05/27/2009 Farm Bureau Market Report

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Grain & Soybean Date: May 27, 2009 Soybeans Local Elevators: (May) EAST AR:  1176 to 1191 (NC) Summ. 999 to 1012 River Elevators: (May) MISS: 1192 to 1211 ; AR & White 1173 to 1188 (NC) Summ. 999 to 1032 Ark. Processor Bids: (May) 1180 to 1191  (NC) 1009 to 1010 Memphis:  (May) 1201 to 1212 (NC)  1038 to - - - Riceland Foods:  (May) Stuttgart 1191 ; Pendleton 1191 ; West Memphis 1211 Chicago Futures: July up 1 1/2 at  1187   Sept  up  3  at  1090 1/2   Nov up 7 1/2  at  1050   Jan '10 up 8 1/4  at  1052 1/2   Mar '10 up 8  at  1040   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans closed mixed with late pressure on the old crop contacts. New crop raced to new recent highs based on slow planting progress and indications there will be little corn acreage moving to soybeans. From a technical standpoint, the market is overbought and due a downward correction. Wheat Cash bid for May at Memphis  539 3/4 to 545 3/4; Bids to farmers at Local Elevators 525-537; River Elevators 522-551; Chicago Futures: July up  13 3/4  at  625 3/4    Sept up 13 3/4  at  651 3/4    Dec up  13 1/2  at  674 1/4    Mar '10 up  13 1/4  at  690    May '10 up  15  at  699 3/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for May at Memphis  611 to - - -; Bids to farmers at River Elevators 537-617; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for May at Memphis   416 to 417;   New crop at Memphis   404 1/4 to - - -; Bids to farmers at River Elevators  389 to 414 Chicago Futures: July down  1 1/2  at  426    Sept down  1 1/2  at  436 1/4    Dec down  1/2  at  449 3/4    Mar '10 down  1/2  at  460 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Corn was slightly lower as yesterday’s crop progress report showed substantial improvement in Illinois, Indiana and Ohio. While there is still concern about the impact on yields, this year’s big carryover serves as a buffer. However, the market will remain sensitive to potential weather impacts. Wheat led today’s advance instead of following. The slow planting progress for spring wheat boosted values at the Minneapolis Exchange which contributed to strong gains in Chicago. A smaller rating in the good to excellent category also added to the positive undertone. July is testing resistance at $6.30 and that could bring the early January high at $6.68 into play. Cotton & Rice  Date: May 27, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 52 at  5183   Greenwood up  52 at 5183 New York Futures: July up  52  at  5558    Oct up  67  at  5780    Dec up  49  at  5906    Mar '10 up  61  at  6116    - - -   - - -  at  - - -  This week's LDP rate for cotton is  7.11 cents   The estimate for next week is  7.12 cents Cotton Comment Cotton managed a positive move as December again held above the 58 cent level. Demand remains slow and is a factor in the recent pullback. Long term the ’09 U.S. crop looks like an early disaster. Drought conditions will reduce plantings in Texas and rain continues to plague the Mid-South crop. Some acreage will be unplanted in Texas and in the Mid-South acreage will end up in soybeans. In the long run that could push the market toward resistance at the recent high of 63.75 cents or perhaps even the 50% retracement objective at 69.2 cents. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: July up  6 1/2  at  1197 1/2    Sept up  5  at  1222    Nov up  9  at  1233 1/2    Jan '10 up  2 1/2  at  1252 1/2    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice closed a little higher for the day. The market is looking at big world supplies versus a potential shorter than expected U.S. crop. In Arkansas, the crop is 81% planted versus a 5 year average of 95%, Missouri is even farther behind. Yield potential may also have been reduced by recent weather conditions. Nevertheless, there is enough rice in traditional exporting countries to weigh on the market. Cattle & Hogs  Date: May 27, 2009 Cattle As reported by Federal-State Market News, receipts were 821 head at sales in Conway and Pocahontas.  Compared with last week, feeder steers sold weak to $3 lower, heifers sold steady to $1 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 112 to - - -   500 to 550 lbs. 104 to - - -   600 to 650 lbs. 99.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 94 to - - - Heifers:  Medium & Large Frame 1   500 to 550 lbs. 94.75 to - - -  Medium & Large Frame 2   400 to 450 lbs. 82.25 to - - - Slaughter Cows, Boners 43   to   48.50 Light Weight 28 to 32 Bulls, Yield Grade   1   1000   to   2100 lbs.   58   to   62 Midwest Steers   were $1 to $2 lower   at   83   to   - - - Panhandle Steers   were 50¢ to $2 lower   at   83   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 109.50 to - - -   550 to 600 lbs. 107.00 to - - - Heifers 600 to 650 lbs. 96 to 97   650 to 700 lbs. 93 to - - - Chicago Futures: Live Cattle: June down 45 at 8237   Aug down 72 at 8310 Feeders: Aug down 12 at 10245   Sept down 32 at 10252 Cattle Comment Cattle futures were mostly lower in the absence of any positive fundamentals. The trade is still attempting to judge the Memorial Day holiday impact. While movement was solid, it was not spectacular and the feel is the market will continue to “slog along” in a sideways pattern until the overall economic situation shows good improvement. Hogs Peoria: were 50¢ to $1     lower   at   33   to   34 Chicago Futures: June down 27 at 6527   Aug down 30 at 6795 Sheep St. Paul n/a   at   - - -   to   - - - Hogs Comment Hogs were lower as packer margins remain very thin. Overall pork supplies remain plentiful with slaughter weighs holding above year ago levels. Plentiful supplies suggest a little backlog in market ready hogs. Poultry  Date: May 27, 2009 Eggs New York:  Ex. Lg. 94-98; Lg. 92-96; 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 fully steady. Demand was fair to moderate with most plants assessing market conditions following the extended Memorial Day weekend. Supplies of all sizes were balanced to well cleared to satisfy current 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