05/15/2009 Farm Bureau Market Report

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Grain & Soybean Date: May 15, 2009 Soybeans Local Elevators: (May) EAST AR:  1116 to 1131 (NC) Summ. 916 to 936 River Elevators: (May) MISS: 1131 to 1152 ; AR & White 1117 to 1132 (NC) Summ. 923 to 956 Ark. Processor Bids: (May) 1124 to 1131  (NC) 930 to 933 Memphis:  (May) 1155 1/2 to - - - (NC)  955 3/4 to 960 3/4 Riceland Foods:  (May) Stuttgart 1131 ; Pendleton 1131 ; West Memphis 1135 Chicago Futures: Jul down 17 at  1130 1/2   Sep  down  17 1/4  at  1023 1/4   Nov down 16 1/4  at  975 3/4   Jan '10 down 17  at  978 1/2   Mar '10 down 17 1/4  at  974 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans lost ground on profit taking and prospects of additional acres switching from other crops. The week’s supply demand numbers appear to be fully factored into the market. While there are rain prospects over the weekend, the long range forecast finally shows a dry stretch coming up. The question is how long it takes to get back in the fields. A large amount of acreage can be planted in a short time, but it will be a while before any work can be done. November again backed off from resistance around $10. Support starts around $9.50. Corn was lower across the board despite the slow pace of planting. Big stocks are tempering concerns as traders take profits ahead of the weekend. Improving weather should allow planting by late next week. September corn has been unable to close above $4.40 and could work lower on better conditions. Wheat Cash bid for May at Memphis  497 1/2 to - - -; Bids to farmers at Local Elevators 478-494; River Elevators 478-505; Chicago Futures: Jul down  15 3/4  at  577 1/2    Sep down 15 3/4  at  604    Dec down  15 3/4  at  626 1/4    Mar '10 down  15 3/4  at  641 1/4    May '10 down  15 1/2  at  650 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for May at Memphis  593 to 600; Bids to farmers at River Elevators 512-592; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for May at Memphis   408 1/4 to 412 1/4;   new crop at Memphis   394 3/4 to - - -; Bids to farmers at River Elevators  380 to 405 Chicago Futures: Jul down  11  at  417 1/4    Sep down  10 3/4  at  426 3/4    Dec down  10 3/4  at  438 1/2    Mar '10 down  11 1/4  at  449    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat prices gave back all of this weeks’ gains and closed near where prices opened the week. The downturn in both the corn and soybean markets, removed a large portion of the support that had propped wheat prices up most of the week. Continued weakness in the export market and large stocks continue to hold wheat prices down. While this weeks report showed a marginal decline in wheat stocks we are still looking at huge stocks in 2009/10. Wheat prices have support at $5.50 and $5.20. Cotton & Rice  Date: May 15, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis down 276 at  5230   Greenwood down  276 at 5230 New York Futures: Jul down  276  at  5630    Oct down  218  at  5827    Dec down  200  at  5907    Mar '10 down  186  at  6107    - - -   - - -  at  - - -  This week's LDP rate for cotton is  6.17 cents   The estimate for next week is  6.92 cents Cotton Comment Cotton was another that was hit by heavy selling as the market dipped sharply. This marks the second big decline since Tuesday’s report. In addition to the negative report, the market was technically overbought and due a downward correction. December has support around 57 cents which was resistance. That area is also a 38% retracement of gains made over the last 2 months. The overbought situation has corrected as indicated by an RSI (Relative Strength Index) value around 50. The market could push lower, but should be near an interim low. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: Jul down  7 1/2  at  1193 1/2    Sep down  4 1/2  at  1203    Nov down  2  at  1213    Jan '10 down  2  at  1238 1/2    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice was shortly lower as the market continued to reflect Tuesday’s report. Ending stocks are projected to increase in the U.S. and the world. The 09/10 projection will market the 4th consecutive year of production exceeding use. World stocks will have increased over 20%, rising from 75 mmt to over 94 mmt. Ample supplies are expected to be available over the next year prompting USDA to project a long grain average farm price range of $9.50 to $10.50 for this year’s crop. Cattle & Hogs  Date: May 15, 2009 Cattle As reported by Federal-State Market News, receipts were 8,810 head at sales in Arkansas this week.  Compared with last week, feeder steers sold firm to $3 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 117 to - - -   500 to 550 lbs. 107 to - - -   600 to 650 lbs. 104 to - - -  Medium & Large Frame 2   400 to 450 lbs. n/a to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 99.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 90.50 to - - - Slaughter Cows, Boners 46   to   52 Light Weight 30 to 35 Bulls, Yield Grade   1   1000   to   2100 lbs.   57   to   65, high dressing 65-66.50 Midwest Steers   remained   at   85   to   - - - Panhandle Steers   were steady to $.50 lower   at   85   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 110 to 124   600 to 650 lbs. 104.50 to 115 Heifers 500 to 550 lbs. 94.25 to 109.   600 to 650 lbs. 90 to 103 Chicago Futures: Live Cattle: Jun down 42 at 8237   Aug down 32 at 8252 Feeders: Aug steady at 10165   Sep up 7 at 10197 Cattle Comment Cattle futures closed the day lower. Weak demand continues to plague the market despite the kick off of the summer grilling season just 2-weeks away. At this point, packer margins remain encouraging and could begin to boost cash bids. Hogs Peoria: were     steady   at   36.50   to   37 Chicago Futures: Jun down 47 at 6652   Aug up 22 at 6875 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 15, 2009 Eggs New York:  Ex. Lg. 74-78; Lg. 72-76; 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. 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