06/30/2009 Farm Bureau Market Report

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Grain & Soybean Date: June 30, 2009 Soybeans Local Elevators: (Jun) EAST AR:  1206 to 1219 (NC) Summ. 939 to 949 River Elevators: (Jun) MISS: 1226 to 1241 ; AR & White 1197 to 1212 (NC) Summ. 939 to 972 Ark. Processor Bids: (Jun) 1221 to - - -  (NC) 946 to 949 Memphis:  (Jun) 1234 to - - - (NC)  976 to 981 Riceland Foods:  (Jun) Stuttgart 1222 ; Pendleton 1220 ; West Memphis 1242 Chicago Futures: Jul down 11 1/4 at  1226 1/4   Sep  down  6  at  1030   Nov down 2 1/2  at  981   Jan '10 down 3 1/2  at  983   Mar '10 down 2  at  977 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans closed mixed after recovering early sharp losses. A negative stocks report and a positive acreage report helped beans end the day mixed. The market was anticipating planted acreage of 78 million acres or more and got a little less at 77.5 million acres. At 597 million bushels, the quarterly stocks were above expectations and suggest ending stocks will be above the current projection. November fell below $9.50 in the early trade but managed a strong recovery. That reversal suggests we could see continued support in that area. Upside potential will likely be limited, but not out of the question. Corn was hit with a big surprise as USDA set plantings at 87 million acres, up almost 3 million acres from pre-report estimates. Big gains were seen in Nebraska and Iowa where early planting proceeded at a good pace. Another piece of negative news was the quarterly stocks of 4.27 billion bushels, about 80 million bushels above trade expectations. That combined with additional production from 3 million acres suggests ending stocks in 09/10 may not decline much. Down the limit, December corn will test late ’08 support at $3.50, inability to hold here could see a test of weekly chart support just below $3. The market is heavily oversold and due an upward correction, but today’s report could delay that for a while. Wheat Cash bid for June at Memphis  435 3/4 to 450 3/4; Bids to farmers at Local Elevators 399-436; River Elevators 380-451; Chicago Futures: Jul down  17 1/4  at  511 1/4    Sep down 17  at  540 3/4    Dec down  17 1/4  at  565 3/4    Mar '10 down  16 1/2  at  583 1/2    May '10 down  16 1/4  at  595 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for June at Memphis  558 to - - -; Bids to farmers at River Elevators n/a; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for June at Memphis   344 1/2 to 354 1/2;   new crop at Memphis   334 1/2 to 337 1/2; Bids to farmers at River Elevators  N/A to - - - Chicago Futures: Jul down  29 1/4  at  347 3/4    Sep down  30  at  354 1/2    Dec down  30  at  367 1/4    Mar '10 down  30  at  379 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures were sharply lower. USDA’s spring wheat acreage report surprised the market. Traders were expecting a 200,000 acre cut due to the wet spring. Instead, USDA increased their estimate by 468,000 acres. The stocks report came in within expectations at 667 million bushels. Chicago wheat is also feeling harvest pressure. July found support at $4.98. Resistance will begin at today’s high of $5.16. Cotton & Rice  Date: June 30, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 63 at  5038   Greenwood up  63 at 5038 New York Futures: Jul up  44  at  5330    Oct up  63  at  5563    Dec up  51  at  5748    Mar '10 up  31  at  5972    - - -   - - -  at  - - -  This week's LDP rate for cotton is  8.96 cents   The estimate for next week is  8.20 cents Cotton Comment Cotton plantings at 9.05 million acres were up from March intentions of 8.81 million acres. That is insignificant in terms of productions, however it was above expectations and it took overnight gains down into negative territory. By the end of the session, cotton closed on the positive side. The major reversal and higher close suggest the low of 55.89 cents should be good support. Long term cotton should work higher. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: Jul up  28 1/2  at  1223    Sep up  23  at  1234    Nov up  25  at  1245    Jan '10 up  18 1/2  at  1258 1/2    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice was higher for the day despite weakness in soybeans and grains. Rice planted acreage was down from the March intentions with only 2.53 million acres of long and total acreage of 3.02 million acres. That was 165,000 acres less than projected in Arkansas. In Arkansas, long grain acreage at 1.25 million acres is down 50,000 from ’08 as opposed to March intentions of 1.42 million acres. Arkansas's medium grain acreage was 180,000 acres, a little higher than expected. U.S. plantings were up a meager 23,000 acres from ’08. A slow start suggests production could be down and that boosted futures back into the upper part of the recent trading range. Cattle & Hogs  Date: June 30, 2009 Cattle As reported by Federal-State Market News, receipts were 586 head at sales in Fort Smith.  