06/24/2008 Farm Bureau Market

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Grain & Soybean Date: June 24, 2008 Soybeans Local Elevators: (Jun) EAST AR:  1424 to 1448 (NC) Summ. 1373 to 1411 River Elevators: (Jun) MISS: 1411 to 1483 ; AR & White 1436 to 1460 (NC) Summ. 1384 to 1411 Ark. Processor Bids: (Jun) 1439 to - - -  (NC) 1398 to 1405 Memphis:  (Jun) 1489 to 1501 (NC)  1411 to - - - Riceland Foods:  (NC) Stuttgart 1439 ; Pendleton 1448 ; West Memphis 1468 Chicago Futures: Jul down 14 at  1501   Aug  down  13  at  1504   Sep down 13  at  1492   Nov down 11 1/2  at  1491   Nov '09 down 15 1/2  at  1436   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans continued to move lower and could be headed to support at the previous contract high for November of $14.66. A slightly better crop progress report added to the negative undertone. However, the situation in Iowa still suggests as much as 12% of their acreage needs to be replanted. Much of it is still flooded. So yields, if replanted, will be suspect. Overall this will likely limit downside movement in the near term. Wheat Cash bid for new crop at Memphis  n/a to - - -; Bids to farmers at Local Elevators 670-675; River Elevators 624-660; Chicago Futures: Jul up  3 3/4  at  870    Sep up 3 3/4  at  888    Dec up  4  at  912    Mar '09 up  4 1/4  at  932 1/4    Jul '09 up  4 1/4  at  944    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for June at Memphis  1040 to 1067; Bids to farmers at River Elevators 1050-1113; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for June at Memphis   677 1/2 to 687 1/2;   new crop at Memphis   667 to - - -; Bids to farmers at River Elevators  633 to 669 Chicago Futures: Jul down  11 3/4  at  712 1/2    Sep down  11 3/4  at  727    Dec down  11 3/4  at  747 1/2    Dec '09 down  14 1/2  at  664    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures ended a bit higher today. Harvest pressure may well keep a lid on prices for a while. Recovering world production will also limit the upside. July has resistance at the recent high of $9.13 and trendline support around $8.45. Cotton & Rice  Date: June 24, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis up 118 at  6880   Greenwood up  118 at 6880 New York Futures: Jul up  129  at  7217    Dec up  72  at  8012    Mar '09 up  111  at  8564    May '09 up  104  at  8694    Jul '09 up  97  at  8789  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton was higher today as the market continued yesterday’s late rebound from support at a shallow uptrend that crosses at yesterday’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 1912/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Jul down  50  at  1987    Sep down  50  at  1925    Jan '09 down  50  at  1969    Mar '09 down  50  at  2004    - - - unchanged  - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice made a sharp decline as the market hit resistance at $19.85, the top of a week long trading range. Inability to hold here could see the market work back toward support near $18 or perhaps the recent low of $17.06. 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 24, 2008 Cattle As reported by Federal-State Market News, receipts were 1,230 head at sales in Fort Smith & Marshall.  Compared with last week, feeder steers sold firm to $4 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 120.98 to - - -   500 to 550 lbs. 110.36 to - - -   600 to 650 lbs. 102.96 to - - -  Medium & Large Frame 2   400 to 450 lbs. 109.49 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 103.68 to - - -  Medium & Large Frame 2   400 to 450 lbs. 91.39 to - - - Slaughter Cows, Boners 50   to   57 Light Weight 39 to 43 Bulls, Yield Grade   1   1000   to   2100 lbs.   62   to   68 Midwest Steers   n/a   at   - - -   to   - - - Panhandle Steers   n/a   at   - - -   to   - - - Oklahoma City Feeders Steers 500 to 600 lbs. 116 to 123.50   600 to 650 lbs. 112.75 to 117.75 Heifers 500 to 600 lbs. 104 to 110.25   600 to 700 lbs. 108 to 113 Chicago Futures: Live Cattle: Aug down 2 at 10455   Dec up 7 at 11352 Feeders: Aug up 42 at 11347   Oct up 22 at 11595 Cattle Comment Live cattle futures ended mixed. The monthly cattle on feed report showed a total inventory 4% below the year ago total thanks to herd liquidation and light placements. Speculative profit taking, however, added selling pressure to the market today. Hogs Peoria: were     steady   at   46.5   to   47 Chicago Futures: Aug down 145 at 7590   Oct down 162 at 7500 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures ended sharply lower on continued profit taking after recent gains. August failed at resistance near $79 and that sparked selling pressure. Friday’s cold storage report showed a big reduction in frozen pork stocks, but that was not unexpected. Poultry  Date: June 24, 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. 91-92 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 approaching the holiday. 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