05/21/2009 Farm Bureau Market Report

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Grain & Soybean Date: May 21, 2009 Soybeans Local Elevators: (May) EAST AR:  1164 to 1179 (NC) Summ. 973 to 986 River Elevators: (May) MISS: 1175 to 1199 ; AR & White 1164 to 1179 (NC) Summ. 972 to 1006 Ark. Processor Bids: (May) 1168 to 1179  (NC) 978 to 983 Memphis:  (May) 1200 to 1202 (NC)  1008 1/2 to 1013 1/2 Riceland Foods:  (May) Stuttgart 1179 ; Pendleton 1179 ; West Memphis 1199 Chicago Futures: Jul up 6 at  1175   Sep  up  7 1/2  at  1071   Nov up 9  at  1023 1/2   Jan '10 up 8  at  1025   Mar '10 up 3  at  1012   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans rebounded from early weakness to close higher again today. While China apparently wants to develop big soybean stocks the weakening dollar. Soybean sales topped 50 million bushels last week with China the big buyer. Almost half were for the 09/10 marketing year. This suggests U.S. stocks could fall below 100 million bushels unless price gets high enough to slow the rate of purchase. November futures remained in position to test resistance at $10.38. A close below $10 would be negative. Corn declined slightly with a weaker dollar limiting downside. Ample supplies are being offset by the potential impact on yield of this year’s slow pace of planting. December failed to move above key resistance at $4.50. Wheat Cash bid for May at Memphis  512 1/2 to 513 1/2; Bids to farmers at Local Elevators 493-505; River Elevators 489-519; Chicago Futures: Jul down  4 1/4  at  593 1/2    Sep down 4 1/4  at  619 1/2    Dec down  4 1/4  at  642    Mar '10 down  4  at  658    May '10 down  3  at  667    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for May at Memphis  605 to - - -; Bids to farmers at River Elevators 525-605; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for May at Memphis   414 to 419;   new crop at Memphis   401 3/4 to - - -; Bids to farmers at River Elevators  387 to 412 Chicago Futures: Jul down  2  at  424    Sep down  1 3/4  at  433 3/4    Dec down  1 3/4  at  445 1/2    Mar '10 down  1 3/4  at  455 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat ended the session lower despite a fairly good export report. Long term U.S. wheat will have to be more price competitive. World stocks are ample and are more economically priced than the current U.S. market. Cotton & Rice  Date: May 21, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis  37 at  5278   Greenwood   37 at 5278 New York Futures: Jul down  165  at  5550    Oct down  42  at  5905    Dec up  308  at  6344    Mar '10 down  16  at  6307    - - -   - - -  at  - - -  This week's LDP rate for cotton is  6.17 cents   The estimate for next week is  7.41 cents Cotton Comment Cotton dipped today as trading has developed into an “up on day, down the next mode”. December futures have been holding above 58 cents and have additional support at 57.2 cents. Current resistance is the recent high of 63.75 cents. It remains to be seen how this year’s crop will develop, but the start is off the charts and that could impact yield. Longer term, it will be the economy, U.S. and world, that determines trend in use, and this export demand. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: Jul up  1 1/2  at  1212 1/2    Sep up  4 1/2  at  1222    Nov up  3 1/2  at  1225    Jan '10 up  3 1/2  at  1244    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice futures were steady to firm today, as futures moved with the narrow range that has contained trading for the last 3 months or so. Delayed planting and weather impacts on this year’s U.S. crop could keep yields down, and thus reduce projected production. But that is a ways down the road, right now the market must deal with building world stocks. Thailand offered about 3.7 mmt of intervention stocks for sale with about half of that being taken by local exporters. Vietnam is now officially back in the export market and India is expected to have excess supplies. So, look for the rice market to be very competitive. Cattle & Hogs  Date: May 21, 2009 Cattle As reported by Federal-State Market News, receipts were 3,220 head at sales in Charlotte, Ratcliff & Green Forest.  Compared with last week, feeder steers sold near steady . Steers:  Medium & Large Frame 1   400 to 450 lbs. 115.50 to - - -   500 to 550 lbs. 112 to - - -   600 to 650 lbs. 104 to - - -  Medium & Large Frame 2   400 to 450 lbs. 106 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 99 to - - -  Medium & Large Frame 2   400 to 450 lbs. 106 to - - - Slaughter Cows, Boners 46   to   53 Light Weight 33 to 40 Bulls, Yield Grade   1   1000   to   2100 lbs.   58   to   65, high dressing 65-73 Midwest Steers   were steady to $2 higher   at   83   to   85 Panhandle Steers   were steady to $1 higher   at   83   to   84 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 106.50   600 to 650 lbs. 97.75 to 103.60 Chicago Futures: Live Cattle: Jun up 30 at 8252   Aug up 35 at 8322 Feeders: Aug down 2 at 10167   Sep down 7 at 10210 Cattle Comment Cattle futures were mostly higher with feeders mixed. Tomorrow’s cattle on feed report is expected to slow placements higher than year ago levels for the third straight month. At the same time marketings would appear to be smaller than a year ago, as low prices forced feedlots to hold cattle longer. Upside potential in the near term appears limited. Hogs Peoria: were $1     lower   at   34.5   to   35 Chicago Futures: Jun down 125 at 6522   Aug down 120 at 6775 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs were sharply lower and may push back to the recent low that occurred at the height of H1N1 scare. A negative packer margin and declining pork cutout values don’t bode well near term. Poultry  Date: May 21, 2009 Eggs New York:  Ex. Lg. 89-93; Lg. 87-91; Med. 65-69; 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 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