Compared with last week, feeder steers under 550 lbs sold steady to $3 lower, over 550 lbs sold $3 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 102 to - - -   500 to 550 lbs. 99 to - - -   600 to 650 lbs. 97 to - - -  Medium & Large Frame 2   400 to 450 lbs. 95 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 98 to - - -  Medium & Large Frame 2   400 to 450 lbs. 86 to - - - Slaughter Cows, Boners 46   to   50.50 Light Weight n/a to - - - Bulls, Yield Grade   1   1000   to   2100 lbs.   62   to   66.50 Midwest Steers   n/a   at   - - -   to   - - - Panhandle Steers   were $.50 higher to $1 lower   at   81   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 106 to 113   600 to 650 lbs. 104.60 to 107 Heifers 500 to 550 lbs. 97 to 103.75   600 to 630 lbs. 96.85 to 103.50 Chicago Futures: Live Cattle: Aug down 15 at 8525   Oct down 22 at 9017 Feeders: Aug up 110 at 10282   Sep up 10 at 10180 Cattle Comment Limit-down corn futures gave feeder cattle a boost today. Live futures were under pressure from weaker crude and stock market prices. The live August contract opened higher but was unable to overcome resistance at $85.82 ½. Hogs Peoria: were $.50     lower   at   33   to   35 Chicago Futures: Aug up 202 at 6065   Oct up 95 at 5605 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs pushed higher today in reaction to limit losses in corn. The chart picture for August is starting to look more positive. Yesterday’s contract low of $57.40 is support, and today’s close above $60 sets the stage for a test of the June high at $62.10. Poultry  Date: June 30, 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 was moderate to instances fairly good with increase interest noted approaching the holiday weekend. Supplies of all sizes were well cleared to satisfy 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

Climate Legislation Passed in House, Thank You for Your Support

 

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	June 30, 2009 Passage of the House Climate Bill Could Be Enormous Boost to Conservation Dear Agriculture, Call your Representative while they are in their district office. Download these talking points [PDF] In a very close vote on Friday evening, the House of Representatives passed one of the most sweeping pieces of conservation legislation of the 21st Century. The landmark American Clean Energy and Security Act provides an enhanced role for agriculture to play in combating climate change. If enacted, the legislation will create new opportunities for American farmers and ranchers while dramatically improving the environment. In a statement issued moments after the votes were counted, Jimmy Daukas, managing director of American Farmland Trust's Agriculture & Environment campaign, noted, “By taking this step forward in addressing climate change with agriculture’s participation, we will be able to recognize real conservation gains, new farm income and a new era of American farm ingenuity.” You should be proud of the role you played as a member of our action network in helping this legislation in the House. We're grateful for all of your support, which has brought us this far. There is still more to do as the bill moves through the Senate. While it is still fresh in his or her mind, call you representative to say that you support legislation that supports agriculture’s role in combating climate change.  Take time today while representatives are in their home offices to call and let your representative know that you support legislation that allows agriculture to fight climate change.  Step 1: Find out if your representative voted in favor of the American Clean Energy and Security Act Step 2: Download these talking points to help you craft your message[PDF] Step 3: Call your representative in his or her district office  The passage of the American Clean Energy and Security Act was a significant step forward for U.S. agriculture's role in combating climate change and for the protection of the environment. Help carry the momentum for this landmark legislation by writing an opinion piece for your local newspaper. You can use our press releases for quotes about the American Clean Energy and Security Act's implications for U.S. agriculture. Sincerely, Jimmy Daukas Agriculture & Environment Campaign, American Farmland Trust
