Grain & Soybean Date: July 05, 2007

Soybeans

Local Elevators:
(Jul) EAST AR:  793 to 824
(NC) Summ. 811 to 833
River Elevators:
(Jul) MISS: 800 to 828 ; AR & White 794 to 814
(NC) Summ. 811 to 837
Ark. Processor Bids: (Jul) 815 to 821  (NC) 833 to 838
Memphis:  (Jul) 816 to 820 (NC)  833 1/2 to 851 1/2
Riceland Foods:  (NC) Stuttgart n/a ; Pendleton n/a ; West Memphis n/a

Chicago Futures: Aug up 4 1/4 at  860
  Nov  up  4 1/4  at  886 1/2
  Jan up 5 1/4  at  899
  Mar up 5 1/2  at  906
  Nov '08 up 23  at  923
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans ended higher on carryover strength in wheat. The market is overbought and probably a little overpriced relative to supply demand expectations. USDA projects an average price below $8, whereas futures are nearly $1 above that. So, additional corrections are likely. This year’s smaller planted acreage will make the market particularly sensitive to weather problems that may develop over the next 6 to 7 weeks.

Wheat
Cash bid for July at Memphis  557 to 564;
Bids to farmers at Local Elevators 527-536;
River Elevators 529-556;

Chicago Futures: Sep up  21  at  604 
  Dec up 19  at  616 
  Mar up  21  at  619 
  Jul '08 up  10 1/2  at  556 1/2 
  Jul '09 up  10  at  540 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for new crop at Memphis  581 to 585;
Bids to farmers at River Elevators n/a;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for July at Memphis   332 1/2 to 333 1/2;
  new crop at Memphis   297 1/2 to 300 1/2;
Bids to farmers at River Elevators  n/a to - - -

Chicago Futures: Sep up  at  332 1/2 
  Dec up  4 1/2  at  342 1/2 
  Mar up  4 3/4  at  366 3/4 
  Dec '08 up  at  389 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat futures gapped higher on news of sales of U.S. wheat to Egypt and Iraq. Production problems, especially in Europe, are also positive. Harvest pressure could keep a lid on prices. Last Friday’s contract high of $6.32 is likely to hold for some time.



Cotton & Rice  Date: July 05, 2007


Cotton
Spot Price, Grade 41 Staple 34: Memphis up 25 at  5700
  Greenwood up  25 at 5700

New York Futures: Oct up  25  at  6200 
  Dec up  41  at  6389 
 Mar up  38  at  6663 
 May up  30  at  6730 
 Dec '08 up  40  at  6985 
This week's LDP rate for cotton is  .55 cents
  The estimate for next week is  -.99 cents
Cotton Comment
Cotton prices continue to show signs of a market top as prices continue to have difficulty moving much higher. Cotton prices have strong support from the smaller crop forecast released by the USDA last week. Cotton acres were down a million acres, reducing 2007/08 supplies by roughly 1.7 million bales given the USDA yield forecast. This will likely place U.S. ending stocks in the 5 million bale range roughly half of this years’ record stock levels. Cotton prices may potentially come under pressure from the speculators and other profit takers in the coming days as the markets looks over bought from a technical stand point. This being said losses should be limited given the current fundamentals.

Rice
Long Grain Cash Bid for  Jul 889/cwt  to  - - -
  Aug/Sep/Oct/Nov 955/cwt  to  - - -

Chicago Futures: Sep up  at  1060 
 Nov up  at  1091 
 Jan up  at  1120 
 Mar up  at  1148 
 - - -   - - -  at  - - - 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice was higher, following the lead of wheat like the rest of the grains. November is testing support between $10.80 and $10.65. Arkansas's ’07 acreage of 1.3 million acres is down 105,000 from ’06. Long grain declined 120,000 acres while medium grain increased 15,000. Overall U.S. rice acreage was down just 94,000 acres, with Louisiana planting 40,000 acres more than in ’06. All other stocks declined a little. A smaller U.S. crop and tightening world stocks still suggest a firm market situation, although milled export movement is extremely slow.



Cattle & Hogs  Date: July 05, 2007

Cattle
As reported by Federal-State Market News, receipts were n/a head at sales in n/a.  Compared with last week, feeder steers n/a .

Steers:
 Medium & Large Frame n/a   - - - to - - - lbs. - - - to - - -
  - - - to - - - lbs. - - - to - - -
  - - - to - - - lbs. - - - to - - -
 Medium & Large Frame n/a   - - - to - - - lbs. - - - to - - -

Heifers:
 Medium & Large Frame n/a   - - - to - - - lbs. - - - to - - -
 Medium & Large Frame n/a   - - - to - - - lbs. - - - to - - -

Slaughter Cows, Boners n/a   to   - - -
Light Weight n/a to - - -
Bulls, Yield Grade   n/a   - - -   to   - - - lbs.   - - -   to   - - -
Midwest Steers   were quoted   at   84   to   - - -
Panhandle Steers   were quoted   at   84   to   - - -

Oklahoma City Feeders
Steers 500 to 550 lbs. 125.50 to 133
  600 to 650 lbs. 111.75 to 120.50
Heifers 500 to 550 lbs. 104 to 115
  600 to 650 lbs. 103.50 to 112

Chicago Futures:
Live Cattle: Aug up 72 at 9070
  Dec up 37 at 9612
Feeders: Aug up 62 at 11217
  Oct up 55 at 11315

Cattle Comment
Cattle prices posted another day of gains as prices closed back above 90 today. Firmer beef prices and positive packer margins are supporting beef prices; however ample beef supplies are likely to limit market gains in the short term.

Hogs
Peoria: were     steady   at   46   to   46.5

Chicago Futures: Aug up 40 at 7060
  Oct up 10 at 6490

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

Hogs Comment
Hog prices are beginning to show signs of life for the first time in a couple of weeks. Today hog prices managed to close above trendline resistance and maybe gearing up for a couple of good days. However, fundamentals are still weak as packer margins remain negative and cash prices remain weak.



Poultry  Date: July 05, 2007

Eggs
New York:  Ex. Lg. 108-112; Lg. 106-110; Med. 76-80;
Chicago:  Ex. Lg. 97-105; Lg. 95-103; Med. 65-73;

Eastern Region Turkeys
Hens: 8-16 lbs. 85-86
Toms: 16-24 lbs. 85-86
 

Delmarva Broilers
U.S. Grade A
Trade sentiment was at least steady in the East, but mostly steady elsewhere. Supplies of all sizes were usually sufficient to satisfy trade needs. In production areas, live supplies were moderate at mixed weights.