06/16/2009 Farm Bureau Market Report

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Grain & Soybean Date: June 16, 2009 Soybeans Local Elevators: (Jun) EAST AR:  1182 to 1195 (NC) Summ. 983 to 997 River Elevators: (Jun) MISS: 1201 to 1217 ; AR & White 1182 to 1197 (NC) Summ. 983 to 1016 Ark. Processor Bids: (Jun) 1194 to 1197  (NC) 990 to 994 Memphis:  (Jun) 1218 1/4 to 1219 1/4 (NC)  1020 1/2 to 1023 1/2 Riceland Foods:  (Jun) Stuttgart 1197 ; Pendleton 1195 ; West Memphis 1217 Chicago Futures: Jul up 4 1/4 at  1201 1/4   Sep  up  3 1/4  at  1063   Nov up 3 3/4  at  1028 1/2   Jan '10 up 4 1/2  at  1036 1/4   Mar '10 up 5 1/4  at  1034 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans attempted to recover from yesterday’s gains, but the results were pretty feeble. 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 continued lower today, and has confirmed that a top has been charted. Technical weakness and profit taking were factors. The market has violated the uptrend and could head for a retest of support around $4. Wheat Cash bid for June at Memphis  485 3/4 to - - -; Bids to farmers at Local Elevators 466-467; River Elevators 440-481; Chicago Futures: Jul down  9 1/2  at  565 3/4    Sep down 9 1/4  at  594 1/4    Dec down  9 1/4  at  621    Mar '10 down  10 1/2  at  637    May '10 down  10 1/4  at  648    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for June at Memphis  596 to - - -; Bids to farmers at River Elevators 542-623; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for June at Memphis   395 to 396;   new crop at Memphis   387 3/4 to - - -; Bids to farmers at River Elevators  368 to 393 Chicago Futures: Jul down  2  at  404    Sep down  2  at  412 3/4    Dec down  2 1/2  at  425 1/4    Mar '10 down  2 3/4  at  437    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat traded in a wide range after an early rally petered out and July closed sharply lower. Huge world stocks and a competitive export situation added to the negative undertone. July may move toward previous support between $5.44 and $5.13. Cotton & Rice  Date: June 16, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis down 67 at  4918   Greenwood down  67 at 4918 New York Futures: Jul down  67  at  5243    Oct down  55  at  5560    Dec down  48  at  5774    Mar '10 down  50  at  6021    - - -   - - -  at  - - -  This week's LDP rate for cotton is  7.54 cents   The estimate for next week is  7.34 cents Cotton Comment Cotton’s early attempt at recovery failed and the market closed lower again today. 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  21 1/2  at  1231    Sep down  15 1/2  at  1230 1/2    Nov down  13 1/2  at  1240    Jan '10 down  12  at  1261    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice gapped lower again 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 16, 2009 Cattle As reported by Federal-State Market News, receipts were 658 head at sales in Fort Smith & Heber Springs.  Compared with last week, feeder steers sold unevenly, averaging near steady . Steers:  Medium & Large Frame 1   400 to 450 lbs. 101.50 to - - -   500 to 550 lbs. 96 to - - -   600 to 650 lbs. 91 to - - -  Medium & Large Frame 2   400 to 450 lbs. 91.50 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 94 to - - -  Medium & Large Frame 2   400 to 450 lbs. 84 to - - - Slaughter Cows, Boners 38   to   44 Light Weight 27 to 32 Bulls, Yield Grade   1   1000   to   2100 lbs.   54   to   59 Midwest Steers   were $2-3 lower   at   79   to   - - - Panhandle Steers   were $2-3 lower   at   79   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 down 45 at 8037   Oct down 67 at 8577 Feeders: Aug down 65 at 9655   Sep down 32 at 9707 Cattle Comment Cattle futures ended lower after early gains spurred mostly by profit-taking. August could work back toward the contract low of $78.15. Hogs Peoria: were     steady   at   33   to   - - - Chicago Futures: Aug down 30 at 5810   Oct down 20 at 5595 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 are resulting from slow exports. Poultry  Date: June 16, 2009 Eggs New York:  Ex. Lg. 75-79; Lg. 73-77; Med. 58-62; Chicago:  Ex. Lg. 72-80; Lg. 70-78; Med. 49-57; Eastern Region Turkeys Hens: 8-16 lbs. 82-84 Toms: 16-24 lbs. 82-84   Delmarva Broilers U.S. Grade A Trade sentiment was steady to at least steady. Supplies of all sizes were close balanced 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. 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