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06/29/2009 Farm Bureau Market Report

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Grain & Soybean Date: June 29, 2009 Soybeans Local Elevators: (Jun) EAST AR:  1196 to 1209 (NC) Summ. 942 to 952 River Elevators: (Jun) MISS: 1215 to 1231 ; AR & White 1186 to 1201 (NC) Summ. 941 to 975 Ark. Processor Bids: (Jun) 1211 to - - -  (NC) 949 to 952 Memphis:  (Jun) 1222 to 1235 (NC)  980 1/2 to 983 1/2 Riceland Foods:  (Jun) Stuttgart 1211 ; Pendleton 1209 ; West Memphis 1231 Chicago Futures: Jul down 14 at  1215   Sep  down  10  at  1036   Nov down 7 1/2  at  983 1/2   Jan down 5 1/2  at  986 1/2   Mar '10 down 7  at  979 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans were widely mixed with only expiring July closing higher. That reflects the expectations for tomorrow’s reports – tight ending stocks and prospects for an increasing crop in ’09. Early expectations show an average soybean plantings of 78.3 million acres, up from March plantings of 76.0 million acres. On the other hand quarterly stocks are expected to be 586 million bushels, down 90 million bushels from a year ago. All in all the market broke from recent trends – oil higher, and dollar lower – has meant stronger beans. So we may be back to trading fundamentals. Corn was lower as prospects of a big carryover seems to be overriding expectations for smaller ’09 plantings. The trade’s guess range from 82.6 to 86.0 million acres, with the average at 84.2 million acres. December fell below $4 after breaking trendline support last week. The next straight forward support is $3.75 to $3.50. Wheat Cash bid for June at Memphis  458 1/2 to 467 3/4; Bids to farmers at Local Elevators 417-453; River Elevators 397-469; Chicago Futures: Jul down  5 3/4  at  528 1/2    Sep down 5 1/4  at  557 3/4    Dec down  4 1/4  at  583    Mar '10 down  3 3/4  at  600    May '10 down  4  at  611 3/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for June at Memphis  568 to - - -; Bids to farmers at River Elevators 611; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for June at Memphis   374 1/2 to 377;   new crop at Memphis   364 1/2 to 367 1/2; Bids to farmers at River Elevators  343 to 368 Chicago Futures: Jul down  7 1/4  at  377    Sep down  7 1/4  at  384 1/2    Dec down  7  at  397 1/4    Mar '10 down  6 1/2  at  409 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat turned lower. Good harvest progress was made over the weekend, but that added pressure to the already weak futures market. Spillover weakness from corn and beans was also a factor. July looks headed for a retest of support at $5.13. Cotton & Rice  Date: June 29, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 11 at  4975   Greenwood up  11 at 4975 New York Futures: Jul up  32  at  5286    Oct up  11  at  5500    Dec up  13  at  5697    Mar '10 up  4  at  5941    - - -   - - -  at  - - -  This week's LDP rate for cotton is  8.96 cents   The estimate for next week is  8.19 cents Cotton Comment Cotton was mixed with closing values slightly higher to slightly lower. Big world stocks and weak economic conditions continue to weigh on the market near term. Prospects of a significantly smaller ’09 U.S. crop suggests a tightening of available stocks in the future. The U.S. crop has been plagued by drought conditions in Texas and rain is expected to translate into abandoned acres in Texas and potential yield loss somewhere. Long term cotton price will increase, testing support at the recent high of 63.75 cents along the way. Rice Long Grain Cash Bid for  Jul 1184/cwt  to  - - -   n/a - - -  to  - - - Chicago Futures: Jul down  18 1/2  at  1194 1/2    Sep down  12  at  1211    Nov down  11 1/2  at  1220    Jan '10 down  12  at  1240    - - -   - - -  at  - -- -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice fell to the bottom of the recent trading range ahead of tomorrow’s reports. There is little fresh news to give the market and U.S. milled exports remain slow. The ’09 U.S. crop could be little changed from a year ago as late plantings may have reduced potential yield. September futures are again testing support around $12.10. Below that support ranges from $11.85 to the recent low at $11.40. Cattle & Hogs  Date: June 29, 2009 Cattle As reported by Federal-State Market News, receipts were 2,213 head at sales in Ash Flat, Spingdale & Ola.  