06/11/2009 Farm Bureau Market Reports

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Grain & Soybean Date: June 11, 2009 Soybeans Local Elevators: (Jun) EAST AR:  1248 to 1261 (NC) Summ. 1042 to 1056 River Elevators: (Jun) MISS: 1257 to 1283 ; AR & White 1248 to 1263 (NC) Summ. 1042 to 1076 Ark. Processor Bids: (Jun) 1260 to 1263  (NC) 1051 to 1054 Memphis:  (Jun) 1271 to 1284 (NC)  1081 3/4 to 1084 3/4 Riceland Foods:  (Jun) Stuttgart 1267 ; Pendleton 1261 ; West Memphis 1283 Chicago Futures: Jul up 21 at  1267   Sep  up  12 1/2  at  1124 3/4   Nov up 10 1/2  at  1089 1/2   Jan '10 up 10  at  1096   Mar '10 up 8 1/2  at  1092 3/4   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment July soybeans closed the day higher, but well off the daily highs. Soybean prices were up as much as 45-cents after a good export sales report and oil prices moved above $72 a barrel today. As the market digested this news it backed off early highs to close the day up 20-cents. November soybeans also moved higher, but hit resistance and were unable to break the $11 mark, closing the day up 10-cents. Corn prices closed the day with modest gains, up about 5-cents across the board. The market continues to build in expectations for decreased acreage in the USDA acreage report which will be released later this month. A drop in acreage of more than 600,000 acres will put ending stocks at less than 1 billion bushels, which would be bullish for corn prices. Corn price have support at $4.55, and resistance at around $4.70. Wheat Cash bid for June at Memphis  514 3/4 to - - -; Bids to farmers at Local Elevators 495-496; River Elevators 479-510; Chicago Futures: Jul down  1 1/4  at  594 3/4    Sep down 1 1/4  at  623 1/4    Dec down  3/4  at  649 3/4    Mar '10 down  1 1/4  at  666 1/4    May '10 down  1/4  at  677    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 591-671; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for June at Memphis   429 to 432;   new crop at Memphis   424 to 425; Bids to farmers at River Elevators  405 to 430 Chicago Futures: Jul up  5 1/4  at  441    Sep up  5 1/4  at  450    Dec up  5 1/4  at  463 1/4    Mar '10 up  5 1/4  at  474 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat closed the day with modest losses. Wheat export sales continue to be weak, combined with the large supply estimate in yesterday’s report and you have little support for higher wheat price. Wheat prices need strong gains in both corn and soybean markets keep wheat prices up. Wheat prices have support at around $5.90 and again at around $5.70. Cotton & Rice  Date: June 11, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 167 at  5305   Greenwood up  167 at 5305 New York Futures: Jul up  167  at  5630    Oct up  180  at  5918    Dec up  191  at  6126    Mar '10 up  201  at  6366    - - -   - - -  at  - - -  This week's LDP rate for cotton is  7.07 cents   The estimate for next week is  7.54 cents Cotton Comment December cotton made a move higher today closing above 61 cents. Cotton prices were supported by this morning’s export sales report which showed strong exports last week. Additionally, continued weakness in the U.S. dollar remains supportive for cotton prices. 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  18 1/2  at  1296    Sep up  16  at  1293    Nov up  16  at  1294 1/2    Jan '10 up  9 1/2  at  1302 1/2    - - - up  - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice prices closed the day higher, as it continues to inch its way closer to $13. 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 11, 2009 Cattle As reported by Federal-State Market News, receipts were 2,642 head at sales in Ratcliff & Green Forest.  Compared with last week, feeder steers steady to $3 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 116.75 to - - -   500 to 550 lbs. 104.75 to - - -   600 to 650 lbs. 103.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 99.75 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 93 to - - -  Medium & Large Frame 2   400 to 450 lbs. 89.25 to - - - Slaughter Cows, Boners 40   to   44 Light Weight 25 to 34 Bulls, Yield Grade   1   1000   to   2100 lbs.   51   to   56, high dressing 57-60 Midwest Steers   remained   at   80   to   - - - Panhandle Steers   remained   at   80   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: Aug up 62 at 8145   Oct up 55 at 8695 Feeders: Aug up 20 at 9637   Sep up 25 at 9660 Cattle Comment Both feeder and live cattle prices posted modest gains today, due primarily to speculative profit taking. Cash beef prices remain weak as beef demand continues to be less than expected. Hogs Peoria: were     steady   at   33   to   - - - Chicago Futures: Aug up 112 at 6040   Oct up 60 at 5822 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs finally closed a day in positive territory. July and August prices closed up over 1-cent per pound, while remaining month were up slightly. This looks to be strictly profit taking as the market is technically overbought. However, news that the world health organization is declaring H1N1 a pandemic will likely reduce pork demand, adversely effecting prices. Poultry  Date: June 11, 2009 Eggs New York:  Ex. Lg. 81-85; Lg. 79-83; Med. 58-62; 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 approaching the weekend was mostly fair with trading usually limited to regular commitments. Supplies of all sizes were sufficient to satisfy trade needs. In production areas, live supplies were moderate at desirable to 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