Grain & Soybean Date: June 13, 2007

Soybeans

Local Elevators:
(Jun) EAST AR:  761 to 788
(NC) Summ. 792 to 814
River Elevators:
(Jun) MISS: 781 to 792 ; AR & White 765 to 785
(NC) Summ. 787 to 822
Ark. Processor Bids: (Jun) 787 to - - -  (NC) 811 to 814
Memphis:  (Jun) 785 3/4 to 791 3/4 (NC)  801 3/4 to 805 3/4
Riceland Foods:  (NC) Stuttgart n/a ; Pendleton n/a ; West Memphis n/a

Chicago Futures: Jul up 3/4 at  525 3/4
  Aug  up  at  833 1/4
  Nov up 1/2  at  859 3/4
  Jan up 3/4  at  870
  Nov '08 up 1/2  at  882
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans managed to recoup most of the early session losses. However, compared to corn and wheat, soybeans were the ugly stepsister. Lower palm oil prices were passed down the chain to soy oil which contributed to the weaker undertone in beans. Dry weather in the mid-South is expected to reduce double crop beans behind wheat in some areas. Thus the planted acreage report due later this month could be little changed.

Wheat
Cash bid for June at Memphis  524 1/2 to 536 1/2;
Bids to farmers at Local Elevators 514-525;
River Elevators 503-540;

Chicago Futures: Jul up  24 1/2  at  589 1/2 
  Sep up 24 3/4  at  605 
  Dec up  19 1/2  at  613 
  Jul '08 up  8 1/2  at  574 1/2 
  Jul '09 up  at  573 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for new crop at Memphis  671 to 684;
Bids to farmers at River Elevators 629-693;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for June at Memphis   404 1/2 to 407 1/2;
  new crop at Memphis   372 1/2 to 378 1/2;
Bids to farmers at River Elevators  385 to 398

Chicago Futures: Jul up  11  at  404 1/2 
  Sep up  10  at  412 1/2 
  Dec '07 up  9 1/2  at  415 
  Dec '08 up  10  at  425 1/4 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat futures are trading at their highest level since 1996. Supply concerns are the driving force behind the market. Production problems domestically and abroad have the USDA estimating the smallest carryout in 30 years. Corn was also sharply higher, despite weather forecasts that would normally be considered bearish. Increasing demand and active fund buying are pushing futures higher.



Cotton & Rice  Date: June 13, 2007


Cotton
Spot Price, Grade 41 Staple 34: Memphis up 109 at  4919
  Greenwood up  109 at 4919

New York Futures: Jul up  84  at  5244 
  Oct up  85  at  5615 
 Dec up  70  at  5799 
 Mar up  70  at  6050 
 Dec '08 up  80  at  6530 
This week's LDP rate for cotton is  6.76 cents
  The estimate for next week is  5.27 cents
Cotton Comment
Cotton reversed early declines to close just under 58 cents. This also appears to be a breakout from the consolidation area that contained trading for the last 5 days. The bull flag objective of 59 cents and the late March high of 60.1 cents remain viable upside objectives. This week’s supply demand report indicated minor changes with a 300,000 bales increase in both 06/07 and 07/08 ending stocks generally expected.

Rice
Long Grain Cash Bid for  n/a - - -  to  - - -
  n/a - - -  to  - - -

Chicago Futures: Jul up  8 1/2  at  1083 1/2 
 Sep up  at  1118 
 Nov up  at  1141 
 Jan up  at  1167 
 - - - up  - - -  at  - - - 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice futures were only slightly higher today but it was an important close with November ending the session above the May 4 spike high of $11.40. Technically, this suggests a retest of the $11.59 contract high, but the market is heavily overbought and is probably due a setback. Fundamentals changed very little in the Monday supply demand report with a slightly larger 06/07 ending stock number the biggest change. World numbers were essentially unchanged but still show further reductions in ending world stocks. Rice futures have made big moves which may be tied to the other grains with wheat now leading the charge.



Cattle & Hogs  Date: June 13, 2007

Cattle
As reported by Federal-State Market News, receipts were 1,621 head at sales in Conway, Ola & Pocahontas.  Compared with last week, feeder steers sold mostly $1-$4 lower. Feeder heifers $5-$8 lower .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 115 to 125
  500 to 550 lbs. 103 to 113
  600 to 700 lbs. 97 to 107
 Medium & Large Frame 2   400 to 450 lbs. 101 to 111

Heifers:
 Medium & Large Frame 1   400 to 450 lbs. 99 to 109
 Medium & Large Frame 2   400 to 450 lbs. 89 to 99

Slaughter Cows, Boners 42   to   48
Light Weight 33 to 37.50
Bulls, Yield Grade   1   1000   to   2100 lbs.   51   to   63, high dressing 65.50-67.50
Midwest Steers   were quoted   at   88   to   - - -
Panhandle Steers   were quoted   at   88   to   - - -

Oklahoma City Feeders
Steers 500 to 550 lbs. 124 to 136.10
  600 to 650 lbs. 108 to 116.50
Heifers 500 to 550 lbs. 107.50 to 114
  600 to 650 lbs. 100.50 to 109

Chicago Futures:
Live Cattle: Aug down 75 at 8955
  Dec down 37 at 9457
Feeders: Aug down 152 at 10660
  Oct down 132 at 10692

Cattle Comment
Cattle futures remain under pressure from negative fundamentals. 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. October feeders are testing support near $106.

Hogs
Peoria: were     steady   at   44.5   to   45

Chicago Futures: Aug down 45 at 7467
  Oct down 7 at 6827

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

Hogs Comment
Hog futures gave back most of yesterday’s gains. Weak cash prices pressured futures. Packers are expected to reduce slaughter operations because of declining margins.



Poultry  Date: June 13, 2007

Eggs
New York:  Ex. Lg. 78-82; Lg. 76-80; 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 was about steady in the West, steady to barely steady in the Midwest, and steady in the East. In production areas, live supplies were moderate at mostly desirable weights.