06/30/2008 Farm Bureau Market Report

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Grain & Soybean Date: June 30, 2008 Soybeans Local Elevators: (June) EAST AR:  1528 to 1552 (NC) Summ. 1456 to 1482 River Elevators: (June) MISS: 1525 to 1587 ; AR & White 1540 to 1564 (NC) Summ. 1466 to 1494 Ark. Processor Bids: (June) 1543 to - - -  (NC) 1476 to 1481 Memphis:  (June) 1593 to 1595 (NC)  1494 to - - - Riceland Foods:  (June) Stuttgart 1543 ; Pendleton 1552 ; West Memphis 1572 Chicago Futures: July up 23 1/2 at  1605   Aug  up  19  at  1598   Sept up 17 1/2  at  1584   Nov up 14 1/2  at  1574   Nov '09 up 2  at  1479   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans bounced around pressured early by the weakness in corn. Planted acreage for soybeans was just a little below March intentions, while corn at 87.3 million acres was up from intentions of 86 million. Most pre-report estimates assumed actual plantings would be down. Harvested acres for corn were placed at 79.4 million acres as USDA used a higher abandonment figure. November soybeans touched the contract high and appear to still have some upside potential. December corn left an island reversal top after gapping lower and closing down the limit. This suggests additional downward retracement is probable. Initial support starts at $7.40. Wheat Cash bid for June at Memphis  643 1/2 to - - -; Bids to farmers at Local Elevators 606-618; River Elevators 599-639; Chicago Futures: July down  52  at  843 1/2    Sept down 53 1/4  at  858 3/4    Dec down  53 3/4  at  881 3/4    March '09 down  52 3/4  at  903    July '09 down  47 3/4  at  922    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for June at Memphis  1089 to 1120; Bids to farmers at River Elevators - - -; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for June at Memphis   694 3/4 to 699 3/4;   New crop at Memphis   677 3/4 to - - -; Bids to farmers at River Elevators  - - - to - - - Chicago Futures: July down  30  at  724 3/4    Sept down  30  at  767 3/4    Dec down  30  at  757    Dec '09 down  22  at  655    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures gapped lower and never recovered. Weakness in corn certainly helped push the market lower, but wheat had its own bearish news to contend with as well. The June 1 stocks estimate was 306 million bushels. June 1 is the end of the marketing year, and the previous carryout estimate was 254 million bushels, so this gave the market quite a shock. July broke out of the short-term uptrend, but found support above $8.40 for the time being. Cotton & Rice  Date: June 30, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis down 263 at  6748   Greenwood down  263 at 6748 New York Futures: July down  201  at  7140    Dec down  278  at  7862    March '09 down  276  at  8405    May '09 down  276  at  8562    July '09 down  276  at  8680  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton was sharply lower despite a planted acreage number that was about 100,000 acres below March intentions. The market was anticipating a number below 9 million acres instead of the 9.25 that it got. No estimate of harvested acreage was made and it is generally assumed that Texas will have a high abandonment this year. However, the ending stocks figure, currently at 10.3 million bales, will likely increase more in the July supply demand report. In some quarters, a 10.7 million bales stocks figure is being mentioned. Nevertheless, today’s sharp decline broke the shallow uptrend and suggests a retest of support at 77 cents, or perhaps even a move to the recent low of 71.65 cents. Rice Long Grain Cash Bid for  June 1946/cwt  to  - - -   July 1946/cwt  to  - - - Chicago Futures: July up  152  at  2021    Sept up  50  at  1897    Jan '09 up  50  at  1950    March '09 up  50  at  1980    - - - unchanged  - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice futures closed up the limit with overall U.S. planted acreage up 125,000 acres from the March intentions. Arkansas and California’s planted acres was down slightly from intentions while Louisiana planted an additional 70,000 acres. Missouri, Mississippi and Texas were each up slightly from intentions while medium grain dropped 45,000 acres from intentions. A total of just under 2.9 million acres were planted to rice, that should give a crop of just over 200 million cwt. June stocks were a little tighter than expected and helped boost the market. Initial resistance for September futures remains near $20. Cattle & Hogs  Date: June 30, 2008 Cattle As reported by Federal-State Market News, receipts were 2091 head at sales in Ash Flat, Ola & Springdale.  Compared with last week, feeder steers sold mostly steady to firm, instances $3 to $5 higher. Feeder heifers sold $1 to $5 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 113.53 to - - -   500 to 550 lbs. 106.77 to - - -   600 to 650 lbs. 103.87 to - - -  Medium & Large Frame 2   400 to 450 lbs. 112.38 to - - - Heifers:  Medium & Large Frame 1   500 to 550 lbs. 99.20 to - - -  Medium & Large Frame 2   400 to 450 lbs. 96.84 to - - - Slaughter Cows, Boners 50   to   57 Light Weight 40 to 46 Bulls, Yield Grade   1   1000   to   2100 lbs.   65   to   70 Midwest Steers   were   at   94   to   99 Panhandle Steers   were 50¢ to $1.50 lower   at   98   to   99.50 Oklahoma City Feeders Steers 479 to - - - lbs. 129.50 to - - -   550 to 600 lbs. 119 to - - - Heifers 470 to 540 lbs. 93.5 to 105   600 to 650 lbs. 109.50 to 110 Chicago Futures: Live Cattle: Aug down 167 at 10342   Dec down 160 at 11295 Feeders: Aug up 15 at 11187   Oct up 17 at 11467 Cattle Comment Cattle futures were sharply lower under pressure from weakness in hog futures. Friday’s hog inventory report indicated that there will be plenty of pork to compete with beef in the months to come. Hogs Peoria: were 50¢ to $1.50     lower   at   45.5   to   46 Chicago Futures: Aug down 180 at 7090   Oct down 242 at 6945 Sheep St. Paul n/a   at   - - -   to   - - Hogs Comment Hog futures gapped lower in reaction to the inventory report released Friday. The supply of marketing hogs was up 10.4% from a year ago, and the spring pig crop was up 4%, indicating that supplies will be more than ample through fall. August could be headed for a retest of the contract low of $69.45. Poultry  Date: June 30, 2008 Eggs New York:  Ex. Lg. 131-135; Lg. 129-133; Med. 98-102; Chicago:  Ex. Lg. 121-129; Lg. 119-127; Med. 91-99; Eastern Region Turkeys Hens: 8-16 lbs. 91-93 Toms: 16-24 lbs. 91-93   Delmarva Broilers U.S. Grade A Trade sentiment was steady. Demand was fair to moderate, best where holiday needs increased. Supplies of all sizes were sufficient to satisfy trade needs. In productions 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