06/10/2008 Farm Bureau Market Report

Click here to view this report online.

Grain & Soybean Date: June 10, 2008 Soybeans Local Elevators: (Jun) EAST AR:  1370 to 1394 (NC) Summ. 1333 to 1365 River Elevators: (Jun) MISS: 1347 to 1416 ; AR & White 1382 to 1393 (NC) Summ. 1325 to 1373 Ark. Processor Bids: (Jun) 1385 to - - -  (NC) 1348 to 1363 Memphis:  (Jun) 1422 1/2 to - - - (NC)  1356 to 1361 Riceland Foods:  (Jun) Stuttgart 1385 ; Pendleton 1394 ; West Memphis 1414 Chicago Futures: Jul down 5 1/2 at  1446 1/2   Aug  down  4 1/2  at  1449 1/4   Sep down 6 1/2  at  1443 1/2   Nov down 6  at  1441   Nov '09 unchanged   at  1416   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans traded up and down before settling slightly lower for the day. USDA raised 07/08 export projections by 20 million bushels and lowered ending stocks by the same amount. No changes were made in ’08 acreage or yield, this left 08/09 ending stocks at 175 million bushels. However, November futures failed to move to a new contract high and quickly lost ground, while corn boosted by significantly lower yield number closed above $7. USDA increased 07/08 ending stocks and reduced 08/09 usages to mitigate the impact of an 11.74 billion bushel crop. That was 390 million bushels below the initial May estimate. Look for corn to top by early July, while soybeans look for additional weather concerns for direction. Wheat Cash bid for new crop at Memphis  n/a to - - -; Bids to farmers at Local Elevators 575-583; River Elevators 566-604; Chicago Futures: Jul up  20 1/2  at  809    Sep up 20 1/2  at  825 1/2    Dec up  20 1/2  at  849    Mar '09 up  20 1/2  at  871    Jul '09 up  14 1/2  at  890    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for June at Memphis  1077 to 1095; Bids to farmers at River Elevators 996-1057; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for June at Memphis   638 1/4 to 643 1/4;   new crop at Memphis   626 3/4 to - - -; Bids to farmers at River Elevators  608 to 635 Chicago Futures: Jul up  16  at  673 1/4    Sep up  16 1/4  at  686 3/4    Dec up  17 1/2  at  702 3/4    Dec '09 up  10 1/4  at  655 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures ended higher. The market was prepared for a production estimate above 1.8 billion bushels, so today's report didn't cause much reaction. The weekly crop ratings were little changed from last week. Cotton & Rice  Date: June 10, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis up 25 at  6025   Greenwood up  25 at 6025 New York Futures: Jul up  68  at  6668    Dec up  24  at  7478    Mar '09 up  21  at  8052    May '09 up  7  at  8208    Jul '09 down  11  at  8330  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton closed mixed after being hit with yet another negative report. Exports were reduced 300,000 bales while ending stocks were boosted a like amount to 10.2 million bales. Use in 08/09 was increased 500,000 bales to offset the additional carryover and that kept the market from declining. World number indicated a 1.6 million bale drop in projected production, justifying the increase in U.S. exports. Upside potential remains limited with resistance at 77 cents and support at 71.65 cents. Rice Long Grain Cash Bid for  Jul 1942/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Jul down  50  at  1942    Sep down  35  at  1840    Jan '09 down  30  at  1875    Mar '09 down  35  at  1900    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice after trading sharply lower in limited trade closed slightly higher as U.S. numbers were virtually unchanged. A 500,000 cwt increase in ending stocks and a like increase is in imports was offset by a 1 million cwt increase in exports. That left overall stocks at 17.2 million cwt, while shifting 500,000 cwt from medium to long grain. World production remained above projected use and left a slight increase in world stocks. However, the reality of the situation is unchanged with tight available stocks still supporting international values. It will take some time for the situation to work itself out and there remains potential for price fireworks later in the year. For now new crop futures have support around $18 and resistance around $19. Cattle & Hogs  Date: June 10, 2008 Cattle As reported by Federal-State Market News, receipts were 1,300 head at sales in Fort Smith & Marshall.  Compared with last week, feeder steers sold mostly $2-4 lower. Feeder heifers sold mostly $1 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 119.34 to - - -   500 to 550 lbs. 109.13 to - - -   600 to 650 lbs. 106.35 to - - -  Medium & Large Frame 2   400 to 450 lbs. 102.13 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 104.39 to - - -  Medium & Large Frame 2   400 to 450 lbs. 95.67 to - - - Slaughter Cows, Boners 52   to   57 Light Weight 40 to 42 Bulls, Yield Grade   1   1000   to   2100 lbs.   63   to   68.75 Midwest Steers   were $1-$1.50 higher   at   92   to   93 Panhandle Steers   were $2 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 65 at 9962   Dec up 22 at 10882 Feeders: Aug up 30 at 11097   Oct up 42 at 11230 Cattle Comment The USDA report was clearly bearish for livestock. Deferred cattle contracts, however, hold a wide premium to cash on expectations for fewer placements this summer. Hogs Peoria: were     steady   at   45.5   to   46 Chicago Futures: Aug down 15 at 7460   Oct down 80 at 7312 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures are also under pressure from higher feed costs. Supplies are also at record high levels, and that will limit upside potential as well. Poultry  Date: June 10, 2008 Eggs New York:  Ex. Lg. 120-124; Lg. 118-122; Med. 101-105; Chicago:  Ex. Lg. 107-115; Lg. 105-113; Med. 92-100; 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. Supplies of all sizes were usually sufficient to satisfy trade needs. In production areas, live supplies were moderate. Weights varied but were mostly desirable. ---------------------------------------- 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