Grain & Soybean Date: June 08, 2007

Soybeans

Local Elevators:
(Jun) EAST AR:  757 to 784
(NC) Summ. 797 to 819
River Elevators:
(Jun) MISS: 777 to 788 ; AR & White 765 to 785
(NC) Summ. 783 to - - -
Ark. Processor Bids: (Jun) 783 to - - -  (NC) 818 to 819
Memphis:  (Jun) 785 1/2 to 788 1/2 (NC)  806 1/2 to 813 1/2
Riceland Foods:  (Jun) Stuttgart 783 ; Pendleton 784 ; West Memphis 788

Chicago Futures: Jul down 10 1/2 at  821 1/2
  Aug  down  10 3/4  at  829
  Nov down 10  at  854 1/2
  Jan down 8 1/2  at  964 1/4
  Nov '08 down 12  at  875 1/4
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans were pressured early as long range weather forecasts look more promising. However, this market remains highly volatile with big moves the last three days. While the market was sharply lower early, declines were more moderate by the close. The market remains overbought and ripe for a setback. The next long term resistance is located around $9.03. November’s support is $8.43, and then $8.23.

Wheat
Cash bid for June at Memphis  487 1/2 to 493 1/2;
Bids to farmers at Local Elevators 463-475;
River Elevators 453-490;

Chicago Futures: Jul up  at  527 1/2 
  Sep up 1 1/4  at  542 1/2 
  Dec up  2 1/4  at  556 1/2 
  Jul '08 up  3 1/2  at  594 1/2 
  Jul '09 up  at  542 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for new crop at Memphis  647 to - - -;
Bids to farmers at River Elevators 367-380;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for June at Memphis   386 to 388;
  new crop at Memphis   356 1/4 to - - -;
Bids to farmers at River Elevators  367 to 380

Chicago Futures: Jul down  2 3/4  at  382 
  Sep down  3 1/4  at  390 1/4 
  Dec '07 down  1 1/4  at  392 1/4 
  Dec '08 down  at  406 3/4 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Corn futures were a bit lower, but drought concerns are tempering losses. Trade was light ahead of the monthly supply/demand report that will be released Monday morning. Wheat futures were a bit higher at midday, supported by production problems around the world.



Cotton & Rice  Date: June 08, 2007


Cotton
Spot Price, Grade 41 Staple 34: Memphis down 34 at  4792
  Greenwood down  34 at 4792

New York Futures: Jul down  34  at  5142 
  Oct down  20  at  5500 
 Dec down  34  at  5715 
 Mar down  30  at  5980 
 Dec '08 down  15  at  6605 
This week's LDP rate for cotton is  6.76 cents
  The estimate for next week is  5.16 cents
Cotton Comment
Cotton stayed in a narrow trading range again today. December closed just above 57 cents 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/cwt
  Aug/Sep 1007/cwt  to  - - -

Chicago Futures: Jul down  1 1/2  at  1008 1/2 
 Sep up  1 1/2  at  1050 1/2 
 Nov up  at  1082 
 Jan up  at  1108 
 n/a   - - -  at  - - - 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice trading remains extremely slow. November was lower most of the session before a late rebound carried the market to a positive close. 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 08, 2007

Cattle
As reported by Federal-State Market News, receipts were 9,750 head at sales in Arkansas this week.  Compared with last week, feeder steers sold $1-$4 lower .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 117 to 127
  500 to 550 lbs. 110 to 120
  600 to 700 lbs. 102 to 112
 Medium & Large Frame 2   400 to 450 lbs. 110 to 120

Heifers:
 Medium & Large Frame 1   400 to 450 lbs. 106 to 116
 Medium & Large Frame 2   400 to 450 lbs. 100 to 110

Slaughter Cows, Boners 44   to   51
Light Weight 34 to 39
Bulls, Yield Grade   1   1000   to   2100 lbs.   57   to   63.50, high dressing 66-68
Midwest Steers   were $1 higher   at   91   to   - - -
Panhandle Steers   were $1-$1.50 higher   at   91   to   91.50

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 up 7 at 8960
  Dec down 12 at 9460
Feeders: Aug down 65 at 10820
  Oct down 50 at 10820

Cattle Comment
Cattle futures were mixed as the fundamental situation remains bearish. Big supplies of cattle, weakness in dressed beef values and high corn prices are all taking their toll on the market. The next support for June is just below $89.

Hogs
Peoria: were $1     lower   at   44.5   to   45

Chicago Futures: Aug down 20 at 7337
  Oct up 5 at 6750

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

Hogs Comment
Hog futures were again lower. 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 08, 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
Majority prices were generally unchanged in the East and West, but lower into the Midwest when compared to a week earlier. Supplies of all sizes were sufficient for trade needs. In production areas, live supplies were moderate. Weights were mixed, but mostly desirable.