06/26/2008 Farm Bureau Market Report

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Grain & Soybean Date: June 26, 2008 Soybeans Local Elevators: (Jun) EAST AR:  1497 to 1521 (NC) Summ. 1444 to 1470 River Elevators: (Jun) MISS: 1484 to 1556 ; AR & White 1509 to 1533 (NC) Summ. 1454 to 1482 Ark. Processor Bids: (Jun) 1512 to - - -  (NC) 1464 to 1469 Memphis:  (Jun) 1562 1/4 to 1569 1/4 (NC)  1476 1/2 to 1481 1/2 Riceland Foods:  (Jun) Stuttgart 1512 ; Pendleton 1521 ; West Memphis 1541 Chicago Futures: Jul up 36 3/4 at  1574 1/4   Aug  up  34 1/4  at  1574 1/4   Sep up 35  at  1562   Nov up 36 1/2  at  1561 1/2   Nov '09 up 29  at  1488   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment More rain in the Midwest and higher crude oil boosted soybeans and corn sharply higher. November and December corn hit new contract highs before backing off slightly at the close. Technically, the market has momentum that could mean further gains. Monday’s planted acreage report will be suspect because of flood and weather damage in the Midwest even though additional survey work is being done this week. However, it will be the best factual account for where we are in terms of planted acreage for corn and beans. This week’s move suggests higher price levels are certainly possible. Wheat Cash bid for new crop at Memphis  n/a to - - -; Bids to farmers at Local Elevators 686-698; River Elevators 678-719; Chicago Futures: Jul up  22 1/4  at  924    Sep up 22 1/2  at  942 3/4    Dec up  22  at  965 3/4    Mar '09 up  22 1/2  at  986    Jul '09 up  23 3/4  at  999    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for June at Memphis  1114 to 1141; Bids to farmers at River Elevators 1125-1186; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for June at Memphis   723 3/4 to 728 3/4;   new crop at Memphis   708 1/4 to - - -; Bids to farmers at River Elevators  674 to 716 Chicago Futures: Jul up  23 3/4  at  753 3/4    Sep up  23 3/4  at  768 1/4    Dec up  23  at  788    Dec '09 up  13  at  686    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures gapped higher today, with July finally moving above resistance at $9.13. 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. Keeping things in check today was a new world crop estimate from the International Grains Council. They now say that a record 658 million metric tons will be produced this year. Cotton & Rice  Date: June 26, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis up 88 at  7039   Greenwood up  88 at 7039 New York Futures: Jul up  78  at  7376    Dec up  82  at  8190    Mar '09 up  58  at  8683    May '09 up  118  at  8873    Jul '09 up  111  at  8974  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton continued to firm after bouncing off trendline support around 79 cents yesterday. The market will be looking for Monday’s planted acreage number. Reports suggest it will be well below 9 million acres and weather conditions have also certainly reduced yield potential in Texas. This should help reduce the overall supply of U.S. cotton and lower potential 08/09 ending stocks. Cotton price levels will have to advance by year’s end in order to pull acreage from other crops. Rice Long Grain Cash Bid for  Jul 1825/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Jul down  46  at  1900    Sep down  21  at  1865    Jan '09 down  19  at  1918    Mar '09 down  19  at  1948    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice was under pressure again today as market declined for the third consecutive day. Next week’s planted acreage report should indicate a small increase above intentions. However, overall stocks will remain tight with current projections indicating only 17 million cwt to be carried over in 08/09. Production will be up from last year, but not a great deal. The international market remains somewhat volatile, but the market has settled out well below the panic price levels that prevailed in March and April. September futures have support around $18 and then at the late May low of $17.06. Cattle & Hogs  Date: June 26, 2008 Cattle As reported by Federal-State Market News, receipts were 2,607 head at sales in Charlotte, Ratcliff & Green Forest.  Compared with last week, feeder steers sold mostly steady to $2 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 115.93 to - - -   500 to 550 lbs. 108.37 to - - -   600 to 650 lbs. 107.23 to - - -  Medium & Large Frame 2   400 to 450 lbs. 101.42 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 101.23 to - - -  Medium & Large Frame 2   400 to 450 lbs. 96.41 to - - - Slaughter Cows, Boners 49   to   56 Light Weight 35 to 40 Bulls, Yield Grade   1-2   1000   to   2100 lbs.   63   to   71, high dressing 71.05-80.50 Midwest Steers   remained   at   94   to   - - - Panhandle Steers   were steady to $1 higher   at   94   to   95 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 55 at 10385   Dec down 45 at 11357 Feeders: Aug down 110 at 11145   Oct down 110 at 11420 Cattle Comment Cattle futures were lower again today. Futures’ large premium to cash is certainly a limiting factor. Feeders were under pressure from sharply higher corn prices. Hogs Peoria: were     steady   at   46.5   to   47 Chicago Futures: Aug down 132 at 7267   Oct down 130 at 7197 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures posted sharp losses again and today’s move may signal a retest of support at the chart gap below $71.50. Weaker cash prices added pressure. Poultry  Date: June 26, 2008 Eggs New York:  Ex. Lg. 131-135; Lg. 129-133; Med. 98-102; 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 best for holiday interest. Supplies of all sizes were usually sufficient 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