06/09/2009 Farm Bureau Market Report

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Grain & Soybean Date: June 09, 2009 Soybeans Local Elevators: (Jun) EAST AR:  1225 to 1238 (NC) Summ. 1025 to 1039 River Elevators: (Jun) MISS: 1234 to 1260 ; AR & White 1224 to 1239 (NC) Summ. 1024 to 1059 Ark. Processor Bids: (Jun) 1237 to 1240  (NC) 1034 to 1035 Memphis:  (Jun) 1253 1/2 to 1260 1/2 (NC)  1060 1/2 to 1067 1/2 Riceland Foods:  (Jun) Stuttgart 1240 ; Pendleton 1238 ; West Memphis 1260 Chicago Futures: Jul up 10 at  1242 1/2   Sep  up  11  at  1107   Nov up 22 1/4  at  1074   Jan '10 up 21 1/2  at  1080   Mar '10 up 13  at  1068 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans followed the rally in oil to close higher for the day. Tightening old crop stocks and a slower than expected pace of planting contributed to the upturn. A weaker $ provided additional support. November could move above resistance at last week’s $10.86 high if ending stocks are near 100 million bushels. Corn made good gains ahead of tomorrow’s supply demand report which could show a reduced yields. With the planted acreage due later this month there probably won’t be an adjustment in acreage. But with just 97% of the crop planted there could be a million acres or more of the intended corn acreage that moves to soybeans. A key number in tomorrow’s report will be the 09/10 ending stocks, which could be edging toward a billion bushels or less. December is consolidating just below last week’s high. A close above $4.73 ½ would be positive. Wheat Cash bid for June at Memphis  527 3/4 to 543 3/4; Bids to farmers at Local Elevators 514-515; River Elevators 498-534; Chicago Futures: Jul up  15 3/4  at  613 3/4    Sep up 16  at  642    Dec up  15 3/4  at  667 1/4    Mar '10 up  15 3/4  at  684    May '10 up  14 3/4  at  694 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for June at Memphis  661 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   432 to 435;   new crop at Memphis   425 1/4 to 427 1/4; Bids to farmers at River Elevators  408 to 433 Chicago Futures: Jul up  9  at  444    Sep up  8 1/2  at  453 1/4    Dec up  8 1/4  at  466 1/4    Mar '10 up  8 1/4  at  477 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat made a sharp rebound after giving back all of the 70 cents or more recent gain. A smaller U.S. crop will be offset by big world supplies. A competitive market situation will limit the upside potential for cash wheat. The futures move higher basis will likely widen. Cotton & Rice  Date: June 09, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis down 81 at  5161   Greenwood down  81 at 5161 New York Futures: Jul down  81  at  5486    Oct down  72  at  5760    Dec down  72  at  5952    Mar '10 down  66  at  6183    - - -   - - -  at  - - -  This week's LDP rate for cotton is  7.07 cents   The estimate for next week is  7.32 cents Cotton Comment Cotton continued in a consolidation pattern with all contracts a little lower for the day. Big world stocks are a stumbling block which will keep the market from moving substantially higher in the near term. However, a slow start to the U.S. crop and signs of economic recovery will provide upward impetus at some point. Support starts around 58 cents with resistance at 63.75 cents. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: Jul up  48  at  1295 1/2    Sep up  31 1/2  at  1289 1/2    Nov up  28  at  1289 1/2    Jan '10 up  14 1/2  at  1294    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice rallied from the bottom of a week long trading range to close near the recent high. The market is looking at a poor start to the U.S. crop and a potentially smaller than projected acreage. Upside potential will be limited by ample world supplies and slow export demand. The next resistance for September is the late December high of $13.85. Cattle & Hogs  Date: June 09, 2009 Cattle As reported by Federal-State Market News, receipts were 1,526 head at sales in Fort Smith and Heber Springs.  Compared with last week, feeder steers sold $2-5 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 104.50 to - - -   500 to 550 lbs. 101 to - - -   600 to 650 lbs. 96.75 to - - -  Medium & Large Frame 2   400 to 450 lbs. 92.50 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 90 to - - -  Medium & Large Frame 2   400 to 450 lbs. 82 to - - - Slaughter Cows, Boners 39   to   44 Light Weight 23.50 to 32 Bulls, Yield Grade   1   1000   to   2100 lbs.   52   to   59, high dressing 59-60.50 Midwest Steers   were $1-2.50 lower   at   80   to   - - - Panhandle Steers   were $2-3 lower   at   80   to   - - - Oklahoma City Feeders Steers 550 to 600 lbs. 100 to 112.50   600 to 650 lbs. 101.50 to 107.25 Heifers 500 to 550 lbs. 96 to 103.85   650 to 700 lbs. 89 to 94 Chicago Futures: Live Cattle: Aug up 110 at 8172   Oct up 72 at 8702 Feeders: Aug up 47 at 9632   Sep up 75 at 9695 Cattle Comment Cattle finally made a positive move with Midwest showlists somewhat smaller than expected. Improving beef cutout values also provided a boost for the market. Packer margins, while small have moved to the positive side. Hogs Peoria: were $.50     lower   at   33   to   - - - Chicago Futures: Aug down 100 at 6052   Oct down 90 at 5977 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs were lower despite smaller runs. Negative operating margins and larger than expected production continue to weigh on the market. Poultry  Date: June 09, 2009 Eggs New York:  Ex. Lg. 93-97; Lg. 91-95; Med. 63-67; 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 fair with light trading for early 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. All rights reserved Terms of Use