Grain & Soybean Date: June 01, 2007

Soybeans

Local Elevators:
(May) EAST AR:  758 to 785
(NC) Summ. 784 to 807
River Elevators:
(May) MISS: 773 to 789 ; AR & White 763 to 783
(NC) Summ. 782 to 809
Ark. Processor Bids: (May) 779 to 784  (NC) 807 to 810
Memphis:  (May) 784 1/2 to 786 1/2 (NC)  800 1/4 to 809 1/4
Riceland Foods:  (NC) Stuttgart 783 ; Pendleton 785 ; West Memphis 789

Chicago Futures: Jul up 11 1/4 at  817 1/2
  Aug  up  11 1/4  at  824 3/4
  Nov up 11  at  847 1/4
  Jan up 12  at  856
  Nov '08 up 11  at  866 1/2
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans made another strong charge freeled by record palm oil prices. Additional support is coming from the current relationship of the U.S. dollar and the Brazilian real. The weaker dollar versus the real makes U.S. beans a better buy despite recent gains. Technically, the market remains somewhat overbought and due a retracement.

Wheat
Cash bid for June at Memphis  487 3/4 to 490 3/4;
Bids to farmers at Local Elevators 467-478;
River Elevators 463-493;

Chicago Futures: Jul up  3 3/4  at  520 3/4 
  Sep up 3 1/2  at  535 1/2 
  Dec up  at  547 
  Jul '08 up  2 1/2  at  523 1/2 
  Jul '09 up  at  525 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for new crop at Memphis  621 to 639;
Bids to farmers at River Elevators 598-663;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for May at Memphis   391 3/4 to 398 3/4;
  new crop at Memphis   360 1/4 to 361 1/4;
Bids to farmers at River Elevators  378 to 391

Chicago Futures: Jul down  3 1/2  at  386 3/4 
  Sep down  2 1/4  at  389 1/4 
  Dec '07 down  1 3/4  at  383 
  Dec '08 down  1 1/2  at  398 1/2 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Corn futures lost ground on profit taking after yesterday’s big gains. Strong export sales limited losses. The USDA says 53.7 million bushels of corn were sold this week, about 50/50 old crop/new crop. Wheat futures were higher again today on strong export sales. The weekly total for wheat was 35.2 million bushels, almost double the average trade estimate. July set a new contract high of $5.30 ½ before retracing most of the day’s gains.



Cotton & Rice  Date: June 01, 2007


Cotton
Spot Price, Grade 41 Staple 34: Memphis down 57 at  4648
  Greenwood down  57 at 4648

New York Futures: Jul down  57  at  5048 
  Oct down  30  at  5430 
 Dec down  23  at  5643 
 Mar down  20  at  5920 
 Dec '08 down  50  at  6340 
This week's LDP rate for cotton is  7.86
  The estimate for next week is  7.01 cents
Cotton Comment
Cotton reversed yesterday’s gains, continuing the selloff that began after December hit the 62% retracement objective at 57 cents. Last week’s bull flag formation remains intact with an upside objective around 59 cents, or very near the late March high. Overall fundamentals remain somewhat negative, but recent buying by China is expected to continue. Huge end of year stocks remain a drag on the market, although small U.S. plantings and weather problems could help reduce the ’07 crop significantly. There appeared to be little market reaction to yesterday’s announced approval of Monsanto’s purchase of D&PL, if certain conditions were met.

Rice
Long Grain Cash Bid for  Aug/Nov 1015/cwt  to  - - -
  n/a - - -  to  - - -

Chicago Futures: Jul down  at  1019 
 Sep down  at  1058 
 Nov down  at  1090 
 Jan down  at  1115 
 Mar unchanged    at  1143 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice traded in a narrow range again today before closing lower. Fundamental news is lacking as there is little new business being generated. Mills continue to operate well below capacity and there doesn’t appear to be anything on the horizon to suggest a near term change. The international market is steady with high freight rates dominating the trade. Both Vietnam and Thailand are shipping against prior sales but fresh business is slow. The U.S. crop is progressing at a nice pace and will decline again as overall plantings are well below year ago levels. Technically, November has support at $10.80, upside potential appears limited for the near term.



Cattle & Hogs  Date: June 01, 2007

Cattle
As reported by Federal-State Market News, receipts were 10,120 head at sales in Arkansas this week.  Compared with last week, feeder steers sold steady to $2 lower .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 121 to 131
  500 to 550 lbs. 114 to 124
  600 to 700 lbs. 103 to 113
 Medium & Large Frame 2   400 to 450 lbs. 112 to 122

Heifers:
 Medium & Large Frame 1   400 to 450 lbs. 109 to 119
 Medium & Large Frame 2   400 to 450 lbs. 104 to 114

Slaughter Cows, Boners 46   to   51
Light Weight 34 to 39
Bulls, Yield Grade   1   1000   to   2100 lbs.   60   to   64.50
Midwest Steers   were $1 higher to steady   at   93   to   - - -
Panhandle Steers   were $1 higher to steady   at   93   to   - - -

Oklahoma City Feeders
Steers n/a to - - - lbs. - - - to - - -
  n/a to - - - lbs. - - - to - - -
Heifers n/a to - - - lbs. - - - to - - -
  n/a to - - - lbs. - - - to - - -

Chicago Futures:
Live Cattle: Aug down 80 at 9067
  Dec down 47 at 9547
Feeders: Aug down 117 at 11025
  Oct down 87 at 10990

Cattle Comment
Cattle futures were lower under pressure from weaker cash cattle and wholesale beef prices. Feeders continue to be under pressure from relatively high corn prices. August has key support between $90-$91.

Hogs
Peoria: were     steady   at   47   to   47.5

Chicago Futures: Aug up 45 at 7450
  Oct up 90 at 6805

Sheep
St. Paul sheep shorn slaughter lambs   at   n/a   to   - - -

Hogs Comment
Hogs were lower in early dealings, but recovered to post gains by the end of the day. Sharp declines in the composite pork cutout have pushed packer margins into the red, and packers are cutting production and lowering cash bids as a result. August futures are testing resistance at $74.50.



Poultry  Date: June 01, 2007

Eggs
New York:  Ex. Lg. 82-86; Lg. 80-84; Med. 68-72;
Chicago:  Ex. Lg. 80-88; Lg. 78-86; Med. 72-80;

Eastern Region Turkeys
Hens: 8-16 lbs. 77-79
Toms: 16-24 lbs. 77-79
 

Delmarva Broilers
U.S. Grade A
Majority prices for next were trending unchanged in the East and West and one cent lower in the Midwest. Trade sentiment was irregular in the West, and overall no better than steady elsewhere. In production areas, live supplies were moderate at mixed, but mostly desirable weights.