05/26/2009 Farm Bureau Market Report

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Grain & Soybean Date: May 26, 2009 Soybeans Local Elevators: (May) EAST AR:  1175 to 1190 (NC) Summ. 992 to 1005 River Elevators: (May) MISS: 1186 to 1210 ; AR & White 1175 to 1190 (NC) Summ. 992 to 1025 Ark. Processor Bids: (May) 1179 to 1190  (NC) 1002 to 1003 Memphis:  (May) 1210 1/2 to 1222 1/2 (NC)  1027 1/2 to 1030 1/2 Riceland Foods:  (May) Stuttgart 1190 ; Pendleton 1190 ; West Memphis 1210 Chicago Futures: July up 19 1/2 at  1185 1/2   Sept  up  11 1/4  at  1087 1/2   Nov up 11  at  1042 1/2   Jan '10 up 11  at  1044 1/4   Mar '10 up 9 3/4  at  1032   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans reversed early declines to again finish the day on a strong note. While old crop contracts led the move, new crop November closed above previous resistance at $10.38, setting the stage for possible additional gains. While the market appears top heavy and is subject to a downturn at anytime- today’s close was a positive. Soybeans put in a high during the May to July time period about 60% of the time. So be prepared to take advantage of this upturn in the near future. Wheat Cash bid for May at Memphis  532 to 538; Bids to farmers at Local Elevators 511-523; River Elevators 509-537; Chicago Futures: July down  1/2  at  612    Sept down 1/2  at  638    Dec down  1/4  at  660 3/4    Mar '10 up  1/4  at  676 3/4    May '10 unchanged    at  684 3/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for May at Memphis  624 to - - -; Bids to farmers at River Elevators 539-619; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for May at Memphis   417 1/2 to 422 1/2;   New crop at Memphis   402 3/4 to 405 3/4; Bids to farmers at River Elevators  390 to 415 Chicago Futures: July down  2 3/4  at  427 1/2    Sept down  2 1/2  at  437 3/4    Dec down  1 3/4  at  450 1/4    Mar '10 down  3/4  at  461    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Corn was unable to muster much upside as traders anticipate a big surge in plantings. It is now expected that most of the projected corn acreage will be planted, but the late date could reduce yield expectations. This will also make corn more vulnerable to weather as the crop year progresses. The ability of December to hold above $4.50 is positive. Wheat closed narrowly mixed. Fundamentals are mixed with hard red winter finishing the year on good conditions, while soft red conditions are variable and spring wheat planting is way behind schedule. Ample world supplies would tend to limit upside potential. Technically, the next resistance is around $6.30. Cotton & Rice  Date: May 26, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis down 205 at  5131   Greenwood down  205 at 5131 New York Futures: July down  205  at  5506    Oct down  233  at  5713    Dec down  181  at  5857    Mar '10 down  194  at  6055    - - -   - - -  at  - - -  This week's LDP rate for cotton is  7.11 cents   The estimate for next week is  7.12 cents Cotton Comment Cotton was hit by another wave of selling that pushed December toward support between 58 and 57 cents. Much of this year’s U.S. crop is off to a poor start, but ample stocks will tend to limit upside potential. Support is multi-faceted with flat support and trendline crossing in the above mentioned range. Upside potential could improve over time, depending on economic conditions and this year’s crop development. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: July down  14 1/2  at  1191    Sept down  8  at  1217    Nov down  7 1/2  at  1224 1/2    Jan '10 down  1  at  1250    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice continued to trade in a very tight range that has contained movement for almost 3 months. World supplies are expected to increase for the fourth year in a row. U.S. projected plantings were up slightly from ’08, but actual plantings are questionable. USDA projects a season average farm price range of $9.50 to $10.50 for long grain. If that’s the case, there could be problems ahead. Cattle & Hogs  Date: May 26, 2009 Cattle As reported by Federal-State Market News, receipts were 2308 head at sales in Heber Springs, Ola and Springdale.  Compared with last week, feeder steers sold steady to $2 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 116.75 to - - -   500 to 550 lbs. 106.50 to - - -   600 to 650 lbs. 102.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 107.75 to - - - Heifers:  Medium & Large Frame 1   500 to 550 lbs. 96 to - - -  Medium & Large Frame 2   400 to 450 lbs. 90 to - - - Slaughter Cows, Boners 45   to   53 Light Weight 35 to 40 Bulls, Yield Grade   1   1000   to   2100 lbs.   57.50   to   66.50 Midwest Steers   were quoted   at   84   to   85 Panhandle Steers   were quoted   at   82.50   to   85 Oklahoma City Feeders Steers 550 to 575 lbs. 107 to 109.50   650 to 700 lbs. 104.25 to 107 Heifers 625 to 700 lbs. 93 to 97   725 to 750 lbs. 92.75 to 94.50 Chicago Futures: Live Cattle: June up 30 at 8282   Aug up 5 at 8382 Feeders: Aug up 65 at 10257   Sept up 70 at 10285 Cattle Comment Cattle were mostly higher despite a second consecutive monthly report that put placement well above year ago levels. Slow marketings for April pressured futures in the early going. Overall trading is expected to remain in a sideways pattern. Hogs Peoria: were     steady   at   33.5   to   34 Chicago Futures: June down 42 at 6555   Aug down 37 at 6825 Sheep St. Paul n/a   at   - - -   to   - - - Hogs Comment Hogs were pressured by light packer demand following the Memorial day holiday. Inability to clear stocks is pressuring the market. Poultry  Date: May 26, 2009 Eggs New York:  Ex. Lg. 91-95; Lg. 89-93; Med. 65-69; Chicago:  Ex. Lg. 81-89; Lg. 79-87; Med. 56-64; Eastern Region Turkeys Hens: 8-16 lbs. 78-81 Toms: 16-24 lbs. 78-81   Delmarva Broilers U.S. Grade A Trade sentiment was firm. Demand was at least moderate to good following the Memorial holiday weekend. Supplies of all sizes were well cleared to short to satisfy current trade needs. Processing schedules for this week were lighter due to plants being down for the holiday. 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