05/11/2009 Farm Bureau Market Report

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Grain & Soybean Date: May 11, 2009 Soybeans Local Elevators: (May) EAST AR:  1101 to 1116 (NC) Summ. 923 to 935 River Elevators: (May) MISS: 1116 to 1136 ; AR & White 1101 to 1136 (NC) Summ. 925 to 958 Ark. Processor Bids: (May) 1109 to 1116  (NC) 935 to 937 Memphis:  (May) 1136 to 1152 (NC)  963 to - - - Riceland Foods:  (May) Stuttgart 1116 ; Pendleton 1116 ; West Memphis 1136 Chicago Futures: Jul up 4 1/2 at  1116   Sep  up  3 1/2  at  1025   Nov up 3 1/2  at  983   Jan '10 up 4 1/4  at  986 3/4   Mar '10 up 3  at  984   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans ended the day slightly higher after recouping overnight losses. A weak export report and pre-report positioning provide the initial weakness. Tomorrow’s report is expected to reduce ending stocks by 25 to 30 million bushels, a result of exceptional export sales. China has been a major purchaser, but is expected to show less interest in the next several months. Production estimates for Argentina are expected to be reduced dramatically from 39 to perhaps as little as 32 mmt. Weather remains an unknown, and could boost November above resistance at $9.80. Corn closed mixed as the market recovered some from early session declines. Rain in the Midwest and mid-south suggests adjustments in production forecasts for ’09 are likely. Acreage could move to soybeans. The question is how much planted acreage will have to be replanted to something else. The next upside resistance for September is the January high of $4.57 ¾. Wheat Cash bid for May at Memphis  508 3/4 to 523 3/4; Bids to farmers at Local Elevators 491-511; River Elevators 503-531; Chicago Futures: Jul down  1/4  at  590 3/4    Sep down 1/4  at  617    Dec unchanged    at  639 1/4    Mar '10 down  1/2  at  654    May '10 down  1/4  at  663 1/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for May at Memphis  592 to 608; 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 1/4 to 416 1/4;   New crop at Memphis   394 1/2 to 397 1/2; Bids to farmers at River Elevators  384 to 409 Chicago Futures: Jul up  1/4  at  421 1/4    Sep unchanged    at  429 1/2    Dec up  1/2  at  440 1/4    Mar '10 up  1/4  at  450 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat closed mixed with the market anticipating little change in ending stocks. Production estimates averaged 1.527 billion bushels, down from 1.868 billion bushels last year. July wheat came within a few cents of $6, and moved above recent resistance last Friday. The next resistance is around $6.30. Cotton & Rice  Date: May 11, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 69 at  5654   Greenwood up  69 at 5654 New York Futures: Jul up  69  at  6054    Oct up  55  at  6213    Dec up  49  at  6286    Mar '10 up  52  at  6485    - - -   - - -  at  - - -  This week's LDP rate for cotton is  7.83 cents   The estimate for next week is  6.47 cents Cotton Comment December cotton rallied from overnight losses to hit 63 cents during today’s trade. That puts December within 50 points of the 38% retracement objective. Technically, the next retracement objective is 69.2 cents. No doubt rain in the mid-south is boosting the market. Recent rain puts much of the previously planted acreage in doubt. The question is not how much is planted, but how much will have to be replanted and when. Rain is forecast for much of this week which means planting won’t start until the next 10 days of May. Will acreage move to soybeans? Rice Long Grain Cash Bid for  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: Jul unchanged    at  1265    Sep up  14  at  1234    Nov up  17 1/2  at  1247    Jan '10 up  16  at  1266    - - - up  - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice firmed, but remained within the very narrow range that has contained trading for the last 5 or 6 weeks. U.S. stocks were tightened in last month’s supply demand report, and little change is anticipated this month. Available stocks worldwide appear to be ample with Thailand making 3 mmt of intervention stocks available to the market. On the local scene rain continues to create problems for this year’s crop. Cattle & Hogs  Date: May 11, 2009 Cattle As reported by Federal-State Market News, receipts were 3118 head at sales in Ash Flat, Ola and Springdale.  Compared with last week, feeder steers sold very unevenly from sale to sale, averaging near steay . Steers:  Medium & Large Frame 1   400 to 450 lbs. 115.50 to - - -   500 to 550 lbs. 109.75 to - - -   600 to 650 lbs. 102 to - - -  Medium & Large Frame 2   400 to 450 lbs. 104.75 to - - - Heifers:  Medium & Large Frame 1   500 to 550 lbs. 94 to - - -  Medium & Large Frame 2   400 to 450 lbs. 90 to - - - Slaughter Cows, Boners 45   to   50 Light Weight 33 to 38 Bulls, Yield Grade   1   1000   to   2100 lbs.   57   to   63 Midwest Steers   were steady to $1 lower   at   83   to   84 Panhandle Steers   were quoted   at   83   to   85 Oklahoma City Feeders Steers 510 to - - - lbs. 122.25 to - - -   625 to 700 lbs. 103.50 to 110 Heifers 550 to 600 lbs. 99.50 to 102.75   600 to 675 lbs. 97 to 102 Chicago Futures: Live Cattle: Jun up 30 at 8327   Aug up 30 at 8390 Feeders: Aug up 90 at 10160   Sep up 122 at 10187 Cattle Comment Cattle futures were mostly higher despite problems in the equity sector. Showlists were sold out last week but there is a general feeling that marketings may not be as current as they appear. Long term demand could be a problem for beef, particularly the high end cut. Job cuts and unemployment is expected to be a factor on the demand side. Hogs Peoria: were steady to 50¢     higher   at   33   to   - - - Chicago Futures: Jun down 42 at 6777   Aug down 82 at 7025 Sheep St. Paul n/a   at   - - -   to   - - - Hogs Comment Hogs were mixed as supplies are expected to tighten. This should improve demand, but deteriorating margins will limit packer interest. Poultry  Date: May 11, 2009 Eggs New York:  Ex. Lg. 72-76; Lg. 70-74; Med. 61-65; Chicago:  Ex. Lg. 62-70; Lg. 60-68; Med. 52-60; 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 instances firm. Demand following the weekend was moderate to instances fairly good, best where promotions were planned or in progress. 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