Grain & Soybean Date: June 26, 2007

Soybeans

Local Elevators:
(Jun) EAST AR:  749 to 776
(NC) Summ. 772 to 794
River Elevators:
(Jun) MISS: 767 to 780 ; AR & White 758 to 778
(NC) Summ. 777 to 794
Ark. Processor Bids: (Jun) 768 to - - -  (NC) 793 to 794
Memphis:  (Jun) 782 to - - - (NC)  789 to 791
Riceland Foods:  (NC) Stuttgart 768 ; Pendleton 776 ; West Memphis 780

Chicago Futures: Jul up 2 3/4 at  807
  Aug  up  3 3/4  at  815 1/4
  Nov up 3 1/2  at  842
  Jan up 3 1/4  at  853
  Nov '08 up 6 1/4  at  871 3/4
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans continued yesterday’s rebound, managing small gains again today. The market improved despite improved moisture conditions in the eastern part of the cornbelt and overall good crop ratings. Illinois crop ratings improved by 13% in the good and excellent categories over the last week. Most early reports suggest soybean plantings will be up slightly from the March intentions. Weather remains the key with old chart resistance at $8.43 and $8.65 between the market and the contract high of $8.93.

Wheat
Cash bid for June at Memphis  561 1/2 to 568 1/2;
Bids to farmers at Local Elevators 532-541;
River Elevators 527-550;

Chicago Futures: Jul up  19  at  608 1/2 
  Sep up 21 1/2  at  626 
  Dec up  19 1/4  at  634 
  Jul '08 up  at  572 1/2 
  Jul '09 up  11  at  562 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for new crop at Memphis  616 to 629;
Bids to farmers at River Elevators 543-607;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for June at Memphis   359 1/2 to 363 1/2;
  new crop at Memphis   328 to 332;
Bids to farmers at River Elevators  349 to 362

Chicago Futures: Jul down  1 1/4  at  356 1/2 
  Sep unchanged    at  367 
  Dec '07 up  at  375 
  Dec '08 up  3 1/4  at  400 3/4 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat futures were sharply higher as STATS Canada says their wheat acreage is down 10.5% from a year ago. Production problems in Europe are also supportive. July, however, failed at the contract high of $6.18 ½, charting a possible double top. Corn traded in a narrow range and ended mixed. Ideas that recent weakness was overdone were supportive. Don’t expect much movement either way until the new acreage report is released on Friday.



Cotton & Rice  Date: June 26, 2007


Cotton
Spot Price, Grade 41 Staple 34: Memphis up 66 at  5466
  Greenwood up  66 at 5466

New York Futures: Jul up  55  at  5600 
  Oct up  66  at  5966 
 Dec up  66  at  6145 
 Mar up  65  at  6395 
 Dec '08 up  65  at  6835 
This week's LDP rate for cotton is  3.03 cents
  The estimate for next week is  .73 cents
Cotton Comment
December cotton futures continued to move back toward last week’s high of 62.1 cents. The ability to hold above previous resistance at 60.7 cents is a positive, which suggests the possibility of further gains, perhaps to the contract high of 63.8 cents. The sharp upward move of just over 10 cents has all but removed LDP possibilities, with the adjusted world price approaching the 52 cents loan. Fundamentals supporting the upturn include big potential export sales to China, a smaller planted acreage in ’07 and sharply reduced U.S. production. Drought conditions in parts of the South have contributed to that.

Rice
Long Grain Cash Bid for  Aug/Sep 1047/cwt  to  - - -
  - - - - - -  to  - - -

Chicago Futures: Jul down  at  1057 
 Sep unchanged    at  1094 
 Nov down  at  1122 
 Jan unchanged    at  1149 
 n/a   - - -  at  - - - 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
November rice plunged early in the session before managing a late recovery. Today’s sharp plunge removed any thought that the recent consolidation might be for a bull flag. It remained within the broader confines of the trading range, $10.65 to $11.58 that has contained the market for most of the calendar year. Fundamentals remain unchanged with U.S. and world stocks tightening. This week’s report should provide a better understanding of this year’s production possibilities. Overall acreage is down and Friday’s report should establish how much.



Cattle & Hogs  Date: June 26, 2007

Cattle
As reported by Federal-State Market News, receipts were 1,238 head at sales in Fort Smith & Marshall.  Compared with last week, feeder steers sold steady to $2 higher. Heifers weak to $2 lower .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 118 to 128
  500 to 550 lbs. 111 to 121
  600 to 650 lbs. 101 to 110
 Medium & Large Frame 2   400 to 450 lbs. 106 to 116

Heifers:
 Medium & Large Frame 1   400 to 450 lbs. 101 to 111
 Medium & Large Frame 2   400 to 450 lbs. 100 to 103

Slaughter Cows, Boners 45.50   to   50
Light Weight 30 to 35
Bulls, Yield Grade   1   1000   to   2100 lbs.   60   to   64.50, high dressing 65-70.50
Midwest Steers   were $1-$3 higher   at   83   to   84
Panhandle Steers   were $1-$3.50   at   84   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 62 at 8862
  Dec down 50 at 9430
Feeders: Aug down 90 at 10765
  Oct down 65 at 10840

Cattle Comment
Cattle futures ended lower across the board. Weaker cash values and futures’ premium to cash prices pushed live futures lower.

Hogs
Peoria: were     steady   at   48   to   49.5

Chicago Futures: Aug down 125 at 7132
  Oct down 82 at 6492

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

Hogs Comment
Hog futures were sharply lower on weakness in cash hogs. August could retest support near $70.



Poultry  Date: June 26, 2007

Eggs
New York:  Ex. Lg. 98-102; Lg. 96-100; Med. 68-72;
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
Trade sentiment was mostly steady. Supplies of all sizes were usually sufficient to satisfy trade needs. In production areas, live suppiles were moderate at mixed weights. The Composite Weighted Average price for 06/25/07 was $80.60 compared to $79.91 a week earlier, and $64.27 a year ago.