Grain & Soybean Date: June 22, 2007

Soybeans

Local Elevators:
(Jun) EAST AR:  739 to 766
(NC) Summ. 761 to 783
River Elevators:
(Jun) MISS: 752 to 770 ; AR & White 748 to 768
(NC) Summ. 760 to 783
Ark. Processor Bids: (Jun) 758 to - - -  (NC) 782 to 783
Memphis:  (Jun) 770 to 771 (NC)  777 3/4 to 779 3/4
Riceland Foods:  (NC) Stuttgart 758 ; Pendleton 766 ; West Memphis 770

Chicago Futures: Jul down 21 1/2 at  797
  Aug  down  21 1/2  at  804 1/2
  Nov down 21  at  830 3/4
  Jan down 19  at  842 1/2
  Nov '08 down 14 3/4  at  858
  Today's Arkansas LDP rate for soybeans is: 0¢

Soybean Comment
Soybeans and corn ended the trading period on a weak note with both showing key reversal tops on weekly charts. This is generally a signal that can’t be ignored. Increased moisture in the eastern cornbelt triggered the downturn with technical selling adding pressure. November soybeans have initial downside objectives of $8.20 and $8.04. The market will remain volatile and subject to big swings if the weather takes another dry term.

Wheat
Cash bid for June at Memphis  770 to 771;
Bids to farmers at Local Elevators 515-524;
River Elevators 511-529;

Chicago Futures: Jul down  13 3/4  at  592 1/4 
  Sep down 17  at  605 
  Dec down  15 1/2  at  612 1/2 
  Jul '08 down  9  at  564 
  Jul '09 down  4  at  549 
  Today's Arkansas LDP rate for wheat is: 0¢

Grain Sorghum
Cash bid for new crop at Memphis  624 to 633;
Bids to farmers at River Elevators 563-627;
Today's Arkansas LDP rate for sorghum is: 0¢

Corn
Cash bid for June at Memphis   370 1/2 to 371 1/2;
  new crop at Memphis   336 3/4 to 341 3/4;
Bids to farmers at River Elevators  352 to 365

Chicago Futures: Jul down  17 1/2  at  367 1/2 
  Sep down  18  at  376 3/4 
  Dec '07 down  17 1/2  at  381 1/2 
  Dec '08 down  6 1/4  at  401 
  Today's Arkansas LDP rate for corn is: 0¢

Grain Comment
Wheat futures were lower following corn and soybeans. The market has resistance at the contract high of $6.18 ½. The price action in corn suggests that a top has been put in to the market. A downward key reversal was charted on the weekly continuance. December gapped lower and is testing support near $3.78.


Cotton & Rice  Date: June 22, 2007


Cotton
Spot Price, Grade 41 Staple 34: Memphis down 70 at  5430
  Greenwood down  70 at 5430

New York Futures: Jul down  61  at  5589 
  Oct down  70  at  5930 
 Dec down  53  at  6097 
 Mar down  50  at  6335 
 Dec '08 down  72  at  6758 
This week's LDP rate for cotton is  3.03 cents
  The estimate for next week is  .41 cents
Cotton Comment
Cotton closed a little lower as the market closed a little over a penny below Wednesday’s December high of 62.1 cents. The old contract high of 63.8 cents remains a possible upside objective for December. While July has a gap objective of around 59 cents as long as the big gap left last week remains open. December briefly penetrated the previous resistance at 60.7 cents but ended the week above that level. 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.

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

Chicago Futures: Jul down  1  at  1064 
 Sep down  3  at  1099 
 Nov down  2  at  1128 
 Jan down  3  at  1150 
 - - - down  - - -  at  - - - 
Today's Arkansas LDP rate for long grain rice is  0¢
medium grain rice is  0¢
Rice Comment
Rice was once again lower, as the consolidation of the last six days still has the potential of a bull flag formation. If that becomes reality, it will have an upside objective somewhere around $12.15 to $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 22, 2007

Cattle
As reported by Federal-State Market News, receipts were 10,600 head at sales in Arkansas this week.  Compared with last week, feeder steers sold mostly steady to $2 lower, hefiers sold steady .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 116 to 126
  500 to 550 lbs. 107 to 117
  600 to 700 lbs. 100 to 110
 Medium & Large Frame 2   400 to 450 lbs. 101 to 111

Heifers:
 Medium & Large Frame 1   400 to 450 lbs. 105 to 115
 Medium & Large Frame 2   400 to 450 lbs. 101 to 111

Slaughter Cows, Boners 45   to   51
Light Weight 35 to 42
Bulls, Yield Grade   1   1000   to   2100 lbs.   56   to   65, high dressing 65-69
Midwest Steers   were steady   at   87   to   - - -
Panhandle Steers   were steady   at   87, few 87.50   to   - - -

Oklahoma City Feeders
Steers 500 to 550 lbs. 115 to 137
  600 to 650 lbs. 107.50 to 119.50
Heifers 500 to 550 lbs. 103 to 112.50
  600 to 650 lbs. 99 to 104.50

Chicago Futures:
Live Cattle: Aug down 27 at 8965
  Dec down 42 at 9492
Feeders: Aug up 30 at 10840
  Oct up 40 at 10880

Cattle Comment
Cattle futures ended mixed. Weaker cash values and futures’ premium to cash prices pushed futures lower. Support for August begins between $89.30 and $89.50. Feeders were higher on sharp losses in corn.

Hogs
Peoria: were     steady   at   49.5   to   50

Chicago Futures: Aug down 107 at 7237
  Oct down 102 at 6550

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

Hogs Comment
Hog futures pushed lower again today, with August taking out support at $73. Futures’ premium to cash and ideas that product values have topped added to the negative undertone.


Poultry  Date: June 22, 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. 84-85
Toms: 16-24 lbs. 84-85
 

Delmarva Broilers
U.S. Grade A
Majority prices were trending unchanged in all areas. Trade sentiment was generally steady. Supplies of all sizes were usually sufficient to handle trade needs. In production areas, live supplies were moderate at weights in a full range.