06/15/2009 Farm Bureau Market Report

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Grain & Soybean Date: June 15, 2009 Soybeans Local Elevators: (Jun) EAST AR:  1178 to 1191 (NC) Summ. 977 to 991 River Elevators: (Jun) MISS: 1197 to 1213 ; AR & White 1178 to 1193 (NC) Summ. 980 to 1011 Ark. Processor Bids: (Jun) 1190 to 1193  (NC) 987 to 989 Memphis:  (Jun) 1214 to 1217 (NC)  1016 3/4 to 1019 3/4 Riceland Foods:  (Jun) Stuttgart 1193 ; Pendleton 1191 ; West Memphis 1213 Chicago Futures: Jul down 48 1/2 at  1197   Aug  down  43 3/4  at  1127 1/2   Sep down 48 3/4  at  1059 3/4   Jan '10 down 51 1/4  at  1031 3/4   Mar '10 down 50 1/4  at  1026 1/4   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans gapped lower in today’s trade. Last week’s high of $10.99 is now resistance for November. Prospects of very tight ending stocks and potential for substantial expansion in this year’s planting are well known and may be fully accounted for. The market remains toppy and subject to further retracement of recent gains. The 38% retracement level of $9.70 is the first target. Corn also gapped lower, suggesting a potential top here as well. Technical weakness and profit taking were factors, as was a bearish export report. Weekly exports were 31 million bushels, below the nearly 40 million needed each week to meet USDA’s projection for the marketing year. The market has violated the uptrend and could head for a retest of support around $4. Wheat Cash bid for June at Memphis  495 1/4 to - - -; Bids to farmers at Local Elevators 475-485; River Elevators 459-497; Chicago Futures: Jul down  9 1/2  at  575 1/4    Sep down 9 3/4  at  603 1/2    Dec down  10  at  630 1/4    Mar '10 down  10 1/4  at  647 1/2    May '10 down  10 1/4  at  658 1/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for June at Memphis  613 to - - -; Bids to farmers at River Elevators 546-664; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for June at Memphis   397 to 398;   new crop at Memphis   388 3/4 to 389 3/4; Bids to farmers at River Elevators  370 to 395 Chicago Futures: Jul down  19 1/2  at  406    Sep down  19 3/4  at  414 3/4    Dec down  20  at  427 3/4    Mar '10 down  19 3/4  at  439 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat posted big losses again today. The last two weeks have seen the market retrace more than a dollar. This reemphasizes huge world stocks and a competitive export situation. July may move toward previous support between $5.44 and $5.13. Cotton & Rice  Date: June 15, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 300 at  4985   Greenwood up  300 at 4985 New York Futures: Jul down  310  at  5300    Oct unchanged    at  6400    Dec down  786  at  5336    Mar '10 down  846  at  5525    - - -   - - -  at  - - -  This week's LDP rate for cotton is  7.54 cents   The estimate for next week is  6.62 cents Cotton Comment Cotton was sharply lower as well. 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, with support starting at 58 cents. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: Jul down  40  at  1252 1/2    Sep down  39  at  1246    Nov down  34  at  1253 1/2    Jan '10 down  29 1/2  at  1273    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice also posted big losses today. Crop prospects limited losses somewhat, 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 have resistance at the recent high of $12.99. Cattle & Hogs  Date: June 15, 2009 Cattle As reported by Federal-State Market News, receipts were 1,990 head at sales in Ash Flat & Springdale.  Compared with last week, feeder steers sold very uneven holding near steady . Steers:  Medium & Large Frame 1   400 to 450 lbs. 110 to - - -   500 to 550 lbs. 102 to - - -   600 to 650 lbs. 96 to - - -  Medium & Large Frame 2   400 to 450 lbs. 104.50 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 97 to - - -  Medium & Large Frame 2   400 to 450 lbs. 90.50 to - - - Slaughter Cows, Boners 40   to   46 Light Weight 30 to 36 Bulls, Yield Grade   1   1000   to   2100 lbs.   54   to   58, high dressing 59.50-63 Midwest Steers   were $1 lower to steady   at   81   to   82 Panhandle Steers   were $5 lower to steady   at   77   to   82 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 77 at 8082   Oct down 65 at 8645 Feeders: Aug down 42 at 9720   Sep down 17 at 9740 Cattle Comment Cattle futures also were pulled lower by the wave of profit taking. The stronger dollar and higher crude oil prices were factors as well. Hogs Peoria: were       at   n/a   to   - - - Chicago Futures: Aug down 167 at 5840   Oct down 107 at 5575 Sheep St. Paul sheep shorn slaughter lambs   at   n/   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 15, 2009 Eggs New York:  Ex. Lg. 79-83; Lg. 77-81; Med. 58-62; Chicago:  Ex. Lg. 72-80; Lg. 70-78; Med. 49-57; 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 at least steady. Demand following the weekend was mostly fair with trading usually limited to regular commitments. Supplies of all sizes were closely cleared to satisfy current trade needs. 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