Compared with last week, feeder steers $3-4 lower. Feeder heifers $1-2 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 105.50 to - - -   500 to 550 lbs. 100.25 to - - -   600 to 650 lbs. 96.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 96 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 91.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 86 to - - - Slaughter Cows, Boners 46   to   53.50 Light Weight 34 to 41 Bulls, Yield Grade   1   1000   to   2100 lbs.   55   to   64, high dressing 64.50-66.50 Midwest Steers   were $1 lower to $1 higher   at   80   to   82 Panhandle Steers   were $.50 lower to $1 higher   at   80.50   to   82 Oklahoma City Feeders Steers 500 to 550 lbs. 106 to 113   600 to 630 lbs. 104.60 to 106.75 Heifers 500 to 550 lbs. 97 to 103.75   n/a to - - - lbs. - - - to - - - Chicago Futures: Live Cattle: Aug up 300 at 8540   Oct up 227 at 9040 Feeders: Aug up 275 at 10172   Sep up 272 at 10170 Cattle Comment Cattle futures gapped higher today on expectations for smaller supplies this summer. August gained momentum after breaking through resistance at $84.50 and trading to its highest level in two months. Hogs Peoria: were     steady   at   33.50   to   35.50 Chicago Futures: Aug up 92 at 5862   Oct up 32 at 5510 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs ended higher. The inventory report was neutral, with the total inventory coming in at 97.3% of the year ago total. That was right on the average trade guess. August set a new contract low before ending the day higher. That low of $57.40 now becomes support. Poultry  Date: June 29, 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 steady to at least steady. Demand following the weekend was fair to moderate, instances fairly good, best where holiday weekend needs increased. Supplies of all sizes were adequate 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

06/26/2009 Farm Bureau Market Report

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Grain & Soybean Date: June 26, 2009 Soybeans Local Elevators: (Jun) EAST AR:  1182 to 1195 (NC) Summ. 949 to 959 River Elevators: (Jun) MISS: 1201 to 1217 ; AR & White 1182 to 1197 (NC) Summ. 949 to 982 Ark. Processor Bids: (Jun) 1197 to - - -  (NC) 956 to 959 Memphis:  (Jun) 1208 to 1221 (NC)  991 to - - - Riceland Foods:  (Jun) Stuttgart 959 ; Pendleton 963 ; West Memphis 986 Chicago Futures: Jul down 5 at  1201   Sep  down  6  at  1046   Nov down 11  at  991   Jan '10 down 13 1/4  at  992   Mar '10 down 12 3/4  at  986 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans were mixed again today. Tight old crop supplies provided support, while favorable growing conditions provided pressure. Late soybeans in the Midwest are getting a good start with plenty of moisture and high temperatures. The June acreage report will be released Tuesday. The trade is expecting to see USDA’s estimate to increase to over 78 million acres. Corn ended the week on a positive note. USDA’s planted acreage report will be released on June 30 and should give a better picture of what to expect. Most private reports are indicating a substantial increase in soybeans and a decline in corn from the March intentions report. Wheat Cash bid for June at Memphis  483 to 486 1/4; Bids to farmers at Local Elevators 422-458; River Elevators 403-474; Chicago Futures: Jul up  1 1/4  at  534 1/4    Sep up 1 1/2  at  563    Dec up  1  at  587 1/4    Mar '10 up  3/4  at  603 3/4    May '10 up  1 1/2  at  615 3/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for June at Memphis  575 to - - -; Bids to farmers at River Elevators 507-587; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for June at Memphis   381 1/4 to 382 1/4;   new crop at Memphis   370 3/4 to 374 3/4; Bids to farmers at River Elevators  350 to 375 Chicago Futures: Jul up  1 3/4  at  384 1/4    Sep up  1 3/4  at  391 3/4    Dec up  2 3/4  at  404 1/4    Mar '10 up  2 1/4  at  416    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat turned higher. The crop is coming in smaller than expected thanks to disease problems caused by the extremely wet spring. However, U.S. wheat is overpriced compared to other origins and as a result, our traditional customers are looking elsewhere for wheat. Cotton & Rice  Date: June 26, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis down 60 at  4964   Greenwood down  60 at 4964 New York Futures: Jul down  48  at  5254    Oct down  60  at  5489    Dec down  65  at  5684    Mar '10 down  72  at  5937    - - -   - - -  at  - - -  This week's LDP rate for cotton is  8.96 cents   The estimate for next week is  7.97 cents Cotton Comment Cotton ended