07/06/2009 Farm Bureau Market Report

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Grain & Soybean Date: July 06, 2009 Soybeans Local Elevators: (Jul) EAST AR:  1179 to - - - (NC) Summ. 921 to 931 River Elevators: (Jul) MISS: 1008 to 1209 ; AR & White 973 to 983 (NC) Summ. 921 to 954 Ark. Processor Bids: (Jul) n/a to - - -  (NC) 928 to 931 Memphis:  (Jul) 1203 1/2 to - - - (NC)  958 to 963 Riceland Foods:  (Jul) Stuttgart 931 ; Pendleton 935 ; West Memphis 958 Chicago Futures: Sep down 38 1/2 at  1022 1/2   Nov  down  43  at  963   Jan '10 down 41 3/4  at  966   Mar '10 down 40  at  961   Jul down 34 1/2  at  944 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans were pushed sharply lower by negative outside markets and a weak undertone in corn and wheat. Good growing conditions and reduced Chinese interest are pressuring soybeans, while smaller than expected ’09 plantings are tempering downside movement. If crop conditions remain good, the market will tend to move lower. Last week’s low of $9.43 ½ is key support. If that support is penetrated the next move would be to support just below $9. Corn continued the recent downturn by gapping below the early December support at $3.49 ¼. Technically, this is extremely negative and suggests a move to $3.00 or lower. Weaker outside markets and good growing conditions contributed to the weak start. Prospects of a larger than expected acreage and excellent yield prospects are factors in the decline. Wheat Cash bid for July at Memphis  409 1/4 to 434 1/4; Bids to farmers at Local Elevators 377-414; River Elevators 358-429; Chicago Futures: Sep down  9 3/4  at  519 1/4    Dec down 9 3/4  at  545 1/4    Mar '10 down  9 1/2  at  563 1/4    May '10 down  9 1/2  at  575    Jul '10 down  10 1/4  at  584 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for July at Memphis  517 to - - -; Bids to farmers at River Elevators 403-483; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for July at Memphis   319 3/4 to 337 3/4;   new crop at Memphis   316 3/4 to 319 3/4; Bids to farmers at River Elevators  303 to 328 Chicago Futures: Sep down  11  at  334 3/4    Dec down  13 1/4  at  344 1/4    Mar '10 down  14 3/4  at  356 1/4    Jul down  16 1/4  at  373 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures gapped lower, but losses weren’t as large as other commodities. Weekend rains delayed the harvest a bit, but no major damage was done. This market has been trending lower for over a month, and closed below the key $5 level today, indicating further weakness is likely. Cotton & Rice  Date: July 06, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis down 70 at  5305   Greenwood down  70 at 5305 New York Futures: Oct down  70  at  5830    Dec down  68  at  6024    Mar '10 down  56  at  6263    May '10 down  56  at  6383    - - -   - - -  at  - - -  This week's LDP rate for cotton is  7.43 cents   The estimate for next week is  4.67 cents Cotton Comment Wheat futures gapped lower, but losses weren’t as large as other commodities. Weekend rains delayed the harvest a bit, but no major damage was done. This market has been trending lower for over a month, and closed below the key $5 level today, indicating further weakness is likely. Rice Long Grain Cash Bid for  new crop 1172/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Sep down  37  at  1252    Nov down  34  at  1258    Jan '10 down  31 1/2  at  1277    Mar '10 down  28  at  1297    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Wheat futures gapped lower, but losses weren’t as large as other commodities. Weekend rains delayed the harvest a bit, but no major damage was done. This market has been trending lower for over a month, and closed below the key $5 level today, indicating further weakness is likely. Cattle & Hogs  Date: July 06, 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 - - - to - - - Bulls, Yield Grade   n/a   - - -   to   - - - lbs.   - - -   to   - - - Midwest Steers   remained   at   83   to   - - - Panhandle Steers   were steady to $.50 higher   at   83   to   83.50 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 45 at 8442   Oct down 40 at 8982 Feeders: Aug up 35 at 10380   Sep up 82 at 10295 Cattle Comment Cattle futures ended mixed, with feeders supported by big losses in corn. Live contracts were under pressure from the shaky fundamental situation. High unemployment could impact beef demand. Hogs Peoria: were     steady   at   35   to   - - - Chicago Futures: Aug up 90 at 6205   Oct up 77 at 5795 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs ended higher again today, supported by the negative action in the corn pit. The chart picture for August is starting to look more positive. The fundamental situation is tough, though, with pork prices down 30% from a year ago. Poultry  Date: July 06, 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 mostly steady. Post-holiday demand was fair to moderate, slightly better where weekend and first of the month business was active. Supplies of all sizes were usually sufficient to satisfy trade needs. In productions areas, live supplies were moderate at mixed, but 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