05/08/2009 Farm Bureau Market Report

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Grain & Soybean Date: May 08, 2009 Soybeans Local Elevators: (May) EAST AR:  1097 to 1104 (NC) Summ. 920 to 929 River Elevators: (May) MISS: 1112 to 1131 ; AR & White 1096 to 1111 (NC) Summ. 922 to 955 Ark. Processor Bids: (May) 1105 to 1112  (NC) 932 to 934 Memphis:  (May) 1119 1/2 to 1132 1/2 (NC)  959 1/2 to - - - Riceland Foods:  (May) Stuttgart 1112 ; Pendleton 1112 ; West Memphis 1132 Chicago Futures: Jul up 9 1/2 at  1111 1/2   Sep  up  7 1/2  at  1021 1/2   Nov up 7 1/2  at  979 1/2   Jan '10 up 7  at  982 1/2   Mar '10 up 7 1/2  at  981   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans closed higher but seemed somewhat weaker than corn and wheat. An updated plantings projection by Informa dropped corn and increased soybeans. Soybean plantings are now projected at 78.3 million acres compared to USDA’s original 76 million acres. Next week’s supply demand report is expected to show another downward revision in ending stocks for soybeans. While the larger projected planted acreage will eventually relieve that situation, weather problems could still boost the market. November has resistance at $9.80 and then $10.38. September corn closed at the top of today’s trading range and is showing signs of possibly moving toward the early January high of $4.57 ¾. Informa’s smaller projected plantings for ’09 and weather consideration suggest the crop is beginning to get smaller. Wheat Cash bid for May at Memphis  515 to 516; Bids to farmers at Local Elevators 491-506; River Elevators 503-531; Chicago Futures: Jul up  20 3/4  at  591    Sep up 20 1/4  at  617 1/4    Dec up  19 3/4  at  639 1/4    Mar '10 up  19 3/4  at  654 1/2    May '10 up  19 1/4  at  663 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for May at Memphis  591 to 593; Bids to farmers at River Elevators 519-600; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for May at Memphis   412 to - - -;   new crop at Memphis   394 1/2 to 397 1/2; Bids to farmers at River Elevators  383 to 408 Chicago Futures: Jul up  9  at  421    Sep up  9  at  429 1/2    Dec up  8 3/4  at  439 3/4    Mar '10 up  7 3/4  at  450 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat prices surged higher for the second day in a row. Prices continued to be supported by reports from crop tours about the poor condition of soft red wheat in the plains. Additional strength in the other commodity and financial markets are also helping wheat prices maintain their strength. Tuesday's report will be of particular interest as the USDA begins reporting on the 2009 wheat crop. While production is expected to decline, wheat supplies, both in the U.S. and globally, remain ample to meet demand. Wheat prices broke through resistance at $5.75, and may be poised to test $6. Cotton & Rice  Date: May 08, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 97 at  5585   Greenwood up  97 at 5585 New York Futures: Jul up  280  at  6168    Oct up  n/a  at  - - -    Dec up  240  at  6390    Mar '10 up  104  at  6450    - - -   - - -  at  - - -  This week's LDP rate for cotton is  7.83 cents   The estimate for next week is  6.72 cents Cotton Comment Cotton continues to work higher with December ending the day above 62 cents and only a penny away from the 38% retracement objective of 63.5 cents. Above that is the 50% retracement objective of 69.2 cents. The market is extremely overbought technically and could have setback at any time. Longer term, this year’s planting problems suggest the ’09 U.S. crop is getting smaller all the time. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: Jul down  10  at  1265    Sep down  6  at  1220    Nov down  1/2  at  1229 1/2    Jan '10 down  5  at  1250    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice futures remained under pressure closing lower again today. The market is treading water and holding in a very narrow trading range. While flooding and rain are causing problems for this year’s crop, there appears to be ample international supplies available. Thailand has released 3 mmt of intervention stocks into the market and Vietnam appears to be back in the game with new crop supplies expected to be available shortly. Cattle & Hogs  Date: May 08, 2009 Cattle As reported by Federal-State Market News, receipts were 7,695 head at sales in Arkansas this week.  Compared with last week, feeder steers sold near steady to $2 lower, heifers steady to $2 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 115 to - - -   500 to 550 lbs. 106.50 to - - -   600 to 650 lbs. 98.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 101.75 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 100.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 92 to - - - Slaughter Cows, Boners 46   to   51 Light Weight 27 to 32 Bulls, Yield Grade   1   1000   to   2100 lbs.   55   to   62, high dressing 62.50-68 Midwest Steers   remained   at   84   to   - - - Panhandle Steers   n/a   at   - - -   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 105 to 124.94   600 to 650 lbs. 101 to 113 Heifers 500 to 550 lbs. 93 to 107.50   600 to 650 lbs. 87 to 102.75 Chicago Futures: Live Cattle: Jun up 95 at 8297   Aug up 107 at 8360 Feeders: Aug up 162 at 10070   Sep up 142 at 10065 Cattle Comment Cattle prices followed hogs higher today closing up almost a $1. While cash prices remain weak, expectations are that next week's cattle report will show supplies are tightening, which is helping support prices. Hogs Peoria: were     steady   at   32.5   to   33 Chicago Futures: Jun up 142 at 6820   Aug up 112 at 7107 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog prices continue their rally, as concern over H1N1 continues to decline. Strength in the overall economy, combined with strength in the crude oil market has traders buying more hog contracts. Packer demand remains strong, as they prepare for the kickoff of the summer grilling season (Memorial Day Weekend), which has led to stronger cash prices. Poultry  Date: May 08, 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 entering the weekend was moderate to instances fairly good, best where features were active. Supplies of all sizes were balanced 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? 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