M-4 Vol. XXX, No. 21 May 24, 2007 FUTURES MARKET WATCH ...

M-4 Vol. XXX, No. 21 May 24, 2007
FUTURES MARKET WATCH
Month Commodity 5/18 5/21 5/22 5/23 5/24
July
September
Corn
Corn
3.71
3.69
3.68
3.72
3.69
3.71
3.68
3.71
3.76
3.76
July
November
Soybeans
Soybeans
7.92
8.21
7.94
8.21
7.93
8.22
8.00
8.30
8.05
8.34
July
December
Wheat
Wheat
4.71
4.94
4.72
4.97
4.71
4.96
4.76
5.02
4.91
5.14
July Soybean Meal 212.00 215.00 214.80 218.90 217.20
July
December
Cotton
Cotton
49.76
54.35
50.54
56.40
50.32
55.40
49.14
54.43
50.09
55.15
May
October
Feeder Cattle
Feeder Cattle
109.12
112.55
108.92
112.54
108.65
112.27
108.32
111.40
108.07
110.45
June
October
Live Cattle
Live Cattle
92.65
96.40
93.60
96.99
92.50
96.27
91.85
96.07
91.10
95.47
June
July
Lean Hogs
Lean Hogs
75.40
74.67
75.32
74.32
74.65
73.50
74.62
73.50
OPTIONS MARKET WATCH (5/24/07)
Commodity Strike Put Premiums Call Premiums
Cotton .54/lb. Jly
4.92
Wheat 4.70/bu. Jly
.072
Soybeans 8.00/bu. Jly
.175
Corn 3.70/bu. Jly
.120
Hogs 74.00/cwt. Jun
8.50
Fed Cattle 92.00/cwt Jun
1.43
Feeder Cattle 110.00/cwt. May
1.93
Oct
3.24
Sep
.153
Aug
.276
Sep
.252
Jly
2.20
Aug
2.98
Aug
2.70
Dec
2.68
Dec
.207
Nov
.354
Dec
.331
Aug
2.98
Oct
2.75
Sep
3.30
Jly
0.15
Jly
.285
Jly
.227
Jly
.184
Jun
1.80
Jun
5.25
May
0.25
Oct
1.91
Sep
.393
Aug
.402
Sep
.313
Jly
2.13
Aug
2.20
Aug
----
74.95
73.92
Dec
2.40
Dec
.556
Nov
.686
Dec
.357
Aug
2.40
Oct
5.50
Sep
4.78
FUTURE MARKET TREND ANALYSIS* Corn -Down; Soybeans -Up; Cattle - Up; Hogs - Down
*The trend analysis is based on moving averages. For detailed information on the moving trends and their use contact the
Extension Ag. Economics Department.
This report is available at http://www.ces.uga.edu/Agriculture/agecon/newsltr.html

LIVESTOCK & GRAIN STATISTICS
Grain Exports
(1000Bu.) This Week Last Week
Year
Ago
Total to Date
For Mktg.
Year
Total to Date
Last Year
% This Year
Of Last
Week Ending 5/17/07
Corn 22,653 40,887 53,106 1,486,346 1,378,931 108%
Soybeans 11,211 8,609 6,367 961,003 776,551 124%
Wheat 22,190 23,660 15,638 857,517 941,519 91%
Week Ending 5/19/07
Cattle 702 669 702 12,608 12,299 103%
Hogs 1952 1934 1958 40,273 39,565 102%
PROFIT SCOREBOARD
ENTERPRISE, YIELD
AND MARKETING
SYSTEM
THURSDAY'S
CLOSING
FUTURES PRICE
LESS
ESTIMATED
BASIS EQUALS
FORWARD
PRICING
OPPORTUNITY
ON THURSDAY
OUT OF POCKET
AND TOTAL
PRODUCTION
COSTS
POTENTIAL
(RETURNS TO
ND & MGT.)
CHANCE OF
POSITIVE
RETURN TO
LAND AND
MGT. *
Wheat
40 .bu./acre
July 4.91 -.25 4.66/ bu. 2.33/bu.
3.56/bu.
.0/bu.
1.10/bu
98%
83%
Corn - Irrigated
150 bu./acre
Dec. 3.73 .05 3.78/bu. 1.87/bu.
2.80/bu.
1.91/bu.
.98/bu.
99%
95%
Soybeans - Dry land
30 bu./acre
Nov. 8.34 -.20 8.14/bu. 4.71/bu.
7.01/bu.
3.43/bu.
1.13/bu
93%
74%
BT/RR Cotton - Dry
land
650 lb./acre
Dec. .55 -.04 .51/lb. .48/lb.
.63/lb.
.3/bu.
-.12/lb
70%
21%
BT/RR Cotton -
Irrigated
1000 lb./acre
Dec. .55 -.04 .51/lb. .40/lb.
.57/lb.
.11/lb.
-.6/lb.
99%
8%
Fed Cattle
Placed in this week sell
at 1200 lbs.
Dec. 95.22 -1.50 93.72/cwt 83.69/cwt
83.69/cwt
10.03/cwt
10.03/cwt
99%
99%
Hogs
Farrow to Finish*
Farrowing this week
Dec. 46.66 -3.60 43.06/cwt. 31.97/cwt
40.26/cwt.
11.09/cwt
2.80/cwt
99%
39%
Feeder Pig
Finishing*
Placed this week
Oct. 48.07 -.10 47.97/cwt. 42.52/cwt.
45.62/cwt.
5.45/cwt
2.35/cwt
99%
99%
*Total Confinement
Cost of production figures may be obtained upon request. Each cost of production is an estimate of cost for a Georgia producer at the indicated yield. Participation in
Government commodity programs can greatly affect the level of profitability for the various crop enterprises. Land and management cost are not included in the crop
and livestock cost estimates. * Excludes LDP for crops.

