06/30/2009 Farm Bureau Market Report

Click here to view this report online.

Grain & Soybean Date: June 30, 2009 Soybeans Local Elevators: (Jun) EAST AR:  1206 to 1219 (NC) Summ. 939 to 949 River Elevators: (Jun) MISS: 1226 to 1241 ; AR & White 1197 to 1212 (NC) Summ. 939 to 972 Ark. Processor Bids: (Jun) 1221 to - - -  (NC) 946 to 949 Memphis:  (Jun) 1234 to - - - (NC)  976 to 981 Riceland Foods:  (Jun) Stuttgart 1222 ; Pendleton 1220 ; West Memphis 1242 Chicago Futures: Jul down 11 1/4 at  1226 1/4   Sep  down  6  at  1030   Nov down 2 1/2  at  981   Jan '10 down 3 1/2  at  983   Mar '10 down 2  at  977 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans closed mixed after recovering early sharp losses. A negative stocks report and a positive acreage report helped beans end the day mixed. The market was anticipating planted acreage of 78 million acres or more and got a little less at 77.5 million acres. At 597 million bushels, the quarterly stocks were above expectations and suggest ending stocks will be above the current projection. November fell below $9.50 in the early trade but managed a strong recovery. That reversal suggests we could see continued support in that area. Upside potential will likely be limited, but not out of the question. Corn was hit with a big surprise as USDA set plantings at 87 million acres, up almost 3 million acres from pre-report estimates. Big gains were seen in Nebraska and Iowa where early planting proceeded at a good pace. Another piece of negative news was the quarterly stocks of 4.27 billion bushels, about 80 million bushels above trade expectations. That combined with additional production from 3 million acres suggests ending stocks in 09/10 may not decline much. Down the limit, December corn will test late ’08 support at $3.50, inability to hold here could see a test of weekly chart support just below $3. The market is heavily oversold and due an upward correction, but today’s report could delay that for a while. Wheat Cash bid for June at Memphis  435 3/4 to 450 3/4; Bids to farmers at Local Elevators 399-436; River Elevators 380-451; Chicago Futures: Jul down  17 1/4  at  511 1/4    Sep down 17  at  540 3/4    Dec down  17 1/4  at  565 3/4    Mar '10 down  16 1/2  at  583 1/2    May '10 down  16 1/4  at  595 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for June at Memphis  558 to - - -; Bids to farmers at River Elevators n/a; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for June at Memphis   344 1/2 to 354 1/2;   new crop at Memphis   334 1/2 to 337 1/2; Bids to farmers at River Elevators  N/A to - - - Chicago Futures: Jul down  29 1/4  at  347 3/4    Sep down  30  at  354 1/2    Dec down  30  at  367 1/4    Mar '10 down  30  at  379 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures were sharply lower. USDA’s spring wheat acreage report surprised the market. Traders were expecting a 200,000 acre cut due to the wet spring. Instead, USDA increased their estimate by 468,000 acres. The stocks report came in within expectations at 667 million bushels. Chicago wheat is also feeling harvest pressure. July found support at $4.98. Resistance will begin at today’s high of $5.16. Cotton & Rice  Date: June 30, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 63 at  5038   Greenwood up  63 at 5038 New York Futures: Jul up  44  at  5330    Oct up  63  at  5563    Dec up  51  at  5748    Mar '10 up  31  at  5972    - - -   - - -  at  - - -  This week's LDP rate for cotton is  8.96 cents   The estimate for next week is  8.20 cents Cotton Comment Cotton plantings at 9.05 million acres were up from March intentions of 8.81 million acres. That is insignificant in terms of productions, however it was above expectations and it took overnight gains down into negative territory. By the end of the session, cotton closed on the positive side. The major reversal and higher close suggest the low of 55.89 cents should be good support. Long term cotton should work higher. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: Jul up  28 1/2  at  1223    Sep up  23  at  1234    Nov up  25  at  1245    Jan '10 up  18 1/2  at  1258 1/2    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice was higher for the day despite weakness in soybeans and grains. Rice planted acreage was down from the March intentions with only 2.53 million acres of long and total acreage of 3.02 million acres. That was 165,000 acres less than projected in Arkansas. In Arkansas, long grain acreage at 1.25 million acres is down 50,000 from ’08 as opposed to March intentions of 1.42 million acres. Arkansas's medium grain acreage was 180,000 acres, a little higher than expected. U.S. plantings were up a meager 23,000 acres from ’08. A slow start suggests production could be down and that boosted futures back into the upper part of the recent trading range. Cattle & Hogs  Date: June 30, 2009 Cattle As reported by Federal-State Market News, receipts were 586 head at sales in Fort Smith.  Compared with last week, feeder steers under 550 lbs sold steady to $3 lower, over 550 lbs sold $3 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 102 to - - -   500 to 550 lbs. 99 to - - -   600 to 650 lbs. 97 to - - -  Medium & Large Frame 2   400 to 450 lbs. 95 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 98 to - - -  Medium & Large Frame 2   400 to 450 lbs. 86 to - - - Slaughter Cows, Boners 46   to   50.50 Light Weight n/a to - - - Bulls, Yield Grade   1   1000   to   2100 lbs.   62   to   66.50 Midwest Steers   n/a   at   - - -   to   - - - Panhandle Steers   were $.50 higher to $1 lower   at   81   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 106 to 113   600 to 650 lbs. 104.60 to 107 Heifers 500 to 550 lbs. 97 to 103.75   600 to 630 lbs. 96.85 to 103.50 Chicago Futures: Live Cattle: Aug down 15 at 8525   Oct down 22 at 9017 Feeders: Aug up 110 at 10282   Sep up 10 at 10180 Cattle Comment Limit-down corn futures gave feeder cattle a boost today. Live futures were under pressure from weaker crude and stock market prices. The live August contract opened higher but was unable to overcome resistance at $85.82 ½. Hogs Peoria: were $.50     lower   at   33   to   35 Chicago Futures: Aug up 202 at 6065   Oct up 95 at 5605 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs pushed higher today in reaction to limit losses in corn. The chart picture for August is starting to look more positive. Yesterday’s contract low of $57.40 is support, and today’s close above $60 sets the stage for a test of the June high at $62.10. Poultry  Date: June 30, 2009 Eggs New York:  Ex. Lg. 69-73; Lg. 67-71; Med. 58-62; Chicago:  Ex. Lg. 60-68; Lg. 58-66; Med. 49-57; Eastern Region Turkeys Hens: 8-16 lbs. 82-84 Toms: 16-24 lbs. 82-84   Delmarva Broilers U.S. Grade A Trade sentiment was at least steady. Demand was moderate to instances fairly good with increase interest noted approaching the holiday weekend. Supplies of all sizes were well cleared to satisfy trade needs. In production areas, live supplies were moderate at mostly desirable to lighter 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