Grain & Soybean Date: June 05, 2007

Soybeans

Local Elevators:
(Jun) EAST AR:  768 to 795
(NC) Summ. 796 to 819
River Elevators:
(Jun) MISS: 783 to 799 ; AR & White 769 to 789
(NC) Summ. 794 to 821
Ark. Processor Bids: (Jun) 789 to 794  (NC) 819 to 822
Memphis:  (Jun) 790 1/4 to 797 1/4 (NC)  819 1/4 to 821 1/4
Riceland Foods:  (NC) Stuttgart 794 ; Pendleton 795 ; West Memphis 799

Chicago Futures: Jul up 12 1/2 at  828 1/4
  Aug  up  12 3/4  at  835 3/4
  Nov up 13  at  859 1/4
  Jan up 12 1/2  at  866
  Nov '08 up 12 1/4  at  787 1/4
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans made new contract highs again today with record palm oil prices contributing support. Malaysia is expected to raise their export tax on oil, while India reduces its import duties. Tightening vegetable oil stocks are keying the current upturn. November soybeans are heavily overbought and due a correction but the close was just below the new high leaving the next upside resistance just above $9.

Wheat
Cash bid for June at Memphis  495 1/4 to 497 1/4;
Bids to farmers at Local Elevators 471-480;
River Elevators 467-495;

Chicago Futures: Jul up  5 3/4  at  510 1/2 
  Sep up 5 1/4  at  522 
  Dec up  8 1/4  at  538 1/4 
  Jul '08 up  9 1/2  at  545 
  Jul '09 up  at  538 
  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 586-650;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for June at Memphis   387 1/4 to 391 1/4;
  new crop at Memphis   356 3/4 to 357 3/4;
Bids to farmers at River Elevators  371 to 384

Chicago Futures: Jul down  3 1/2  at  380 1/4 
  Sep down  2 1/2  at  385 3/4 
  Dec '07 down  1/4  at  382 3/4 
  Dec '08 down  2 1/2  at  401 
  Today's Arkansas LDP rate for corn is:

Grain Comment
July wheat bulled to a new contract high but lost momentum going into the close. Poor crop ratings and yields in the mid-South provided support along with indications other areas of the world are having problems with their wheat. Corn hit old resistance at the top of the recent trading range before declining to close lower for the day.



Cotton & Rice  Date: June 05, 2007


Cotton
Spot Price, Grade 41 Staple 34: Memphis up 176 at  4775
  Greenwood up  176 at 4775

New York Futures: Jul up  176  at  5175 
  Oct up  170  at  5540 
 Dec up  153  at  5738 
 Mar up  155  at  6010 
 Dec '08 up  160  at  6455 
This week's LDP rate for cotton is  7.86
  The estimate for next week is  7.27 cents
Cotton Comment
Cotton made a strong move despite a good crop rating report yesterday. Planting remains a little behind schedule with a rating of 84% compared to a 5 year average of 91%. A huge loan redemption over the last two weeks leaves only 2.76 million bales in the loan. Merchants are looking to hedge those redemptions as the market moves higher. Wet weather in parts of Texas and dry weather in the mid-South and Southeast may impact the final plantings with some acreage expected to move to beans. There are hopes that China will add an additional 5 million bales to their TRQ. Technically December closed above resistance at 57 cents and moved toward the bull flag objective at 59 cents.

Rice
Long Grain Cash Bid for  Jun 890  to  900/cwt
  Aug/Sep 1011/cwt  to  - - -

Chicago Futures: Jul up  at  1019 
 Sep up  at  1056 
 Nov up  at  1086 
 Jan up  at  1111 
 n/a up  - - -  at  - - - 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice remained in a narrow trading range, ending the day a little higher in all contracts. 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 05, 2007

Cattle
As reported by Federal-State Market News, receipts were 1,654 head at sales in Fort Smith & Marshall.  Compared with last week, feeder steers sold steady to $3 lower .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 119 to 129
  500 to 550 lbs. 112 to 122
  600 to 650 lbs. 103 to 112
 Medium & Large Frame 2   400 to 450 lbs. 115 to 118

Heifers:
 Medium & Large Frame 1   400 to 450 lbs. 108 to 118
 Medium & Large Frame 2   400 to 450 lbs. 105 to - - -

Slaughter Cows, Boners 48   to   51
Light Weight n/a to - - -
Bulls, Yield Grade   1   1000   to   2100 lbs.   63   to   67
Midwest Steers   n/a   at   - - -   to   - - -
Panhandle Steers   n/a   at   - - -   to   - - -

Oklahoma City Feeders
Steers 500 to 550 lbs. 120 to 134.50
  650 to 700 lbs. 112 to 119
Heifers 500 to 550 lbs. 110 to 113
  600 to 650 lbs. 104.25 to 106

Chicago Futures:
Live Cattle: Aug up 35 at 9102
  Dec up 10 at 9567
Feeders: Aug down 15 at 11087
  Oct up 10 at 11060

Cattle Comment
Cattle futures were mixed, with front end contracts supported by the current discount to cash. Strong packer margins helped offset seasonally large supplies of cattle. June futures have support just below $110.

Hogs
Peoria: were     steady   at   46.5   to   47

Chicago Futures: Aug down 5 at 7495
  Oct up 22 at 6837

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

Hogs Comment
Hogs were narrowly mixed. Negative packer margins offset tighter than expected hog supplies. However, slaughter levels remain above the norm for this time of year. Support for June hogs is currently $74.



Poultry  Date: June 05, 2007

Eggs
New York:  Ex. Lg. 80-84; Lg. 78-82; Med. 65-69;
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
Trade sentiment was mixed, ranging steady to instances weak in all areas. Supplies of all sizes were at least sufficient for trade needs. In production areas, live supplies were moderate at mixed, but mostly desirable weights. The Composite Weighted Average price for 06/04/07 was 82.74 compared to 82.89 a week earlier, and 64.81 a year ago.