07/09/2009 Farm Bureau Market Report

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Grain & Soybean Date: July 09, 2009 Soybeans Local Elevators: (Jul) EAST AR:  1108 to - - - (NC) Summ. 874 to 884 River Elevators: (Jul) MISS: 946 to 1078 ; AR & White 916 to 926 (NC) Summ. 806 to 907 Ark. Processor Bids: (Jul) n/a to - - -  (NC) 881 to 884 Memphis:  (Jul) 1112 1/2 to - - - (NC)  913 to 916 Riceland Foods:  (Jul) Stuttgart n/a ; Pendleton n/a ; West Memphis n/a Chicago Futures: Sep up 29 1/2 at  973   Nov  up  24  at  916   Jan '10 up 23 3/4  at  923 3/4   Mar '10 up 26  at  926 1/2   Jul '10 up 27 1/2  at  918 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans turned higher today on position evening ahead of tomorrow’s report and a positive export report. 34.6 million bushels of new crop beans were sold (mostly to China) and 10.5 million bushels were booked for shipment before September 1. The number to look for in tomorrow’s supply/demand report is beginning stocks. USDA has previously estimated the 09 carryout at 110 million bushels, but the June stocks report showed that beans have not been disappearing quickly enough to meet that estimate. Corn turned a bit higher today. Weekly export sales of 45.9 million bushels are evidence that the recent price decline has sparked buying interest. Technically, the market is heavily oversold and due a rebound. 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  406 1/4 to 422 1/4; Bids to farmers at Local Elevators 380-402; River Elevators 361-432; Chicago Futures: Sep up  5  at  522 1/4    Dec up 5 1/4  at  548 1/2    Mar '10 up  5 1/4  at  566    May '10 up  5 1/4  at  577 1/2    Jul '10 up  5  at  588 1/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for July at Memphis  482 to - - -; Bids to farmers at River Elevators 400-480; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for July at Memphis   316 1/2 to 331 1/2;   new crop at Memphis   316 1/2 to 319 1/2; Bids to farmers at River Elevators  303 to 328 Chicago Futures: Sep up  4 1/4  at  329 1/2    Dec up  5 3/4  at  340    Mar '10 up  5 1/2  at  353 1/4    Jul '10 up  6 1/4  at  370 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures were also higher. Weekly export sales of 21.5 million bushels gave the market a boost. No major changes are expected for wheat in tomorrow’s report. Cotton & Rice  Date: July 09, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis down 125 at  5175   Greenwood down  125 at 5175 New York Futures: Oct up  211  at  5911    Dec up  202  at  6113    Mar '10 up  193  at  6360    May '10 up  191  at  6498    - - - up  - - -  at  - - -  This week's LDP rate for cotton is  7.43 cents   The estimate for next week is  5.27 cents Cotton Comment Cotton got a boost today due to short covering and position evening ahead of tomorrow’s report. 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  12 1/2  at  1267 1/2    Nov up  12  at  1272    Jan '10 up  11 1/2  at  1286 1/2    Mar '10 up  11  at  1300    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice got a boost from a positive tone in Chicago today. 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. Prices are consolidating in a $1 trading range, between $13 and $11.95. Cattle & Hogs  Date: July 09, 2009 Cattle As reported by Federal-State Market News, receipts were 3,294 head at sales in Charlotte, Green Forest & Ratcliff.  Compared with last week, feeder steers sold uneven, steers under 550 lbs sold steady to $1 lower and steers over 550 lbs sold $3 higher. Feeder heifers sold steady to $2 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 108 to - - -   500 to 550 lbs. 104.25 to - - -   600 to 650 lbs. 101.25 to - - -  Medium & Large Frame 2   400 to 450 lbs. 98.75 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 93.25 to - - -  Medium & Large Frame 2   400 to 450 lbs. 87.75 to - - - Slaughter Cows, Boners 45   to   50 Light Weight 30 to 37 Bulls, Yield Grade   1   1000   to   2100 lbs.   52   to   60, high dressing 59-63.50 Midwest Steers   were steady   at   80   to   81 Panhandle Steers   were steady to $1 higher   at   80   to   82 Oklahoma City Feeders Steers 500 to 550 lbs. 105 to 115.75   600 to 650 lbs. 99 to 111.75 Heifers 500 to 550 lbs. 99 to 104.75   600 to 650 lbs. 97 to 102.00 Chicago Futures: Live Cattle: Aug up 12 at 8347   Oct up 50 at 8882 Feeders: Aug up 130 at 10295   Sep up 145 at 10330 Cattle Comment Cattle prices closed well off the daily highs, but managed to stay in positive territory. A weak dollar and strengthening pork prices managed to pull prices higher early; however, continued weak cash prices and strong supplies pressured prices back lower. Supply concerns combined with lack luster demand continue to make it difficult for prices to maintain any type of rally. Cattle prices have support at around 82.50. Hogs Peoria: were     steady   at   34.50   to   35 Chicago Futures: Aug up 267 at 6370   Oct up 222 at 5897 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog prices broke through key resistance, and may be poised to make a move towards $68, the next resistance level. Reports coming out of the Midwest show hog supplies are beginning to tighten, causing cash prices to increase. Poultry  Date: July 09, 2009 Eggs New York:  Ex. Lg. 77-81; Lg. 75-79; 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. Demand approaching the weekend was fair at best with trading usually limited to regular commitments. 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? 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