06/09/2008 Farm Bureau Market Report

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Grain & Soybean Date: June 09, 2008 Soybeans Local Elevators: (Jun) EAST AR:  1375 to 1382 (NC) Summ. 1339 to 1371 River Elevators: (Jun) MISS: 1352 to 1421 ; AR & White 1387 to 1399 (NC) Summ. 1331 to 1379 Ark. Processor Bids: (Jun) 1390 to - - -  (NC) 1354 to 1369 Memphis:  (Jun) 1428 to - - - (NC)  1367 to - - - Riceland Foods:  (Jun) Stuttgart 1390 ; Pendleton 1399 ; West Memphis 1419 Chicago Futures: Jul down 5 1/2 at  1452   Aug  down  3 1/2  at  1453 3/4   Sep up 3 1/2  at  1450   Nov up 7 1/2  at  1447   Nov '09 up 11  at  1416   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Weekend rains boosted soybeans in early trading. November again tested resistance near the contract high, but lost momentum as the dollar made a strong rebound. Tomorrow’s supply demand report could have an increase in the export number, but acreage and yield won’t likely be adjusted until after the June 30 plantings report. For now resistance remains the $14.66 contract high for November. Support will start at last Thursday’s gap at $13.87. Wheat Cash bid for new crop at Memphis  n/a to - - -; Bids to farmers at Local Elevators 560-573; River Elevators 545-584; Chicago Futures: Jul down  22 1/2  at  788 1/2    Sep down 22 1/4  at  805    Dec down  21 3/4  at  828 1/2    Mar '09 down  22 3/4  at  850 1/2    Jul '09 down  20 1/4  at  875 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for June at Memphis  1049 to 1067; Bids to farmers at River Elevators 968-1029; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for June at Memphis   622 1/4 to - - -;   new crop at Memphis   610 1/2 to - - -; Bids to farmers at River Elevators  592 to 619 Chicago Futures: Jul up  6 1/2  at  657 1/4    Sep up  6 3/4  at  670 1/2    Dec up  7 1/2  at  685 1/4    Dec '09 up  3  at  645 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment July wheat charted a bearish key reversal today. Recent gains were mostly an effort to follow corn and soybeans higher, not a reflection of any fundamental factors for wheat. Tomorrow’s report is expected to show a bump in the production estimate. The average trade guess is over 1.8 billion bushels, which could push the carryover above 500 million bushels. 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 09, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis up 23 at  6000   Greenwood up  23 at 6000 New York Futures: Jul down  64  at  6588    Dec down  56  at  7439    Mar '09 down  84  at  7985    May '09 down  54  at  8180    Jul '09 unchanged  59  at  8320  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton lost early momentum and closed lower for the day. Upside potential remains limited by big U.S. and world supplies. No major changes are anticipated in the supply demand report, although ending stocks could be adjusted a little higher. Overall fundamentals remain somewhat bearish. Resistance starts at 77 cents – with support at 74, then last week’s low of 71.65 cents. Rice Long Grain Cash Bid for  Jul 1192/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Jul down  4  at  1992    Sep up  9  at  1875    Jan '09 up    at  1905    Mar '09 unchanged    at  1935    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice closed mixed with little change in the overall fundamental picture. Recent moves by Japan, Vietnam and India have help ease the immediate supply situation, thus allowing a more stable market the last several weeks. Milled rice appears 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 09, 2008 Cattle As reported by Federal-State Market News, receipts were 2,571 head at sales in Ash Flat, Ola & Springdale.  Compared with last week, feeder steers mostly steady, heifers weak to $3 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 119.14 to - - -   500 to 550 lbs. 118.32 to - - -   600 to 650 lbs. 110.63 to - - -  Medium & Large Frame 2   400 to 450 lbs. 119.99 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 106.59 to - - -  Medium & Large Frame 2   400 to 450 lbs. 119.99 to - - - Slaughter Cows, Boners 48   to   55 Light Weight 37 to 43 Bulls, Yield Grade   1   1000   to   2100 lbs.   64   to   69, high dressing 72-74 Midwest Steers   were quoted   at   93   to   94.50 Panhandle Steers   were quoted   at   90   to   95 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 122 at 9897   Dec down 70 at 10860 Feeders: Aug down 157 at 11067   Oct down 190 at 11242 Cattle Comment Cattle futures were sharply lower, mostly in reaction to continued strength in corn. Seasonal cash market weakness is also a factor. August live cattle gapped lower and have initial support at $98.55. Hogs Peoria: were     steady   at   45.5   to   46 Chicago Futures: Aug down 197 at 7475   Oct down 137 at 7392 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures were also sharply lower as higher soybean and corn values added pressure. Ample hog supplies are also a factor. August has initial support at $74. Poultry  Date: June 09, 2008 Eggs New York:  Ex. Lg. 118-122; Lg. 116-120; Med. 101-105; Chicago:  Ex. Lg. 100-109; Lg. 99-108; Med. 86-95; 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 following the weekend was fair to moderate. Supplies of all sizes were sufficient 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