05/13/2009 Farm Bureau Market Report

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Grain & Soybean Date: May 13, 2009 Soybeans Local Elevators: (May) EAST AR:  1113 to 1128 (NC) Summ. 922 to 940 River Elevators: (May) MISS: 1128 to 1148 ; AR & White 1113 to 1128 (NC) Summ. 925 to 959 Ark. Processor Bids: (May) 1121 to 1128  (NC) 936 to - - - Memphis:  (May) 1148 to - - - (NC)  961 1/2 to - - - Riceland Foods:  (May) Stuttgart 1128 ; Pendleton 1128 ; West Memphis 1148 Chicago Futures: July up 10 1/2 at  1128   Sept  up  10  at  1085   Nov up 2  at  981 1/2   Jan '10 up 3 1/4  at  987   Mar '10 up 1  at  983   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans were higher across the board with the biggest gains in old crop contracts. Tightening old crop stocks are the major factor in the upturn. Slow planting progress is a two edged sword with corn acreage possibly moving to beans, but late planting for beans could potentially impact yields. New crop November has resistance at $10, but could move toward $10.38 on a close above that level. Wheat Cash bid for May at Memphis  507 3/4 to 508 3/4; Bids to farmers at Local Elevators 489-509; River Elevators 496-529; Chicago Futures: July down  4  at  588 3/4    Sept down 4 1/4  at  615 1/4    Dec down  4 1/4  at  637 1/2    Mar '10 down  4 3/4  at  652    May '10 down  4 1/2  at  662    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for May at Memphis  608 to 617; Bids to farmers at River Elevators 528-608; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for May at Memphis   417 1/2 to 420 1/2;   New crop at Memphis   403 1/2 to - - -; Bids to farmers at River Elevators  389 to 414 Chicago Futures: July down  1  at  426 1/2    Sept down  3/4  at  435 1/2    Dec down  3/4  at  447 1/4    Mar '10 down  1  at  457 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Corn gave back a little of yesterday’s gains, but remains in position to move higher if planting activity does not improve. Yesterday’s report dropped 09/10 ending stocks, but acreage and yield could both decline further. The next upside objective for September is $4.58. Wheat was lower as the market failed to generate any upside momentum. Some export movement is being seen, but most purchasers are opting for cheaper origins like Russia. July is finding stiff resistance at $6, current support is $5.75. Cotton & Rice  Date: May 13, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis down 128 at  5504   Greenwood down  128 at 5504 New York Futures: July down  128  at  5904    Oct down  108  at  6053    Dec down  111  at  6103    Mar '10 down  15  at  6277    - - -   - - -  at  - - -  This week's LDP rate for cotton is  7.83 cents   The estimate for next week is  5.98 cents Cotton Comment Cotton was lower for the second day in a row, following Tuesday’s report. USDA made only minor changes in the 08/09 supply demand numbers, but the first 09/10 projection was somewhat disappointing. Exports for 09/10 were forecast at just 11 million bales, reflecting a poor world economic climate and slow growth in China’s mill sector. USDA did project Chinese imports at 9 million bales, up from just 6.5 million bales this year. However, U.S. stocks were projected to be 5.6 million bales in 09/10 down just a little over one million bales from this year. None of this reflects this year’s slow planting pace and the potential impact of the current wet weather. Technically, look for a temporary pullback. December has good support at the old high of 57.2 cents. Should the uptrend continue the next upside retracement objective is 69.2 cents. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: July down  2  at  1215 1/2    Sept up  42 1/2  at  1229 1/2    Nov up  38  at  1235    Jan '10 up  33  at  1254    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice closed mixed with new crop contracts making a strong rally. USDA’s monthly supply demand report provided the initial look at 09/10 marking year projections. Increased 09 plantings are expected to produce 224 million cwt of rice with projecting ending stocks increasing from 23 to 39 million cwt. The average farm price of 09/10 long grain was projected at $9.50 to 10.50 per cwt. World numbers reflect increased production over the last several years with ending stocks projected to increase from 75 mmt to 94.7 mmt in just 3 years. Cattle & Hogs  Date: May 13, 2009 Cattle As reported by Federal-State Market News, receipts were 896 head at sales in Conway and Pocahontas.  Compared with last week, feeder steers sold firm to $4 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 113 to - - -   500 to 550 lbs. 108 to - - -   600 to 650 lbs. 98 to - - -  Medium & Large Frame 2   400 to 450 lbs. - - - to - - - Heifers:  Medium & Large Frame 1   500 to 550 lbs. 94 to - - -  Medium & Large Frame 2   400 to 450 lbs. 93 to - - - Slaughter Cows, Boners 45.50   to   51 Light Weight 32 to 35 Bulls, Yield Grade   1   1000   to   2100 lbs.   57   to   66 Midwest Steers   were steady   at   83   to   - - - Panhandle Steers   were steady   at   83   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 120.75 to 122.25   550 to 600 lbs. 114 to 119.50 Heifers 500 to 550 lbs. 106 to 108.75   550 to 600 lbs. 99.25 to 102.75 Chicago Futures: Live Cattle: June down 70 at 8250   Aug down 75 at 8282 Feeders: Aug down 22 at 10122   Sept steady at 10155 Cattle Comment Cattle futures were lower today despite improving packer margins. The market has not seen the Memorial Day Holiday buying that is expected and this is pressuring the cash market. Feedlots are anticipating sales at $85 to $86 as the slaughter pace remains strong. Hogs Peoria: were $1.50 lower to $1     higher   at   34   to   36 Chicago Futures: June down 97 at 6795   Aug down 147 at 6937 Sheep St. Paul n/a   at   - - -   to   - - - Hogs Comment Hog futures reversed yesterday’s upturn, closing sharply lower for the day. At the same time, tightening supplies are providing support in the cash market. Packer margins remain negative and that will limit upside potential. Poultry  Date: May 13, 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. 77-82 Toms: 16-24 lbs. 77-82   Delmarva Broilers U.S. Grade A Trade sentiment was fully steady to mostly firm. Retail and foods service demand was at least moderate to good, best into delicatessen and where fast food promotions were in progress. Supplies of all sizes were well cleared to tight 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