Grain & Soybean Date: June 07, 2007

Soybeans

Local Elevators:
(Jun) EAST AR:  767 to 794
(NC) Summ. 807 to 829
River Elevators:
(Jun) MISS: 787 to 798 ; AR & White 771 to 791
(NC) Summ. 800 to 829
Ark. Processor Bids: (Jun) 793 to - - -  (NC) 828 to 829
Memphis:  (Jun) 794 to 796 (NC)  823 1/2 to 824 1/2
Riceland Foods:  (June) Stuttgart 793 ; Pendleton 794 ; West Memphis 798

Chicago Futures: Jul up 9 3/4 at  832
  Aug  up  10  at  839 3/4
  Nov up 11  at  864 1/2
  Jan up 10 3/4  at  872 3/4
  Nov '08 up 11 3/4  at  887 1/4
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans quickly negated yesterday’s key reversal top. Higher oil values and continued concern about dry conditions in the southeast and perhaps the eastern cornbelt contributed to another good move. Corn led the way with beans quick to follow. The new contract high gives the market another opportunity to work toward the next long term resistance at $9.03.

Wheat
Cash bid for June at Memphis  491 1/2 to 492 1/2;
Bids to farmers at Local Elevators 464-474;
River Elevators 458-493;

Chicago Futures: Jul up  4 3/4  at  524 1/2 
  Sep up 6 3/4  at  541 1/4 
  Dec up  6 3/4  at  554 1/4 
  Jul '08 up  6 1/2  at  596 
  Jul '09 unchanged    at  538 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for new crop at Memphis  649 to - - -;
Bids to farmers at River Elevators 595-659;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for June at Memphis   391 3/4 to 392 3/4;
  new crop at Memphis   364 1/2 to 365 1/2;
Bids to farmers at River Elevators  370 to 383

Chicago Futures: Jul up  10  at  384 3/4 
  Sep up  12  at  393 1/2 
  Dec '07 up  12 1/4  at  393 1/2 
  Dec '08 up  8 1/4  at  408 1/4 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Corn futures moved higher despite disappointing export sales totals and bearish chart signals. The USDA said only 14.8 million bushels of corn were sold to export markets last week, and that is well below trade expectations. Dry weather in the eastern Corn Belt was credited as giving the market a boost. Wheat was also higher, with an export sales total of 45.3 million bushels.



Cotton & Rice  Date: June 07, 2007


Cotton
Spot Price, Grade 41 Staple 34: Memphis up 21 at  4826
  Greenwood up  21 at 4826

New York Futures: Jul up  21  at  5176 
  Oct up  15  at  5520 
 Dec up  19  at  5749 
 Mar up  20  at  6010 
 Dec '08 up  15  at  6465 
This week's LDP rate for cotton is  7.86
  The estimate for next week is  6.76 cents
Cotton Comment
Cotton was slightly higher across the board. December futures remained in a narrow trading range just above 57 cents the last two days and remains in position to move toward the bull flag objective at 59 cents. 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.

Rice
Long Grain Cash Bid for  Jun 890  to  900
  Aug/Sep 1005  to  - - -

Chicago Futures: Jul down  at  1010 
 Sep up  1 1/2  at  1049 
 Nov unchanged    at  1080 
 Jan unchanged    at  1107 
 n/a unchanged  - - -  at  - - - 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice was steady to slightly higher with little indication of fundamental market changes expected. Overall U.S. mill activity remains slow with very little export activity. That doesn’t appear likely to change in the near future or perhaps even into the new crop harvest. At the same time Thailand is actively shipping against prior sales. Both Thailand and Vietnam are expected to be active participants in a 300,000 metric tonne tender by the Philippines. Technically, November closed the $10.88 support. The next support is the late March low of $10.65.



Cattle & Hogs  Date: June 07, 2007

Cattle
As reported by Federal-State Market News, receipts were 2,531 head at sales in Charlotte, Ratcliff & Green Forest.  Compared with last week, feeder steers sold mostly weak to $5 lower .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 121 to 131
  500 to 550 lbs. 108 to 118
  600 to 700 lbs. 101 to 111
 Medium & Large Frame 2   400 to 450 lbs. 120 to 130

Heifers:
 Medium & Large Frame 1   400 to 450 lbs. 103 to 113
 Medium & Large Frame 2   400 to 450 lbs. 105 to 115

Slaughter Cows, Boners 44   to   50
Light Weight 35 to 40
Bulls, Yield Grade   1-2   1000   to   2100 lbs.   57.50   to   62.50, high dressing 64.50-67.50
Midwest Steers   were steady to $.50 lower   at   90   to   - - -
Panhandle Steers   were steady   at   90   to   - - -

Oklahoma City Feeders
Steers 500 to 550 lbs. 120 to 128
  n/a to - - - lbs. - - - to - - -
Heifers 550 to 600 lbs. 105 to 110
  n/a to - - - lbs. - - - to

Chicago Futures:
Live Cattle: Aug down 20 at 8952
  Dec up 7 at 9472
Feeders: Aug down 92 at 10885
  Oct down 75 at 10870

Cattle Comment
Cattle futures were under heavy selling pressure again today and June violated the key support level of $90. Big supplies of cattle and weakness in dressed beef contributed to the downturn. The next support for June is just below $89.

Hogs
Peoria: were $.5     lower   at   45.5   to   46.5

Chicago Futures: Aug down 37 at 7357
  Oct steady at 6745

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

Hogs Comment
Hog futures were lower again today after gapping lower yesterday. Packers are expected to reduce slaughter operations because of declining margins. Deferred contracts are being supported by higher corn prices, which are spurring expectations for decreased hog production in the coming months.



Poultry  Date: June 07, 2007

Eggs
New York:  Ex. Lg. 77-81; Lg. 75-79; Med. 60-64;
Chicago:  Ex. Lg. 73-81; Lg. 71-79; Med. 61-69;

Eastern Region Turkeys
Hens: 8-16 lbs. 79-82
Toms: 16-24 lbs. 79-81
 

Delmarva Broilers
U.S. Grade A
Trade sentiment was mixed, ranging cautiously steady in the East, steady in the West, and barely steady to instances weak in the Midwest. In production areas, live supplies were moderate at mixed, but mostly desirable weights. According to the National Agricultural Statistics Service (NASS) for the week ending 02-Jun-07, broiler egg sets were up 3%, and chick placements were up 3% when compared to a year ago. Based on the preliminary chick placements, the number of fryers available for marketing during the week ending 14-Jul-2007 was estimated at 166.3 million head compared to 165.4 million head a week earlier.