07/02/2009 Farm Bureau Market Report

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Grain & Soybean Date: July 2, 2009 The Farm Bureau Center will be closed in observance of the holiday on Friday, July 3, 2009. The next report will be available on Monday, July 6, 2009 Soybeans Local Elevators: (Jul) EAST AR:  1214 to - - - (NC) Summ. 964 to 974 River Elevators: (Jul) MISS: 1051 to 1054 ; AR & White 1016 to 1026 (NC) Summ. 964 to 997 Ark. Processor Bids: (Jul) n/a to - - -  (NC) 971 to 974 Memphis:  (Jul) 1239 to - - - (NC)  1001 to 1006 Riceland Foods:  (Jul) Stuttgart n/a ; Pendleton n/a ; West Memphis n/a Chicago Futures: Jul down 15 1/2 at  1243   Sep  down  7 1/2  at  1061   Nov down 9 1/2  at  1006   Jan '10 down 9 3/4  at  1007 3/4   Mar '10 down 10  at  1001   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans weren’t able to followthrough on recent gains as outside markets were unfavorable. The market drifted sharply lower overnight, and was able to partially recover during the day session. A good export market helped boost the market. November fell back below trendline support but did hold above $10. Current support is Tuesday’s low of $9.44. Corn was lower again as the market continues to trade big stocks and a larger than expected acreage. Technically, the market remains heavily oversold and due a technical rebound. December closed less than a dime above the next support just below $3.50. A close below that brings $3.00 back into the picture. Wheat Cash bid for July at Memphis  417 to 439; Bids to farmers at Local Elevators 387-424; River Elevators 368-439; Chicago Futures: Jul down  6  at  500 1/4    Sep down 6 1/2  at  529    Dec down  6 1/2  at  555    Mar '10 down  6 3/4  at  572 3/4    May '10 down  6 3/4  at  584 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for July at Memphis  549 to - - -; Bids to farmers at River Elevators 423-503; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for July at Memphis   335 3/4 to 348 3/4;   new crop at Memphis   325 3/4 to 327 3/4; Bids to farmers at River Elevators  305 to 330 Chicago Futures: Jul down  6  at  345 3/4    Sep down  10 3/4  at  345 3/4    Dec down  11 3/4  at  357 1/2    Mar '10 down  11 1/2  at  371    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures ended lower again today in reaction to a stronger dollar and weaker crude oil. 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 the chart gap between $5.16 ½ and $5.27 ½. Cotton & Rice  Date: July 2, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 37 at  5375   Greenwood up  37 at 5375 New York Futures: Jul up  7  at  5680    Oct up  37  at  5900    Dec up  44  at  6092    Mar '10 up  47  at  6319    - - -   - - -  at  - - -  This week's LDP rate for cotton is  8.96 cents   The estimate for next week is  7.43 cents Cotton Comment Cotton continued the strong upturn after reversing overnight declines. December briefly penetrated trendline resistance but ended the session right at that level. Another higher day would have December testing additional resistance which ranges from 61.50 to 63.75 cents. Potential for a much smaller U.S. crop is helping boost the market. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: Jul up  34 1/2  at  1277 1/2    Sep up  36  at  1289    Nov up  28 1/2  at  1292    Jan '10 up  32  at  1308 1/2    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice futures were higher for the third day in a row and September is challenging resistance at $13. This week’s planted acreage report confirmed a cutback in long grain plantings. In Arkansas, March intentions were for 1.42 million acres of long grain. USDA confirmed only 1.25 million acres, down 170,000 from the intentions and 50,000 less than in 2008. Nationwide, long grain was down 119,000 acres from March intentions. Late planting in Arkansas also suggests potentially smaller yields. Given that total, long grain supplies are likely to be tight in the 09/10 marketing year. Cattle & Hogs  Date: July 2, 2009 Cattle As reported by Federal-State Market News, receipts were n/a head at sales in n/a.  Compared with last week, feeder steers n/a . Steers:  Medium & Large Frame n/a   - - - to - - - lbs. - - - to - - -   - - - to - - - lbs. - - - to - - -   - - - to - - - lbs. - - - to - - -  Medium & Large Frame n/a   - - - to - - - lbs. - - - to - - - Heifers:  Medium & Large Frame n/a   - - - to - - - lbs. - - - to - - -  Medium & Large Frame 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 $3-2 higher   at   83   to   - - - Panhandle Steers   were $3-2 higher   at   83   to   - - - Oklahoma City Feeders Steers n/a to - - - lbs. - - - to - - -   n/a to - - - lbs. - - - to - - - Heifers n/a to - - - lbs. - - - to - - -   n/a to - - - lbs. - - - to - - - Chicago Futures: Live Cattle: Aug down 87 at 8487   Oct down 55 at 9022 Feeders: Aug down 32 at 10345   Sep down 5 at 10212 Cattle Comment Cattle futures ended mixed, with nearby August gapping lower. Weaker beef prices were a factor, as were weaker crude oil futures and a stronger dollar. Resistance begins at today’s high of $85.05. Hogs Peoria: were     steady   at   33   to   35 Chicago Futures: Aug up 45 at 6115   Oct up 25 at 5717 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 2, 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 approaching the holiday weekend is fair to fairly good. Supplies of all sizes were sufficient to satisfy current trade needs. In productions areas, live supplies were moderate at 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