lower as traders focused on weaker crude oil futures and stock market losses. For the U.S. there are certainly questions regarding this year’s crop. Weather hampered planting in the mid-South and major drought areas in Texas have likely trimmed overall plantings. Those same factors could reduce yield. Eventually the market will be short on cotton. That might be late this year, or next year when producers are making planting decisions. Rice Long Grain Cash Bid for  Jul 1213/cwt  to  - - -   n/a - - -  to  - - - Chicago Futures: Jul down  20  at  1213    Sep down  9  at  1223    Nov down  5  at  1231 1/2    Jan '10 down  6 1/2  at  1252    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice closed lower as the market continues to see saw back and forth. Fresh fundamentals are limited. World stocks remain sufficient to meet demand and U.S. milled export movement is slow. This year’s U.S. crop could be smaller than projected earlier. Late planting, as a result of weather, may reduce yield as well as acreage. September continues to move in a sideways trading pattern with resistance at $13, and support just above $12. Cattle & Hogs  Date: June 26, 2009 Cattle As reported by Federal-State Market News, receipts were 7,425 head at sales in Arkansas this week.  Compared with last week, feeder steers sold mostly steady to $2 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 107 to - - -   500 to 550 lbs. 97 to - - -   600 to 650 lbs. 91.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 97 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 94.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 80 to - - - Slaughter Cows, Boners 44   to   50 Light Weight 29 to 35 Bulls, Yield Grade   1   1000   to   2100 lbs.   57   to   63, high dressing 64-72 Midwest Steers   remained   at   82   to   - - - Panhandle Steers   remained   at   82   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 15 at 8240   Oct down 12 at 8812 Feeders: Aug up 2 at 9897   Sep up 10 at 9897 Cattle Comment Cattle futures were mostly lower. Despite smaller supplies, traders continue to worry about demand in the weak economy. Outside markets had an impact today as well as weakness in crude oil and stock prices carried over into the cattle pits. Hogs Peoria: were $2     higher   at   33.50   to   35.50 Chicago Futures: Aug down 110 at 5770   Oct down 102 at 5477 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs posted sharp losses. Weak pork prices continue to pressure futures, as did weakness in outside markets. This afternoon’s inventory report will set the tone next week. Poultry  Date: June 26, 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 entering the weekend was fair to moderate, instances fairly good with some increased interest noted for next week holiday. 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

Bi-Weekly Market Briefings for 06/26/2009

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ARKANSAS FARM BUREAU ELECTRONIC NEWSLETTER Bi-Weekly Market Briefings for 06-26-2009 -------------------------------------------------------------------------- http://www.arfb.com While not the singular influencing factor, outside markets have been a major driving force for soybeans. Crude oil, equity indexes and the dollar have displaced fundamentals, at least temporarily. Tight stocks and delayed planting set the stage for the meteoric rise from early-March lows, but there is little question the run would have been much less without the influence of a weak dollar and strong crude oil. In all likelihood, these outside markets will continue to apply pressure, along with weather and crop development. Initial private acreage estimates suggest a substantial increase in soybean plantings. The USDA report on planted acreage, due June 30, will confirm or deny this. Recent price action seems to confirm a market top. There will be rebounds, but it will take something significant to move the market back to, or above, the early-June highs. Downside objectives at $9.34 and $8.98 loom as potential targets. Good crop development could bring lower objectives into play. This year’s corn crop could be under 12 billion bushels. Informa, a private analytical firm, recently placed corn plantings at 83.1 million acres, down from their earlier estimate of 83.9. USDA is estimating 85 million acres. Good crop development across the country should partially offset late plantings in the eastern Corn Belt. A big carryover will also help buffer concerns. As with beans, outside markets will be a big factor. Crude oil will draw additional index