Grain & Soybean Date: June 21, 2007

Soybeans

Local Elevators:
(Jun) EAST AR:  761 to 788
(NC) Summ. 782 to 804
River Elevators:
(Jun) MISS: 774 to 792 ; AR & White 767 to 787
(NC) Summ. 781 to 808
Ark. Processor Bids: (Jun) 780 to - - -  (NC) 803 to 804
Memphis:  (Jun) 791 1/2 to 793 1/2 (NC)  798 3/4 to 799 3/4
Riceland Foods:  (NC) Stuttgart 780 ; Pendleton 788 ; West Memphis 792

Chicago Futures: Jul up 20 1/2 at  818 1/2
  Aug  up  21 3/4  at  826
  Nov up 22 3/4  at  851 3/4
  Jan up 24 1/2  at  861 1/2
  Nov '08 up 16 3/4  at  872 3/4
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybean prices were unable to hold yesterday’s gains and fell sharply today. Soybean prices continue to be supported by strong exports; however, strong technical signals pressured soybean prices lower today. When soybean prices fell below trendline support today this triggered a technical sell off of soybean contracts. Soybean losses are limited as weather concerns, strong demand, and continued strengthening in the Brazilian Real continue to provide a solid base for soybean prices.

Wheat
Cash bid for June at Memphis  556 to - - -;
Bids to farmers at Local Elevators 531-543;
River Elevators 525-558;

Chicago Futures: Jul up  at  606 
  Sep up at  622 
  Dec up  4 1/2  at  628 
  Jul '08 up  1 1/2  at  573 
  Jul '09 unchanged    at  553 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for new crop at Memphis  655 to 664;
Bids to farmers at River Elevators 595-659;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for June at Memphis   388 to 389;
  new crop at Memphis   359 3/4 to - - -;
Bids to farmers at River Elevators  368 to 381

Chicago Futures: Jul down  9 1/4  at  385 
  Sep down  9 1/2  at  394 3/4 
  Dec '07 down  7 1/4  at  399 
  Dec '08 down  5 3/4  at  407 1/4 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat futures ended higher but July failed to challenge resistance at the contract high of $6.18 ½. Weekly export sales totals were supportive at 19.9 million bushels. Corn was under pressure because of forecasts for beneficial rains this weekend across the Corn Belt.



Cotton & Rice  Date: June 21, 2007


Cotton
Spot Price, Grade 41 Staple 34: Memphis down 30 at  5500
  Greenwood down  30 at 5500

New York Futures: Jul up  75  at  5650 
  Oct up  30  at  6000 
 Dec up  at  6150 
 Mar down  at  6385 
 Dec '08 up  at  6830 
This week's LDP rate for cotton is  5.14 cents
  The estimate for next week is  3.03 cents
Cotton Comment
Cotton ended mixed. December was higher, but failed to challenge yesterday’s high of 62.1 cents. A move above that level could signal a move toward the contract high of 63.8 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 and old resistance, 60.7 cents, now becomes support.

Rice
Long Grain Cash Bid for  Jun/Jul 889/cwt  to  - - -
  Aug/Sep 1055/cwt  to  - - -

Chicago Futures: Jul down  11  at  1065 
 Sep down  10  at  1102 
 Nov down  at  1130 
 Jan down  at  1153 
 n/a down  - - -  at  - - - 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice moved lower, but 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 21, 2007

Cattle
As reported by Federal-State Market News, receipts were 3,145 head at sales in Charlotte, Ratcliff & Green Forest.  Compared with last week, feeder steers sold weak to $4 lower .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 116 to 126
  500 to 550 lbs. 113 to 123
  600 to 700 lbs. 106 to 116
 Medium & Large Frame 2   400 to 450 lbs. 114 to 123

Heifers:
 Medium & Large Frame 1   400 to 450 lbs. 105 to 115
 Medium & Large Frame 2   400 to 450 lbs. 102 to 112

Slaughter Cows, Boners 44   to   51
Light Weight n/a to - - -
Bulls, Yield Grade   1   1000   to   2100 lbs.   56   to   63, high dressing 63-67
Midwest Steers   were quoted   at   87   to   - - -
Panhandle Steers   were quoted   at   87   to   - - -

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 down 57 at 8992
  Dec down 37 at 9535
Feeders: Aug steady at 10810
  Oct down 10 at 10840

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.

Hogs
Peoria: were     steady   at   49.50   to   50

Chicago Futures: Aug down 40 at 7345
  Oct down 12 at 6652

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 21, 2007

Eggs
New York:  Ex. Lg. 93-97; Lg. 91-95; Med. 65-69;
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. In production areas, live supplies were moderate at weights in a full range. According to the National Agricultural Statistics Service for the week ending 16-Jun-07, broiler egg sets were up 4%, and chick placements were up 2% when compared to a year ago. Based on the preliminary chick placements, the number of fryers available for marketing during the week ending 28-Jul-2007 was estimated at 166.9 million head a week earlier.