07/07/2009 Farm Bureau Market Report

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Grain & Soybean Date: July 08, 2009 Soybeans Local Elevators: (Jul) EAST AR:  1075 to - - - (NC) Summ. 850 to 860 River Elevators: (Jul) MISS: 922 to 1045 ; AR & White 892 to 902 (NC) Summ. 850 to 883 Ark. Processor Bids: (Jul) n/a to - - -  (NC) 857 to 860 Memphis:  (Jul) 1075 to - - - (NC)  889 to 892 Riceland Foods:  (Jul) Stuttgart 860 ; Pendleton 864 ; West Memphis 887 Chicago Futures: Sep down 38 1/2 at  1015   Nov  down  3  at  892   Jan '10 down 3/4  at  900   Mar '10 down 1/4  at  900 1/2   Jul '10 down 3  at  891   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans continued lower with unwinding of bull spreads pressuring old crop contracts. Weakness on Wall Street and another big decline in crude oil provided little positive reinforcement. New crop contracts, including November, attempted to stabilize. November closed near the midpoint of today’s trading range, down slightly, and near support. Failure to rebound from this area could see a dip toward $8, where the market has found support twice. Corn closed slightly lower after trading in a narrow range. Technically, the market is heavily oversold and due a rebound. The relative strength index is near 10, anything below 30 is considered oversold. Long term the market appears headed to support just below $3. Resistance on a rebound starts at $3.50. Wheat Cash bid for July at Memphis  405 1/4 to 422 1/4; Bids to farmers at Local Elevators 375-397; River Elevators 356-427; Chicago Futures: Sep up  4 3/4  at  517 1/4    Dec up 4 3/4  at  543 1/4    Mar '10 up  4 1/2  at  560 3/4    May '10 up  4 1/2  at  572 1/4    Jul '10 up  6 3/4  at  583 1/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for July at Memphis  481 to - - -; Bids to farmers at River Elevators 389-469; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for July at Memphis   312 1/4 to 330 1/4;   new crop at Memphis   312 1/4 to 315 1/4; Bids to farmers at River Elevators  296 to 321 Chicago Futures: Sep down  1/4  at  325 1/4    Dec down  1 1/2  at  334 1/4    Mar '10 down  1 1/4  at  347 3/4    Jul '10 down  1 3/4  at  364 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures ended higher today, bucking the norm in Chicago today. Wheat peaked in early June, so a lot of the negative fundamentals have been factored into prices at this level. Gains were limited by a firmer dollar. Cotton & Rice  Date: July 08, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis down 5 at  5300   Greenwood down  5 at 5300 New York Futures: Oct down  70  at  5700    Dec down  60  at  5911    Mar '10 down  57  at  6167    May '10 down  41  at  6307    - - -   - - -  at  - - -  This week's LDP rate for cotton is  7.43 cents   The estimate for next week is  5.02 cents Cotton Comment Cotton was lower again today after failing to break trendline resistance earlier this week. 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  - - - - - -  to  - - -   - - - - - -  to  - - - Chicago Futures: Sep up  4  at  1255    Nov up  2  at  1260    Jan '10 down  2  at  1275    Mar '10 down  8  at  1289    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice was narrowly mixed. Overall fundamentals are unchanged. In the international market, Vietnam is continuing to move a substantial quantity of exports. Sales are moving at the $400 to $410 range despite a MEP of $460. Thai sales are slow and intervention stocks are expected to increase. While a smaller U.S. long grain crop is anticipated, upside potential may be limited unless progress is made in export movement. Movement remains in a $1 trading range, between $13 and $11.95. Cattle & Hogs  Date: July 08, 2009 Cattle As reported by Federal-State Market News, receipts were 1,181 head at sales in Conway & Pocahontas.  Compared with last week, feeder steers sold $1-3 higher. Feeder heifers sold $1-4 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 109 to - - -   500 to 550 lbs. 103.75 to - - -   600 to 650 lbs. 95 to - - -  Medium & Large Frame 2   400 to 450 lbs. 97.25 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 96.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 84 to - - - Slaughter Cows, Boners 43   to   59 Light Weight 32 to 36 Bulls, Yield Grade   1   1400   to   2300 lbs.   56   to   65 Midwest Steers   were quoted   at   80   to   81 Panhandle Steers   were quoted   at   80   to   81 Oklahoma City Feeders Steers 550 to 600 lbs. 105 to 108.50   n/a to - - - lbs. - - - to - - - Heifers 500 to 550 lbs. 100 to 103   n/a to - - - lbs. - - - to - - - Chicago Futures: Live Cattle: Aug down 85 at 8335   Oct down 87 at 8832 Feeders: Aug down 100 at 10165   Sep down 55 at 10185 Cattle Comment Cattle futures were lower again today as traders worry about further weakness in the global economy. Tightening supplies of market ready cattle should limit the downside somewhat. Support for August begins around $82. Hogs Peoria: were     steady   at   35   to   - - - Chicago Futures: Aug down 117 at 6102   Oct down 140 at 5675 Sheep St. Paul shep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs were also lower. The fundamental situation is tough, with pork prices down 30% from a year ago. That, and concerns about the state of the global economy are making it hard for this market to build upward momentum. Poultry  Date: July 08, 2009 Eggs New York:  Ex. Lg. 73-77; Lg. 71-75; 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. Supplies of all sizes were usually adequate 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