06/04/2009 Farm Bureau Market Report

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Grain & Soybean Date: June 04, 2009 Soybeans Local Elevators: (Jun) EAST AR:  1207 to 1222 (NC) Summ. 1032 to 1046 River Elevators: (Jun) MISS: 1235 to 1245 ; AR & White 1210 to 1225 (NC) Summ. 1032 to 1066 Ark. Processor Bids: (Jun) 1222 to 1223  (NC) 1042 to 1044 Memphis:  (Jun) 1233 to 1247 (NC)  1066 1/2 to 1069 1/2 Riceland Foods:  (Jun) Stuttgart 1222 ; Pendleton 1242 ; West Memphis 1220 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 recouped most of yesterday’s declines with November nullifying the potential island top. While the market didn’t make new tops it seemed to suggest yesterday’s move was simply profit taking and there is still some upside potential. Beans ignored an export sales report that featured a negative number, the result of several cancellations by China and Japan. The key to further gains will be November’s ability to move a nickel higher and close above Tuesday’s high of $10.86. Corn, unlike soybeans, had a good export report and retraced most of yesterday’s losses. It is very clear the market is closely tied to outside markets. A stronger equities market and higher crude oil bring the funds back into the picture. A weaker dollar added to the positive undertone. Wheat Cash bid for June at Memphis  547 1/4 to 565 1/4; Bids to farmers at Local Elevators 532-536; River Elevators 519-550; 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  656 to - - -; Bids to farmers at River Elevators 594-675; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for June at Memphis   434 1/2 to 439 1/2;   new crop at Memphis   426 1/4 to 428 1/4; Bids to farmers at River Elevators  412 to 437 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 Wheat also reversed and closed higher. Harvest delays in Texas and slow spring planting progress continue to offset big world supplies. Longer term, the market will have to be competitive, but for the time being, other factors are providing upward momentum. July may have a problem overcoming resistance just above $6.70. Cotton & Rice  Date: June 04, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 129 at  5363   Greenwood up  129 at 5363 New York Futures: Jul up  104  at  5688    Oct up  114  at  5915    Dec up  116  at  6109    Mar '10 up  126  at  6319    n/a up  - - -  at  - - -  This week's LDP rate for cotton is  7.59 cents   The estimate for next week is  7.07 cents Cotton Comment Cotton regained a portion of yesterday’s declines as the market continued to follow the crowd. 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 with resistance at 63.75 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    n/a   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice continued to show some strength with September in position to test resistance at Tuesday’s high. 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 04, 2009 Cattle As reported by Federal-State Market News, receipts were 3,646 head at sales in Charlotte, Ratcliff & Green Forest.  Compared with last week, feeder steers sold mostly $3-5 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 116 to - - -   500 to 550 lbs. 105 to - - -   600 to 650 lbs. 100 to - - -  Medium & Large Frame 2   400 to 450 lbs. 104 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 94.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 88 to - - - Slaughter Cows, Boners 42   to   47 Light Weight 28.50 to 36 Bulls, Yield Grade   1   1000   to   2100 lbs.   54.50   to   61, high dressing 61-63 Midwest Steers   remained   at   82   to   - - - Panhandle Steers   remained   at   82   to   - - - Oklahoma City Feeders Steers 500 to 540 lbs. 109 to 112.50   600 to 650 lbs. 95 to 99 Heifers n/a to - - - lbs. - - - to - - -   n/a to - - - lbs. - - - to - - - Chicago Futures: Live Cattle: Aug up 12 at 8077   Oct up 10 at 8585 Feeders: Aug down 105 at 9612   Sep down 92 at 9640 Cattle Comment Cattle futures were up slightly after big declines recently. Big losses have trimmed packer margins leaving them reluctant buyers, however the overall slaughter pace has been maintained. 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   to   - - - Chicago Futures: Aug down 27 at 6277   Oct up 95 at 6010 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs closed mixed as they continue to look for a bottom as prices set a new contract low again today. Larger than expected carcass weights have 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 04, 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. 80-82 Toms: 16-24 lbs. 80-82   Delmarva Broilers U.S. Grade A Trade sentiment was steady. Demand into all channels was mostly moderate at best with light trading for late week. Supplies of all sizes were sufficient to satisfy trade needs. In production areas, live supplies were moderate at 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. 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