05/07/2009 Farm Bureau Market Report

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Grain & Soybean Date: May 07, 2009 Soybeans Local Elevators: (May) EAST AR:  1087 to 1102 (NC) Summ. 912 to 929 River Elevators: (May) MISS: 1102 to 1122 ; AR & White 1087 to 1102 (NC) Summ. 914 to 947 Ark. Processor Bids: (May) 1095 to 1102  (NC) 924 to 926 Memphis:  (May) 1122 to 1123 (NC)  952 to - - - Riceland Foods:  (May) Stuttgart 1102 ; Pendleton 1102 ; West Memphis 1122 Chicago Futures: Jul down 16 at  1102   Sep  down  9  at  1014   Nov down 6  at  972   Jan '10 down 6 1/4  at  975 1/2   Mar '10 down 7 1/4  at  973 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybean prices were unable to maintain early gains. A strong export report had soybean prices on the rise, November soybeans were up by as much as 12-cents; however, soybeans were unable to maintain their strength and closed the day down slightly. U.S. soybean exports remain strong to chin with 8.3 million bu. exported last week, and another 7.3 million bu. sold. Expectations are that next weeks USDA report will show another increase in U.S. soybean exports, which if use numbers continue as expected, stocks will decrease further. The biggest threat to soybean prices remains the acreage revision. Rains continue to move across the cornbelt, much like they have here in Arkansas, which could potentially reduce corn acres and increase soybean acres. This scenario, would solve the tight supply situation and pull soybean prices down. December corn futures closed the day slightly higher, but well off the daily highs. Continued wet weather across Illinois and Indiana, remains supportive to corn prices; however, exports sales continue to disappoint traders. December corn prices continue to have difficultly breaking through resistance at around $4.35. December corn prices continue to have strong support around $4.00. Wheat Cash bid for May at Memphis  495 1/4 to 501 1/4; Bids to farmers at Local Elevators 470-490; River Elevators 490-492; Chicago Futures: Jul up  11 1/2  at  570 1/4    Sep up 11 1/2  at  597    Dec up  11 1/4  at  619 1/2    Mar '10 up  11  at  634 1/2    May '10 up  11  at  644 1/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for May at Memphis  575 to 582; Bids to farmers at River Elevators 503-583; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for May at Memphis   404 to 407;   new crop at Memphis   385 1/2 to 388 1/2; Bids to farmers at River Elevators  374 to 399 Chicago Futures: Jul up  4 1/2  at  412    Sep up  4 1/2  at  420 1/2    Dec up  4 1/4  at  431    Mar '10 up  3 1/2  at  442 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat prices closed the day higher despite a poor export report. Today’s gains were the result of reports from a crop tour which showed Oklahoma’s winter wheat crop was in poor condition. Gains from this type of news will likely be short lived as U.S. wheat supplies will be ample to meet demand; especially given the fact that U.S. wheat export sales remain very slow. Cotton & Rice  Date: May 07, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 71 at  5488   Greenwood up  71 at 5488 New York Futures: Jul up  71  at  5888    Oct up  72  at  6077    Dec up  70  at  6150    Mar '10 up  73  at  6346    - - -   - - -  at  - - -  This week's LDP rate for cotton is  10.05 cents   The estimate for next week is  7.83 cents Cotton Comment Cotton prices continue to press higher, despite technical sale signs and poor performance in financial markets. Adding to the bearish tone of the market, cotton exports were down significantly from last week. Given this week’s export performance it is not likely U.S. exports will see another increase in this month’s USDA report. It is very likely we could see some speculative profit taking tomorrow and Monday as trades close out the week and prepare for the USDA report. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: Jul down  21 1/2  at  1275    Sep down  12  at  1226    Nov down  10  at  1230    Jan '10 down  10  at  1255    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice prices took another hit today, with old crop closing down more than 20-cents and new crop down a dime. Rice prices continue to take a hit due to concerns about more acres and the probable availability to the market of big intervention stocks in Thailand and India continuing to weigh on the market. Cattle & Hogs  Date: May 07, 2009 Cattle As reported by Federal-State Market News, receipts were 2,021 head at sales in Charlotte & Green Forest.  Compared with last week, feeder steers calves sold weak to $2 lower, yearlings firm to $3 higher. Heifers sold unevenly, averaging near steady . Steers:  Medium & Large Frame 1   400 to 450 lbs. 116.50 to - - -   500 to 550 lbs. 109.50 to - - -   600 to 650 lbs. 105.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 108.25 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 101.25 to - - -  Medium & Large Frame 2   400 to 450 lbs. 95.50 to - - - Slaughter Cows, Boners 45   to   49 Light Weight 34 to 42 Bulls, Yield Grade   1   1000   to   2100 lbs.   54   to   61, high dressing 61.50--68.50 Midwest Steers   were quoted   at   84   to   - - - Panhandle Steers   were $1 higher   at   84   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 up 15 at 8202   Aug up 17 at 8252 Feeders: Aug up 7 at 9907   Sep up 7 at 9922 Cattle Comment Cattle prices closed the day mostly higher, despite poor fundamentals. Prices closed near the days' highs after trading much of the day. Cattle prices will likely remain under pressure as packer margins have slipped back into the red. Hogs Peoria: were     higher   at   32.5   to   33 Chicago Futures: Jun down 32 at 6677   Aug down 85 at 6995 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs closed the day mixed after three days of higher prices 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 07, 2009 Eggs New York:  Ex. Lg. 72-76; Lg. 70-74; Med. 61-65; Chicago:  Ex. Lg. 68-76; Lg. 66-74; Med. 56-64; Eastern Region Turkeys Hens: 8-16 lbs. 77-80 Toms: 16-24 lbs. 77-80   Delmarva Broilers U.S. Grade A Trade sentiment was fully steady to firm. Demand approaching the weekend was at least moderate to fairly good, best where promotions were planned or in progress. 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