06/25/2008 Farm Bureau Market Report

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Grain & Soybean Date: June 25, 2008 Soybeans Local Elevators: (Jun) EAST AR:  1424 to 1448 (NC) Summ. 1373 to 1411 River Elevators: (Jun) MISS: 1421 to 1483 ; AR & White 1436 to 1460 (NC) Summ. 1383 to 1411 Ark. Processor Bids: (Jun) 1439 to - - -  (NC) 1398 to 1405 Memphis:  (Jun) 1525 1/2 to 1532 1/2 (NC)  1445 to - - - Riceland Foods:  (Jun) Stuttgart 1476 ; Pendleton 1485 ; West Memphis 1505 Chicago Futures: Jul up 36 1/2 at  1537 1/2   Aug  up  36  at  1540   Sep up 35  at  1527   Nov up 34  at  1525   Nov '09 up 23  at  1459   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans reversed early declines to close sharply higher. More rains in Missouri, Iowa, and Illinois will cause continued problems on the Mississippi. This seemed to overshadow big losses in crude oil. As we wind down March there could be a need for index funds to rebalance their accounts. At this point monthly gains in oil are small, and if the market works lower over the last few days of June we could see funds having to divest some grain. So, crude oil bears watching over the last 3 business days left in June. For now, November soybeans have a dollar range in which to trade - $15.64 on the top and $14.66 on the bottom. December corn has resistance at the high of $7.91 with support at $7.40. Wheat Cash bid for new crop at Memphis  n/a to - - -; Bids to farmers at Local Elevators 627-660; River Elevators 624-660; Chicago Futures: Jul up  31 3/4  at  901 3/4    Sep up 32 1/2  at  920 1/4    Dec up  31 3/4  at  943 3/4    Mar '09 up  31 1/4  at  963 1/2    Jul '09 up  31 1/4  at  975 1/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for June at Memphis  1071 to 1098; Bids to farmers at River Elevators 1050-1113; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for June at Memphis   695 to 705;   new crop at Memphis   684 1/2 to - - -; Bids to farmers at River Elevators  633 to 669 Chicago Futures: Jul up  17 1/2  at  730    Sep up  17 1/2  at  744 1/2    Dec up  17 1/2  at  765    Dec '09 up  9  at  673    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures posted strong gains today. Spillover from corn and soybeans certainly helped. A cool and wet weekend forecast for the Plains also helped, since it will delay harvest even further. It is noteworthy that July failed at the recent high $9.13, resistance is building in that area. Cotton & Rice  Date: June 25, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis up 71 at  6951   Greenwood up  71 at 6951 New York Futures: Jul up  71  at  7290    Dec up  70  at  8123    Mar '09 up  103  at  8667    May '09 up  54  at  8748    Jul '09   97  at  9789  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton again rebounded off support at a shallow uptrend near 79 cents before moving higher for the day. 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 starting at the recent high near 84 cents. Rice Long Grain Cash Bid for  Jul 1871/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Jul down  41  at  1946    Sep down  39  at  1886    Jan '09 down  32  at  1937    Mar '09 down  37  at  1967    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment September rice futures made a second consecutive sharp decline as it gapped lower for the day. Today’s move left a 5 day island reversal that typically suggests further weakness. 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 25, 2008 Cattle As reported by Federal-State Market News, receipts were 940 head at sales in Conway & Pocahontas.  Compared with last week, feeder steers sold steady to $2 lower, heifers $1-3 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 109.60 to - - -   500 to 550 lbs. 106.18 to - - -   600 to 650 lbs. 103.36 to - - -  Medium & Large Frame 2   400 to 450 lbs. 95.57 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 98.32 to - - -  Medium & Large Frame 2   400 to 450 lbs. 90.50 to - - - Slaughter Cows, Boners 50   to   56 Light Weight 37 to 42 Bulls, Yield Grade   1   1000   to   2100 lbs.   64.50   to   65.50, high dressing 71-71.50 Midwest Steers   were quoted   at   94   to   - - - Panhandle Steers   were quoted   at   94   to   - - - Oklahoma City Feeders Steers 550 to 600 lbs. 109 to 110   600 to 650 lbs. 112.75 to 117.75 Heifers 600 to 650 lbs. 101 to 106.85   650 to 700 lbs. 102 to 105.10 Chicago Futures: Live Cattle: Aug down 27 at 10440   Dec up 50 at 11402 Feeders: Aug down 92 at 11255   Oct down 65 at 11530 Cattle Comment Cattle futures ended mixed. Speculative profit taking continues to weigh on this market as the recent run-up in prices resulted in an over-bought market. Hogs Peoria: were     steady   at   46.5   to   47 Chicago Futures: Aug down 190 at 7400   Oct down 172 at 7327 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 25, 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 mostly steady. Demand was fair to moderate, best to cover holiday needs. Supplies of all sizes were usually no more than adequate to satisfy trade needs. In production areas, live supplies were moderate. Weights were mixed, 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