funds on the way up, but will see big sell-offs on declines; that will play the same way on farm commodities. December corn is testing key support at $4. From there it is $3.90, $3.75 and $3.50. Major resistance is at the recent high of $4.73. Cotton has very few bright spots. Experts predict economic conditions won’t improve greatly for some time, and that limits demand for textiles. The U.S. crop, off to a poor start, could help on the supply side. Drought conditions in Texas and rain-plagued planting in the Mid-South will reduce planted acres and yield. World production will suffer as well. So, over time, price will have upside potential. For now, December could drop as low as 53 cents. The optimistic scenario has resistance starting at 56.7 cents, all the way to the recent high of 63.75 cents. Rice remains in a broad sideways pattern, though it has developed a slight upward bias. Planting problems moved the market up slightly, but overall fundamentals — including slow-milled export movement — don’t suggest significant upside potential at this time. Resistance at $13 will be difficult to penetrate without significant outside market influence. Support for the September contract starts at $11.84. Below that is the recent low of $11.40. Cattle futures have been moving higher the past few days, boosted by USDA’s monthly Cattle on Feed Report. Placements were down 14 percent (a 13-year low), reflecting higher feed costs. That was tempered somewhat by the fact that marketings were down 8 percent. The question remains whether or not demand will be high enough to handle even the diminished supplies on hand. High unemployment and economic uncertainty have consumers cutting back on beef purchases, though pre-Independence Day buying could give the market a boost next week. Hog prices continue to reflect the sharp decrease in demand brought about by “swine flu.” Mexico reported this week that imports from the United States are now back to pre-outbreak levels. Surprisingly, the monthly Cold Storage Report showed a decrease in pork stocks during May. This could give the market a boost. However, traders are still bearish, and it is unclear how much impact the report will have. Contact: • Gene Martin (501) 228-1330, gene.martin@arfb.com . • Brandy Carroll (501) 228-1268, brandy.carroll@arfb.com . • Bruce Tencleve (501) 228-1856, bruce.tencleve@arfb.com . • Matt King (501) 228-1297, matt.king@arfb.com . -------------------------------------------------------------------------- We promised you your own bank, and here it is - www.farmbureaubank.com Created by members who understand your financial needs like no other bank can. Backed by the strength, stability and leadership of Farm Bureau. Go ahead. See what better banking is all about. Call 1-800-492-FARM Personal Bankers are available Monday - Friday, 7am to 7pm CST -------------------------------------------------------------------------- QUESTIONS OR COMMENTS? 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06/24/2009 Farm Bureau Market Report

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Grain & Soybean Date: June 25, 2009 Soybeans Local Elevators: (Jun) EAST AR:  1177 to 1190 (NC) Summ. 960 to 970 River Elevators: (Jun) MISS: 1196 to 1212 ; AR & White 1177 to 1192 (NC) Summ. 960 to 993 Ark. Processor Bids: (Jun) 1192 to - - -  (NC) 967 to 970 Memphis:  (Jun) 1212 to 1216 (NC)  1002 to - - - Riceland Foods:  (Jun) Stuttgart 1192 ; Pendleton 1190 ; West Memphis 1212 Chicago Futures: Jul up 11 at  1196   Sep  down  3  at  1052   Nov down 6  at  1002   Jan '10 down 8 3/4  at  1005 1/4   Mar '10 down 10 3/4  at  999 1/4   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans closed mixed with only the old crop contracts holding a positive number at the end of the day. Tight old crop supplies provided support, while favorable growing conditions provided pressure. Late soybeans in the Midwest are getting a good start with plenty of moisture and high temperatures. Outside markets reversed positions late and generally had little impact. Equities and oil ended the day higher and the dollar lost ground. Corn was lower with favorable weather and big old crop stocks outweighing potentially smaller plantings and lower yields for the ’09 crop. USDA’s planted acreage report will be released on June 30 and should give a better picture of what to expect. Most private reports are indicating a substantial increase in soybeans and a decline in corn from the March intentions report. Wheat Cash bid for June at Memphis  478 to 492; Bids to farmers at Local Elevators 421-458; River