Grain & Soybean Date: June 04, 2007

Soybeans

Local Elevators:
(Jun) EAST AR:  756 to 783
(NC) Summ. 783 to 806
River Elevators:
(Jun) MISS: 771 to 787 ; AR & White 762 to 782
(NC) Summ. 781 to 808
Ark. Processor Bids: (Jun) 777 to 782  (NC) 806 to 809
Memphis:  (Jun) 784 3/4 to 785 3/4 (NC)  806 1/4 to 808 1/4
Riceland Foods:  (NC) Stuttgart 782 ; Pendleton 783 ; West Memphis 787

Chicago Futures: Jul down 1 3/4 at  815 3/4
  Aug  down  1 3/4  at  823
  Nov down at  846 1/4
  Jan down 2 1/2  at  853 1/2
  Nov '08 down 1/2  at  866
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
November soybeans moved to a new contract high before sliding back to close slightly lower. Strong demand and weaker concerns are providing support. Soybeans continue to slide to new contract highs but have been unable to break away and establish a strong up-move. This may be a trend unless there is stronger evidence of weather problems at some time in the future. Long term resistance on the monthly charts is located at $8.56 and $9.03.

Wheat
Cash bid for new crop at Memphis  n/a to - - -;
Bids to farmers at Local Elevators 466-475;
River Elevators 460-490;

Chicago Futures: Jul down  1/2  at  520 1/4 
  Sep unchanged   at  535 1/2 
  Dec down  1/2  at  546 1/2 
  Jul '08 down  12  at  535 1/2 
  Jul '09 down  at  533 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for new crop at Memphis  630 to 639;
Bids to farmers at River Elevators 593-657;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for June at Memphis   390 3/4 to 395 3/4;
  new crop at Memphis   359 1/4 to 360 1/4;
Bids to farmers at River Elevators  375 to 388

Chicago Futures: Jul down  at  393 3/4 
  Sep down  at  388 1/4 
  Dec unchanged    at  387 1/4 
  Dec '08 unchanged    at  398 1/2 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Corn and wheat futures ended mixed in quiet trading today. Relatively good rain coverage across the Mid-West over the weekend was good for the corn crop, and mildly bearish for futures. Wheat was supported by news that Egypt bought 180,000 tons of U.S. soft red winter wheat over the weekend. July set a new contract high of $5.31 before closing fractionally lower.



Cotton & Rice  Date: June 04, 2007


Cotton
Spot Price, Grade 41 Staple 34: Memphis up 49 at  4599
  Greenwood up  49 at 4599

New York Futures: Jul down  49  at  4999 
  Oct down  60  at  5370 
 Dec down  58  at  5585 
 Mar down  65  at  5855 
 Dec '08 down  45  at  6295 
This week's LDP rate for cotton is  7.86
  The estimate for next week is  7.12 cents
Cotton Comment
Cotton started the week on the downside with a continuation of Friday’s decline. While export sales are showing good recent response, there will need to be additional sales made to hold stocks at current projected levels. World mills appear to be locking in for delivery next year, which will leave a void going into the end o the 06-07 marketing year. Technically, last week’s bull flag formation remains intact, with an upside objective around 59 cents, or near the late March high.

Rice
Long Grain Cash Bid for  Jun 890/cwt  to  - - -
  Aug/Sep 1010/cwt  to  - - -

Chicago Futures: Jul down  at  1016 
 Sep down  at  1055 
 Nov down  at  1085 
 Jan down  at  1110 
 n/a down  - - -  at  - - - 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice trading stayed in the very narrow range of recent days with November closing 5 cents 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 04, 2007

Cattle
As reported by Federal-State Market News, receipts were 2,160 head at sales in Ash Flat & Springdale.  Compared with last week, feeder steers uneven, near steady .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 125 to 135
  500 to 550 lbs. 114 to 124
  600 to 700 lbs. 105 to 115
 Medium & Large Frame 2   400 to 450 lbs. 121 to 131

Heifers:
 Medium & Large Frame 1   400 to 450 lbs. 110 to 120
 Medium & Large Frame 2   400 to 450 lbs. 109 to 118

Slaughter Cows, Boners 44   to   50
Light Weight 34 to 40
Bulls, Yield Grade   1   1000   to   2100 lbs.   55   to   63
Midwest Steers   were $3 lower to $.50 higher   at   90   to   93.50
Panhandle Steers   were $3 lower to $.50 higher   at   90   to   93.50

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 steady at 9067
  Dec up 10 at 9557
Feeders: Aug up 77 at 11102
  Oct up 60 at 11050

Cattle Comment
Cattle futures were mostly higher on indications the market was oversold. Feeders continue to be under pressure from relatively high corn prices. August has key support between $90-$91.

Hogs
Peoria: were $.5     lower   at   46.5   to   47

Chicago Futures: Aug up 50 at 7500
  Oct up 10 at 6815

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

Hogs Comment
Hogs closed mostly higher despite a bearish cash situation. 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.



Poultry  Date: June 04, 2007

Eggs
New York:  Ex. Lg. 82-86; Lg. 80-84; Med. 68-72;
Chicago:  Ex. Lg. 73-81; Lg. 71-79; Med. 61-69;

Eastern Region Turkeys
Hens: 8-16 lbs. 78-80
Toms: 16-24 lbs. 78-80
 

Delmarva Broilers
U.S. Grade A
Majority prices were unchanged to lower in the Midwest, unchanged in the East, and higher in the West when compared to previous week. Supplies of all sizes were more than sufficient to handle trade needs. In production areas, live supplies were moderate at mostly desirable weights.