Grain & Soybean Date: June 20, 2007

Soybeans

Local Elevators:
(Jun) EAST AR:  781 to 808
(NC) Summ. 778 to 815
River Elevators:
(Jun) MISS: 794 to 812 ; AR & White 788 to 808
(NC) Summ. 788 to 823
Ark. Processor Bids: (Jun) 800 to - - -  (NC) 799 to 800
Memphis:  (Jun) 815 to 816 (NC)  796 to 801
Riceland Foods:  (NC) Stuttgart 800 ; Pendleton 808 ; West Memphis 812

Chicago Futures: Jul up 10 at  839
  Aug  up  10 1/4  at  847 3/4
  Nov up 10 1/2  at  874 1/2
  Jan up 11 1/4  at  886
  Nov '08 up 13 3/4  at  889 1/2
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans reversed yesterday’s losses and closed on a solid note. Wheat led the grains with heavy rains creating concern about harvest, yields and quality. This gave soybeans a boost as did the continued strength of Brazilian real against the dollar. The need to pull additional South American acreage into beans suggests higher prices are needed. The stronger real means less profit for Brazilian farmers. November resistance is Monday’s high of $8.93.

Wheat
Cash bid for June at Memphis  555 to - - -;
Bids to farmers at Local Elevators 520-542;
River Elevators 529-557;

Chicago Futures: Jul up  24  at  605 
  Sep up 19  at  616 
  Dec up  22  at  623 1/2 
  Jul '08 up  10 1/2  at  574 1/2 
  Jul '09 up  at  553 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for new crop at Memphis  668 to 671;
Bids to farmers at River Elevators 611-711;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for June at Memphis   399 to 400;
  new crop at Memphis   369 to - - -;
Bids to farmers at River Elevators  377 to 390

Chicago Futures: Jul down  1 3/4  at  394 1/4 
  Sep up  1/4  at  404 1/4 
  Dec '07 up  2 3/4  at  406 1/4 
  Dec '08 up  at  413 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat futures bounced back above $6 today on the heels of heavy rains in Oklahoma and north Texas. This has prompted concerns about harvest delays and crop quality. July has resistance at the contract high of $6.18 ½. Corn futures followed wheat higher after trading lower in early dealings. Good growing conditions in the western Corn Belt limited buying interest, though.



Cotton & Rice  Date: June 20, 2007


Cotton
Spot Price, Grade 41 Staple 34: Memphis up 250 at  5470
  Greenwood up  250 at 5470

New York Futures: Jul up  145  at  5575 
  Oct up  250  at  5970 
 Dec up  232  at  6142 
 Mar up  215  at  6390 
 Dec '08 up  230  at  6825 
This week's LDP rate for cotton is  5.14 cents
  The estimate for next week is  3.41 cents
Cotton Comment
Cotton proved to be the volatile commodity with December futures throwing a limit gain of 3 cents at one point in today’s trading. A solid close above previous resistance at 60.7 cents puts the market in position to move toward the contract high of 6.38 cents. Old crop July left a gap last week, that could be a measuring gap with an upside objective around 59 cents. Continued dry weather in the southeast, particularly in Alabama and Georgia, plus parts of the mid-South are creating concern about ’07 production. Clearly ’07 plantings were below the March intentions of 12.15 million acres. In addition China has depleted their stocks and are expected to import almost 5 million bales over the next 3 months. Technically, the market is in an overbought position and some retracement of gains is likely. But the bar has been raised an old resistance, 60.7 cents, now becomes support.

Rice
Long Grain Cash Bid for  Jun/Jul 889/cwt  to  - - -
  Aug/Sep 1064/cwt  to  - - -

Chicago Futures: Jul up  14  at  1076 
 Sep up  10  at  1112 
 Nov up  11  at  1139 
 Jan up  11  at  1160 
 - - - up  - - -  at  - - - 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice retraced much of yesterday’s decline and could be forming a bull flag formation, which would have an upside objective around $12.20. The current volatility in all the markets suggests nothing is out of the question. Slow export movement indicates the market is high relative to what is being paid. However, that could change and the shorter supply could pull importers back into play. Declining world stocks are another factor that plays into higher prices at some point.



Cattle & Hogs  Date: June 20, 2007

Cattle
As reported by Federal-State Market News, receipts were 1,392 head at sales in Conway, Ola & Pocahontas.  Compared with last week, feeder steers sold very unevenly mostly steady .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 117 to 127
  500 to 550 lbs. 109 to 119
  600 to 700 lbs. 99 to 109
 Medium & Large Frame 2   400 to 450 lbs. 105 to 115

Heifers:
 Medium & Large Frame 1   400 to 450 lbs. 103 to 113
 Medium & Large Frame 2   400 to 450 lbs. 93 to 103

Slaughter Cows, Boners 45   to   48
Light Weight 33 to 38
Bulls, Yield Grade   1   1000   to   2100 lbs.   58.50   to   60.50
Midwest Steers   were quoted   at   87   to   - - -
Panhandle Steers   were quoted   at   87   to   - - -

Oklahoma City Feeders
Steers 500 to 550 lbs. 122 to 137
  600 to 650 lbs. 110 to 119
Heifers 500 to 550 lbs. 100.50 to 110
  600 to 650 lbs. 98 to 107

Chicago Futures:
Live Cattle: Aug down 80 at 9050
  Dec down 30 at 9572
Feeders: Aug down 35 at 10810
  Oct down 2 at 10850

Cattle Comment
Cattle futures turned mostly lower. Nearby June was under pressure from its premium to cash prices. Support for August begins between $89.40 and $89.50. Feeders were under pressure from today’s gains in corn futures.

Hogs
Peoria: were $1     higher   at   49.5   to   50

Chicago Futures: Aug down 50 at 7385
  Oct down 82 at 6665

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

Hogs Comment
Hog futures were lower again today. 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 20, 2007

Eggs
New York:  Ex. Lg. 88-92; Lg. 86-90; 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 steady in all areas. In production areas, live supplies were moderate at weights in a full range.