06/19/2008 Farm Bureau Market Report

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Grain & Soybean Date: June 19, 2008 Soybeans Local Elevators: (Jun) EAST AR:  1469 to 1493 (NC) Summ. 1409 to 1436 River Elevators: (Jun) MISS: 1456 to 1521 ; AR & White 1481 to 1499 (NC) Summ. 1419 to 1444 Ark. Processor Bids: (Jun) 1484 to - - -  (NC) 1424 to 1434 Memphis:  (Jun) 1523 1/2 to 1535 1/2 (NC)  1436 1/2 to 1441 1/2 Riceland Foods:  (Jun) Stuttgart 1484 ; Pendleton 1493 ; West Memphis 1513 Chicago Futures: Jul down 10 1/2 at  1545 1/2   Aug  down  13  at  1548   Sep down 17 1/2  at  1528   Nov down 21 1/2  at  1521 1/2   Nov '09 down 8 1/2  at  1461 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans made a decisive downturn early, but partially recovered by the end of the session to drive the market. It was time for a correction, particularly in corn where the market settled higher the last 11 sessions. The correction there also carried over into soybeans, rice and wheat. The weather impact on crops in the Midwest has not changed, and there is little doubt substantial production of both beans and corn has been lost for ’08. USDA appears to be ramping up their discussion on early outs for some CRP contracts. That won’t help ’08 production but it will ’09 and that will be a factor in the market. The old high for November beans at $14.66 is now key support. Wheat Cash bid for new crop at Memphis  n/a to - - -; Bids to farmers at Local Elevators 638-655; River Elevators 630-671; Chicago Futures: Jul down  23  at  881    Sep down 23 1/4  at  898 3/4    Dec down  23 1/2  at  922    Mar '09 down  24  at  943    Jul '09 down  15  at  959    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for June at Memphis  1067 to 1130; Bids to farmers at River Elevators 1128-1137; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for June at Memphis   692 3/4 to - - -;   new crop at Memphis   676 3/4 to 681 3/4; Bids to farmers at River Elevators  648 to 686 Chicago Futures: Jul down  18 1/2  at  727 3/4    Sep down  18 1/2  at  741 3/4    Dec down  18 1/2  at  761 1/2    Dec '09 down  14 1/2  at  670 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat turned lower today, probably following corn, as the market has been content to do for the past week or so. Increasing interest in feeding wheat has also been supportive. However, $9 wheat is not much of a bargain for livestock producers. Cotton & Rice  Date: June 19, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis down 192 at  6825   Greenwood down  192 at 6825 New York Futures: Jul down  269  at  7113    Dec down  225  at  7980    Mar '09 down  250  at  8471    May '09 down  259  at  8607    Jul '09 down  235  at  8750  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton was sharply lower as the market failed to followthrough on yesterday’s gains, once again December futures closed above 80 cents but below key support at 81 cents. Based on carryover projections and demand the market is overpriced and has limited upside potential. However, cotton will need to move higher in order to entice additional acreage in ’09; that is if corn and beans remain at or near the higher end of current trading levels. Rice Long Grain Cash Bid for  Jul 1925/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Jul down  30  at  2000    Sep down  29  at  1940    Jan '09 down  21  at  1984    Mar '09 down  19  at  2019    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice futures moved in concert with other grains and closed lower for the day. Movement remains sporadic as buyers begin to look ahead to new crop, which is generally a little lower than old crop. Internationally the market has retraced the extreme highs earlier this spring. Expectations are for milled rice to move in the $800 to $900 per metric tonne range. However, Vietnam recently confirmed a sale to Iraq for just under $800. September futures should have support between $18.00 and $18.50. Cattle & Hogs  Date: June 19, 2008 Cattle As reported by Federal-State Market News, receipts were 3,211 head at sales in Charlotte, Ratcliff & Green Forest.  Compared with last week, feeder steers sold mostly weak to $4 lower, except weights over 600 lbs. firm to $2 higher. Feeder heifers sold $3-6 lower, instances off $7-8 . Steers:  Medium & Large Frame 1   400 to 450 lbs. 113.55 to - - -   500 to 550 lbs. 108.42 to - - -   600 to 650 lbs. 108.56 to - - -  Medium & Large Frame 2   400 to 450 lbs. 100.48 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 98.34 to - - -  Medium & Large Frame 2   400 to 450 lbs. 95.33 to - - - Slaughter Cows, Boners 48   to   55 Light Weight 38 to 43 Bulls, Yield Grade   1-2   1000   to   2100 lbs.   60   to   67.50, high dressing $67.75-73 Midwest Steers   were steady   at   92   to   - - - Panhandle Steers   were steady to $2 higher   at   92   to   94 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 down 45 at 10345   Dec down 92 at 11275 Feeders: Aug up 60 at 11110   Oct up 45 at 11440 Cattle Comment Cattle futures were lower, mostly in reaction to overbought conditions. Friday's cattle on feed report is expected to show a decrease in placements, but it could already be built into current price levels. Decreases in corn and soybeans were also a factor, as talk of herd liquidation calms down anytime there is a move downward in the grains. Hogs Peoria: were     steady   at   45.5   to   46 Chicago Futures: Aug down 62 at 7545   Oct down 105 at 7412 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures were also lower on weakness in the grains. This market could see pressure from seasonal weakness in pork demand as well. Poultry  Date: June 19, 2008 Eggs New York:  Ex. Lg. 131-135; Lg. 129-133; Med. 101-105; Chicago:  Ex. Lg. 117-125; Lg. 115-123; Med. 94-102; Eastern Region Turkeys Hens: 8-16 lbs. 91-93.5 Toms: 16-24 lbs. 91-92   Delmarva Broilers U.S. Grade A Trade sentiment was steady. Demand was fair to moderate. Supplies of all sizes were 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