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Arkansas Farm Bureau
Grain & Soybean Date: June 24, 2013

Soybeans

Local Elevators:
(June) EAST AR:  1522 to - - -
(NC) Summ. 1259 to 1289
River Elevators:
(June) MISS: 1545 to 1548 ; AR & White 1506 to 1511
(NC) Summ. 1247 to 1294
Ark. Processor Bids: (June) 1537 to - - -  (NC) 1269 to 1280
Memphis:  (June) 1525 to 1552 (NC)  1295 1/2 to 1298 1/2
Riceland Foods:  (June) Stuttgart 1514 ; Pendleton - - - 
 (NC) Stuttgart 1269 ; Pendleton 1289 

Chicago Futures: July up 18 3/4 at  1512
  Aug  up  7 1/2  at  1421 1/4
  Sept up at  1316 3/4
  Nov unchanged   at  1273 1/2
  Jan up 1/4  at  1276 3/4
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Old crop soybeans were just about the only bright spot on the board today. New crop contracts were unchanged to fractionally higher after posting sharp losses in early dealings. Stock market weakness and strength in the dollar continue to weigh on the market. The main factor in the market 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. November partially closed the May chart gap, finding support at $12.56 ½ before climbing back to unchanged.

Wheat
Cash bid for June at Memphis  669 to 685;
Bids to farmers at Local Elevators 656-669;
River Elevators 639-680;

Chicago Futures: July down  19  at  679 
  Sept down 17 1/4  at  687 3/4 
  Dec down  15  at  702 
  March down  14 3/4  at  716 1/4 
  May down  14 3/4  at  725 1/4 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for June at Memphis  1095 to 1167;
Bids to farmers at River Elevators 1015-1050;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for June at Memphis   681 1/4 to 693 1/4;
  New Crop at Memphis   564 to 574;
Bids to farmers at River Elevators  to

Chicago Futures: July down  8 1/2  at  653 1/4 
  Sept down  13  at  579 
  Dec down  9 3/4  at  546 1/2 
  March down  10  at  557 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat prices closed down again today as prices continue to be pressured by a good harvest and weak outside markets. July prices are just a few cents above contract lows at $6.61. Prices are likely to test these lows ahead of Friday’s report; however, there remains little fundamental or technical support for prices to see any significant or sustained upward movement.

Corn prices gave back more of last week’s gains today. December corn created a gap about the same level it did back in May, when prices fell close to yearly contract low of $5.17. Prices are unlikely to fall as freely this time as they did then, as the market continues to anticipate a lower acreage number later this week. While weather and acreage continue to dominate market news, there is another piece of information coming out on Friday and that is the quarterly acreage report. There is beginning to be rumblings about tighter stocks in 2013 than what the USDA indicated in their last report in March. The strong basis today indicates that stocks are tightening in the countryside. If the report revises those estimates lower than anticipated expect to see prices strengthen dramatically. By the same token if the stock number shows more than expected, a GREAT acreage report will be needed to support prices from tanking.



Cotton & Rice  Date: June 24, 2013


Cotton
Spot Price, Grade 41 Staple 34: Memphis down 166 at  8102
  Greenwood down  166 at 8102

New York Futures: July down  217  at  8298 
  Oct down  166  at  8402 
 Dec down  146  at  8318 
 March down  121  at  8250 
 May down  106  at  8205 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton prices continued their slide today. December cotton is nearing the bottom of the trading range it has maintained for the last 4 months at the 82.5-cent range. Prices could see a bounce from Friday’s report depending on how much acreage is cut. If prices bounce this may offer producers the last good pricing opportunity of the season, barring some unforeseen weather catastrophe.

Rice
Long Grain Cash Bid for  June - - -  to  - - -
  NC 1496/cwt  to  - - -

Chicago Futures: July down  29 1/2  at  1561 1/2 
 Sept down  24  at  1565 1/2 
 Nov down  2 1/2  at  1592 1/2 
 Jan down  24 1/2  at  1616 
 Mar down  24 1/2  at  1616 1/2 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
The selloff in rice accelerated 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? The sharp up-trend that began in May has been broken this week. Futures look to have confirmed a top at the recent high of $16.47 ½.



Cattle & Hogs  Date: June 24, 2013

Cattle
As reported by Federal-State Market News, receipts were 2050 head at sales in Ash Flat, Springdale and Ola.  Compared with last week, feeder steers under 450 lbs. sold weak to $4 lower, weights over 450 lbs. sold mostly firm to $5 higher .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 157.50 to - - -
  500 to 550 lbs. 148 to - - -
  600 to 650 lbs. 142 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 142 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 133 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 131 to - - -

Slaughter Cows, Boners 75   to   83
Light Weight 65 to 72
Bulls, Yield Grade   1   1000   to   2100 lbs.   93.50   to   101.50, high dressing 100-114
Midwest Steers   were   at   - - -   to   - - -
Panhandle Steers   were   at   - - -   to   - - -

Oklahoma City Feeders
Steers 500 to 550 lbs. 164 to 173
  550 to 600 lbs. 158.50 to 163
Heifers 500 to 550 lbs. 138 to 142.50
  550 to 600 lbs. 139.50 to 143

Chicago Futures:
Live Cattle: June down 30 at 12095
  Aug down 43 at 12118
Feeders: Aug up 75 at 14768
  Sept up 95 at 15010

Cattle Comment
Cattle futures ended mixed with live cattle lower and feeders posting gains. August live cattle have broken out of the consolidation range that has held the market for the past month. The upside is likely to be limited by cash market weakness, however. Friday’s high of $121.95 is the first level of resistance.

Hogs
Peoria: were steady to $4 higher     higher   at   66   to   68

Chicago Futures: July up 120 at 10095
  Aug up 58 at 9803

Hogs Comment
Hog futures were sharply higher, but closed near the middle of the day’s trading range. 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. July set a new contract high of $101.80 before backing off.



Poultry  Date: June 24, 2013

Eggs
New York:  Ex. Lg. 107-111; Lg. 105-109; Med. 94-98;
Chicago:  Ex. Lg. 96-104; Lg. 94-102; Med. 82-92;

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

Delmarva Broilers
U.S. Grade A
n/a

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