06/12/2009 Farm Bureau Market Report

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Grain & Soybean Date: June 12, 2009 Soybeans Local Elevators: (Jun) EAST AR:  1227 to 1240 (NC) Summ. 1029 to 1043 River Elevators: (Jun) MISS: 1246 to 1262 ; AR & White 1226 to 1241 (NC) Summ. 1029 to 1063 Ark. Processor Bids: (Jun) 1239 to 1242  (NC) 1038 to 1041 Memphis:  (Jun) 1262 1/2 to 1265 1/2 (NC)  1068 1/2 to 1071 1/2 Riceland Foods:  (Jun) Stuttgart 1242 ; Pendleton 1240 ; West Memphis 1262 Chicago Futures: Jul down 21 1/2 at  1245 1/2   Sep  down  16 1/4  at  1108 1/2   Nov down 13 1/4  at  1076 1/2   Jan '10 down 13  at  1083   Mar '10 down 13 1/4  at  1079 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans closed on a negative note, working lower throughout the session. The push to $10.99 yesterday leaves that as resistance. Prospects of very tight ending stocks and potential for substantial expansion in this year’s planting is well known and may be fully accounted for. The market remains toppy and subject to further retracement of recent gains. Support starts at Monday’s low of $10.58 ½. Corn took a beating as December dropped below trendline support. Inability to move above last week’s high and today’s abrupt downturn suggest a potential market top. However it may simply be a broader trading range, with support starting just below $4.40, which was today’s low. Wheat Cash bid for June at Memphis  504 3/4 to - - -; Bids to farmers at Local Elevators 485-486; River Elevators 469-500; Chicago Futures: Jul down  10  at  584 3/4    Sep down 10  at  613 1/4    Dec down  9 1/2  at  640 1/4    Mar '10 down  8 1/2  at  657 3/4    May '10 down  8 1/2  at  668 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for June at Memphis  640 to - - -; Bids to farmers at River Elevators 562-642; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for June at Memphis   416 1/2 to 417 1/2;   new crop at Memphis   408 1/2 to 409 1/2; Bids to farmers at River Elevators  389 to 414 Chicago Futures: Jul down  15 1/2  at  425 1/2    Sep down  15 1/2  at  434 1/2    Dec down  15 1/2  at  447 3/4    Mar '10 down  14 3/4  at  459 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat gapped lower, but managed to close well above the day’s low. The last two weeks have seen the market retrace almost a dollar. This reemphasizes huge world stocks and a competitive export situation. Inability to hold above today’s low could see July move toward previous support between $5.44 and $5.13. Cotton & Rice  Date: June 12, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 20 at  5285   Greenwood up  20 at 5285 New York Futures: Jul down  20  at  5610    Oct down  3  at  5915    Dec down  4  at  6122    Mar '10 up  5  at  6371    n/a down  - - -  at  - - -  This week's LDP rate for cotton is  7.54 cents   The estimate for next week is  6.62 cents Cotton Comment Cotton traded lower most of the session but managed to pull almost even by the close. December held above 61 cents. This year’s U.S. crop has its share of problems; the question is how much that will impact the overall market. Ample supplies and the current economic outlook suggest cotton has a tough row to hoe. Cotton use may increase a little from last year, but long term we need to see it move back to what it was the year before that. December has stiff resistance from 62 to 63.75 cents. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: Jul down  3 1/2  at  1292 1/2    Sep down  8  at  1285    Nov down  7  at  1287 1/2    Mar '10 unchanged    at  1315 1/2    n/a   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice closed a little lower to end the week. However, rice was more stable than wheat, beans, and corn. Crop prospects look to be a part of the situation, but with ample world stocks it may not be enough to push this market higher, or even to hold it at this level. New crop futures hit $12.99, but have been unable to generate much sustained upward momentum. Cattle & Hogs  Date: June 12, 2009 Cattle As reported by Federal-State Market News, receipts were 10,060 head at sales in Arkansas this week.  Compared with last week, feeder steers and bulls sold $2-6 lower, instances $7-10 lower on lightweight calves . Steers:  Medium & Large Frame 1   400 to 450 lbs. 105 to - - -   500 to 550 lbs. 93 to - - -   600 to 650 lbs. 91.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 93 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 92 to - - -  Medium & Large Frame 2   400 to 450 lbs. 84 to - - - Slaughter Cows, Boners 39   to   44 Light Weight 24 to 30 Bulls, Yield Grade   1   1000   to   2100 lbs.   48   to   54, high dressing 54-58 Midwest Steers   were $2 higher   at   82   to   - - - Panhandle Steers   were $2 higher   at   82   to   - - - Oklahoma City Feeders Steers 500 to 540 lbs. 95.50 to 108.85   600 to 640 lbs. 93.50 to 101 Heifers 500 to 550 lbs. 90 to 103.85   650 to 700 lbs. 86.50 to 98.50 Chicago Futures: Live Cattle: Aug up 15 at 8160   Oct up 15 at 8710 Feeders: Aug up 120 at 9757   Sep up 97 at 9757 Cattle Comment Cattle were mostly higher with feeder futures leading the upturn. The downturn in corn seems to have fueled the feeder market, but packers remain reluctant buyers. Feedlots are asking $85 and packers are offering $80. That may not change until beef shows some improvement. Hogs Peoria: were     steady   at   33   to   - - - Chicago Futures: Aug down 32 at 6007   Oct down 140 at 5682 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs continued to move lower, pressured by ample supplies. The domestic pork market is struggling to handle building stocks that is resulting from slow exports. Look for pork to continue to see heavy retail featuring. Poultry  Date: June 12, 2009 Eggs New York:  Ex. Lg. 79-83; Lg. 77-81; Med. 58-62; Chicago:  Ex. Lg. 89-97; Lg. 87-95; Med. 56-64; Eastern Region Turkeys Hens: 8-16 lbs. 80-84 Toms: 16-24 lbs. 80-84   Delmarva Broilers U.S. Grade A Trade sentiment was steady to instances fully steady. Demand entering the weekend was mostly 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