06/23/2008 Farm Bureau Market Report

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Grain & Soybean Date: June 23, 2008 Soybeans Local Elevators: (Jun) EAST AR:  1438 to 1462 (NC) Summ. 1385 to 1411 River Elevators: (Jun) MISS: 1425 to 1497 ; AR & White 1450 to 1474 (NC) Summ. 1395 to 1423 Ark. Processor Bids: (Jun) 1453 to - - -  (NC) 1405 to 1410 Memphis:  (Jun) 1503 to 1505 (NC)  1422 1/2 to - - - Riceland Foods:  (Jun) Stuttgart 1453 ; Pendleton 1462 ; West Memphis 1482 Chicago Futures: Jul down 17 1/2 at  1515   Aug  down  18  at  1517   Sep down 10 1/2  at  1505   Nov down 6 1/2  at  1502 1/2   Nov '09 down 7 1/2  at  1451 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans closed slightly lower as the market continued to followthrough on the downward correction that began last week. By the end of the day soybeans retraced a good portion of today’s early losses, but the market is showing potential for further declines. Uncertainty about the overall impact of recent weather and widespread flooding could limit downside. USDA will update planted acreage numbers a week from today. New surveys will be made in the states with flooding. And they will be surveyed again in July for the August supply demand report. While there is little question major acreage has been lost in the flooding – how much is not known. Nor do we have a real handle on what conditions have done to yield on remaining crops. November soybeans have major support at the old high of $14.66. December corn will have initial support at today’s low of $7.39 ½. Wheat Cash bid for new crop at Memphis  n/a to - - -; Bids to farmers at Local Elevators 623-640; River Elevators 615-656; Chicago Futures: Jul down  1/4  at  866 1/4    Sep unchanged   at  884 1/4    Dec up  3/4  at  908    Mar '09 down  1/4  at  928    Jul '09 down  2 3/4  at  939 3/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for June at Memphis  1061 to 1124; Bids to farmers at River Elevators 1071-1132; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for June at Memphis   689 1/4 to - - -;   new crop at Memphis   678 3/4 to - - -; Bids to farmers at River Elevators  644 to 681 Chicago Futures: Jul up  3  at  724 1/4    Sep up  3 1/4  at  738 3/4    Dec up  3 3/4  at  759 1/4    Dec '09 up  11 1/2  at  678 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat posted losses early, but wound up near unchanged. This market followed along for the ride as corn and soybeans rallied last week, but harvest pressure is likely to take over soon. Increasing interest in feeding wheat has been supportive. However, wheat is not much of a bargain for livestock producers at these prices. Cotton & Rice  Date: June 23, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis up 67 at  6762   Greenwood up  67 at 6762 New York Futures: Jul down  79  at  7088    Dec down  71  at  7940    Mar '09 down  63  at  8453    May '09 down  54  at  8590    Jul '09 down  50  at  8692  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton was lower, with December again finding support at a shallow uptrend that crosses at today’s low of 79.4 cents. Dr. Carl Anderson has indicated that as much as a million acres of the 4.7 million acres planted in Texas, may not be harvested. Yields on the remainder are expected to be reduced. But in the meantime U.S. stocks are projected to be over 10 million bales and world stocks exceed 60 million bales. Upside potential should be limited in the near term with December resistance started at the recent high near 84 cents. Rice Long Grain Cash Bid for  Jul 1962/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Jul up  34  at  2037    Sep up  34  at  1975    Jan '09 up  24  at  2019    Mar '09 up  24  at  2054    - - - up  - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice closed as the market remains in a trading range of about a dollar with resistance started just above today’s September close of $19.75. Underlying fundamentals are unchanged with tight U.S. and world stocks providing support. Upside potential is limited at this time, but we could see higher values later in the year. Planted acreage to be released next Monday should give a good idea about how much rice we will have available in the U.S. Expect acreage to rise a little above March intentions. Cattle & Hogs  Date: June 23, 2008 Cattle As reported by Federal-State Market News, receipts were 2,518 head at sales in Ash Flat, Ola & Springdale.  Compared with last week, feeder steers sold mostly weak to $3 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 115.60 to - - -   500 to 550 lbs. 106.45 to - - -   600 to 650 lbs. 103.55 to - - -  Medium & Large Frame 2   400 to 450 lbs. 107.97 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 100.46 to - - -  Medium & Large Frame 2   400 to 450 lbs. 97.13 to - - - Slaughter Cows, Boners 47.50   to   55 Light Weight n/a to - - - Bulls, Yield Grade   1   1000   to   2100 lbs.   61   to   70, high dressing 71-76.50 Midwest Steers   were $2 lower to $2 higher   at   92   to   96 Panhandle Steers   were $1-2 higher   at   95   to   96 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 15 at 10470   Dec down 7 at 11345 Feeders: Aug down 52 at 11305   Oct down 110 at 11572 Cattle Comment Live cattle futures traded within Friday’s wide range. The monthly cattle on feed report showed a total inventory 4% below the year ago total thanks to herd liquidation and light placements. This was, however, not unexpected and probably built into current price levels. Hogs Peoria: were     steady   at   46.5   to   47 Chicago Futures: Aug down 102 at 7735   Oct down 17 at 7662 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures gave back part of Friday’s big gains after failing to challenge resistance at $79. Friday’s cold storage report showed a big reduction in frozen pork stocks, but that was not unexpected. Poultry  Date: June 23, 2008 Eggs New York:  Ex. Lg. 131-135; Lg. 129-133; Med. 101-105; Chicago:  Ex. Lg. 121-129; Lg. 119-127; 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, best where promotions were featured. Supplies of all sizes were sufficient to satisfy trade needs. In production areas, live supplies were moderate. Weights were 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