05/19/2009 Farm Bureau Market Report

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Grain & Soybean Date: May 19, 2009 Soybeans Local Elevators: (May) EAST AR:  1151 to 1166 (NC) Summ. 943 to 956 River Elevators: (May) MISS: 1162 to 1186 ; AR & White 1151 to 1166 (NC) Summ. 943 to 976 Ark. Processor Bids: (May) 1155 to 1166  (NC) 950 to 955 Memphis:  (May) 1172 to 1187 (NC)  981 to - - - Riceland Foods:  (May) Stuttgart 1166 ; Pendleton 1166 ; West Memphis 1186 Chicago Futures: Jul up 15 1/2 at  1162   Sep  up  19 1/2  at  1120   Nov up 9  at  996   Jan '10 up 7 1/2  at  997 1/2   Mar '10 up 7  at  993   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Old crop soybeans led the market higher as concern about a tightening supply kept the recent uptrend intact. Recent big sales could lead to further adjustments in subsequent monthly reports, unless price begins to ration the limited supply. New crop November again failed to move through resistance at $10, as planting activities are expected to expand in the next day or so. Corn was higher for the day with across the board gains. While the slow pace of planting remains a concern, weather improvement should allow most of the acreage to be planted. However, yield could suffer – December futures again failed to close above key resistance at $4.50. Wheat Cash bid for May at Memphis  504 3/4 to 508 3/4; Bids to farmers at Local Elevators 488-500; River Elevators 485-514; Chicago Futures: Jul down  1 3/4  at  588 3/4    Sep down 2  at  614 1/2    Dec down  1 1/4  at  637 1/4    Mar '10 down  1 1/4  at  652 3/4    May '10 down  1 3/4  at  660 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for May at Memphis  600 to 616; Bids to farmers at River Elevators 528-608; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for May at Memphis   416 3/4 to 424 3/4;   new crop at Memphis   403 1/4 to - - -; Bids to farmers at River Elevators  485 to 514 Chicago Futures: Jul up  4 1/4  at  425 3/4    Sep up  4 1/2  at  435 1/4    Dec up  5  at  447    Mar '10 up  4 3/4  at  456 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat couldn’t hold early gains and closed slightly lower for the day. Prospects of a small spring crop and disease potential in some winter wheat areas have limited downside pressure with July holding in a 15-20 cent range just below $6. Cotton & Rice  Date: May 19, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis down 33 at  5322   Greenwood down  33 at 5322 New York Futures: Jul down  133  at  5622    Oct down  110  at  5852    Dec down  90  at  5948    Mar down  86  at  6167    - - -   - - -  at  - - -  This week's LDP rate for cotton is  6.17 cents   The estimate for next week is  7.42 cents Cotton Comment Cotton closed lower again today as the market failed to followthrough on yesterday’s upturn. Improving planting conditions in Arkansas and other parts the mid-South limited buying and kept the market under pressure. Long term acreage could be less than projected in March. This year’s crop may need to prove cotton’s resiliency again since overall conditions are not favored for good yields. Resistance is the recent high of $3.75 with support near 57 cents. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: Jul down  5  at  1194    Sep down  1  at  1204    Nov down  1  at  1210    Jan '10 down  1 1/2  at  1235    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice was slightly lower as there was little to provide upward incentive. 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 19, 2009 Cattle As reported by Federal-State Market News, receipts were 1,376 head at sales in Fort Smith & Heber Springs.  Compared with last week, feeder steers sold steady to $3 lower, heifers mostly steady . Steers:  Medium & Large Frame 1   400 to 450 lbs. 116.75 to - - -   500 to 550 lbs. 106.75 to - - -   600 to 650 lbs. 105.59 to - - -  Medium & Large Frame 2   400 to 450 lbs. 104.75 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 102.75 to - - -  Medium & Large Frame 2   400 to 450 lbs. 95.50 to - - - Slaughter Cows, Boners 46   to   52 Light Weight 31.50 to 35 Bulls, Yield Grade   1   1000   to   2100 lbs.   61.50   to   66, high dressing 66-70.50 Midwest Steers   n/a   at   - - -   to   - - - Panhandle Steers   n/a   at   - - -   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 123 to 127.50   600 to 650 lbs. 109 to 116.25 Heifers 550 to 600 lbs. 99.25 to 106.25   600 to 650 lbs. 97.75 to 103.60 Chicago Futures: Live Cattle: Jun down 85 at 8167   Aug down 50 at 8262 Feeders: Aug down 45 at 10137   Sep down 30 at 10185 Cattle Comment Cattle futures were mostly lower as the market looks ahead to the post Memorial Day seasonal weakness. Slaughter weights remain above year ago levels, but are just 18 pounds per head compared to 46 a month ago. Packer buying is light due to next week’s holiday shortened week. Hogs Peoria: were     steady   at   36.5   to   37 Chicago Futures: Jun down 52 at 6625   Aug down 52 at 6895 Sheep St. Paul n/a   at   - - -   to   - - - Hogs Comment Hogs were lower as most buyers have filled needs for next week. Recent weather pushed marketings ahead of schedule, but that will correct with recent improvement. Supplies should tighten but it will take better demand to move the market higher. Poultry  Date: May 19, 2009 Eggs New York:  Ex. Lg. 80-84; Lg. 78-82; Med. 63-67; 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 mostly firm. Retail and food service demand was at least moderate to fairly good, best into fast food and where features were active. Supplies of all sizes were well cleared to short of full 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