Grain & Soybean Date: June 25, 2007

Soybeans

Local Elevators:
(Jun) EAST AR:  746 to 773
(NC) Summ. 769 to 791
River Elevators:
(Jun) MISS: 764 to 777 ; AR & White 764 to 777
(NC) Summ. 767 to 791
Ark. Processor Bids: (Jun) 765 to - - -  (NC) 790 to 791
Memphis:  (Jun) 778 1/4 to 779 1/4 (NC)  785 1/2 to 787 1/2
Riceland Foods:  (NC) Stuttgart 765 ; Pendleton 773 ; West Memphis 777

Chicago Futures:	Jul	up	7 1/4	at	804 1/4
	Aug	up	7	at	811 1/2
	Nov	up	7 3/4	at	838 1/2
	Jan	up	7 1/4	at	849 3/4
	Nov '08	up	7 1/2	at	865 1/2
	Today's Arkansas LDP rate for soybeans is:				0¢

Soybean Comment
Soybeans recouped a portion of late last week’s losses. Weekend rain in the eastern cornbelt was scattered and the outlook is for more of the same this week. Higher than normal temperatures will bring additional stress to the crop. Technically, last week’s declines completed a key reversal on the weekly charts, that at least suggests a temporary top. This week’s planted acreage report is expected to be near the March intentions with early private forecasts ranging to both sides of that.

Wheat
Cash bid for June at Memphis  541 1/2 to 543 1/2;

Bids to farmers at Local Elevators	515-527;
River Elevators	508-542;

Chicago Futures:	Jul	down	2 3/4	at	589 1/2
	Sep	down	1/2	at	604 1/2
	Dec	up	2 1/4	at	614 3/4
	Jul '08	up	1 1/2	at	565 1/2
	Jul '09	up	2	at	551
	Today's Arkansas LDP rate for wheat is:				0¢

Grain Sorghum
Cash bid for new crop at Memphis  614 to 620;

Bids to farmers at River Elevators	546-611;
Today's Arkansas LDP rate for sorghum is:	0¢

Corn

Cash bid for	June at Memphis   360 3/4 to 364 3/4;
	new crop at Memphis   327 to 328;
Bids to farmers at River Elevators	346 to 359

Chicago Futures:	Jul	down	9 3/4	at	357 3/4
	Sep	down	9 3/4	at	367
	Dec '07	down	7 1/2	at	374
	Dec '08	down	3 1/2	at	397 1/2
	Today's Arkansas LDP rate for corn is:				0¢

Grain Comment
Corn futures ended lower again today. The general consensus is that the USDA will up their acreage estimate in Friday’s report. Private estimates have the crop pegged above 92 million acres. Wheat futures were lower following corn, but losses were limited by positive export demand.

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Cotton & Rice  Date: June 25, 2007

Cotton

Spot Price, Grade 41 Staple 34:	Memphis down 30 at  5400
	Greenwood down  30 at 5400

New York Futures:	Jul	down	44	at	5545
	Oct	down	30	at	5900
	Dec	down	18	at	6079
	Mar	down	5	at	6330
	Dec '08	down	12	at	6770
This week's LDP rate for cotton is					3.03 cents
	The estimate for next week is				.63 cents

Cotton Comment
Cotton continued in a consolidation pattern just below last week’s high. The market is awaiting confirmation of a much smaller planted acreage as weather either reduced producer intentions or will lead to significant abandonment. Extreme drought conditions have left the crop in poor shape in the mid-South. Coupled with increased Chinese buying, it boosted futures significantly with July in position to move to 59 cents and new crop December hit 62.1 cents, less than 2 cents below the contract high of 63.8 cents. China has issued export licenses for approximately 5 million bales of cotton over the next 3 months. The U.S. could get a significant portion of that business.

Rice

Long Grain Cash Bid for	Aug/Sep	1019/cwt	to	- - -
	- - -	- - -	to	- - -

Chicago Futures:	Jul	down	4	at	1060
	Sep	down	5	at	1094
	Nov	down	4	at	1124
	Jan	down	1	at	1149
	n/a	down	- - -	at	- - -
Today's Arkansas LDP rate for long grain rice is					0¢
medium grain rice is					0¢

Rice Comment
November rice was slightly lower again today as the market remained in a consolidation pattern just below the recent high. A smaller U.S. crop and tightening world stocks should limit the downside despite very slow mill export movement. The current trading range is between $10.75 and $11.55, with a potential upside technical objective around $12.20. Key resistance is located just below $11.60 at the contract high.

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Cattle & Hogs  Date: June 25, 2007

Cattle
As reported by Federal-State Market News, receipts were 2,132 head at sales in Ash Flat & Springdale.  Compared with last week, feeder steers very uneven averaging near steady. Heifers uneven, mostly steady, instances $2 lower .

Steers:
Medium & Large Frame 1	400	to	450 lbs.	118	to	128
	500	to	550 lbs.	107	to	117
	600	to	700 lbs.	100	to	110
Medium & Large Frame 2	400	to	450 lbs.	107	to	117
Heifers:
Medium & Large Frame 1	400	to	450 lbs.	100	to	110
Medium & Large Frame 2	400	to	450 lbs.	100	to	110

Slaughter Cows, Boners 42   to   49
Light Weight 35 to 42
Bulls, Yield Grade   1   1000   to   2100 lbs.   56   to   62, high dressing 63-68.50
Midwest Steers   were $5 higher to steady   at   82   to   87
Panhandle Steers   were $2 higher to steady   at   85   to   87.50

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	40	at	8925
	Dec	down	12	at	9480
Feeders:	Aug	up	15	at	10855
	Oct	up	25	at	10905

Cattle Comment
Cattle futures ended mixed. Weaker cash values and futures’ premium to cash prices pushed live futures lower. Feeders were higher on sharp losses in corn.

Hogs
Peoria: were     steady   at   49.5   to   50

Chicago Futures:	Aug	up	20	at	7257
	Oct	up	25	at	6575

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

Hogs Comment
Hog futures turned higher on ideas that Friday’s losses were overdone. The likelihood that hot weather will slow marketings was also supportive. August could retest support near $70.

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Poultry  Date: June 25, 2007

Eggs

New York:	Ex. Lg. 93-97; Lg. 91-95; Med. 65-69;
Chicago:	Ex. Lg. 82-90; Lg. 80-88; Med. 55-63;

Eastern Region Turkeys

Hens:	8-16 lbs.	84-85
Toms:	16-24 lbs.	84-85

Delmarva Broilers
U.S. Grade A
Majority prices were generally unchanged in all areas when compared to previous week. Trade sentiment was mostly steady. Supplies of all sizes were usually in good balance to sufficient for trade needs. In production areas, live supplies were moderate at weights in a full range.