06/08/2009 Farm Bureau Market Report

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Grain & Soybean Date: June 08, 2009 Soybeans Local Elevators: (Jun) EAST AR:  1210 to 1225 (NC) Summ. 1004 to 1018 River Elevators: (Jun) MISS: 1223 to 1248 ; AR & White 1213 to 1228 (NC) Summ. 1004 to 1038 Ark. Processor Bids: (Jun) 1225 to 1226  (NC) 1013 to 1014 Memphis:  (Jun) 1249 1/2 to 1257 1/2 (NC)  1039 3/4 to - - - Riceland Foods:  (Jun) Stuttgart 1225 ; Pendleton 1223 ; West Memphis 1245 Chicago Futures: Jul up 7 at  1232 1/2   Sep  down  5  at  1096   Nov down 10  at  1051 3/4   Jan '10 down 8 3/4  at  1058 1/2   Mar '10 down 7 1/4  at  1055 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans closed mixed with only the nearby July ending the session higher. Weaker crude oil and a strong $ provided the market direction as traders continue to follow outside factors. November soybeans appear very top heavy, but haven’t given a definitive topping signal. Seasonally, the market could top at any time. Wednesday’s supply demand report is expected to show 08/09 ending stocks around 100 million bushels. Corn was lower despite expectations that today’s crop progress will show only 95% of the crop planted. Based on the projected plantings of 85 million acres, it means there is just over 4 million acres unplanted. At this late date a good portion of that may end up planted to soybeans. December continues to fund support around $4.40. Late planting suggests corn will be very weather sensitive as the growing season progresses. Wheat Cash bid for June at Memphis  523 to 525; Bids to farmers at Local Elevators 498-499; River Elevators 482-518; Chicago Futures: Jul down  25  at  598    Sep down 25  at  626    Dec down  24 1/2  at  651 1/2    Mar '10 down  25 1/2  at  668 1/4    May '10 down  24 3/4  at  679 3/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for June at Memphis  654 to - - -; Bids to farmers at River Elevators 571-651; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for June at Memphis   426 to 433;   new crop at Memphis   414 3/4 to 416 3/4; Bids to farmers at River Elevators  399 to 424 Chicago Futures: Jul down  9  at  435    Sep down  9 1/4  at  444 3/4    Dec down  9 1/2  at  458    Mar '10 down  9  at  469 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat continued the sharp decline that started last week. A big world supply and slow demand to start the 09/10 marketing year will continue to pressure the market. July is testing key support around $6. Cotton & Rice  Date: June 08, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 56 at  5242   Greenwood up  56 at 5242 New York Futures: Jul up  56  at  5567    Oct up  71  at  5832    Dec up  67  at  6024    Mar '10 up  76  at  6249    - - -   - - -  at  - - -  This week's LDP rate for cotton is  7.07 cents   The estimate for next week is  7.32 cents Cotton Comment Cotton rebounded to close higher after trading much of the session. December continues to find support around 58 cents. World supplies are ample to meet demand as overall economic conditions are pressuring textile markets. A poor start to the U.S. crop suggests production could be lower than projected earlier. This could give the market a boost at some point. Key resistance remains the recent high of 63.75 cents. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: Jul down  14  at  1247 1/2    Sep down  12  at  1258    Nov down  12  at  1261 1/2    Jan '10 unchanged    at  1279 1/2    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice futures closed lower, but near the middle of today’s trading range. The close corresponds with the top of the long term range that contained trading for 10 weeks prior to last week’s breakout. World fundamentals suggest there is ample rice available to meet demand and generally at values below U.S. price levels. While the U.S. crop, particularly in the mid-South, is off to a slow start a very competitive situation could limit upside potential. Current resistance for September is last week’s high just below $13. Cattle & Hogs  Date: June 08, 2009 Cattle As reported by Federal-State Market News, receipts were 3,049 head at sales in Heber Springs, Ola & Springdale.  Compared with last week, feeder steers sold $3-9 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 108.50 to - - -   500 to 550 lbs. 104 to - - -   600 to 650 lbs. 95.75 to - - -  Medium & Large Frame 2   400 to 450 lbs. 99.50 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 95 to - - -  Medium & Large Frame 2   400 to 450 lbs. 88.50 to - - - Slaughter Cows, Boners 42   to   46 Light Weight 32 to 37 Bulls, Yield Grade   1   1000   to   2100 lbs.   54   to   58, high dressing 59-63 Midwest Steers   were $1 lower to $.50 higher   at   81   to   82.50 Panhandle Steers   were steady to $1 higher   at   82   to   83 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 52 at 8062   Oct down 30 at 8630 Feeders: Aug down 77 at 9585   Sep down 72 at 9620 Cattle Comment Cattle futures continued lower as the market remains weak on the cash side. Retailers are cautious buyers as the overall economic concerns weigh on the market. Choice beef cutout values fell below $140 per cwt of the first time since last March, but movement remains slow. Hogs Peoria: were $.50 lower     steady   at   33   to   - - - Chicago Futures: Aug down 100 at 6152   Oct down 40 at 6067 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures were mostly lower with only expiring June higher. Packer margins remain negative with declining composite values offsetting lower cash hog values. Ample supplies of pork are expected as production continues well above USDA projections. Poultry  Date: June 08, 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 following the weekend was no better than fair with trading usually limited to regular commitments. Supplies of all sizes were sufficient 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. All rights reserved Terms of Use