Elevators 402-473; Chicago Futures: Jul down  6 3/4  at  533    Sep down 6 1/4  at  561 1/2    Dec down  6  at  586 1/4    Mar '10 down  6 1/4  at  603    May '10 down  6  at  614 1/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for June at Memphis  579 to - - -; Bids to farmers at River Elevators 503-583; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for June at Memphis   379 1/2 to - - -;   new crop at Memphis   369 to 370; Bids to farmers at River Elevators  348 to 373 Chicago Futures: Jul down  4  at  382 1/2    Sep down  5  at  390    Dec down  5 3/4  at  401 1/2    Mar '10 down  5 3/4  at  413 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat posted losses again today. U.S. wheat is overpriced compared to other origins and as a result, our traditional customers are looking elsewhere for wheat. Egypt bought French wheat this week. July may work toward support at $5.13. Cotton & Rice  Date: June 25, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis down 64 at  5024   Greenwood down  64 at 5024 New York Futures: Jul up  73  at  5302    Oct up  64  at  5549    Dec up  67  at  5749    Mar '10 up  67  at  6009    - - -   - - -  at  - - -  This week's LDP rate for cotton is  7.95 cents   The estimate for next week is  9.01 cents Cotton Comment Cotton continued higher as the market followed through on yesterday’s gain. For the most part mixed outside markets left cotton trading current fundamentals including smaller world and U.S. ’09 plantings. For the U.S. there are certainly questions regarding this year’s crop. Weather hampered planting in the mid-South and major drought areas in Texas have likely trimmed overall plantings. Those same factors could reduce yield. Eventually the market will be short on cotton. That might be late this year, or next year when producers are making planting decisions. Rice Long Grain Cash Bid for  Jul 1233/cwt  to  - - -   n/a - - -  to  - - - Chicago Futures: Jul down  17  at  1233    Sep down  7 1/2  at  1232    Nov down  4 1/2  at  1236 1/2    Jan '10 down  4 1/2  at  1258 1/2    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice closed lower as the market continues to see saw back and forth. Fresh fundamentals are limited. World stocks remain sufficient to meet demand and U.S. milled export movement is slow. This year’s U.S. crop could be smaller than projected earlier. Late planting, as a result of weather, may reduce yield as well as acreage. September continues to move in a sideways trading pattern with resistance at $13, and support just above $12. Cattle & Hogs  Date: June 25, 2009 Cattle As reported by Federal-State Market News, receipts were 1,634 head at sales in Charlotte & Green Forest.  Compared with last week, feeder steers sold near steady, except weights under 500 lbs which sold $5-10 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 109 to - - -   500 to 550 lbs. 105 to - - -   600 to 650 lbs. 98.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 103 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. n/a to - - -  Medium & Large Frame 2   400 to 450 lbs. 88.50 to - - - Slaughter Cows, Boners 44.50   to   49.50 Light Weight 34 to 37 Bulls, Yield Grade   1   1000   to   2100 lbs.   55   to   60, high dressing 59-65 Midwest Steers   were $2 higher were steady   at   81   to   - - - Panhandle Steers   were $2 higher were steady   at   81   to   - - - Oklahoma City Feeders Steers - - - to - - - lbs. - - - to - - -   - - - to - - - lbs. - - - to - - - Heifers - - - to - - - lbs. - - - to - - -   - - - to - - - lbs. - - - to - - - Chicago Futures: Live Cattle: Aug up 7 at 8255   Oct up 7 at 8825 Feeders: Aug steady at 9895   Sep up 32 at 9887 Cattle Comment Cattle futures ended mixed. Despite smaller supplies, traders continue to worry about demand in the weak economy. Support today came from a stronger stock market. Hogs Peoria: were     steady   at   31.50   to   33.50 Chicago Futures: Aug down 2 at 5880   Oct down 5 at 5580 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs ended mostly lower again today, with early gains turning around by the end of the day. Weak pork prices continue to pressure futures. Poultry  Date: June 25, 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 steady to at least steady. Demand was mostly fair, best where features were active with increase interest noted approaching the weekend. Supplies of all sizes were well cleared to instances tight to satisfy trade needs. In production areas, live supplies were moderate at mostly desirable to slightly 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