05/28/2009 Farm Bureau Market Repot

Click here to view this report online.

Grain & Soybean Date: May 28, 2009 Soybeans Local Elevators: (May) EAST AR:  - - - to - - - (NC) Summ. - - - to - - - River Elevators: (May) MISS: - - - to - - - ; AR & White - - - to - -- (NC) Summ. - - - to - - - Ark. Processor Bids: (May) - - - to - - -  (NC) - - - to - - - Memphis:  (May) 1201 to 1202 (NC)  1039 to - - - Riceland Foods:  (May) Stuttgart 1180 ; Pendleton 1180 ; West Memphis 1200 Chicago Futures: July down 8 at  1179   Sept  down  2 1/2  at  1088   Nov up 3  at  1053   Jan '10 up 2 3/4  at  1055 1/4   Mar '10 up 3  at  1043   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans failed to hold early gains and closed mixed with old crop declining. It appears the sharp upturn in crude oil is bringing funds back into the market and that accounted for early gains. Momentum indicators suggest the market is oversold and probably due a downward retracement. Depending on weather the market could still work higher even after a correction. Wheat Cash bid for May at Memphis  554 1/2 to 558 1/2; Bids to farmers at Local Elevators - - -; River Elevators - - -; Chicago Futures: July up  4 3/4  at  630 1/2    Sept up 5  at  656 3/4    Dec up  4 1/2  at  678 3/4    Mar '10 up  4 1/4  at  694 1/4    May '10 up  2  at  701 3/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for May at Memphis  632 to - - -; Bids to farmers at River Elevators - - -; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for May at Memphis   419 3/4 to 423 3/4;   New Crop at Memphis   407 to - - -; Bids to farmers at River Elevators  - - - to - - - Chicago Futures: July up  2 3/4  at  428 3/4    Sept up  2 3/4  at  439    Dec up  2 1/2  at  452 1/4    Mar '10 up  3  at  463 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Corn firmed to close higher as the overall situation is still being impacted by weather. The general feeling is most of the corn acreage will be planted, but yields and production could suffer as a result of lateness. That means the market will remain weather sensitive. Wheat led today’s early upsurge, but like corn and beans, closed well off the day’s highs. Funds could be a real factor in wheat as the uptrend has accelerated dramatically this week. There is ample wheat available world wide and the U.S. is struggling to be competitive. Technically, July reached resistance around $6.45 on the weekly charts. Further gains may be difficult. Cotton & Rice  Date: May 28, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis down 135 at  5048   Greenwood down  135 at 5048 New York Futures: July down  135  at  5423    Oct down  117  at  5663    Dec down  95  at  5811    Mar '10 down  95  at  6021    - - -   - - -  at  - - -  This week's LDP rate for cotton is  7.11 cents   The estimate for next week is  7.59 cents Cotton Comment Cotton was lower again today despite a poor start to the ’09 U.S. crop. 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  14  at  1211 1/2    Sept up  13  at  1235    Nov up  6  at  1239 1/2    Jan '10 up  6 1/2  at  1259    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice firmed again today, but there does not appear to be enough momentum to break out of the sideways trading range. 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 28, 2009 Cattle As reported by Federal-State Market News, receipts were 2148 head at sales in Charlotte, Ratcliffe and Green Forest.  Compared with last week, feeder steers sold mostly steady to $2 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 117.50 to - - -   500 to 550 lbs. 112 to - - -   600 to 650 lbs. 91.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 106.75 to - - - Heifers:  Medium & Large Frame 1   500 to 550 lbs. 100 to - - -  Medium & Large Frame 2   400 to 450 lbs. 94.25 to - - - Slaughter Cows, Boners 43   to   5250 Light Weight 32 to 40 Bulls, Yield Grade   1   1000   to   2100 lbs.   57   to   65 Midwest Steers   steady to $1 higher   at   83   to   84 Panhandle Steers   were $1 higher   at   84   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 120 to 123.50   550 to 600 lbs. 111 to 117 Heifers 500 to 550 lbs. 106 to 108   550 to 600 lbs. 105.50 to - - - Chicago Futures: Live Cattle: June down 87 at 8150   Aug down 125 at 8185 Feeders: Aug down 62 at 10182   Sept down 52 at 10200 Cattle Comment Cattle futures continued 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: steady to 50¢     higher   at   33.5   to   34 Chicago Futures: June up 12 at 6540   Aug up 17 at 6812 Sheep St. Paul n/a   at   - - -   to   - - - Hogs Comment Hogs futures were steady to firm but have little upward momentum. 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 28, 2009 Eggs New York:  Ex. Lg. 98-102; Lg. 96-100; 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 steady to fully steady. Demand was fair to moderate, best for features as first of the month and weekend needs approaches. Supplies of all sizes were mostly sufficient 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