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  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:

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  at  551 
  Today's Arkansas LDP rate for wheat is:

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:

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:

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.



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  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  at  1060 
 Sep down  at  1094 
 Nov down  at  1124 
 Jan down  at  1149 
 n/a down  - - -  at  - - - 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
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.



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.



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.