04/27/2009 Farm Bureau Market Report

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Grain & Soybean Date: April 27, 2009 Soybeans Local Elevators: (Apr) EAST AR:  980 to 995 (NC) Summ. 935 to 960 River Elevators: (Apr) MISS: 985 to 1015 ; AR & White 976 to 991 (NC) Summ. 845 to 877 Ark. Processor Bids: (Apr) 991 to 995  (NC) 845 to 855 Memphis:  (Apr) 1014 3/4 to - - - (NC)  879 1/2 to - - - Riceland Foods:  (Apr) Stuttgart 995 ; Pendleton 995 ; West Memphis 1015 Chicago Futures: May down 35 1/2 at  1004 3/4   Jul  down  37  at  997   Sep down 31 1/2  at  938 3/4   Nov down 28 3/4  at  904 1/2   Jan '10 down 28 1/4  at  909 3/4   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans attempted to rally in today’s early trade, but failed to hold those gains and closed sharply lower. A stronger dollar, weaker crude oil and concern about swine flu triggered further declines late in the session. The decline touched trendline support and puts the market in technical jeopardy. Should November penetrate the trendline, it would bring support at the recent low of $8.38 into play. Corn appeared less vulnerable today, but did end the session 4 to 5 cents lower. Slow planting progress has been supportive - more rain is expected to prolong the delay in the Eastern part of the cornbelt. Good progress was seen in Iowa, Minnesota and Nebraska. Overall September futures remain in a sideways pattern with support near $3.65 and resistance at $4.24. Wheat Cash bid for April at Memphis  440 to 457; Bids to farmers at Local Elevators 420-445; River Elevators 431-465; Chicago Futures: May down  24 1/4  at  508    Jul down 23 3/4  at  519 1/2    Sep down  24  at  546 1/2    Dec down  24 3/4  at  568 1/2    Mar '10 down  23  at  584 3/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for April at Memphis  495 to 522; Bids to farmers at River Elevators 444-525; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for April at Memphis   372 1/4 to 375 1/4;   new crop at Memphis   355 to - - -; Bids to farmers at River Elevators  340 to 367 Chicago Futures: May down  4 3/4  at  372 1/4    Jul down  5  at  380 3/4    Sep down  5 1/4  at  390    Dec down  5 1/4  at  401 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat was lower despite slow pace of spring planting. The early April freeze appears to have done little damage in Kansas, but the jury is still out in Texas and Oklahoma. July futures are back in position to test recent report around $5.15. Resistance starts around $5.40. Cotton & Rice  Date: April 27, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis  37 at  4882   Greenwood   37 at 4882 New York Futures: May up  27  at  5197    Jul up  37  at  5307    Dec up  12  at  5650    Mar '10 down  6  at  5905    - - -   - - -  at  - - -  This week's LDP rate for cotton is  11.49 cents   The estimate for next week is  9.87 cents Cotton Comment Cotton rebounded to close slightly higher for the session. December hit a new recent high of 56.74 cents and is testing resistance just a few points higher. Big supplies remain a factor, as does the overall economic situation. That is being mitigated by prospects of smaller U.S. plantings in ’09, and the fact that weather induced conditions, drought in Texas, and rain delayed plantings in the mid-south, may impact potential production this year. A close above current resistance just above 57 cents could open December to the 38% retracement objective at 63.54 cents. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: May down  14 1/2  at  1272    Jul down  6  at  1292    Sep down  1 1/2  at  1234 1/2    Nov unchanged    at  1237    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice was a little lower in the old crop contracts as trading tended to follow the other grains. Overall the market has factored in the tighter stocks situation that was outlined in this month’s supply demand report. The market is following planting progress with real interest as rain continues to impact the mid-south. Cattle & Hogs  Date: April 27, 2009 Cattle As reported by Federal-State Market News, receipts were 3,442 head at sales in Ash Flat, Ola & Springdale.  Compared with last week, feeder steers n/a . Steers:  Medium & Large Frame 1   400 to 450 lbs. 116 to - - -   500 to 550 lbs. 107 to - - -   600 to 650 lbs. 103 to - - -  Medium & Large Frame 2   400 to 450 lbs. 107 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 100.75 to - - -  Medium & Large Frame 2   400 to 450 lbs. 93.50 to - - - Slaughter Cows, Boners 44   to   50 Light Weight 33 to 40 Bulls, Yield Grade   1   1000   to   2100 lbs.   55   to   60, high dressing 61.50-66 Midwest Steers   were $4 lower to $.50 higher   at   83   to   88 Panhandle Steers   were quoted   at   86   to   88.50 Oklahoma City Feeders Steers 500 to 550 lbs. 114.75 to 119.50   600 to 650 lbs. 106.75 to 111.75 Heifers 500 to 550 lbs. 102.25 to 109   550 to 600 lbs. 97.50 to 103.50 Chicago Futures: Live Cattle: Jun down 80 at 8180   Aug down 67 at 8230 Feeders: May down 52 at 9860   Sep down 40 at 10000 Cattle Comment Cattle declined on normal seasonal concerns and the reaction to the swine flu. Wholesale beef appeared to have topped last week. While the market may trend lower in an immediate reaction to swine flu, long term, beef could benefit as the grilling season approaches. Hogs Peoria: were     steady   at   38.5   to   39 Chicago Futures: Jun down 300 at 6865   Aug down 297 at 6907 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs were sharply lower because of fear that swine flue would reduce consumer demand. While health agencies assured the public there would be no transfer of the disease from hogs to humans, there was concern consumers would still buy less pork. Poultry  Date: April 27, 2009 Eggs New York:  Ex. Lg. 82-86; Lg. 80-84; Med. 68-72; Chicago:  Ex. Lg. 72-80; Lg. 70-78; Med. 59-67; Eastern Region Turkeys Hens: 8-16 lbs. 76-79 Toms: 16-24 lbs. 76-79   Delmarva Broilers U.S. Grade A Trade sentiment was steady. Demand following the weekend was mostly fair with limited trading. Supplies of all sizes were adequate to satisfy current trade needs. In productions areas, live supplies were moderate at mostly desirable weights. ---------------------------------------- HOW TO UNSUBSCRIBE You are receiving this newsletter because you requested that your e-mail address be added to the Arkansas Farm Bureau Market Report. To unsubscribe or change your subscription information, go to http://www.arfb.com/commodity_marketing/email/ ---------------------------------------- QUESTIONS OR COMMENTS? If you have any comments or questions about this e-newsletter please e-mail us at mktrpt@arfb.com Arkansas Farm Bureau 10720 Kanis Road Little Rock, AR 72211 501-224-4400 Copyright 2009 Arkansas Farm Bureau, Inc. All rights reserved Terms of Use