05/06/2009 Farm Bureau Market Report

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Grain & Soybean Date: May 06, 2009 Soybeans Local Elevators: (May) EAST AR:  1103 to 1118 (NC) Summ. 918 to 935 River Elevators: (May) MISS: 1118 to 1138 ; AR & White 1103 to 1118 (NC) Summ. 920 to 953 Ark. Processor Bids: (May) 1111 to 1118  (NC) 930 to 932 Memphis:  (May) 1128 to 1139 (NC)  958 to - - - Riceland Foods:  (May) Stuttgart 1118 ; Pendleton 1118 ; West Memphis 1138 Chicago Futures: Jul up 17 at  1118   Sep  up  16  at  1023   Nov up 17 1/2  at  978   Jan '10 up 17 1/4  at  981 3/4   Mar '10 up 18 1/4  at  980 3/4   Today's Arkansas LDP rate for soybeans is: Soybean Comment Soybean futures closed higher today. Reports of tight global vegetable supplies is supporting soybean oil price, helping soybean prices move closer to the all important $10 market. It will be difficult for soybean prices to move much higher given more soybean acres are likely to be planted given the current weather conditions. Soybeans continue to have resistance at $9.87, however support at $9.50 is tenuous at best, that leaves trendline support around $9 as the best bet. Corn prices closed the day higher. Strengthening soybean prices dragged corn prices higher. While reports of wet conditions across much of the eastern cornbelt and strengthening oil prices remain bearish for corn prices, corn supplies remain ample to meet current demand, which limits any upside potential. Wheat Cash bid for May at Memphis  483 3/4 to 488 3/4; Bids to farmers at Local Elevators 459-479; River Elevators 471-499; Chicago Futures: Jul up  5 1/4  at  558 3/4    Sep up 5 1/4  at  585 1/2    Dec up  5 1/4  at  608 1/4    Mar '10 up  5 1/2  at  623 3/4    May '10 up  6  at  633 1/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for May at Memphis  567 to 574; Bids to farmers at River Elevators 494-512; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for May at Memphis   401 1/2 to - - -;   NC at Memphis   381 to 384; Bids to farmers at River Elevators  369 to 400 Chicago Futures: Jul up  2 1/4  at  407 1/2    Sep up  1 3/4  at  416    Dec up  1 3/4  at  426 3/4    Mar '10 up  1 3/4  at  439 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat firmed again today. Slow spring wheat plantings remain bullish for wheat prices. Reports from Informa Economics showed a smaller winter wheat crop, however supplies are still ample to meet demand. July resistance near $5.80 will be a major stumbling block. Cotton & Rice  Date: May 06, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 12 at  5417   Greenwood up  12 at 5417 New York Futures: Jul up  12  at  5817    Oct up  12  at  6005    Dec up  3  at  6080    Mar '10 down  32  at  6273    - - -   - - -  at  - - -  This week's LDP rate for cotton is  10.05 cents   The estimate for next week is  8.07 cents Cotton Comment December cotton closed the day higher again today. Increasing optimism about the general economy remains supportive of cotton prices. The market continues to be 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  5  at  1296 1/2    Sep down  14 1/2  at  1238    Nov down  13 1/2  at  1240    Jan '10 down  11  at  1265    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice closed the day mixed. November rice took a hit today, closing down more than 10-cents. Forecasts of larger U.S. rice acreage continues to plague the market. However, 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 06, 2009 Cattle As reported by Federal-State Market News, receipts were 1,233 head at sales in Conway & Pocahontas.  Compared with last week, feeder steers sold steady to $1 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 112.50 to - - -   500 to 550 lbs. 105.25 to - - -   600 to 650 lbs. 101.75 to - - -  Medium & Large Frame 2   400 to 450 lbs. n/a to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 96.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 89.75 to - - - Slaughter Cows, Boners 46   to   50 Light Weight 32 to 35 Bulls, Yield Grade   1   1000   to   2100 lbs.   58   to   65, high dressing 67.50-69.50 Midwest Steers   n/a   at   - - -   to   - - - Panhandle Steers   were quoted   at   83   to   - - - 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 10 at 8202   Aug up 30 at 8252 Feeders: Aug up 22 at 9900   Sep up 15 at 9915 Cattle Comment Cattle closed the day mixed. June live cattle closed lower breaking through support at $82, which may cause the market to dip to $80. That looks like solid support for the long day run. Hogs Peoria: were     steady   at   31.5   to   32 Chicago Futures: Jun up 230 at 6710   Aug up 190 at 7080 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs closed higher for a second consecutive day as Mexico resumed more normal activities following the H1N1 flu incident. While pork demand isn’t expected to recover immediately, the decline in hog prices has provided packers with buying incentive. Poultry  Date: May 06, 2009 Eggs New York:  Ex. Lg. 74-78; Lg. 72-76; Med. 62-66; 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 into all channels was at least moderate to fairly good, best for active features and upcoming Mother’s Day needs. Supplies of all sizes were usually sufficient to well cleared to satisfy current trade needs. In production 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