06/27/2008 Farm Bureau Market Report

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Grain & Soybean Date: June 27, 2008 Soybeans Local Elevators: (Jun) EAST AR:  1505 to 1529 (NC) Summ. 1442 to 1468 River Elevators: (Jun) MISS: 1502 to 1563 ; AR & White 1517 to 1540 (NC) Summ. 1452 to 1480 Ark. Processor Bids: (Jun) 1520 to - - -  (NC) 1462 to 1467 Memphis:  (Jun) 1569 1/2 to 1576 1/2 (NC)  1479 1/2 to - - - Riceland Foods:  (Jul) Stuttgart 1520 ; Pendleton 1529 ; West Memphis 1549 Chicago Futures: Jul up 7 1/4 at  1581 1/2   Aug  up  4 3/4  at  1579   Sep down 4 1/2  at  1566 1/2   Nov down 2  at  1559 1/2   Nov '09 down 11  at  1477   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Corn and soybeans decided to coast into the weekend ahead of Monday’s planted acreage report. The 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 658-666; River Elevators 649-691; Chicago Futures: Jul down  28 1/2  at  895 1/2    Sep down 30 3/4  at  912    Dec down  30 1/4  at  935 1/2    Mar '09 down  30 1/4  at  955 3/4    Jul '09 down  29 1/4  at  969 3/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for June at Memphis  1116 to 1142; Bids to farmers at River Elevators 1127-1188; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for June at Memphis   724 3/4 to 729 3/4;   new crop at Memphis   707 3/4 to - - -; Bids to farmers at River Elevators  675 to 717 Chicago Futures: Jul up  1  at  754 3/4    Sep down  1/2  at  767 3/4    Dec down  1  at  787    Dec '09 down  9  at  677    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat gave back all of yesterday’s big gains despite the fact that harvest in the Plains is creeping along. Cool, wet weather, along with delaying harvest, is thought to be causing damage to the crop as well. Keeping things in check is 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 27, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis down 29 at  7011   Greenwood down  29 at 7011 New York Futures: Jul down  98  at  7311    Dec down  52  at  8125    Mar '09 down  59  at  8667    May '09 down  35  at  8838    Jul '09 down  18  at  8956  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton turned lower with December charting an outside day lower. The market has uptrending support around 80 cents, though. 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 1794/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Jul down  31  at  1869    Sep down  18  at  1847    Jan '09 down  18  at  1900    Mar '09 down  18  at  1930    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice continued to move lower. 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 27, 2008 Cattle As reported by Federal-State Market News, receipts were 9,470 head at sales in Arkansas this week.  Compared with last week, feeder steers sold $1-3 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 112.95 to - - -   500 to 550 lbs. 106.10 to - - -   600 to 650 lbs. 104.64 to - - -  Medium & Large Frame 2   400 to 450 lbs. 101.85 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 102.74 to - - -  Medium & Large Frame 2   400 to 450 lbs. 101.85 to - - - Slaughter Cows, Boners 49   to   57.50 Light Weight 35 to 40 Bulls, Yield Grade   1   1000   to   2100 lbs.   62   to   70, high dressing 70-73 Midwest Steers   n/a   at   - - -   to   - - - Panhandle Steers   were $5.50-4.50 higher   at   99.50   to   - - - 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 up 125 at 10510   Dec up 97 at 11455 Feeders: Aug up 27 at 11172   Oct up 30 at 11450 Cattle Comment Cattle futures turned higher. Cash price gains and improving product values were supportive. August has resistance at the contract high of $106.12. Hogs Peoria: were     steady   at   46.5   to   47 Chicago Futures: Aug up 2 at 7270   Oct down 10 at 7187 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures ended a bit higher. August has support at the chart gap below $71.50. Futures’ discount to cash was supportive. Poultry  Date: June 27, 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 where needs increased for 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