06/12/2008 Farm Bureau Market Report

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Grain & Soybean Date: June 12, 2008 Soybeans Local Elevators: (Jun) EAST AR:  1460 to 1484 (NC) Summ. 1405 to 1437 River Elevators: (Jun) MISS: 1447 to 1511 ; AR & White 1472 to 1489 (NC) Summ. 1396 to 1445 Ark. Processor Bids: (Jun) 1475 to - - -  (NC) 1420 to 1435 Memphis:  (Jun) 1512 1/2 to 1516 1/2 (NC)  1427 1/2 to 1432 1/2 Riceland Foods:  (Jun) Stuttgart 1475 ; Pendleton 1484 ; West Memphis 1504 Chicago Futures: Jul up 20 at  1536 1/2   Aug  up  18 3/4  at  1538   Sep up 10  at  1523 1/2   Nov up 3 1/2  at  1512 1/2   Nov '09 up 5 1/2  at  1472 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment November beans made another contract high today, holding above $15. Rain across the upper Midwest will hamper efforts to plant or replant, while reducing yield potential on what has already 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, by early July if not sooner. Wheat Cash bid for new crop at Memphis  n/a to - - -; Bids to farmers at Local Elevators 617-625; River Elevators 608-641; Chicago Futures: Jul down  18  at  851    Sep down 17 1/2  at  868    Dec down  17 1/2  at  891 1/2    Mar '09 down  18 1/2  at  912 1/2    May '09 down  18  at  926    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for June at Memphis  1141 to - - -; Bids to farmers at River Elevators 1061-1121; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for June at Memphis   674 to 679;   new crop at Memphis   657 3/4 to 667 3/4; Bids to farmers at River Elevators  644 to 676 Chicago Futures: Jul up  5 3/4  at  709    Sep up  6  at  722 3/4    Dec up  6 3/4  at  739 1/2    Dec '09 down  3 1/2  at  682    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat gave back a good portion of yesterday’s gains, which were mostly due to the market following corn, anyway. Weekly export sales of 64.6 million bushels were above trade expectations, and may have limited losses. Cotton & Rice  Date: June 12, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis up 39 at  6364   Greenwood up  39 at 6364 New York Futures: Jul up  62  at  6987    Dec up  79  at  7354    Mar '09 down  29  at  8250    May '09 up  12  at  8414    Jul '09 up  5  at  8525  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton stayed near even money today. Weekly export sales were above expectations at 523,500 running bales. 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 1980/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Jul down  13  at  1980    Sep down  6 1/2  at  1869    Jan '09 down  5  at  1910    Mar '09 down  5  at  1945    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice posted losses again today, but prices appear to be consolidating in about a $1 range. The monthly supply/demand 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 12, 2008 Cattle As reported by Federal-State Market News, receipts were 2,376 head at sales in Charlotte, Ratcliff & Green Forest.  Compared with last week, feeder steers sold weak to $3 lower, instances off $4-7 . Steers:  Medium & Large Frame 1   400 to 450 lbs. 116.04 to - - -   500 to 550 lbs. 111.06 to - - -   600 to 650 lbs. 106.55 to - - -  Medium & Large Frame 2   400 to 450 lbs. 110.14 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 106.05 to - - -  Medium & Large Frame 2   400 to 450 lbs. 101.85 to - - - Slaughter Cows, Boners 48   to   54 Light Weight 30 to 38.50 Bulls, Yield Grade   1-2   1000   to   2100 lbs.   60   to   66.50 Midwest Steers   n/a   at   - - -   to   - - - Panhandle Steers   n/a   at   - - -   to   - - - 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 75 at 10160   Dec down 12 at 11042 Feeders: Aug up 22 at 10905   Oct up 55 at 11160 Cattle Comment August live cattle closed higher but failed to challenge yesterday’s contract high. Carryover strength from other markets was supportive, but cash market weakness kept a lid on prices. Feeders continue to be limited by pressure from record-high corn prices. August has resistance at the contract high of $102.20. Hogs Peoria: were $1     lower   at   43.5   to   44 Chicago Futures: Aug down 50 at 7410   Oct down 82 at 7280 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures ended lower. Weak cash market fundamentals continue to weigh on futures. Flooding worries have closed at least two slaughter facilities in the Midwest, and that is pressuring the market as traders worry about a backlog developing. August continues to test support around $74. Poultry  Date: June 12, 2008 Eggs New York:  Ex. Lg. 128-132; Lg. 126-130; 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 desirable but instances light where hot weather was still an issue. ---------------------------------------- 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