04/28/2009 Farm Bureau Market Report

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Grain & Soybean Date: April 28, 2009 Soybeans Local Elevators: (Apr) EAST AR:  965 to 980 (NC) Summ. 830 to 857 River Elevators: (Apr) MISS: 970 to 1000 ; AR & White 960 to 975 (NC) Summ. 842 to 875 Ark. Processor Bids: (Apr) 876 to 880  (NC) 840 to 852 Memphis:  (Apr) 999 1/2 to - - - (NC)  875 to - - - Riceland Foods:  (Apr) Stuttgart 980 ; Pendleton 980 ; West Memphis 1000 Chicago Futures: May down 15 1/4 at  989 1/2   Jul  down  14  at  983   Sep down 7 3/4  at  931   Nov down 4 1/2  at  900   Jan '10 down 4 1/4  at  905 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans were lower again today, with old crop contracts leading the decline. Recent export success prompted bull spreads - long old crop, short new crop - and the current move appears to be related to an unwinding of those spreads. Soybeans are also weaker relative to corn, as slow progress in planting suggests some acreage will shift to beans. Technically November is testing trendline support. A close below $9.00 would indicate a possible retest of support at $8.38. Corn stabilized to close slightly higher. Slow planting progress and a weaker $ were supportive. Planting progress was reported at 20% compared to a 5 year average of 28%. However, it is very spotted with the Western cornbelt making good progress. Illinois and Missouri are well behind normal and forecasts indicate more rain over the next week. September futures are trading between $3.75 and $4.25. Wheat Cash bid for April at Memphis  439 1/2 to 425 1/2; Bids to farmers at Local Elevators 422-447; River Elevators 434-467; Chicago Futures: May up  2 1/2  at  510 1/2    Jul up 2 1/2  at  522    Sep up  2 1/2  at  549    Dec up  2 3/4  at  571 1/4    Mar '10 up  3  at  587 3/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for April at Memphis  500 to 504; Bids to farmers at River Elevators 450-530; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for April at Memphis   375 to 378;   new crop at Memphis   357 3/4 to - - -; Bids to farmers at River Elevators  343 to 370 Chicago Futures: May up  2 3/4  at  375    Jul up  2 3/4  at  383 1/2    Sep up  2 3/4  at  392 3/4    Dec up  2 3/4  at  404 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat ended the session a little higher with slow spring planting offering support. Upside potential is limited with big supplies keeping the export market very competitive. Eventually, weather related yields may help boost the market. Cotton & Rice  Date: April 28, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis down 32 at  4850   Greenwood down  32 at 4850 New York Futures: May up  8  at  5205    Jul down  32  at  5275    Dec down  49  at  5601    Mar '10 down  63  at  5842    - - -   - - -  at  - - -  This week's LDP rate for cotton is  11.49 cents   The estimate for next week is  9.82 cents Cotton Comment Cotton was lower today after challenging resistance yesterday. A strong uptrend has developed over the last 2 months and it appears hedge funds have seen cotton as a good investment vehicle. Overall economic conditions are not very conducive to higher cotton values, but smaller ’09 plantings and weather could reduce stocks by next year. A December close above 57.2 cents would bring the 38% retracement objective of 63.5 cents into play. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: May up  3 1/2  at  1275 1/2    Jul up  7  at  1299    Sep up  11 1/2  at  1246    Nov up  10  at  1247    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice firmed a little as the overall trade remains in a sideways pattern. Tightening U.S. stocks and a slight increase in projected planted acreage shouldn’t change the long term U.S. outlook. A potential problem is large Thai intervention stocks which could be released into the market at some point. For now September continues to trade between $12.54 and $12.10. Cattle & Hogs  Date: April 28, 2009 Cattle As reported by Federal-State Market News, receipts were 788 head at sales in Fort Smith & Heber Springs.  Compared with last week, feeder steers sold weak to $4 lower. Feeder heifers sold unevenly, averaging near steady . Steers:  Medium & Large Frame 1   400 to 450 lbs. 112.50 to - - -   500 to 550 lbs. 105.25 to - - -   n/a to - - - lbs. - - - to - - -  Medium & Large Frame 2   400 to 450 lbs. 104.50 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 101.25 to - - -  Medium & Large Frame 2   400 to 450 lbs. 93 to - - - Slaughter Cows, Boners 44   to   50 Light Weight 28 to 34 Bulls, Yield Grade   1   1000   to   2100 lbs.   57   to   64, high dressing 64-66.50 Midwest Steers   n/a   at   - - -   to   - - - Panhandle Steers   were $1-3.50 lower   at   85   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 114 to 119.50   600 to 650 lbs. 106 to 111.75 Heifers 500 to 550 lbs. 102.25 to 109   600 to 650 lbs. 95 to 101 Chicago Futures: Live Cattle: Jun up 15 at 8195   Aug steady at 8230 Feeders: May down 80 at 9780   Sep down 95 at 9905 Cattle Comment Cattle futures were mixed with greatest weakness in feeders. Firm to stronger wholesale beef demand suggests cattle may benefit from the current swine flu situation. However, there are also concerns that export bans might spread to beef. For the time being, whole sale values appear to have topped, but good demand has limited near term downside movement. Hogs Peoria: were $1     lower   at   37.5   to   38 Chicago Futures: Jun down 235 at 6630   Aug down 132 at 6775 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Swine flu reports hit hog futures hard for the second day in a row. Export bans on U.S. pork by several countries added to the negative undertone. Fear of reduced retail demand also triggered weakness. Poultry  Date: April 28, 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