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Arkansas Farm Bureau
Grain & Soybean Date: June 26, 2013

Soybeans

Local Elevators:
(June) EAST AR:  1544 to - - -
(NC) Summ. 1261 to 1291
River Elevators:
(June) MISS: 1569 to 1570 ; AR & White 1528 to 1529
(NC) Summ. 1249 to 1296
Ark. Processor Bids: (June) 1559 to - - -  (NC) 1271 to 1282
Memphis:  (June) 1548 1/4 to 1574 1/4 (NC)  1298 to 1301
Riceland Foods:  (Aug) Stuttgart 1500 ; Pendleton - - - 
 (NC) Stuttgart 1271 ; Pendleton 1291 

Chicago Futures: July up 9 at  1534 1/4
  Aug  down  at  1425 1/4
  Sept down 6 1/2  at  1317
  Nov down 2 1/2  at  1276
  Jan down 2 3/4  at  1279
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans ended mostly lower with only nearby July posting gains. Good demand for the old crop beans that are left is providing support. Basis levels are improving and July futures are trading at a discount to cash values at this point, so that is supportive. The prospect for larger soybean acreage than first projected is keeping a lid on new crop futures. November has resistance at the small gap left on Friday between $12.81 ½ and $12.84. Support begins at Monday’s low of $12.56 ½.

Wheat
Cash bid for June at Memphis  655 to 656;
Bids to farmers at Local Elevators 644-657;
River Elevators 613-654;

Chicago Futures: July down  8 3/4  at  667 
  Sept down at  677 
  Dec down  7 1/4  at  692 1/4 
  March down  7 1/4  at  706 1/2 
  May down  6 3/4  at  716 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for June at Memphis  1115 to 1187;
Bids to farmers at River Elevators 1035-1071;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for June at Memphis   691 1/2 to 704 1/2;
  New Crop at Memphis   559 to 569;
Bids to farmers at River Elevators  to

Chicago Futures: July up  7 3/4  at  664 1/2 
  Sept down  2 1/2  at  574 
  Dec down  1/2  at  544 
  March down  3/4  at  554 1/4 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat prices remain weak as harvest continues to look good and supplies are expected to be ample. Prices remain just cents above a new contract low as we head into Friday’s acreage report and stocks report. While there is not expected to be big news for wheat, a good corn report will likely spread to the wheat market in the short run. Look for spill over strength to provide an opportunity to sell remaining wheat. Additional pressure is being put on wheat as trading partners remain slow to return to the U.S. for exports after GM wheat scare.

December corn is consolidating into a narrow trading pattern ahead of Friday's report. After posting more than 30-cents in gains last week, prices this week have stayed in about an 8-cent range from $5.42 – $5.50. The market is reluctant to make any kind of big move as it waits for Friday’s acreage report. Old crop continues to show strength as basis levels remain strong for old crop corn. Friday’s report will set the tone for how the next month of trading will go. After that the market will key in on daily weather reports and expect a lot of volatility as the market needs a good crop to ease supply concerns.



Cotton & Rice  Date: June 26, 2013


Cotton
Spot Price, Grade 41 Staple 34: Memphis down 66 at  8229
  Greenwood down  66 at 8229

New York Futures: July down  141  at  8368 
  Oct down  66  at  8529 
 Dec down  125  at  8370 
 March down  140  at  8210 
 May down  139  at  8147 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Yesterday’s cotton rally was short lived as prices were down again today. December cotton remains in the 82.5 to 87.5 cent range. A close below 82.5 –cent would leave cotton vulnerable to a decline to the next support level at 80 – cents followed by 75-cents. December cotton spent a lot of time trading in this area before the attempted run at 90-cents earlier this year. If Friday’s report does not remove more acres than the supply and demand report earlier in the month, cotton is likely to move to the lower trading range.

Rice
Long Grain Cash Bid for  June - - -  to  - - -
  NC 1500/cwt  to  - - -

Chicago Futures: July up  7 1/2  at  1564 1/2 
 Sept up  6 1/2  at  1569 1/2 
 Nov up  5 1/2  at  1595 1/2 
 Jan up  at  1617 
 March up  18  at  1632 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice posted across the board gains today, but the gains were small. September looks to have confirmed a top at the recent high of $16.47 ½, but is now working on building support at Monday’s low of $15.53. The market is looking forward to the planted acreage report. We know some acres that were intended for corn wound up in rice due to wet weather in Arkansas, but some acres meant for rice have certainly been seeded in soybeans as the wet weather continued throughout the spring.



Cattle & Hogs  Date: June 26, 2013

Cattle
As reported by Federal-State Market News, receipts were 792 head at sales in Searcy & Pocahontas.  Compared with last week, feeder steers sold steady to $5 higher .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 163 to - - -
  500 to 550 lbs. 143 to - - -
  600 to 650 lbs. 135 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 138 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 134.50 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 129 to - - -

Slaughter Cows, Boners 78   to   86
Light Weight 65 to 71
Bulls, Yield Grade   1   1000   to   2000 lbs.   93   to   104
Midwest Steers   were   at   - - -   to   - - -
Panhandle Steers   were   at   - - -   to   - -

Oklahoma City Feeders
Steers 500 to 550 lbs. 160 to 173
  550 to 600 lbs. 154 to 163
Heifers 500 to 550 lbs. 138 to 144
  550 to 600 lbs. 136 to 143.50

Chicago Futures:
Live Cattle: June up 13 at 12128
  Aug up 105 at 12218
Feeders: Aug up 105 at 14893
  Sept up 95 at 15103

Cattle Comment
Cattle futures were higher across the board. August live cattle charted a bearish key reversal yesterday, but showed no follow through weakness today. In fact, today’s close of $122.32 ½, above yesterday’s high, invalidates the key reversal. This positive chart action came despite the fact that wholesale beef prices were weaker and cash trade has yet to develop this week.

Hogs
Peoria: were     steady   at   65   to   67

Chicago Futures: July down 20 at 9995
  Aug down 5 at 9765

Hogs Comment
Hog futures were mixed. Weaker cash values this week and position evening ahead of the hogs and pigs report have resulted in some weakness. The market is oversold on technical indicators and is due a correction.



Poultry  Date: June 26, 2013

Eggs
New York:  Ex. Lg. 111-115; Lg. 109-113; Med. 94-98;
Chicago:  Ex. Lg. 96-104; Lg. 94-102; Med. 82-90;

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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