05/18/2009 Farm Bureau Market Report

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Grain & Soybean Date: May 18, 2009 Soybeans Local Elevators: (May) EAST AR:  1136 to 1151 (NC) Summ. 934 to 937 River Elevators: (May) MISS: 1147 to 1171 ; AR & White 1135 to 1150 (NC) Summ. 936 to 967 Ark. Processor Bids: (May) 1141 to 1151  (NC) 941 to 946 Memphis:  (May) 1166 1/2 to 1171 1/2 (NC)  972 to - - - Riceland Foods:  (May) Stuttgart 1151 ; Pendleton 1151 ; West Memphis 1171 Chicago Futures: Jul up 16 at  1146 1/2   Sep  up  13 3/4  at  1037   Nov up 11 1/4  at  987   Jan '10 up 11 1/2  at  980   Mar '10 up 11 1/2  at  986   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans reversed last Friday’s selloff, further suggesting the selloff was simply profit taking ahead of the weekend. A good weekly export inspections report was further enhanced by reported sales to China and India. China’s buy was for the 09/10. This further assures a tight stocks situation for the start of the 09/10 marketing year. Late planting offers little relief and suggests November will test resistance at $10 and perhaps the January high of $10.38. Corn was sluggish early but ended the session on a positive note. Good weather is forecast for this week, but many areas won’t be dry enough to work until late this week. A September close above $4.43 makes the early January high, just below $4.58, the next upside objective. Wheat Cash bid for May at Memphis  510 1/2 to - - -; Bids to farmers at Local Elevators 491-507; River Elevators 486-518; Chicago Futures: Jul up  13  at  590 1/2    Sep up 12 1/2  at  616 1/2    Dec up  12 1/4  at  638 1/2    Mar '10 up  12 3/4  at  654    May '10 up  11 3/4  at  662 1/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for May at Memphis  606 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 1/2 to 420 1/2;   new crop at Memphis   398 3/4 to - - -; Bids to farmers at River Elevators  384 to 409 Chicago Futures: Jul up  4 1/4  at  421 1/2    Sep up  4  at  430 3/4    Dec up  3 1/2  at  442    Mar '10 up  3  at  452    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat led the late rally with strong index buying providing a boost. Big world stocks would seem to limit upside potential, but stronger oil and weaker $ could entice more investment money into wheat. July failed at $6, but a close above that level would suggest a move toward resistance at $6.31. Cotton & Rice  Date: May 18, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 125 at  5355   Greenwood up  125 at 5355 New York Futures: Jul up  125  at  5755    Oct up  135  at  5962    Dec up  131  at  6038    Mar '10 up  146  at  6253    - - -   - - -  at  - - -  This week's LDP rate for cotton is  6.17 cents   The estimate for next week is  7.57 cents Cotton Comment Cotton reversed to close with solid gains. This suggests the selloff was related to the overbought condition. Having corrected the market should retest the 63.75 cents high, with 50% retracement value of 69.2 cents the next potential upside objective. Fundamentally there is sufficient cotton available, but mills and the recent uptrend caught some unprepared. No doubt last week’s downturn enticed some buying and helped account for the reversal. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: Jul up  5 1/2  at  1199    Sep up  2  at  1205    Nov down  2  at  1211    Jan '10 down  2  at  1236 1/2    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice was steady to firm as late buying tripped the scales to the positive side. However, the long term outlook remains clouded by growing world stocks. Short term, Thailand has big intervention stocks and they have made some of the older stocks available for export. In the U.S. planting remains behind the norm and recent rain has caused delayed crop development. Some acreage may move to soybeans, but that will likely be a limited amount. Trade September support at $11.40. Cattle & Hogs  Date: May 18, 2009 Cattle As reported by Federal-State Market News, receipts were 2,044 head at sales in Ash Flat & Springdale.  Compared with last week, feeder steers sold steady to $2 lower, heifers calves sold firm to $4 higher, yearlings steady . Steers:  Medium & Large Frame 1   400 to 450 lbs. 116 to - - -   500 to 550 lbs. 95 to - - -   600 to 650 lbs. 93 to - - -  Medium & Large Frame 2   400 to 450 lbs. 93 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 101 to - - -  Medium & Large Frame 2   400 to 450 lbs. 93 to - - - Slaughter Cows, Boners 45   to   53 Light Weight 37 to 41 Bulls, Yield Grade   1   1000   to   2100 lbs.   57.50   to   66.50, high dressing 68-74.50 Midwest Steers   were $3 lower to steady   at   82   to   85 Panhandle Steers   were $1 lower to $.50 higher   at   84   to   85.50 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 15 at 8252   Aug up 60 at 8312 Feeders: Aug up 17 at 10182   Sep up 17 at 10215 Cattle Comment Cattle futures trimmed after seeing strong cutout values last week. Strong cash movement added to the positive market undertone. June futures have good support around $81, but need to close above resistance just below $84 to get the market trending higher. Hogs Peoria: were     steady   at   36.5   to   37 Chicago Futures: Jun up 25 at 6677   Aug up 72 at 6947 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs were steady to slightly firmer as they head toward the Memorial Day holiday. Producers are pushing hogs to market, but packers remain somewhat reluctant buyers as margins are still negative. While pork consumption is improving, it hasn’t fully recovered from the H1N1 scare. Poultry  Date: May 18, 2009 Eggs New York:  Ex. Lg. 76-80; Lg. 74-78; Med. 61-65; Chicago:  Ex. Lg. 63-71; Lg. 61-69; 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 following the weekend was at least moderate to fairly good. Supplies of all sizes were well cleared to short 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