06/20/2008 Farm Bureau Market Report

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Grain & Soybean Date: June 20, 2008 Soybeans Local Elevators: (June) EAST AR:  1456 to 1480 (NC) Summ. 1393 to 1420 River Elevators: (June) MISS: 1443 to 1515 ; AR & White 1468 to 1492 (NC) Summ. 1402 to 1429 Ark. Processor Bids: (June) 1471 to - - -  (NC) 1411 to 1418 Memphis:  (June) 1515 1/2 to 1522 1/2 (NC)  1429 to - - - Riceland Foods:  (June) Stuttgart 1471 ; Pendleton 1480 ; West Memphis 1503 Chicago Futures: July down 13 at  1532 1/2   Aug  down  13  at  1535   Sept down 12 1/2  at  1515 1/2   Nov down 12 1/2  at  1509   Nov '09 down 2 1/2  at  1459   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment The downward correction continued today in Chicago. It was time for a correction, especially for corn, but also for soybeans. 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 June at Memphis  661 1/2 to 666 1/2; Bids to farmers at Local Elevators 627-641; River Elevators 616-657; Chicago Futures: July down  14 1/2  at  866 1/2    Sept down 14 1/2  at  884 1/4    Dec down  14 3/4  at  907 1/4    March '09 down  14 3/4  at  928 1/4    July '09 down  16 1/2  at  942 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for June at Memphis  1056 to 1118; Bids to farmers at River Elevators 1066-1127; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for June at Memphis   686 1/4 to - - -;   New crop at Memphis   675 1/2 to - - -; Bids to farmers at River Elevators  641 to 678 Chicago Futures: July down  6 1/2  at  721 1/4    Sept down  6 1/4  at  735 1/2    Dec down  6  at  755 1/2    Dec '09 down  3 1/2  at  667    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat was lower again today, playing follow the leader as this market has been content to do for the past week or so. Increasing interest in feeding wheat has been supportive. However, $9 wheat is not much of a bargain for livestock producers. Cotton & Rice  Date: June 20, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis up 4 at  6829   Greenwood up  4 at 6829 New York Futures: July up  23  at  7167    Dec up  4  at  8011    March '09 up  2  at  8516    May '09 down  10  at  8644    July '09 down  19  at  8742  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton traded in a wide range only to end up near unchanged. Once again December futures closed above 80 cents but below key resistance 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  June 1928/cwt  to  - - -   July 1928/cwt  to  - - - Chicago Futures: July up  3  at  2003    Sept up  1  at  1941    Jan '09 up  11  at  1995    March '09 up  11  at  2030    - - - up  - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice futures broke away from the pack in Chicago and moved higher. 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 20, 2008 Cattle As reported by Federal-State Market News, receipts were 9315 head at sales in Arkansas this week.  Compared with last week, feeder steers sold $1 to $4 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 110.11 to - - -   500 to 550 lbs. 104.95 to - - -   600 to 650 lbs. 103.36 to - - -  Medium & Large Frame 2   400 to 450 lbs. 100.39 to - - - Heifers:  Medium & Large Frame 1   500 to 550 lbs. 96.97 to - - -  Medium & Large Frame 2   400 to 450 lbs. 92.29 to - - - Slaughter Cows, Boners 49   to   56 Light Weight 36 to 40 Bulls, Yield Grade   1   1000   to   2100 lbs.   60   to   69 Midwest Steers   were $2 higher   at   94   to   - - - Panhandle Steers   were steady to $2 higher   at   94   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 106 to 124.5   550 to 600 lbs. 104.5 to 114.5 Heifers 500 to 550 lbs. 98.5 to 110   550 to 600 lbs. 95 to 111 Chicago Futures: Live Cattle: Aug up 140 at 10485   Dec up 77 at 11352 Feeders: Aug up 247 at 11357   Oct up 242 at 11682 Cattle Comment Live cattle futures exploded to new highs today. Feeders were also sharply higher, but no where near the contract highs. Renewed fund buying and carryover strength from higher crude oil prices were the impetus for the move. The cattle on feed report is expected to show a decrease in placements due to high feed costs, and that was also a factor. Hogs Peoria: were 50¢ to $1.50     higher   at   46.5   to   47 Chicago Futures: Aug up 292 at 7837   Oct up 267 at 7680 Sheep St. Paul n/a   at   - - -   to   - - - Hogs Comment Hog futures also posted impressive gains. Fund buying, the strong pork market and the weak U.S. dollar were all factors. August has resistance just above $79. Poultry  Date: June 20, 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, with increased interest expected over the weekend. Supplies of all sizes were sufficient to handle trade needs. In production areas, live supplies were 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