06/13/08 Farm Bureau Market Report

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Grain & Soybean Date: June 13, 2008 Soybeans Local Elevators: (Jun) EAST AR:  1483 to 1507 (NC) Summ. 1423 to 1455 River Elevators: (Jun) MISS: 1470 to 1535 ; AR & White 1495 to 1512 (NC) Summ. 1415 to 1463 Ark. Processor Bids: (Jun) 1498 to - - -  (NC) 1436 to 1453 Memphis:  (Jun) 1536 to 1540 (NC)  1446 to 1451 Riceland Foods:  (Jun) Stuttgart 1498 ; Pendleton 1507 ; West Memphis 1527 Chicago Futures: Jul up 23 1/2 at  1560   Aug  up  21 3/4  at  1559 3/4   Sep up 16 1/2  at  1540   Nov up 18 1/2  at  1531   Nov '09 up 10 1/2  at  1483   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment New crop soybeans and corn moved to new contract highs, while closing the week with strong gains. Forecasts of rain and flooding across parts of the Midwest added fresh support to the markets going into the weekend. Reports indicate many acres of both beans and corn have been lost from this year’s crop. Already stressed, this puts potentially smaller yields and production under the gun. November beans moved well above $15, while December corn is just 31 cents away from $8. If Wednesday’s gap is a measuring gap, it projects December corn to $8.20 or higher. Wheat Cash bid for new crop at Memphis  n/a to - - -; Bids to farmers at Local Elevators 648-656; River Elevators 639-672; Chicago Futures: Jul up  31  at  882    Sep up 31 1/2  at  899 1/2    Dec up  30 1/2  at  922    Mar '09 up  29 1/2  at  942    Jul '09 up  23  at  955    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for June at Memphis  1182 to - - -; Bids to farmers at River Elevators 1102-1163; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for June at Memphis   695 3/4 to 701 3/4;   new crop at Memphis   680 3/4 to 690 3/4; Bids to farmers at River Elevators  667 to 695 Chicago Futures: Jul up  22 3/4  at  731 3/4    Sep up  23  at  745 3/4    Dec up  25 1/2  at  765    Dec '09 up  11 1/2  at  693 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures followed the rally in corn and soybeans today. Global supplies are being replenished, however, so expect the upside to be limited. Cotton & Rice  Date: June 13, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis up 199 at  6563   Greenwood up  199 at 6563 New York Futures: Jul up  226  at  7190    Dec up  267  at  7962    Mar '09 up  247  at  8525    May '09 up  251  at  8660    Jul '09 up  129  at  8649  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton closed out the week with another strong gain. For the second time in 3 days, the market was up nearly the limit. December broke trendline resistance and moved within 150 points of the next major chart resistance. While this year’s acreage will be down sharply there hardly seems to be much justification fundamentally for a big move in cotton, particularly at this point in time. USDA adjusted U.S. exports for 07/08 which resulted in projected ending stocks rising above 10 million bales. World stocks are above 60 million bales and are above 50% of a year’s use. Rice Long Grain Cash Bid for  Jul 2030/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Jul up  50  at  2030    Sep up  35  at  1904    Jan '09 up  29  at  1939    Mar '09 up  24  at  1969    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice was higher today with most contracts moving to the top of consolidation areas. September futures broke trendline resistance and closed above $19. This week’s supply demand report was not changed much from May, but it was a reminder that while world stocks will rise slightly, it is still a very tenuous situation that could still erupt later in the summer. Cattle & Hogs  Date: June 13, 2008 Cattle As reported by Federal-State Market News, receipts were 9,795 head at sales in Arkansas this week.  Compared with last week, feeder steers sold $2-4 lower, instances $5-7 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 112.94 to - - -   500 to 550 lbs. 108.29 to - - -   600 to 650 lbs. 104.75 to - - -  Medium & Large Frame 2   400 to 450 lbs. 102.38 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 101.37 to - - -  Medium & Large Frame 2   400 to 450 lbs. 96.81 to - - - Slaughter Cows, Boners 48   to   54 Light Weight 38 to 43 Bulls, Yield Grade   1   1000   to   2100 lbs.   61.50   to   69.50, high dressing 70-74.50 Midwest Steers   n/a   at   - - -   to   - - - Panhandle Steers   n/a   at   - - -   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 108.50 to 124.50   600 to 650 lbs. 105 to 120.75 Heifers 500 to 550 lbs. 101.50 to 116   600 to 650 lbs. 97 to 111.50 Chicago Futures: Live Cattle: Aug up 67 at 10227   Dec up 105 at 11147 Feeders: Aug up 10 at 10915   Oct up 30 at 11190 Cattle Comment August live cattle moved to a new high today. Carryover strength from other markets was supportive. Feeders got a boost from indications the market was oversold. The market is carrying a big premium to cash, so that could limit the upside. Hogs Peoria: were     steady   at   43.5   to   44 Chicago Futures: Aug up 105 at 7515   Oct up 105 at 7385 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs also posted strong gains. Pork values are improving and that is supportive, but mostly the upturn was due to fund buying. August has support at $74. Poultry  Date: June 13, 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 moderate. Weights were mixed, but 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