05/04/2009 Farm Bureau Market Report

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Grain & Soybean Date: May 04, 2009 Soybeans Local Elevators: (May) EAST AR:  1087 to 1102 (NC) Summ. 911 to 928 River Elevators: (May) MISS: 1104 to 1121 ; AR & White 1086 to 1101 (NC) Summ. 912 to 946 Ark. Processor Bids: (May) 1097 to 1102  (NC) 923 to 925 Memphis:  (May) 1123 1/2 to 1124 1/2 (NC)  950 1/2 to - - - Riceland Foods:  (May) Stuttgart 1102 ; Pendleton 1102 ; West Memphis 1113 Chicago Futures: Jul up 12 1/2 at  1103 1/2   Sep  up  3 1/2  at  1014 1/2   Nov up 1/2  at  970 1/2   Jan '10 down 3/4  at  974 1/2   Mar '10 down 1 1/2  at  971 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans closed mixed with old crop contracts making good gains. Another good export sales report and problems in South America provided the boost for old crop. At the same time prospects of increased ’09 plantings pressured new crop and erased overnight gains. Corn lost steam and failed to followthrough on last week’ gains. Concern about planting progress remains and this could boost the market if more rain is seen in the eastern cornbelt. For now, the market is concerned about demand, including poor export sales report today and the ongoing impact of the H1N1 virus on feed use. Wheat Cash bid for May at Memphis  469 to 483; Bids to farmers at Local Elevators 451-476; River Elevators 463-496; Chicago Futures: Jul down  19  at  551    Sep down 19  at  577 1/2    Dec down  18 1/2  at  600    Mar '10 down  18 3/4  at  615 1/2    May '10 down  18 1/2  at  624 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for May at Memphis  563 to 571; Bids to farmers at River Elevators 491-571; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for May at Memphis   399 1/2 to - - -;   new crop at Memphis   379 1/2 to - - -; Bids to farmers at River Elevators  366 to 398 Chicago Futures: Jul down  8 1/4  at  405 1/2    Sep down  8  at  414 1/2    Dec down  7 3/4  at  425 1/2    Mar '10 down  7 1/4  at  437 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat reversed Friday’s big gains and closed sharply lower. Today’s export sales report was another in a long string of poor numbers, as this market remains very competitive. Warmer and drier conditions in the Northern Plains is also beginning to ease planting concerns. July futures tested resistance around $5.75 last week and may move back to test support around $5.15 to $5.20, as the market continues to work in a sideways trading pattern. Cotton & Rice  Date: May 04, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 27 at  5322   Greenwood up  27 at 5322 New York Futures: Jul up  2  at  5722    Oct up  22  at  5898    Dec down  14  at  5976    Mar '10 down  9  at  6176    - - -   - - -  at  - - -  This week's LDP rate for cotton is  10.05 cents   The estimate for next week is  9.37 cents Cotton Comment Cotton moved in a narrow trading range before closing narrowly mixed. December again traded above 60 cents during the session. This comes after penetrating prior resistance at 57.2 cents last week. The market is overbought technically with the 9 day Relative Strength Index well above 70. This could mean a substantial downward retracement at some point in the near future. Fundamentals remain negative, but planting weather could keep the rally moving higher. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: Jul down  22 1/2  at  1301 1/2    Sep down  8  at  1256    Nov up  6 1/2  at  1256 1/2    Jan up  2 1/2  at  1276    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice was mixed with old crop lower and new crop contracts slightly higher. September futures are testing the upper extremes of a long term trading range, a close above this level would signal a possible move to the next resistance level is $12.85. U.S. acreage is expected to be slightly higher this year. While production will increase, it shouldn’t be enough to really impact the market significantly. The bigger problem may be the probable availability to the market of big intervention stocks in Thailand and India. This is a market situation that needs to be monitored on a continuing basis. Cattle & Hogs  Date: May 04, 2009 Cattle As reported by Federal-State Market News, receipts were 1,995 head at sales in Ash Flat, Ola and Springdale.  Compared with last week, feeder steers sold unevenly, mostly steady to $2 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 113.50 to - - -   500 to 550 lbs. 107.75 to - - -   600 to 650 lbs. 90 to - - -  Medium & Large Frame 2   400 to 450 lbs. 107 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 98.75 to - - -  Medium & Large Frame 2   400 to 450 lbs. 91.75 to - - - Slaughter Cows, Boners 44.50   to   48 Light Weight 33 to 36 Bulls, Yield Grade   1   1000   to   2100 lbs.   55   to   61.50, high dressing 61.50-68 Midwest Steers   were $3 lower to $.50 higher   at   83   to   86.50 Panhandle Steers   were $1 lower to $1 higher   at   84   to   86 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: Jun down 22 at 8187   Aug up 7 at 8210 Feeders: Aug up 22 at 9867   Sep up 22 at 9895 Cattle Comment Cattle futures were mixed again today, with the market settling into a sideways trading pattern. June live cattle have substantial support near $82, which if broken would likely see a dip to $80. That looks like solid support for the long day run. Slaughter numbers are down almost 5% from a year ago, but heavier weights are an offsetting factor. Weights are expected to decline in the weeks ahead. Hogs Peoria: were $2     lower   at   32.5   to   33 Chicago Futures: Jun down 180 at 6377   Aug down 150 at 6807 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures came under continuing pressure after it was revealed the H1N1 virus was found in Canadian hogs. However, it is believed that the virus was transmitted by a traveler to Mexico to the pigs. The individual and the hogs are all recovering. Nevertheless, this continues to pressure pork demand with carcass values down over $7 last week. June futures are testing support just below $64. Poultry  Date: May 04, 2009 Eggs New York:  Ex. Lg. 78-82; Lg. 76-80; Med. 65-69; Chicago:  Ex. Lg. 68-76; Lg. 66-74; Med. 56-64; Eastern Region Turkeys Hens: 8-16 lbs. 76-79 Toms: 16-24 lbs. 76-79   Delmarva Broilers U.S. Grade A Trade sentiment was fully steady to firm. Demand following the weekend was moderate to instances fairly good, best where features and first of the month business was active, with increased interest expected as Mother’s Day approaches. Supplies of all sizes were adequate to closely cleared 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? 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