Grain & Soybean Date: June 12, 2007

Due to the market report comments being updated, we have updated and are now re-sending the report.

Soybeans

Local Elevators:
(June) EAST AR:  762 to 789
(NC) Summ. 802 to 824
River Elevators:
(June) MISS: 782 to 793 ; AR & White 765 to 785
(NC) Summ. 787 to 824
Ark. Processor Bids: (June) 788 to - - -  (NC) 823 to 824
Memphis:  (June) 787 1/2 to 792 1/2 (NC)  802 1/4 to 816 1/4
Riceland Foods:  (NC) Stuttgart 788 ; Pendleton 789 ; West Memphis 793

Chicago Futures: July down 3 1/2 at  826 1/2
  Aug  down  3 3/4  at  834 1/4
  Nov down 3 1/4  at  860 1/4
  Jan down 2 1/2  at  870 3/4
  Nov '08 down 2 1/2  at  882 1/2
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans ended lower. This market remains highly volatile with big moves the last few days. 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  512 to 520;
Bids to farmers at Local Elevators 491-500;
River Elevators 484-515;

Chicago Futures: July up  at  565 
  Sept up 8 1/2  at  580 1/4 
  Dec up  9 3/4  at  593 1/2 
  July '08 up  4 1/2  at  566 
  July '09 up  at  564 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for new crop at Memphis  656 to 667;
Bids to farmers at River Elevators 609-673;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for June at Memphis   391 1/2 to 396 1/2;
  New crop at Memphis   365 1/2 to 368 1/2;
Bids to farmers at River Elevators  370 to 383

Chicago Futures: July down  2 1/2  at  393 1/2 
  Sept down  2 1/2  at  402 1/2 
  Dec '07 down  1/2  at  405 1/2 
  Dec '08 down  1 1/4  at  415 1/4 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat futures were higher again today in reaction to the monthly supply/demand report. The trade was expecting a small increase in production, but what we got was a 6 million bushel decrease in the estimate, thanks to poor yield estimates in places like Oklahoma. The lowest world ending stocks estimate in 30 years also added support. Corn retraced yesterday's gains. Yesterdays' report showed a 50 million bushel cut in the export projection.



Cotton & Rice  Date: June 12, 2007


Cotton
Spot Price, Grade 41 Staple 34: Memphis down 32 at  4810
  Greenwood down  32 at 4810

New York Futures: July down  32  at  5160 
  Oct down  40  at  5530 
 Dec down  45  at  5729 
 March down  55  at  5980 
 Dec '08 down  35  at  6450 
This week's LDP rate for cotton is  6.76 cents
  The estimate for next week is  5.22 cents
Cotton Comment
Cotton continued to trade in a narrow range and closed lower. December 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  Aug 1063/cwt  to  - - -
  Sept 1063/cwt  to  - - -

Chicago Futures: July up  33  at  1075 
 Sept up  28 1/2  at  1111 
 Nov up  25 1/2  at  1138 
 Jan up  25  at  1164 
 n/a   - - -  at  - - - 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice was sharply higher again today. The slow export situation 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.



Cattle & Hogs  Date: June 12, 2007

Cattle
As reported by Federal-State Market News, receipts were 1326 head at sales in Fort Smith and Marshall.  Compared with last week, feeder steers sold weak to $5 lower, mostly $2 to $4 lower .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 118 to 128
  500 to 550 lbs. 111 to 118
  600 to 650 lbs. 101 to 110
 Medium & Large Frame 2   400 to 450 lbs. 115 to 115

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 100 to 111
 Medium & Large Frame 2   400 to 450 lbs. 91 to 101

Slaughter Cows, Boners 46   to   50
Light Weight 37 to 41
Bulls, Yield Grade   1   1000   to   2100 lbs.   60   to   65, high dressing 65-67
Midwest Steers   too few to report   at   - - -   to   - - -
Panhandle Steers   too few to report   at   - - -   to   - - -

Oklahoma City Feeders
Steers 500 to 550 lbs. 124 to 136.10
  550 to 600 lbs. 115.5 to 121.25
Heifers 500 to 550 lbs. 107.5 to 114
  550 to 600 lbs. 106.5 to 113.5

Chicago Futures:
Live Cattle: Aug up 30 at 9030
  Dec up 42 at 9495
Feeders: Aug up 57 at 10812
  Oct up 55 at 10825

Cattle Comment
Cattle futures ended higher, but fundamentals remain negative. 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     steady   at   44.5   to   45

Chicago Futures: Aug up 150 at 7512
  Oct up 100 at 6835

Sheep
St. Paul n/a   at   - - -   to   - - -

Hogs Comment
Hog futures ended higher, despite a negative fundamental situation. 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 12, 2007

Eggs
New York:  Ex. Lg. 77-81; Lg. 75-79; Med. 60-64;
Chicago:  Ex. Lg. 66-74; Lg. 64-72; Med. 50-58;

Eastern Region Turkeys
Hens: 8-16 lbs. 80-82
Toms: 16-24 lbs. 80-82
 

Delmarva Broilers
U.S. Grade A
Trade sentiment ranged steady to instances weak, but was mostly steady overall. Supplies of all sizes were at least sufficient for trade needs; floor stocks were adequate to long. In production areas, live supplies were moderate at mixed, but mostly desirable weights.