07/01/2009 Farm Bureau Market Report

Click here to view this report online.

Grain & Soybean Date: July 01, 2009 Soybeans Local Elevators: (Jul) EAST AR:  1240 to 1253 (NC) Summ. 974 to 984 River Elevators: (Jul) MISS: 1259 to 1275 ; AR & White 1243 to - - - (NC) Summ. 974 to 1007 Ark. Processor Bids: (Jul) 1255 to - - -  (NC) 981 to 984 Memphis:  (Jul) 1270 1/2 to - - - (NC)  1010 1/2 to 1015 1/2 Riceland Foods:  (Jul) Stuttgart n/a ; Pendleton n/a ; West Memphis n/a Chicago Futures: Jul up 32 1/4 at  1258 1/2   Sep  up  38 1/2  at  1068 1/2   Nov up 34 1/2  at  1015 1/2   Jan '10 up 34 1/2  at  1017 1/2   Mar '10 up 33 1/2  at  1011   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment After falling in sympathy with corn early yesterday following the planted acreage report, soybeans have made a significant and sustained rally. November pushed above trendline support that was penetrated last week and closed above that level. Resistance starts just above $10.50. Tight supplies remain a factor but the stocks report indicate a slow down in use the last quarter and points to the fact that next month’s supply demand report will likely adjust ending stocks higher. Corn overcame early losses to close slightly higher. Yesterday’s double whammy, bigger plantings and larger stocks may yet push the market lower. However, it appears there is some profit taking ahead of the holiday weekend and this could continue in tomorrow’s trade. December has resistance starting at $4, with the next support just below $3.50. Wheat Cash bid for July at Memphis  421 1/2 to 445 1/2; Bids to farmers at Local Elevators 430-499; River Elevators 378-446; Chicago Futures: Jul down  5  at  506 1/4    Sep down 5 1/4  at  535 1/2    Dec down  4 1/4  at  561 1/2    Mar '10 down  4  at  579 1/2    May '10 down  4 1/4  at  591 1/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for July at Memphis  554 to - - -; Bids to farmers at River Elevators n/a; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for July at Memphis   346 1/2 to 356 1/2;   new crop at Memphis   336 1/2 to 339 1/2; Bids to farmers at River Elevators  n/a to - - - Chicago Futures: Jul up  4  at  351 3/4    Sep up  2  at  356 1/2    Dec up  2  at  369 1/4    Mar '10 up  3  at  382 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures ended lower again today. Despite the steep selloff of the past two months, futures prices still hold a significant premium to cash prices. That means that negative cash market fundamentals are still not fully factored into futures. July has found support at $4.98. Resistance begins at yesterday’s chart gap between $5.16 ½ and $5.27 ½. Cotton & Rice  Date: July 01, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 300 at  5338   Greenwood up  300 at 5338 New York Futures: Jul up  343  at  5673    Oct up  300  at  5863    Dec up  300  at  6048    Mar '10 up  300  at  6272    - - -   - - -  at  - --  This week's LDP rate for cotton is  8.96 cents   The estimate for next week is  8.09 cents Cotton Comment Cotton continued yesterday’s late reversal and moved to a limit gain. USDA projected cotton plantings at 9.05 million acres were up from March intentions of 8.81 million acres. That is insignificant in terms of production, however it was above expectations. There is growing concern relative to the Texas crop and the lateness of the mid-South crop. Longer term December appears set to test resistance between 61.5 and 63.75 cents. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: Jul up  20  at  1243    Sep up  19  at  1253    Nov up  18 1/2  at  1263 1/2    Jan '10 up  18  at  1276 1/2    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice continued to move higher following the rally in soybeans and cotton. Yesterday’s report showed substantially less long grain acreage. 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: July 01, 2009 Cattle As reported by Federal-State Market News, receipts were 2,885 head at sales in Arkansas this week.  Compared with last week, feeder steers were poorly tested . Steers:  Medium & Large Frame 1   n/a to - - - lbs. - - - to - - -   n/a to - - - lbs. - - - to - - -   n/a to - - - lbs. - - - to - - -  Medium & Large Frame 2   n/a to - - - lbs. - - - to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 83.25 to - - -  Medium & Large Frame 2   n/a to - - - lbs. - - - to - - - Slaughter Cows, Boners n/a   to   - - - Light Weight n/a to - - - Bulls, Yield Grade   n/a   - - -   to   - - - lbs.   - - -   to   - - - Midwest Steers   were quoted   at   80   to   81 Panhandle Steers   were $1 lower to steady   at   80   to   81 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 up 50 at 8575   Oct up 60 at 9077 Feeders: Aug up 95 at 10377   Sep up 37 at 10217 Cattle Comment Cattle futures ended higher across the board. Gains were limited, though, but a lack of cash trade this week. With on-feed cattle numbers at a 10 year low, prices have the potential to creep higher. Product values are keeping packer margins tight though, preventing prices from climbing too much. Hogs Peoria: were     steady   at   33   to   35 Chicago Futures: Aug up 5 at 6070   Oct up 87 at 5692 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs ended higher again today. The chart picture for August is starting to look more positive. The contract low of $57.40 is support, and this week’s move above $60 sets the stage for a test of the June high at $62.10. Poultry  Date: July 01, 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 for mid week business was fair to moderate for upcoming holiday weekend. Supplies of all sizes were sufficient 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