Grain & Soybean Date: June 19, 2007

Soybeans

Local Elevators:
(Jun) EAST AR:  764 to 791
(NC) Summ. 794 to 816
River Elevators:
(Jun) MISS: 784 to 803 ; AR & White 778 to 801
(NC) Summ. 793 to 820
Ark. Processor Bids: (Jun) 784 to 790  (NC) 816 to 820
Memphis:  (Jun) 800 to 801 (NC)  812 to 816
Riceland Foods:  (NC) Stuttgart 790 ; Pendleton 791 ; West Memphis 795

Chicago Futures: Jul down 26 1/4 at  829
  Aug  down  25 3/4  at  837 1/2
  Nov down 25  at  864
  Jan down 23  at  874 3/4
  Nov '08 down 17 3/4  at  875 3/4
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
The grains took a heavy hit today with soybeans following the early lead of corn and wheat. Technical selling accelerated the decline which amounted to a bearish reaction to a positive crop progress report. All the grains were in a heavily overbought situation and a downward correction in the next 4 weeks was anticipated. This may prove to be a major top.

Wheat
Cash bid for June at Memphis  531 to - - -;
Bids to farmers at Local Elevators 496-510;
River Elevators 497-525;

Chicago Futures: Jul down  20  at  581 
  Sep down 20 1/2  at  597 
  Dec down  21 1/4  at  601 1/2 
  Jul '08 down  11 1/2  at  564 
  Jul '09 down  14  at  547 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for new crop at Memphis  663 to - - -;
Bids to farmers at River Elevators n/a;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for June at Memphis   399 to 400;
  new crop at Memphis   366 to 369;
Bids to farmers at River Elevators  n/a to - - -

Chicago Futures: Jul down  20  at  396 
  Sep down  20  at  404 
  Dec '07 down  20  at  403 1/2 
  Dec '08 down  16 3/4  at  407 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat futures fell back below $6 today, and this could signal that a top has been charted. Harvest pressure will be in full force soon, and supply side concerns are more than likely already built in to current price levels. Corn futures were also sharply lower despite bullish news in the weekly crop condition report. Much needed rains fell in the Corn Belt today, and that pressured futures.



Cotton & Rice  Date: June 19, 2007


Cotton
Spot Price, Grade 41 Staple 34: Memphis down 47 at  5220
  Greenwood down  47 at 5220

New York Futures: Jul down  45  at  5430 
  Oct down  47  at  5720 
 Dec down  at  5910 
 Mar up  at  6175 
 Dec '08 down  42  at  6580 
This week's LDP rate for cotton is  5.14 cents
  The estimate for next week is  3.34 cents
Cotton Comment
Cotton recouped much of its early losses which was attributed to weakness in the grains. While cotton is also in a heavily overbought condition, drought conditions are casting doubt on this year’s production. However, overall crop conditions indicated 50% good to excellent, down 2% from last week but 10% above year ago levels. Technically, December cotton gapped higher last week, and continues to trade in a consolidation pattern above that gap. A close above resistance at 60.7 cents would suggest a retest of the contract high at 63.8 cents. However, that will likely take a strong export showing, or further deterioration in this year’s crop.

Rice
Long Grain Cash Bid for  Jun/Jul 889/cwt  to  - - -
  Aug/Sep 1053/cwt  to  - - -

Chicago Futures: Jul down  19  at  1062 
 Sep down  18  at  1102 
 Nov down  20  at  1128 
 Jan down  20  at  1149 
 n/a down  - - -  at  - - - 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice fell victim to the overall weakness in soybeans and grains, and ended the day sharply lower. The overall crop was rated 74% good to excellent, down 2% from last week, but a strong 18% above year ago levels. While overall export demand remains somewhat subdued, the market is looking at declining world stocks and a substantially smaller U.S. crop. Upside potential was likely probed last week as November futures briefly penetrated $11.50. Support starts around $11.25 with additional support around $10.80. Trading should hold in this range until the market has a better handle on this year’s crop.



Cattle & Hogs  Date: June 19, 2007

Cattle
As reported by Federal-State Market News, receipts were 1,233 head at sales in Fort Smith & Marshall.  Compared with last week, feeder steers sold weak to $3 lower .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 119 to 129
  500 to 550 lbs. 109 to 119
  600 to 650 lbs. 101 to 110
 Medium & Large Frame 2   400 to 450 lbs. 108 to 118

Heifers:
 Medium & Large Frame 1   400 to 450 lbs. 109 to 119
 Medium & Large Frame 2   400 to 450 lbs. 97 to 107

Slaughter Cows, Boners 45   to   48.50
Light Weight 35 to 38
Bulls, Yield Grade   1-2   1000   to   2100 lbs.   58   to   62, high dressing 63-66
Midwest Steers   n/a   at   - - -   to   - - -
Panhandle Steers   n/a   at   - - -   to   - - -

Oklahoma City Feeders
Steers 500 to 550 lbs. 122 to 137
  600 to 650 lbs. 110 to 119
Heifers 500 to 550 lbs. 107.50 to 112
  600 to 650 lbs. 99 to 104

Chicago Futures:
Live Cattle: Aug up 5 at 9130
  Dec up 7 at 9602
Feeders: Aug up 172 at 10845
  Oct up 152 at 10852

Cattle Comment
Cattle futures were mostly higher. The turn-around in corn futures was positive for feeders, which led the live pit higher as well. Questions about beef demand limited gains for live futures.

Hogs
Peoria: were $1     higher   at   48.5   to   49

Chicago Futures: Aug down 77 at 7435
  Oct down 117 at 6747

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

Hogs Comment
Hog futures posted sharp losses for the second day in a row. Futures’ premium to cash and ideas that product values have topped added to the negative undertone. Initial support for August is at $73.



Poultry  Date: June 19, 2007

Eggs
New York:  Ex. Lg. 84-88; Lg. 82-86; Med. 62-66;
Chicago:  Ex. Lg. 70-78; Lg. 68-76; Med. 50-58;

Eastern Region Turkeys
Hens: 8-16 lbs. 83
Toms: 16-24 lbs. 83
 

Delmarva Broilers
U.S. Grade A
Trade sentiment was generally steady in all areas. Supplies of all sizes were at least sufficient to handle trade needs. In production areas, live supplies were moderate at weights in a full range. The Composite Weighted Average price for 06/18/07 was 79.91 compared to 81.88 a week earlier, and 64.63 a year ago.