06/18/2008 Farm Bureau Market Report

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Grain & Soybean Date: June 18, 2008 Soybeans Local Elevators: (Jun) EAST AR:  1479 to 1503 (NC) Summ. 1435 to 1467 River Elevators: (Jun) MISS: 1466 to 1528 ; AR & White 1491 to 1505 (NC) Summ. 1441 to 1475 Ark. Processor Bids: (Jun) 1494 to - - -  (NC) 1445 to 1465 Memphis:  (Jun) 1532 to 1534 (NC)  1458 to 1463 Riceland Foods:  (Jun) Stuttgart 1494 ; Pendleton 1503 ; West Memphis 1523 Chicago Futures: Jul down 2 at  1556   Aug  down  1 3/4  at  1561   Sep down 6 1/2  at  1545 1/2   Nov down 10  at  1543   Nov '09 up 3  at  1470   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans were a little lower despite flooding conditions in the midwest. There will be a major impact on this year's production of both beans and corn. Several million acres will be lost, further tightening stocks as we move forward. Upside could be limited, but not if we have further weather problems. Wheat Cash bid for new crop at Memphis  n/a to - - -; Bids to farmers at Local Elevators 661-678; River Elevators 657-694; Chicago Futures: Jul up  5 3/4  at  904    Sep up 5 3/4  at  922    Dec up  6  at  945 1/2    Mar '09 up  6  at  967    Jul '09 up  3 1/2  at  974    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for June at Memphis  1172 to 1190; Bids to farmers at River Elevators 1111-1171; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for June at Memphis   711 1/4 to - - -;   new crop at Memphis   695 1/4 to 700 1/4; Bids to farmers at River Elevators  681 to 704 Chicago Futures: Jul up  4  at  746 1/4    Sep up  3 3/4  at  760 1/4    Dec up  4  at  780    Dec '09 up  4 1/2  at  685    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat seems content to follow corn. Wet weather in Kansas is causing harvest delays and possibly damaging the crop as well. Increasing interest in feeding wheat is also a supportive factor. Cotton & Rice  Date: June 18, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis up 110 at  7017   Greenwood up  110 at 7017 New York Futures: Jul up  108  at  7389    Dec up  106  at  8201    Mar '09 up  83  at  8707    May '09 up  96  at  8870    Jul '09 up  90  at  8989  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton rebounded after being lower yesterday. While fundamentals don't really support further gains now it is fairly obvious that cotton will have to go higher to compete for acreage next year. It may take a dollar plus cotton to move acres. Rice Long Grain Cash Bid for  Jul 1955/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Jul unchanged    at  2030    Sep down  11  at  1969    Jan '09 down  10  at  2005    Mar '09 down  7  at  2038    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice was a little lower as we look ahead to a new milling season. While mills are finishing up prior commitments most new inquiries are for new crop. Price levels are lower and more attractive on new crop at least for now. International markets are generally slow but a sale to Iraq by Vietnam was confirmed at just under $800 and that was a surprise to everyone. That isn't expected to be the norm. Cattle & Hogs  Date: June 18, 2008 Cattle As reported by Federal-State Market News, receipts were 940 head at sales in Conway.  Compared with last week, feeder steers sold steady to $2 lower, heifers $1-3 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 109.02 to - - -   500 to 550 lbs. 101.57 to - - -   600 to 650 lbs. 96.97 to - - -  Medium & Large Frame 2   400 to 450 lbs. 93.79 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 94.04 to - - -  Medium & Large Frame 2   400 to 450 lbs. 93.79 to - - - Slaughter Cows, Boners 50   to   56 Light Weight 36 to 41 Bulls, Yield Grade   1   1000   to   2100 lbs.   62.50   to   65.50, high dressing untested Midwest Steers   remained   at   92   to   - - - Panhandle Steers   remained   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 30 at 10390   Dec up 72 at 11367 Feeders: Aug up 17 at 11050   Oct up 77 at 11395 Cattle Comment Cattle futures are becoming overbought and a downward correction could be coming. Friday's cattle on feed report is expected to show a decrease in placements, but it could already be built into current price levels. Hogs Peoria: were $1     higher   at   44.5   to   45 Chicago Futures: Aug down 7 at 7607   Oct up 20 at 7517 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures could see pressure from seasonal weakness in pork demand. Average weights increased this week which adds to supply side concerns. Poultry  Date: June 18, 2008 Eggs New York:  Ex. Lg. 129-133; Lg. 127-131; 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 fair to moderate with some improvement noted. Supplies of all sizes were sufficient to satisfy trade needs. In production areas, live supplies were mostly moderate, but mostly lighter weights. ---------------------------------------- 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