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Arkansas Farm Bureau
Grain & Soybean Date: June 28, 2013

Soybeans

Local Elevators:
(June) EAST AR:  1575 to - - -
(NC) Summ. 1237 to 1267
River Elevators:
(June) MISS: 1595 to 1601 ; AR & White 1559 to 1560
(NC) Summ. 1225 to 1272
Ark. Processor Bids: (June) 1590 to - - -  (NC) 1247 to 1258
Memphis:  (June) 1578 1/2 to 1609 1/2 (NC)  1274 to - - -
Riceland Foods:  (June) Stuttgart 1506 ; Pendleton - - - 
 (NC) Stuttgart 1247 ; Pendleton 1267 

Chicago Futures: July up 16 at  1564 1/2
  Aug  down  1 1/2  at  1431
  Sept down 14 1/2  at  1303 1/4
  Nov down 23 1/4  at  1252
  Jan down 21 3/4  at  1256 3/4
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans continued mixed with nearby July setting a new high for the recent up move. Extremely tight stocks of 434.5 million bushels were supportive, as the average trade guess was 442 million. Deferred contracts were under pressure from the acreage report, which pegged plantings at 77.7 million acres. A little lower than the average trade estimate, but still up from the March 1 number of 77.13 million. November posted sharp losses, completely closing the May chart gap and violating support at $12.48. The next technical support starts around $12.05.

Wheat
Cash bid for June at Memphis  635 1/2 to - - -;
Bids to farmers at Local Elevators 619-634;
River Elevators 595-639;

Chicago Futures: July down  15  at  648 1/2 
  Sept down 16  at  657 3/4 
  Dec down  17 1/2  at  671 1/2 
  March down  19  at  684 
  May down  19  at  693 1/4 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for June at Memphis  1142 to 1213;
Bids to farmers at River Elevators 1061-1097;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for June at Memphis   706 1/4 to 719 1/4;
  New Crop at Memphis   532 1/4 to 538 1/4;
Bids to farmers at River Elevators  to

Chicago Futures: July up  12  at  679 1/4 
  Sept down  25  at  547 1/4 
  Dec down  27 1/2  at  511 
  March down  27 1/2  at  521 3/4 
  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.

Corn futures plummeted today in reaction to the acreage report. While the trade was estimating a decrease from the March intentions report, USDA actually estimated a crop of 97.4 million acres, up 100,000 acres from the March 1 report. Losses were tempered a little bit by a 400,000 acre decrease in the harvested acres estimate. The June 1 stocks report was on the low end of expectations and provided some support for expiring July. The next support for December is likely psychological support around $5.



Cotton & Rice  Date: June 28, 2013


Cotton
Spot Price, Grade 41 Staple 34: Memphis down 52 at  8261
  Greenwood down  52 at 8261

New York Futures: July down  42  at  8271 
  Oct down  52  at  8561 
 Dec up  50  at  8438 
 March up  59  at  8273 
 May up  43  at  8193 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton was mixed. New crop contracts were supported by the planted acres report, which showed 10.251 million acres seeded to cotton. That was up slightly from the March 1 intentions report, but down 17% from the 2012 crop. A close below 82.5 cents would leave cotton vulnerable to a decline to the next support level at 80 cents.

Rice
Long Grain Cash Bid for  June - - -  to  - - -
  NC 1489/cwt  to  - - -

Chicago Futures: July up  24  at  1574 
 Sept up  2 1/2  at  1559 
 Nov up  1/2  at  1583 1/2 
 Jan down  5 1/2  at  1599 1/2 
 March down  5 1/2  at  1614 1/2 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice futures traded in a wide range before closing very near unchanged. The acreage report pegged the total planted acreage at 2.47 million acres, with the Arkansas crop sitting at 1.061 million. The June rice stocks report was dropped by USDA as a budget cutting measure, so there was no report on rice stocks today. September looks to have confirmed a top at the recent high of $16.47 ½. Today’s low of $15.42 will be the first level of support.



Cattle & Hogs  Date: June 28, 2013

Cattle
As reported by Federal-State Market News, receipts were 8,245 head at sales in Arkansas this week.  Compared with last week, feeder steers sold mostly stady to $4 higher .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 165 to - - -
  500 to 550 lbs. 150 to - - -
  600 to 650 lbs. 135 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 148 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 136 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 133 to - - -

Slaughter Cows, Boners 78   to   86
Light Weight 61 to 68
Bulls, Yield Grade   1   1000   to   2100 lbs.   93   to   103
Midwest Steers   were   at   120   to   - - -
Panhandle Steers   were   at   120   to   - - -

Oklahoma City Feeders
Steers 500 to 550 lbs. 140 to 173
  550 to 600 lbs. 136 to 163
Heifers 500 to 550 lbs. 126 to 144
  550 to 600 lbs. 121 to 143.50

Chicago Futures:
Live Cattle: June down 300 at 11815
  Aug down 90 at 12203
Feeders: Aug down 25 at 14945
  Sept down 23 at 15160

Cattle Comment
Cattle futures ended mixed. Feeders were higher on the forecast for a larger than expected corn plantings report. Live cattle, however, were lower on news of lower cash prices and worries of herd expansion thanks to the prospect for cheaper corn.

Hogs
Peoria: were steady to $2     lower   at   65   to   67

Chicago Futures: July down 70 at 10128
  Aug down 195 at 9745

Hogs Comment
Hog futures were lower ahead of this afternoon’s inventory report. Concerns about herd expansion due to a larger than expected corn crop (and thus cheaper feed) also weighed on the market. Yesterday’s high of $99.85 will be the first level of resistance for August. The market is challenging support in the form of a short-term uptrend near $97.40.



Poultry  Date: June 28, 2013

Eggs
New York:  Ex. Lg. 114-118; Lg. 112-116; Med. 94-98;
Chicago:  Ex. Lg. 96-104; Lg. 94-102; Med. 82-90;

National Turkeys
Hens: 8-16 lbs. 97.91
Toms: 16-24 lbs. 97.95
 

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. Market activity is slow to moderate.

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