07/07/2009 Farm Bureau Market Report

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Grain & Soybean Date: July 07, 2009 The market report is shorter today due to the Farm Bureau Center closing early. The next full report will be available on Wednesday, July 08, 2009. Soybeans Local Elevators: (Jul) EAST AR:  n/a to - - - (NC) Summ. n/a to - - - River Elevators: (Jul) MISS: n/a to - - - ; AR & White n/a to - - - (NC) Summ. n/a to - - - Ark. Processor Bids: (Jul) n/a to - - -  (NC) n/a to - - - Memphis:  (Jul) n/a to - - - (NC)  n/a to - - - Riceland Foods:  (Jul) Stuttgart n/a ; Pendleton n/a ; West Memphis n/a Chicago Futures: Sep down 64 1/2 at  958   Nov  down  68  at  895   Jan '10 down 65 1/4  at  900 3/4   Mar '10 down 60 3/4  at  900 1/4   Jul '10 down 56 1/2  at  888   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans were sharply lower as funds appear to be abandoning their long positions. Weakness in crude oil and equities provided impetus for the move. Good production weather and excellent crop progress added to the negative undertone. Soybeans managed to recoup a portion of the losses at one point, challenging support below $9. Corn traded to the positive side for much of the session as traders reversed short positions. Long term prospects remain somewhat bearish with December pushing through support at $3.50 yesterday. A drop to $2.93 to $3 isn’t out of the question. Wheat Cash bid for July at Memphis  n/a to - - -; Bids to farmers at Local Elevators n/a; River Elevators n/a; Chicago Futures: Sep down  6 3/4  at  512 1/2    Dec down 6 3/4  at  538 3/4    Mar '10 down  7  at  556 1/4    May '10 down  7 1/4  at  567 3/4    Jul '10 down  8  at  576 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for July at Memphis  n/a 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   n/a to - - -;   new crop at Memphis   n/a to - - -; Bids to farmers at River Elevators  n/a to - - - Chicago Futures: Sep down  9 1/4  at  325 1/2    Dec down  8 1/2  at  335 3/4    Mar '10 down  7 1/4  at  349    May '10 down  7 1/4  at  358    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures were a bit higher at mid-day after opening a bit lower on carryover weakness from soybeans. Wheat peaked in early June, so a lot of the negative fundamentals have been factored into prices at this level. Cotton & Rice  Date: July 07, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis  n/a at  - - -   Greenwood   n/a at - - - New York Futures: Oct down  60  at  5770    Dec down  53  at  5971    Mar '10 down  39  at  6224    May '10 down  35  at  6348    - - -   - - -  at  - - -  This week's LDP rate for cotton is  7.43 cents   The estimate for next week is  4.85 cents Cotton Comment Cotton again failed to penetrate overhead resistance and took the easy road lower. The market appears to have taken this year’s current crop prospects into account. Slow economic improvement remains a negative, but the long term outlook suggests possible upside potential. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: Sep down  1  at  1251    Nov unchanged    at  1258    Jan '10 unchanged    at  1277    Mar '10 unchanged    at  1297    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice trimmed early gains heading into the close. Ample world stocks are a limiting marketing factor and has capped upside potential related to this year’s likely smaller long grain crop. Technically, the market remains in a $1 trading range with resistance at $13 and support just under $12. Cattle & Hogs  Date: July 07, 2009 Cattle As reported by Federal-State Market News, receipts were 713 head at sales in Fort Smith and Heber Springs.  Compared with last week, feeder steers sold $2-5 higher. Feeder heifers sold $1-3 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 107 to - - -   500 to 550 lbs. 101 to - - -   600 to 650 lbs. 99 to - - -  Medium & Large Frame 2   400 to 450 lbs. 93 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 95.25 to - - -  Medium & Large Frame 2   400 to 450 lbs. 84.25 to - - - Slaughter Cows, Boners 45   to   51 Light Weight 33 to - - - Bulls, Yield Grade   1   1000   to   2100 lbs.   59   to   68 Midwest Steers   n/a   at   - - -   to   - - - Panhandle Steers   n/a   at   - - -   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 22 at 8420   Oct down 62 at 8920 Feeders: Aug down 115 at 10265   Sep down 55 at 10240 Cattle Comment Cattle futures were under pressure today from stock market weakness and lower crude oil prices. Weak beef demand is also a factor. Hogs Peoria: were     steady   at   35   to   - - - Chicago Futures: Aug up 15 at 6220   Oct up 20 at 5815 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs were trading mixed at mid-day. 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 07, 2009 Eggs New York:  Ex. Lg. 71-75; Lg. 69-73; 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 steady. Retail and food service demand was no better than moderate for early week trading. Supplies of all sizes were usually sufficient to satisfy current 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