05/14/2009 Farm Bureau Market Report

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Grain & Soybean Date: May 14, 2009 Soybeans Local Elevators: (May) EAST AR:  1133 to 1148 (NC) Summ. 932 to 950 River Elevators: (May) MISS: 1148 to 1169 ; AR & White 1134 to 1149 (NC) Summ. 936 to 970 Ark. Processor Bids: (May) 1141 to 1148  (NC) 946 to - - - Memphis:  (May) 1167 1/2 to 1172 1/2 (NC)  972 to - - - Riceland Foods:  (May) Stuttgart 1148 ; Pendleton 1148 ; West Memphis 1168 Chicago Futures: Jul up 16 at  1166   Sep  up  13 1/2  at  1040 1/2   Nov up 10 1/2  at  992   Jan '10 up 8 1/2  at  995 1/2   Mar '10 up 8 3/4  at  991 3/4   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans continued to improve following a good export sales report. Ending stocks are projected to be just 130 million bushels or about 2 weeks supply. A slow pace of ’09 planting and continued strong export sales suggest supplies will be really tight late this summer. November futures again failed to move above $10. If that happens the next target is the January high of $10.38. Corn firmed to close a little higher. The market reversed early weakness as the overall concern about weather planting delays was a factor once again. A strong export report added to the firm undertone. Wheat Cash bid for May at Memphis  512 1/4 to 513 1/4; Bids to farmers at Local Elevators 493-515; River Elevators 494-528; Chicago Futures: Jul up  4 1/2  at  593 1/4    Sep up 4 1/2  at  619 3/4    Dec up  4 1/2  at  642    Mar '10 up  5  at  657    May '10 up  4  at  666    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for May at Memphis  611 to 620; Bids to farmers at River Elevators 532-612; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for May at Memphis   419 1/4 to 423 1/4;   new crop at Memphis   405 1/2 to - - -; Bids to farmers at River Elevators  391 to 416 Chicago Futures: Jul up  1 3/4  at  428 1/4    Sep up  2  at  437 1/2    Dec up  2  at  449 1/4    Mar '10 up  2 1/2  at  460 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat closed higher despite a poor export report. A smaller crop this year will keep stocks at a workable level, and provide a little boost to the market. Longer term, the U.S. will need to be more competitive. Cotton & Rice  Date: May 14, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 2 at  5506   Greenwood up  2 at 5506 New York Futures: Jul up  2  at  5906    Oct down  8  at  6045    Dec up  4  at  6107    Mar '10 up  16  at  6293    n/a   - - -  at  - - -  This week's LDP rate for cotton is  7.83 cents   The estimate for next week is  6.17 cents Cotton Comment Cotton ended the day steady after declining the past two days. This week’s report 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: Jul down  14 1/2  at  1201    Sep down  22  at  1207 1/2    Nov down  20  at  1215    Jan '10 down  13  at  1240 1/2    n/a down  - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice was pressured throughout the session closing lower across the board. This week’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 14, 2009 Cattle As reported by Federal-State Market News, receipts were 2,048 head at sales in Charlotte & Green Forest.  Compared with last week, feeder steers sold firm to $4 higher, heifers sold firm to $5 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 116 to - - -   500 to 550 lbs. 113 to - - -   600 to 650 lbs. 102.25 to - - -  Medium & Large Frame 2   400 to 450 lbs. n/a to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 103 to - - -  Medium & Large Frame 2   400 to 450 lbs. 94 to - - - Slaughter Cows, Boners 46   to   50 Light Weight 32 to 40 Bulls, Yield Grade   1   1000   to   2100 lbs.   55   to   57.50, high dressing 64-69.50 Midwest Steers   were $2 higher   at   85   to   - - - Panhandle Steers   were $2-2.50 higher   at   85, few 85.50   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 30 at 8280   Aug up 2 at 8285 Feeders: Aug up 42 at 10165   Sep up 35 at 10190 Cattle Comment Cattle futures closed mostly higher despite disappointing pre-memorial day beef demand. The beef market couldn’t gain much momentum as it was reported that a dairy herd retirement program is seeing good participation. Over a hundred thousand dairy cows are already scheduled for summer slaughter. At this point, packer margins are encouraging and that could begin to boost cash bids. Hogs Peoria: were $3-2.50     higher   at   37.50   to   Chicago Futures: Jun down 95 at 6700   Aug down 85 at 6852 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs were mostly weaker again as poor packer margins continue to pressure the market. With most of their memorial day needs covered retailers have been light buyers. Export movement is showing some improvement despite lingering effects of the H1N1 scare. Poultry  Date: May 14, 2009 Eggs New York:  Ex. Lg. 73-77; Lg. 71-75; 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 firm. Demand approaching the weekend was at least moderate to good, best into fast food and where promotions were in progress. Supplies of all sizes were no more than adequate to short 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? 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