06/17/2009 Farm Bureau Market Report

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Grain & Soybean Date: June 17, 2009 Soybeans Local Elevators: (Jun) EAST AR:  1187 to 1200 (NC) Summ. 1004 to 1018 River Elevators: (Jun) MISS: 1206 to 1222 ; AR & White 1187 to 1202 (NC) Summ. 1004 to 1037 Ark. Processor Bids: (Jun) 1199 to 1202  (NC) 1011 to 1015 Memphis:  (Jun) 1223 1/4 to 1228 1/4 (NC)  1042 to 1045 Riceland Foods:  (Jun) Stuttgart 1202 ; Pendleton 1200 ; West Memphis 1222 Chicago Futures: Jul up 5 at  1206 1/4   Sep  up  19  at  1082   Nov up 21 1/2  at  1050   Jan '10 up 21 1/2  at  1057 3/4   Mar '10 up 22  at  1056 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans moved higher in today's trade. 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 recovered a bit from recent losses, however, the market has violated the uptrend and could head for a retest of support around $4. Renewed weakness in the dollar has been supportive this week, since that makes U.S. commodities more affordable to foreign buyers. Wheat Cash bid for June at Memphis  496 to - - -; Bids to farmers at Local Elevators 466-467; River Elevators 435-486; Chicago Futures: Jul up  1/4  at  566    Sep up 1/2  at  594 3/4    Dec up  1/4  at  621 1/4    Mar '10 up  1  at  638    May '10 up  1/2  at  648 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for June at Memphis  612 to - - -; Bids to farmers at River Elevators 550-583; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for June at Memphis   398 3/4 to 399 3/4;   new crop at Memphis   391 1/4 to - - -; Bids to farmers at River Elevators  372 to 397 Chicago Futures: Jul up  3 3/4  at  407 3/4    Sep up  3 1/2  at  316 1/4    Dec up  3 1/2  at  428 3/4    Mar '10 up  3 1/4  at  440 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat also moved higher, mostly on carryover strength from other markets. Huge world stocks and a competitive export situation are limiting the upside. July may move toward previous support between $5.44 and $5.13. Cotton & Rice  Date: June 17, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 288 at  5206   Greenwood up  288 at 5206 New York Futures: Jul down  40  at  5203    Oct down  29  at  5531    Dec down  14  at  5760    Mar '10 up  4  at  6025    - - -   - - -  at  - - -  This week's LDP rate for cotton is  7.54 cents   The estimate for next week is  7.72 cents Cotton Comment Cotton was also higher. 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    n/a up  - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice ended the day higher. Diminished crop prospects should be supportive to the market, but ample world stocks are keeping a lid on prices. New crop futures have resistance at the recent high of $12.99. Cattle & Hogs  Date: June 17, 2009 Cattle As reported by Federal-State Market News, receipts were 663 head at sales in Conway & Pocahontas.  Compared with last week, feeder steers sold $1-3 higher, instances $4-6 higher. Feeder heifers sold $2-5 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 108 to - - -   500 to 550 lbs. 101 to - - -   600 to 650 lbs. 94.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 89 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 96 to - - -  Medium & Large Frame 2   400 to 450 lbs. 83 to - - - Slaughter Cows, Boners 42   to   45 Light Weight 25 to 32 Bulls, Yield Grade   1   1400   to   2300 lbs.   52   to   57 Midwest Steers   remained   at   79   to   - - - Panhandle Steers   remained   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 up 100 at 8137   Oct up 117 at 8695 Feeders: Aug up 77 at 9732   Sep up 62 at 9770 Cattle Comment Cattle futures have violated major chart support in recent days. August could work back toward the contract low of $78.15. The market continues to be concerned about beef demand in light of the weak economy. Hogs Peoria: were       at   n/a   to   - - - Chicago Futures: Aug up 145 at 5955   Oct up 107 at 5702 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs continue to be pressured by fundamentals. The domestic pork market is struggling to handle building stocks that are resulting from slow exports. Poultry  Date: June 17, 2009 Eggs New York:  Ex. Lg. 71-75; Lg. 69-73; 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 mostly steady. Demand into all channels was no better than fair for mid week business. Supplies of all sizes were sufficient to satisfy current 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