07/01/2008 Farm Bureau Market Report

Click here to view this report online.

Grain & Soybean Date: July 01, 2008 Soybeans Local Elevators: (July) EAST AR:  1551 to 1575 (NC) Summ. 1492 to 1518 River Elevators: (July) MISS: 1548 to 1612 ; AR & White 1563 to 1589 (NC) Summ. 1502 to 1530 Ark. Processor Bids: (July) 1566 to - - -  (NC) 1512 to 1517 Memphis:  (July) 1608 to 1611 (NC)  1530 to - - - Riceland Foods:  (July) Stuttgart 1566 ; Pendleton 1575 ; West Memphis 1595 Chicago Futures: Aug up 25 at  1623   Sept  up  31  at  1615   Nov up 36  at  1610   Jan '09 up 35 3/4  at  1624 1/4   Nov '09 up 36  at  1515   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans continued to work higher, supported by tight stocks and forecasts of more rain in the Midwest this weekend. Gains in soybeans came slowly, but built late in the session boosting ’09 November above $15, while the first sight listed contracts closed above $16. The lateness of this year’s crop is adding to the upward momentum. There are no indicated chart objectives, but the market tends to trade toward the even dollar –so $17 is next on the horizon. Corn remained under pressure, of a larger than expected planted acreage. However, the market did stage a late rally to minimize today’s losses. December found support just below $7.40. Wheat Cash bid for July at Memphis  649 3/4 to 664 3/4; Bids to farmers at Local Elevators 612-624; River Elevators 599-645; Chicago Futures: Sept up  6  at  864 3/4    Dec up 6 1/4  at  888    Mar 09 up  6 3/4  at  909 3/4    May 09 up  7  at  922 1/2    July 09 up  7 3/4  at  929 3/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for July at Memphis  1093 to 1111; Bids to farmers at River Elevators 1111-1125; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for July at Memphis   692 1/4 to 700 1/4;   New crop at Memphis   672 1/4 to - - -; Bids to farmers at River Elevators  666 to 681 Chicago Futures: Sept down  5 1/2  at  732 1/4    Dec down  5  at  752    Mar 09 down  5  at  768 3/4    Dec 09 up  18  at  673    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat ended slightly higher after making a sold rebound in early trading. Wheat appears to be overpriced based on extremely wide basis levels that are quoted. September wheat will need outside influence to keep from declining toward recent support near $7.50. Cotton & Rice  Date: July 01, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis down 227 at  6521   Greenwood down  227 at 6521 New York Futures: Oct down  227  at  7321    Dec down  229  at  7633    March 09 down  234  at  8171    May 09 down  250  at  8312    July 09 down  258  at  8422  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton continued under the gun with a second consecutive day of big declines. Yesterday’s larger than anticipated planted acreage report coupled with slow export movement has triggered the down turn. 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. Penetration of support at 77 cents suggests the market is headed toward previous lows near 71 cents- or perhaps even lower. Dr. Carl Anderson suggests the market may need to trade between 65 and 69 cents on the futures market in order to entice export buying and help reduce stocks. Rice Long Grain Cash Bid for  July 1946/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Sept down  17  at  1880    Nov down  20  at  1900    Jan 09 down  20  at  7930    Mar 09 down  20  at  1960    - - - down  - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice futures reversed yesterday’s limit gain and moved down a like amount in early trading. However, the market grudgingly gave back some of the decline and cut losses by the close. Yesterdays report showed 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: July 01, 2008 Cattle As reported by Federal-State Market News, receipts were 791 head at sales in Fort Smith and Marshall.  Compared with last week, feeder steers sold near steady on light pre-holiday test . Steers:  Medium & Large Frame 1   400 to 450 lbs. 111.78 to - - -   500 to 550 lbs. 109.59 to - - -   600 to 650 lbs. 104.44 to - - -  Medium & Large Frame 2   400 to 450 lbs. 108.08 to - - - Heifers:  Medium & Large Frame 1   500 to 550 lbs. 96.08 to - - -  Medium & Large Frame 2   400 to 450 lbs. 94.69 to - - - Slaughter Cows, Boners 51.50   to   57.50 Light Weight 40 to 44 Bulls, Yield Grade   1   1000   to   2100 lbs.   64   to   - - - Midwest Steers   n/a   at   - - -   to   - - - Panhandle Steers   n/a   at   - - -   to   - - - Oklahoma City Feeders Steers 550 to 600 lbs. 118 to 119   600 to 650 lbs. 114.75 to 115 Heifers 500 to 515 lbs. 107.5 to 113   600 to 650 lbs. 109 to 110 Chicago Futures: Live Cattle: Aug down 10 at 10332   Dec up 47 at 11342 Feeders: Aug up 30 at 11217   Oct up 62 at 11530 Cattle Comment Cattle futures closed mixed in a choppy trade. Weaker corn prices provided a measure of support, particularly in feeders. However, larger available supplies of fat cattle tempered cash bids. October live cattle futures are consolidating between $111 and $113. Beef cutout values are sharply higher and along with strong packer margins should help boost the live market following the long holiday weekend. Hogs Peoria: were 50¢ to $1.50     lower   at   44.5   to   45 Chicago Futures: Aug down 60 at 7030   Oct down 97 at 6847 Sheep St. Paul n/a   at   - - -   to   - - - Hogs Comment Hogs could not hold an early rally and extended yesterday’s lows with the August contract now ready to test support at $69.45. Weaker wholesale prices and last week’s bearish report are now driving the market. Poultry  Date: July 01, 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 at least steady. Demand was fair to moderate but slightly better to cover holiday and first of the month needs. Supplies of all sizes were adequate to close balanced to satisfy trade requirements. 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