06/03/2009 Farm Bureau Market Report

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Grain & Soybean Date: June 03, 2009 Soybeans Local Elevators: (Jun) EAST AR:  1159 to 1174 (NC) Summ. 997 to 1011 River Elevators: (Jun) MISS: 1187 to 1294 ; AR & White 1162 to 1177 (NC) Summ. 997 to 1031 Ark. Processor Bids: (Jun) 1174 to 1175  (NC) 1007 to 1008 Memphis:  (Jun) 1199 to 1209 (NC)  1132 to 1135 Riceland Foods:  (Jun) Stuttgart 1174 ; Pendleton 1172 ; West Memphis 1194 Chicago Futures: Jul down 27 at  1182   Sep  down  36  at  1079   Nov down 35 1/2  at  1047   Jan '10 down 35 1/2  at  1052   Mar '10 down 34  at  1047   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans made a major downturn with November registering an island top that may signal the end to this move. As indicated recently the market way overbought and due a downward correction. Outside markets were factors in the decline with crude oil and equities lower and the $ stronger. The first major support is near $10 and then $9.70. Corn was slow in moving lower, but by the end of the session had registered losses of 17 cents or more. December closed right at previous resistance at $4.55 and could move to the next level at $4.38. Increased farmer selling of old crop corn added to the negative undertone. Wheat Cash bid for June at Memphis  540 1/2 to 542 1/2; Bids to farmers at Local Elevators 515-519; River Elevators 501-509; Chicago Futures: Jul down  52  at  617 1/2    Sep down 51 1/2  at  645    Dec down  50 1/2  at  669    Mar '10 down  49 1/4  at  685 1/4    May '10 down  49 3/4  at  696 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for June at Memphis  644 to - - -; Bids to farmers at River Elevators 566-646; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for June at Memphis   423 1/2 to 424 1/2;   new crop at Memphis   410 1/2 to 412 1/2; Bids to farmers at River Elevators  396 to 421 Chicago Futures: Jul down  17  at  432 1/2    Sep down  17 1/4  at  442 1/2    Dec down  17 3/4  at  455    Mar '10 down  17 1/4  at  465 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment July wheat futures closed sharply lower today, closing the gap left after Monday’s strong gains. Wheat prices have been on the rise over the last 2 weeks as outside money flowed into the wheat market. The rise in wheat prices pushed the RSI over 90 meaning the wheat market was overbought. Combine that with the fundamentals of ample wheat supplies in 2009, and you have the reason for today’s decline. Wheat prices have support at around $5.90. Cotton & Rice  Date: June 03, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis down 256 at  5234   Greenwood down  256 at 5234 New York Futures: Jul down  281  at  5584    Oct down  292  at  5801    Dec down  259  at  5993    Mar '10 down  246  at  6193    - - -   - - -  at  - - -  This week's LDP rate for cotton is  7.59 cents   The estimate for next week is  6.88 cents Cotton Comment Cotton followed the crowd and lost a significant portion of the last 3 day’s gains. Economic conditions remain a major consideration in textile sales. Ample U.S. and world stocks continue to offset a potentially smaller ’09 crop. December support starts at 58 cents. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: Jul unchanged    at  1247 1/2    Sep down  5 1/2  at  1265 1/2    Nov down  4 1/2  at  1273 1/2    Jan '10 unchanged    at  1290    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice closed narrowly mixed as the market retraced early losses later in the session. The market continues to look at a potentially smaller ’09 U.S. crop following weather impact on much of the mid-South crop. It is generally felt that not all the projected acreage was planted and some will have to be replanted in soybeans. On the other hand export demand remains slow with ample supplies available from Thailand and perhaps a little later from Vietnam. September’s ability to close above $12.57 suggests the market may still work higher. Cattle & Hogs  Date: June 03, 2009 Cattle As reported by Federal-State Market News, receipts were 1,056 head at sales in Conway.  Compared with last week, feeder steers sold $3-5 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 108 to - - -   500 to 550 lbs. 103 to - - -   600 to 650 lbs. 92 to - - -  Medium & Large Frame 2   400 to 450 lbs. 83 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 94.25 to - - -  Medium & Large Frame 2   400 to 450 lbs. 83 to - - - Slaughter Cows, Boners 42   to   46 Light Weight 25 to 32 Bulls, Yield Grade   1   1000   to   2100 lbs.   55   to   62, high dressing not tested 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: Jun up 22 at 7950   Aug up 12 at 8077 Feeders: Aug down 105 at 9612   Sep down 92 at 9640 Cattle Comment Live cattle prices closed the day mixed, while feeder cattle closed the day lower. Live cattle recovered a little bit of yesterday’s sharp decline, but was unable to close above resistance at 81 cents. Live cattle prices continue to look technically oversold, and should see some strengthening in coming days. Live cattle have strong support at the contract low set last June at around 78-cents. Hogs Peoria: were     steady   at   33.5   to   34 Chicago Futures: Jun down 245 at 5730   Aug down 27 at 6277 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment July hogs gapped lower for a second straight day. Hog prices continue to look for a bottom as prices set a new contract low again today. Larger than expected carcass weights has marketings backed up and until these supplies are cleared out pork prices will continue to search for support. One supporting factor for hog prices are they are very oversold, making many traders reluctant to sell more contracts. Poultry  Date: June 03, 2009 Eggs New York:  Ex. Lg. 98-102; Lg. 96-100; Med. 65-69; Chicago:  Ex. Lg. 89-97; Lg. 87-95; Med. 56-64; Eastern Region Turkeys Hens: 8-16 lbs. 78-82 Toms: 16-24 lbs. 78-82   Delmarva Broilers U.S. Grade A Trade sentiment was mostly steady. Retail and food service demand was moderate at best with trading usually limited to most immediate needs. Supplies of all sizes were sufficient to satisfy trade needs. In production areas, live supplies were moderate. Weights were mostly desirable, but at times light. ---------------------------------------- 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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