GRAIN PRICE PROFILE
Cash Bids and New Crop Contacts
CORN WHEAT SOYBEANS
Location Cash Contract* Cash Contract** Cash Contract***
Southwest Ga.
Southeast Ga.
Central Ga.
North
Brunswick
*Aug-Sept Delivery **May-June Delivery ***Oct-Dec Delivery
Cash Wheat Mill Direct - Macon -------
FEED CASH PRICE
MID WESTERN CORN SOYBEAN MEAL 48%
This week Last week This week Last week
FOB NORTH GA. -------- -------- ----------- ----------
FOB SOUTH GA. -------- -------- ---------- ----------
FOB EAST GA. -------- -------- ------- ----------
Georgia ASCS Posted Adjusted Market Price:
Adjusted World Price Cotton
LIVESTOCK PRICE PROFILE
GEORGIA AUCTION May 24, 2007
*Prices furnished by Federal State Market News, Thomasville, GA. For up-to-date prices call (1-800-342-1440)
Medium Frame #1 Steers: 2-250 cwt $135-165 down $6 from last week; 250-3 cwt $130-158 up $1 from last week;
3-350 cwt $123-145 down $3 from last week; 350-4 cwt $117-130 down $4 from last week; 4-450 cwt $110-124
down $5 from last week; 450-5 cwt $105-119 down $4 from last week; 5-550 cwt $104-115 down $2 from last week;
550-6 cwt $100-115 same as last week; 6-650 cwt $96-108 up $6 from last week; 650-7 cwt $90-107 down $5 from
last week; 7-750 cwt $93-105 up $2 from last week.
Medium Frame #1 Heifers: 2-250 cwt $120-135 down $5 from last week; 250-3 cwt $117-125 down $8 from last
week; 3-350 cwt $112-130 same as last week; 350-4 cwt $105-116 down $6 from last week; 4-450 cwt $101-111
down $4 from last week; 450-5 cwt $99-113 down $2 from last week; 5-550 cwt $94-109 down $1 from last week;
550-6 cwt $91-102 down $1 from last week; 6-650 cwt $89-97 down $1 from last week; 650-7 cwt $87-95 same as
last week.
Slaughter Classes: Breakers $47-48 down $9 from last week; Boners $47-53 down $5 from last week; Boners Hi
Yield $54-55 down $5 from last week; Lean $43-48 down $7 from last week.
Live and Carcass Hog Price -Eastern Cornbelt Direct (5/23/07) Barrows & Gilts - Live Basis 240-280 lbs. $48.26-
60.10 Average - 57.07 Carcass - 185 lbs $64.50-75.68 Average - 71.34
Sows 500 lbs.-up : $40.25-43.13 Average - 41.09
John C. McKissick
Extension Economist-Livestock
George Shumaker
Extension Economist-Grain Marketing
COUNTY EXTENSION AGENT OR DIRECTOR