06/11/2008 Farm Bureau Market Report

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Grain & Soybean Date: June 11, 2008 Soybeans Local Elevators: (Jun) EAST AR:  1440 to 1464 (NC) Summ. 1401 to 1433 River Elevators: (Jun) MISS: 1417 to 1491 ; AR & White 1452 to 1468 (NC) Summ. 1393 to 1441 Ark. Processor Bids: (Jun) 1455 to - - -  (NC) 1416 to 1431 Memphis:  (Jun) 1492 1/2 to - - - (NC)  1424 to 1429 Riceland Foods:  (Jun) Stuttgart 1455 ; Pendleton 1464 ; West Memphis 1484 Chicago Futures: Jul up 70 at  1516 1/2   Aug  up  70  at  1519 1/4   Sep up 70  at  1513 1/2   Nov up 68  at  1509   Nov '09 up 51  at  1467   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Yesterday’s report was a precursor to today’s move in corn and soybeans. More rain simply added to the bullish undertone which pushed corn to across the board limit gains. While soybeans only had a couple of old crop contracts to go limit up, gains were substantial in all other contracts. November made a new contract high and settled well above $15. Rain across the upper Midwest will hamper efforts to plant or replant, while reducing yield potential on that emerged. USDA’s big cut of corn yields let the market know in no uncertain terms that production for corn and probably beans will be tighter than thought. While there remains upside potential producers should be looking for topping activity, if not sooner by early July. Wheat Cash bid for new crop at Memphis  n/a to - - -; Bids to farmers at Local Elevators 635-643; River Elevators 626-664; Chicago Futures: Jul up  60  at  869    Sep up 60  at  885 1/2    Dec up  60  at  909    Mar '09 up  60  at  931    Jul '09 up  60  at  950    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for June at Memphis  1131 to - - -; Bids to farmers at River Elevators 1050-1111; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for June at Memphis   668 1/4 to 673 1/4;   new crop at Memphis   656 3/4 to 661 3/4; Bids to farmers at River Elevators  638 to 670 Chicago Futures: Jul up  30  at  703 1/4    Sep up  30  at  716 3/4    Dec up  30  at  732 3/4    Dec '09 up  30  at  685 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat was up the limit across the board today, mostly following corn. Rain is delaying the winter wheat harvest in areas like Kansas, and that is also a supportive factor. The upside will be limited, however, by harvest pressure. Cotton & Rice  Date: June 11, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis up 300 at  6325   Greenwood up  300 at 6325 New York Futures: Jul up  300  at  6925    Dec up  267  at  7708    Mar '09 up  225  at  8253    May '09 up  260  at  8450    Jul '09 up  274  at  8600  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton rode the wave of higher grains with anticipation of a big export report of the first week of June adding bullish sentiment. Perhaps bullish is incorrect and we should just say positive sentiment. While there were no major changes in yesterday’s report - a smaller world crop and lower world stocks did provide the back drop for today’s move. December’s move above 77 cents left the market just short of overhead trendline resistance, but did move the market above flat resistance just below 77. A close above the trendline would leave resistance near 81 cents as the next level. Current support starts at 74 cents. Rice Long Grain Cash Bid for  Jul 1993/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Jul up  51  at  1993    Sep down  14  at  1876    Jan '09 down  10  at  1915    Mar '09 down  5  at  1950    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice was left out of today’s big moves and ended the session mostly lower. Yesterday’s report indicated 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 11, 2008 Cattle As reported by Federal-State Market News, receipts were 1,176 head at sales in Conway & Pocahontas.  Compared with last week, feeder steers sold $3-5 lower, instances $6-8 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 109.90 to - - -   500 to 550 lbs. 103.42 to - - -   600 to 650 lbs. 100.96 to - - -  Medium & Large Frame 2   400 to 450 lbs. n/a to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 98.40 to - - -  Medium & Large Frame 2   400 to 450 lbs. 92.50 to - - - Slaughter Cows, Boners 50   to   57 Light Weight 36 to 41 Bulls, Yield Grade   1   1000   to   2100 lbs.   63   to   70, high dressing 72-73.50 Midwest Steers   were $1 higher to steady   at   93   to   - - - Panhandle Steers   were $1-.50 higher   at   93.50   to   - - - Oklahoma City Feeders Steers n/a to - - - lbs. - - - to - - -   600 to 650 lbs. 108 to 115.25 Heifers 550 to 600 lbs. 104 to 110   600 to 650 lbs. 103 to 109.75 Chicago Futures: Live Cattle: Aug up 122 at 10085   Dec up 172 at 11055 Feeders: Aug down 215 at 10882   Oct down 175 at 11105 Cattle Comment August live cattle set a new contract high during today’s extremely wide trading range. Carryover strength from other markets was supportive, but cash market weakness kept a lid on prices. Feeders were under pressure from limit-up corn. Hogs Peoria: were steady to $1     higher   at   44.5   to   45 Chicago Futures: Aug steady at 7460   Oct up 50 at 7362 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures were mostly higher. Weak cash market fundamentals pushed the market lower in early dealing, but fund buying sparked by strength in other markets turned the market around. August has support around $74. Poultry  Date: June 11, 2008 Eggs New York:  Ex. Lg. 123-127; Lg. 121-125; 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 sufficient to satisfy trade needs. In production areas, live supplies were mostly moderate. Weights were mostly desirable but trending lighter in some areas due to extreme heat. ---------------------------------------- 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