05/20/2009 Farm Bureau Market Report

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Grain & Soybean Date: May 20, 2009 Soybeans Local Elevators: (May) EAST AR:  1158 to 1173 (NC) Summ. 964 to 977 River Elevators: (May) MISS: 1169 to 1193 ; AR & White 1158 to 1173 (NC) Summ. 963 to 997 Ark. Processor Bids: (May) 1162 to 1173  (NC) 969 to 974 Memphis:  (May) 1182 to 1194 (NC)  999 1/2 to - - - Riceland Foods:  (May) Stuttgart 1173 ; Pendleton 1173 ; West Memphis 1193 Chicago Futures: Jul up 7 at  1169   Sep  up  12 1/2  at  1063 1/2   Nov up 18 1/2  at  1014 1/2   Jan '10 up 19 1/2  at  1017   Mar '10 up 16  at  1009   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment New crop soybeans led the market higher keeping 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 moved above resistance at $10, despite prospects of increased planting activities. Corn was steady to slightly higher for the day. 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  512 3/4 to 517 3/4; Bids to farmers at Local Elevators 497-509; River Elevators 494-523; Chicago Futures: Jul up  9  at  597 3/4    Sep up 9 1/4  at  623 3/4    Dec up  9  at  646 1/4    Mar '10 up  9 1/4  at  662    May '10 up  9 1/2  at  670    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for May at Memphis  604 to 616; Bids to farmers at River Elevators 528-562; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for May at Memphis   416 to 418;   new crop at Memphis   400 1/2 to 403 1/2; Bids to farmers at River Elevators  389 to 414 Chicago Futures: Jul up  1/4  at  426    Sep up  1/4  at  435 1/4    Dec up  1/4  at  447 1/4    Mar '10 up  1/2  at  457 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures closed the day higher across the board. Prospects of a small spring crop and disease potential in some winter wheat areas, combined with strength in grain and oil markets helped boost prices. Wheat prices face resistance at around $6.30. Cotton & Rice  Date: May 20, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis down 7 at  5315   Greenwood down  7 at 5315 New York Futures: Jul up  93  at  5715    Oct up  95  at  5947    Dec up  88  at  6036    Mar '10 up  86  at  6253    - - -   - - -  at  - - -  This week's LDP rate for cotton is  6.17 cents   The estimate for next week is  7.34 cents Cotton Comment Cotton closed higher today. Improving planting conditions in Arkansas and other parts the mid-South is limited buying and keeping 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 favorable for good yields. Resistance is the recent high of 63.75 cents with support near 57 cents. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: Jul up  17  at  1211    Sep up  13 1/2  at  1217 1/2    Nov up  11 1/2  at  1221 1/2    Jan '10 up  5 1/2  at  1240 1/2    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice was higher as the market finally reversed the recent downturn. 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 20, 2009 Cattle As reported by Federal-State Market News, receipts were 1,015 head at sales in Conway & Pocahontas.  Compared with last week, feeder steers calves sold firm to $2 higher, yealrlings steady. Feeder heifers sold near steady . Steers:  Medium & Large Frame 1   400 to 450 lbs. 114 to - - -   500 to 550 lbs. 107 to - - -   600 to 650 lbs. 97 to - - -  Medium & Large Frame 2   400 to 450 lbs. 102.50 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 98 to - - -  Medium & Large Frame 2   400 to 450 lbs. 87 to - - - Slaughter Cows, Boners 47   to   52 Light Weight 35 to 42 Bulls, Yield Grade   1   1000   to   2100 lbs.   62   to   67, high dressing 68-69 Midwest Steers   were quoted   at   83   to   - - - Panhandle Steers   were quoted   at   83   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 55 at 8222   Aug up 25 at 8287 Feeders: Aug up 32 at 10170   Sep up 32 at 10217 Cattle Comment Cattle futures closed the day mixed. Price remain under pressure as demand is expected to remain weak following the post Memorial Day season. Packer buying continues to be light heading into next week’s holiday shortened week. Hogs Peoria: were $1     lower   at   35.5   to   36 Chicago Futures: Jun up 22 at 6647   Aug up 35 at 6845 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs were mostly higher today. A weak dollar is expected to help boost exports. Supplies should tighten but it will take better demand to continue to move the market higher. Poultry  Date: May 20, 2009 Eggs New York:  Ex. Lg. 84-88; Lg. 82-86; Med. 63-67; Chicago:  Ex. Lg. 63-71; Lg. 61-69; Med. 52-60; Eastern Region Turkeys Hens: 8-16lbs. 77-80 Toms: 16-24 lbs 77-80   Delmarva Broilers U.S. Grade A Trade sentiment was firm. 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