2008 Farm Bureau Market Report

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Grain & Soybean Date: June 06, 2008 Soybeans Local Elevators: (Jun) EAST AR:  1381 to 1405 (NC) Summ. 1332 to 1364 River Elevators: (Jun) MISS: 1358 to 1427 ; AR & White 1393 to 1404 (NC) Summ. 1328 to 1372 Ark. Processor Bids: (Jun) 1388 to 1396  (NC) 1360 to 1362 Memphis:  (Jun) 1422 1/2 to 1432 1/2 (NC)  1364 1/2 to 1368 1/2 Riceland Foods:  (Jun) Stuttgart 1396 ; Pendleton 1405 ; West Memphis 1425 Chicago Futures: Jul up 5 1/2 at  1457 1/2   Aug  up  3  at  1457 1/4   Sep up 8  at  1446 1/2   Nov up 7 1/2  at  1439 1/2   Nov '09 up 2  at  1405   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans closed higher again today, but well off the day’s highs. Huge gains in crude oil, a much weaker dollar and weather considerations prompted the third day in a row of big moves. For the week November was almost 90 cents higher with today’s high just 6 cents off the mid-March contract high. The current support is at$13.87, Wednesday’s high. Corn made a new contract high of $6.90 for December with more distant contracts moving above $7. While next week’s supply demand report is likely to incorporate a smaller acreage and declining yield prospects, it will be a major sign post. Wheat Cash bid for new crop at Memphis  n/a to - - -; Bids to farmers at Local Elevators 582-595; River Elevators 568-606; Chicago Futures: Jul up  25 1/2  at  811    Sep up 25 1/2  at  827 1/4    Dec up  25 3/4  at  850 1/4    Mar '09 up  26 1/4  at  873 1/4    Jul '09 up  25 3/4  at  895 3/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for June at Memphis  1037 to 1062; Bids to farmers at River Elevators 957-1018; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for June at Memphis   614 3/4 to 615 3/4;   new crop at Memphis   603 3/4 to 608 3/4; Bids to farmers at River Elevators  586 to 613 Chicago Futures: Jul up  7 1/2  at  650 3/4    Sep up  7 3/4  at  663 3/4    Dec up  7  at  677 3/4    Dec '09 up  13 1/2  at  648 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat gapped higher today. Concerns that recent storms have damaged unharvested wheat in Oklahoma and Kansas were supportive. July has resistance around $8.44. 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 06, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis up 187 at  5977   Greenwood up  187 at 5977 New York Futures: Jul up  193  at  6658    Dec up  186  at  7487    Mar '09 up  183  at  8056    May '09 up  226  at  8285    Jul '09 up  300  at  8469  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton made a strong recovery today after bouncing off support earlier in the week. The market was heavily oversold and due a technical bounce. It would take a close above 75 cents to suggest further improvement. 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 1996/cwt  to  - - -   Jul 1996/cwt  to  - - - Chicago Futures: Jul up  6  at  1996    Sep up  6 1/2  at  1866    Jan '09 up  13  at  1905    Mar '09 up  13  at  1935    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice futures extended yesterday’s gains ending the day higher. 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 06, 2008 Cattle As reported by Federal-State Market News, receipts were 10,895 head at sales in Arkansas this week.  Compared with last week, feeder steers somewhat uneven, generally steady . Steers:  Medium & Large Frame 1   400 to 450 lbs. 116.18 to - - -   500 to 550 lbs. 112.10 to - - -   600 to 650 lbs. 99.87 to - - -  Medium & Large Frame 2   400 to 450 lbs. 99.62 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 108.23 to - - -  Medium & Large Frame 2   400 to 450 lbs. 99.62 to - - - Slaughter Cows, Boners 50   to   57 Light Weight 35 to 43 Bulls, Yield Grade   1   1000   to   2100 lbs.   63   to   69, high dressing 69.50-72.50 Midwest Steers   n/a   at   - - -   to   - - - Panhandle Steers   n/a   at   - - -   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 115 to 130   600 to 650 lbs. 107.25 to 125.75 Heifers 500 to 550 lbs. 103 to 115.75   600 to 650 lbs. 97 to 113.50 Chicago Futures: Live Cattle: Aug down 80 at 10020   Dec up 52 at 10930 Feeders: Aug down 57 at 11225   Oct down 70 at 11432 Cattle Comment Cattle futures ended mixed. Feeders were under pressure from high corn prices, and nearby live contracts were under pressure from cash market weakness. The situation with South Korea is also still a concern. Hogs Peoria: were     steady   at   45.5   to   46 Chicago Futures: Aug down 40 at 7672   Oct up 65 at 7530 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures were mostly lower as higher soybean and corn values added pressure. Ample hog supplies are also a factor. Poultry  Date: June 06, 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 Trade sentiment was mostly steady. Demand was light to moderate with hopes of progress as the weekend approaches. Supplies of all sizes were at least adequate 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