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Arkansas Farm Bureau
Grain & Soybean Date: June 21, 2013

Soybeans

Local Elevators:
(June) EAST AR:  1496 to 1533
(NC) Summ. 1259 to 1285
River Elevators:
(June) MISS: 1523 to 1529 ; AR & White 1487 to 1498
(NC) Summ. 1249 to 1295
Ark. Processor Bids: (June) 1218 to 1528  (NC) 1264 to 1280
Memphis:  (June) 1506 1/4 to 1533 1/4 (NC)  1295 1/2 to 1298 1/2
Riceland Foods:  (June) Stuttgart 1568 ; Pendleton - - - 
 (NC) Stuttgart 1269 ; Pendleton 1289 

Chicago Futures: July down 4 1/4 at  1493 1/4
  Aug  down  at  1413 3/4
  Sept down 9 3/4  at  1315 3/4
  Nov down 11 1/2  at  1273 1/2
  Jan down 12  at  1276 1/2
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans gaped lower today today. A sharply higher dollar will make U.S. crops less competitive in the world market, and that was negative for futures. The main factor in the market, though is the prospect for larger soybean production than first estimated. Delayed/prevented corn, cotton and rice planting could result in more soybean acres than expected. The next level of technical support is seen at the chart gap between $12.63 and $12.48.

Wheat
Cash bid for June at Memphis  701 to 706;
Bids to farmers at Local Elevators 680-693;
River Elevators 659-708;

Chicago Futures: July down  2 1/2  at  698 
  Sept down 2 3/4  at  705 
  Dec down  2 3/4  at  717 
  March down  2 1/2  at  731 
  May down  2 3/4  at  740 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for June at Memphis  1110 to 1182;
Bids to farmers at River Elevators 1030-1066;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for June at Memphis   688 3/4 to 701 3/4;
  New Crop at Memphis   577 to 587;
Bids to farmers at River Elevators  669 to 700

Chicago Futures: July down  11 1/2  at  661 3/4 
  Sept down  6 1/4  at  592  
  Dec down  4 1/4  at  556 1/4 
  March down  at  567 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat prices also continued their slide today. The pressure from a good wheat harvest continues to weigh on this market. When you combine this with pressure from outside markets wheat prices cannot find any support. Gains earlier in the week add some strength to this market and moved it into positive territory for the week. With prices no longer in an oversold position, wheat will need gains in outside markets before new gains can be realized.

Corn prices closed lower across the board today, as traders continued to take profits out of this market. The December contract closed the week up more than 20-cents as the market is expecting acreage to be cut in next week’s USDA report. Expect prices to strengthen next week ahead of the report; however, the report will need to come in at least 2 million acres less than intentions were in March. The market continues to expect yields to be lower as the delayed planting is still being considered in these prices. Expect the market to move straight from the Acreage Report to speculation on what USDA will do to the 2013 yield. Will likely trade next week between support at $5.50 and resistance at $5.75, Friday’s acreage report will determine whether prices will move above or below this range.



Cotton & Rice  Date: June 21, 2013


Cotton
Spot Price, Grade 41 Staple 34: Memphis down 24 at  8268
  Greenwood down  24 at 8268

New York Futures: July up  at  8532 
  Oct down  24  at  8568 
 Dec down  83  at  8453 
 March down  135  at  8364 
 May down  145  at  8322 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
This time last week, December cotton was poised to test 90-cents; however, prices fell sharply this week, as the market fully digested the USDA report. December cotton closed the week down almost 5-cents. Cotton will likely get some help next week as the acreage report will likely show an additional decline in acreage. Cotton like wheat will need some help from outside markets to maintain its gain given the current global fundamentals.

Rice
Long Grain Cash Bid for  June - - -  to  - - -
  NC 1520/cwt  to  - - -

Chicago Futures: July down  6 1/2  at  1591 
 Sept down  15 1/2  at  1589 1/2 
 Nov down  14  at  1617 1/2 
 Jan down  14 1/2  at  1640 1/2 
 March down  14  at  1641 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice futures continued lower today. According to USDA, the crop is now caught up with previous years. The question now is, how many acres were actually seeded and were they too late to achieve top yield-potential. This week’s action makes the charts look toppy, with September closing below $16. The sharp up-trend that began in May has been broken this week. Futures could be confirming a top at the recent high of $16.47 ½.



Cattle & Hogs  Date: June 21, 2013

Cattle
As reported by Federal-State Market News, receipts were 7765 head at sales in Arkansas this week.  Compared with last week, feeder steers sold mostly steady to $3 higher .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 165.50 to - - -
  500 to 550 lbs. 149.00 to - - -
  600 to 650 lbs. 135.00 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 153.00 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 134.00 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 131.00 to - - -

Slaughter Cows, Boners 76.00   to   83.00
Light Weight 64.00 to 71.00
Bulls, Yield Grade   1   1000   to   2100 lbs.   90.00   to   101.00
Midwest Steers   were   at   - - -   to   - - -
Panhandle Steers   were   at   - - -   to   - - -

Oklahoma City Feeders
Steers 450 to 500 lbs. 155.00 to 175.50
  500 to 550 lbs. 141.00 to 170.00
Heifers 450 to 500 lbs. 134.00 to 147.00
  500 to 550 lbs. 127.00 to 145.00

Chicago Futures:
Live Cattle: June up 130 at 12125
  Aug up 160 at 12160
Feeders: Aug up 250 at 14692
  Sept up 240 at 14915

Cattle Comment
Cattle futures posted solid gains across the board. August broke out of the consolidation range that has held the market for the past month. The upside could be limited by the fact that beef values usually top in late June.

Hogs
Peoria: were     steady   at   64.00   to   66.00

Chicago Futures: June down 50 at 9975
  July down 82 at 9745

Hogs Comment
Hog futures posted losses. Disappointing economic reports both for the US and China, added to the negative undertone. Weaker cash values were also an issue. The market is oversold on technical indicators and was due a correction. However, July is still trading at a $2 discount to the cash index, and that will provide support.



Poultry  Date: June 21, 2013

Eggs
New York:  Ex. Lg. 107-111; Lg. 105-109; Med. 94-98;
Chicago:  Ex. Lg. 86-94; Lg. 84-92; Med. 74-82;

National Turkeys
Hens: 8-16 lb. 98.50
Toms: 16-24 lb. 96.50
 

Delmarva Broilers
U.S. Grade A
Prices are trending weak into all regions in comparison to a week ago. Offerings are moderate to heavy and slow to clear. Retail and food service demand is light to moderate with some improved interest and movement going into the weekend. Floor stocks are moderate. Sizes are desirable to light. Market activity is slow to moderate.

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