06/16/2008 Farm Bureau Market Report

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Grain & Soybean Date: June 16, 2008 Soybeans Local Elevators: (Jun) EAST AR:  1457 to 1481 (NC) Summ. 1415 to 1447 River Elevators: (Jun) MISS: 1444 to 1501 ; AR & White 1469 to 1478 (NC) Summ. 1421 to 1455 Ark. Processor Bids: (Jun) 1472 to - - -  (NC) 1428 to 1445 Memphis:  (Jun) 1510 to - - - (NC)  1438 to 1443 Riceland Foods:  (Jun) Stuttgart 1472 ; Pendleton 1481 ; West Memphis 1501 Chicago Futures: Jul down 26 at  1534   Aug  down  22 1/4  at  1537 1/2   Sep down 14  at  1526   Nov down 8  at  1523   Nov '09 down 11 1/2  at  1471 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans moved higher early but lost steam and closed lower. Forecasts of rain and flooding across parts of the Midwest added fresh support to the markets but most of the impact could now be in the market. 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 remain above $15. Wheat Cash bid for new crop at Memphis  n/a to - - -; Bids to farmers at Local Elevators 643-651; River Elevators 629-667; Chicago Futures: Jul down  5 1/2  at  876 1/2    Sep down 5  at  894 1/2    Dec down  4  at  918    Mar '09 down  3  at  939    Jul '09 down  3  at  952    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for June at Memphis  1165 to 1183; Bids to farmers at River Elevators 1086-1148; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for June at Memphis   696 1/2 to 697 1/2;   new crop at Memphis   681 3/4 to 691 3/4; Bids to farmers at River Elevators  668 to 690 Chicago Futures: Jul up  3/4  at  732 1/2    Sep up  1  at  746 3/4    Dec unchanged    at  765    Dec '09 down  8 1/2  at  685    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures were the upside leader today. Severe storms in Kansas have the market worried about crop damage in the largest wheat producing state in the U.S. A downward revision in the Australian crop was also a factor. Recent strength could attract further buying interest from the funds. Cotton & Rice  Date: June 16, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis up 299 at  6862   Greenwood up  299 at 6862 New York Futures: Jul up  299  at  7462    Dec up  275  at  8220    Mar '09 up  233  at  8754    May '09 up  260  at  8911    Jul '09 up  164  at  8925  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton began this week just like it ended last week with another strong gain. Up the limit at one point December broke resistance at 81 cents and appears set to move higher despite fundamentals that appear negative, at least at this point. While this year’s acreage will be down sharply there hardly seems to be much justification fundamentally for a big move in cotton. 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 2066/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Jul up  36  at  2066    Sep up  44  at  1948    Jan '09 up  46  at  1985    Mar '09 up  46  at  2015    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice was higher again today with most contracts moving above recent consolidation areas. Last 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 16, 2008 Cattle As reported by Federal-State Market News, receipts were 1,329 head at sales in Ola & Springdale.  Compared with last week, feeder steers sold mostly $2-5 lower, instances $6-8 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 117.79 to - - -   500 to 550 lbs. 109.28 to - - -   600 to 650 lbs. 105.80 to - - -  Medium & Large Frame 2   400 to 450 lbs. 105.90 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 106.90 to - - -  Medium & Large Frame 2   400 to 450 lbs. 98.37 to - - - Slaughter Cows, Boners 47   to   54 Light Weight 36 to 43 Bulls, Yield Grade   1   1000   to   2100 lbs.   63.50   to   69, high dressing 70-75.50 Midwest Steers   were quoted   at   91   to   93 Panhandle Steers   were quoted   at   92   to   93.75 Oklahoma City Feeders Steers 500 to 550 lbs. 121 to 122.75   600 to 675 lbs. 95 to 107.25 Heifers 600 to 700 lbs. 103 to 107.50   - - - to - - - lbs. - - - to - - - Chicago Futures: Live Cattle: Aug up 117 at 10345   Dec up 90 at 11237 Feeders: Aug up 50 at 10965   Oct up 30 at 11220 Cattle Comment Cattle futures continued to surge higher on ideas $7 plus corn will result in herd liquidation. 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 down 72 at 7287   Oct up 7 at 7392 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs ended mixed with nearby contracts under pressure from cash market weakness. Deferreds were supported by ideas higher feed costs will result in herd liquidation. Poultry  Date: June 16, 2008 Eggs New York:  Ex. Lg. 128-132; Lg. 126-130; Med. 101-105; Chicago:  Ex. Lg. 117-125; Lg. 115-123; Med. 94-102; Eastern Region Turkeys Hens: 8-16 lbs. 91-92 Toms: 16-24 lbs. 91-92   Delmarva Broilers U.S. Grade A Trade sentiment was steady. Demand was light to moderate with some improvements over the weekend. Supplies of all sizes were usually sufficient to satisfy trade needs. In production areas, live supplies were moderate. Weights were desirable to instances light, 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