06/05/2009 Farm Bureau Market Report

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Grain & Soybean Date: June 05, 2009 Soybeans Local Elevators: (Jun) EAST AR:  1203 to 1218 (NC) Summ. 1012 to 1026 River Elevators: (Jun) MISS: 1231 to 1240 ; AR & White 1205 to 1220 (NC) Summ. 1012 to 1046 Ark. Processor Bids: (Jun) 1218 to 1219  (NC) 1022 to 1024 Memphis:  (Jun) 1242 1/2 to 1251 1/2 (NC)  1046 3/4 to 1049 3/4 Riceland Foods:  (Jun) Stuttgart 1234 ; Pendleton 1216 ; West Memphis 1238 Chicago Futures: Jul down 4 1/2 at  1225 1/2   Sep  down  14 1/2  at  1101   Nov down 19 3/4  at  1061 3/4   Jan '10 down 19 1/2  at  1067 1/4   Mar '10 down 18 3/4  at  1062 3/4   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans gave back part of yesterday’s gains as the market continues the up and down movement of the last several days. Outside markets were negative and that provided the impetus for today’s decline. A positive jobs report boosted the $ which was also a negative factor for commodities. Fundamentals seem to be forgotten as the market has moved in concert with crude oil and the stock market. Technically, November appears very toppy with this week’s action very similar to the top in early January. Next week’s resistance for November was the Tuesday high of $10.86 and the Wednesday low of $10.45. A close to either side will indicate further movement in that direction. Corn was lower today but is still less volatile than soybeans or wheat. From a fundamental side the market will have to remain aware of weather and potential impact on yields as the season progresses. Resistance for December is this week’s high of $4.73 ½. Wheat Cash bid for June at Memphis  538 to 548; Bids to farmers at Local Elevators 520-524; River Elevators 507-538; Chicago Futures: Jul down  12 1/4  at  623    Sep down 12 1/4  at  651    Dec down  11 3/4  at  676    Mar '10 down  10 1/2  at  693 3/4    May '10 down  10 1/2  at  704 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for June at Memphis  666 to - - -; Bids to farmers at River Elevators 587-667; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for June at Memphis   435 to 436;   new crop at Memphis   424 to - - -; Bids to farmers at River Elevators  408 to 433 Chicago Futures: Jul down  4 1/2  at  444    Sep down  4 1/4  at  454    Dec down  4  at  467 1/2    Mar '10 down  3 1/2  at  378 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat ended the week in a much more subdued manner than it started. There is a lot of wheat available for export and that will temper upside potential long term. A smaller spring crop has been factored into the market, wheat remains an unknown is how funds will impact trading. Cotton & Rice  Date: June 05, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis down 177 at  5186   Greenwood down  177 at 5186 New York Futures: Jul down  177  at  5511    Oct down  154  at  5761    Dec down  152  at  5957    Mar '10 down  146  at  6173    - - -   - - -  at  - - -  This week's LDP rate for cotton is  7.07 cents   The estimate for next week is  6.82 cents Cotton Comment Cotton continued the up, down movement of the last several days and quickly gave back yesterday’s gains with December closing below 59 cents today. 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 down  14 1/2  at  1261 1/2    Sep down  17  at  1270    Nov down  18  at  1273 1/2    Jan '10 down  20 1/2  at  1279 1/2    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice ended lower after failing to penetrate the early week 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 05, 2009 Cattle As reported by Federal-State Market News, receipts were 12,180 head at sales in Arkansas this week.  Compared with last week, feeder steers sold mostly $3-6 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 109.50 to - - -   500 to 550 lbs. 99 to - - -   600 to 650 lbs. 94.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 96.50 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 94 to - - -  Medium & Large Frame 2   400 to 450 lbs. 85.50 to - - - Slaughter Cows, Boners 40   to   46 Light Weight 23 to 31 Bulls, Yield Grade   1   1000   to   2100 lbs.   52   to   59.50, high dressing 59.50-60 Midwest Steers   were $1 lower   at   81   to   - - - Panhandle Steers   were $1 lower   at   81   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 107 to 118.50   600 to 650 lbs. 95 to 105.50 Heifers 500 to 550 lbs. 91.50 to 106.50   600 to 650 lbs. 90 to 104.25 Chicago Futures: Live Cattle: Aug up 15 at 8115   Oct up 10 at 8660 Feeders: Aug up 2 at 9662   Sep up 10 at 9692 Cattle Comment Cattle futures were mostly higher to end the week, but haven’t found much in the way of positive fundamentals. 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 up 7 at 6252   Oct down 15 at 6107 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs closed mixed as they continue to look for a bottom 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 05, 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 entering the weekend was mostly moderate with light trading. Supplies of all sizes were adequate to satisfy current trade requirements. In productions 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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