05/29/2009 Farm Bureau Market Report

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Grain & Soybean Date: May 29, 2009 Soybeans Local Elevators: (May) EAST AR:  1170 to 1185 (NC) Summ. 1013 to 1027 River Elevators: (May) MISS: 1189 to 1205 ; AR & White 1168 to 1183 (NC) Summ. 1013 to 1047 Ark. Processor Bids: (May) 1177 to 1185  (NC) 1022 to 1024 Memphis:  (May) 1197 to 1207 (NC)  1050 1/2 to - - - Riceland Foods:  (May) Stuttgart 1185 ; Pendleton 1185 ; West Memphis 1205 Chicago Futures: July up 5 at  1184   Sept  up  8 1/2  at  1096 1/2   Nov up 9 1/2  at  1062 1/2   Jan '10 up 9 1/2  at  1064 3/4   Mar '10 up 10 3/4  at  1053 3/4   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans firmed early on the strength of outside markets and another good export report. Tight old crop supplies are keeping old crop firm, the question is how long new crop can hold the $10.50 level. The guess is not long, if good planting progress continues into next week and total acreage exceeds the March projection substantially. Wheat Cash bid for May at Memphis  550 1/4 to 565 1/4; Bids to farmers at Local Elevators 537-548; River Elevators 533-564; Chicago Futures: July up  6 3/4  at  637 1/4    Sept up 7  at  663 3/4    Dec up  7 1/4  at  686    Mar '10 up  7 1/4  at  701 1/2    May '10 up  8 1/2  at  710 1/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for May at Memphis  636 to - - -; Bids to farmers at River Elevators 555-589; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for May at Memphis   426 1/4 to 427 1/4;   New crop at Memphis   414 1/4 to - - -; Bids to farmers at River Elevators  399 to 424 Chicago Futures: July up  7 1/2  at  436 1/4    Sept up  7 1/4  at  446 1/4    Dec up  7  at  459 1/4    Mar '10 up  5 3/4  at  469 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Corn made strong early gains supported by another good export sales report. With a little else on the fundamental side, the market was driven by movement in the outside markets, including a continued uptrend in crude oil and another early decline in the dollar. Wheat was again boosted by slow planting in the spring wheat area and by reduced crop prospects in other areas. A close above $6.45 would send July toward the early January high of $6.68. Cotton & Rice  Date: May 29, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 274 at  5322   Greenwood up  274 at 5322 New York Futures: July up  274  at  5697    Oct up  285  at  5948    Dec up  274  at  6085    Mar '10 up  256  at  6277    - - -   - - -  at  - - -  This week's LDP rate for cotton is  7.59 cents   The estimate for next week is  8.57 cents Cotton Comment Cotton made a huge upturn overnight and kept the gains during today’s early trading. Prospects of a weather reduced U.S. crop contributed to the upturn. Resistance starts at the recent high of 63.75 cents. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: July up  23  at  1234 1/2    Sept up  22 1/2  at  1257 1/2    Nov up  23  at  1262 1/2    Jan '10 up  20  at  1279    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice showed early followthrough on Thursday’s rebound. A slow start to the Mid-South crop is keeping the trade a little edgy despite big world stocks. Cattle & Hogs  Date: May 29, 2009 Cattle As reported by Federal-State Market News, receipts were 7,925 head at sales in Arkansas this week.  Compared with last week, feeder steers sold steady to $2 lower, heifers steady to $2 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 111 to - - - -   500 to 550 lbs. 106 to - - -   600 to 650 lbs. 102 to - - -  Medium & Large Frame 2   400 to 450 lbs. 101 to - - - Heifers:  Medium & Large Frame 1   500 to 550 lbs. 96 to - - -  Medium & Large Frame 2   400 to 450 lbs. 88 to - - - Slaughter Cows, Boners 45   to   50 Light Weight 30 to 38 Bulls, Yield Grade   1   1000   to   2100 lbs.   55   to   62.50 Midwest Steers   were steady to $1 higher   at   84   to   - - - Panhandle Steers   were steady to 50¢ higher   at   84   to   84.50 Oklahoma City Feeders Steers 500 to 550 lbs. 109.50 to 123.50   550 to 600 lbs. 107 to 119.50 Heifers 500 to 550 lbs. 98 to 108   550 to 600 lbs. 97 to 106 Chicago Futures: Live Cattle: June down 17 at 8132   Aug down 2 at 8182 Feeders: Aug down 7 at 10175   Sept down 30 at 10170 Cattle Comment Cattle again failed to generate any upward momentum and dipped to the bottom of the recent range in the early trade. While the wholesale beef market has exhibited some modest improvement it has not been enough to boost packer bids. Feeder futures appear to have topped after testing resistance near $103 earlier this week. Hogs Peoria: were     steady   at   33.5   to   34 Chicago Futures: June down 147 at 6392   Aug down 215 at 6597 Sheep St. Paul n/a   at   - - -   to   - - - Hogs Comment Hog futures are testing support near $63 despite improved packer margins. The current carcass composite value is down more than 25% from a year ago. Poultry  Date: May 29, 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 entering the weekend was fair to moderate with some optimism noted for first of the month business. Supplies of all sizes were adequate to well cleared to satisfy current trade needs. 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