06/17/2008 Farm Bureau Market Report

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Grain & Soybean Date: June 17, 2008 Soybeans Local Elevators: (Jun) EAST AR:  1481 to 1505 (NC) Summ. 1445 to 1477 River Elevators: (Jun) MISS: 1468 to 1530 ; AR & White 1493 to 1507 (NC) Summ. 1451 to 1485 Ark. Processor Bids: (Jun) 1496 to - - -  (NC) 1455 to 1475 Memphis:  (Jun) 1534 to - - - (NC)  1468 to 1473 Riceland Foods:  (Jun) Stuttgart 1496 ; Pendleton 1505 ; West Memphis 1525 Chicago Futures: Jul up 24 at  1558   Aug  up  25 1/4  at  1562 3/4   Sep up 26  at  1552   Nov up 30  at  1553   Nov '09 up 4 1/2  at  1467   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans were higher early on weather concerns. Unplanted and replants leave the market in a quandary about U.S. production. The Argentina situation is still up in the air but is pushing exports to the U.S. Upside may be limited but downside is too. Oil and the dollar are keys. Wheat Cash bid for new crop at Memphis  n/a to - - -; Bids to farmers at Local Elevators 664-672; River Elevators 651-688; Chicago Futures: Jul up  21 3/4  at  898 1/4    Sep up 22  at  916 1/4    Dec up  22  at  939 1/2    Mar '09 up  21 1/2  at  961    Jul '09 up  20  at  970 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for June at Memphis  1183 to - - -; Bids to farmers at River Elevators 1104-1164; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for June at Memphis   707 1/4 to - - -;   new crop at Memphis   691 1/2 to 695 1/2; Bids to farmers at River Elevators  677 to 700 Chicago Futures: Jul up  9 3/4  at  742 1/4    Sep up  9 3/4  at  756 1/2    Dec up  11  at  776    Dec '09 down  4 1/2  at  680 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures continue to rally higher. Weather is delaying harvest in the U.S. and probably hurting the quality of the crop even though the weekly ratings weren't changed much. Cotton & Rice  Date: June 17, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis up 45 at  6907   Greenwood up  45 at 6907 New York Futures: Jul down  169  at  7293    Dec down  162  at  8062    Mar '09 down  159  at  8610    May '09 down  148  at  8760    Jul '09 down  138  at  8880  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton was weaker after strong gains over the last week. Good exports are supportive, but big U.S. and world stocks will limit upside unless the index funds become really active. Funds see cotton as on commodities. No doubt cotton will need to be more competitively priced next year in order to compete for acreage. Rice Long Grain Cash Bid for  Jul 1955/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Jul down  36  at  2030    Sep up  32  at  1980    Jan '09 up  30  at  2015    Mar '09 up  30  at  2045    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice was under pressure early, but tight stocks will limit downside. The international market has stabilized but will be subject to further price pressure in the months ahead. The end of June planting report will give the market a better perspective on what U.S. production will be. There could still be some price fireworks later in the year. Cattle & Hogs  Date: June 17, 2008 Cattle As reported by Federal-State Market News, receipts were 1,081 head at sales in Fort Smith & Marshall.  Compared with last week, feeder steers sold mostly $3-5 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 115 to - - -   500 to 550 lbs. 106 to - - -   600 to 650 lbs. 101 to - - -  Medium & Large Frame 2   400 to 450 lbs. 110 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 100 to - - -  Medium & Large Frame 2   400 to 450 lbs. 92 to - - - Slaughter Cows, Boners 49   to   55 Light Weight 38 to 42 Bulls, Yield Grade   1   1000   to   2100 lbs.   60   to   68.75, high dressing $69.75-77 Midwest Steers   were $1 higher to $1 lower   at   92   to   - - - Panhandle Steers   were steady to $1.75 lower   at   92   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 15 at 10360   Dec up 57 at 11295 Feeders: Aug up 67 at 11032   Oct up 105 at 7497 Cattle Comment Cattle were mostly supported by expectations for herd liquidation. 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 117 at 7615   Oct up 105 at 7497 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs are also being supported by ideas that high feed costs will result in herd liquidation . Pork values are improving and that is supportive, but mostly the upturn was due to fund buying. Poultry  Date: June 17, 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. Supplies of all sizes were sufficient to satisfy trade needs. In production areas, live supplies were mostly moderate. Weights were 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