06/18/2009 Farm Bureau Market Report

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Grain & Soybean Date: June 18, 2009 Soybeans Local Elevators: (Jun) EAST AR:  1195 to 1206 (NC) Summ. 998 to 1012 River Elevators: (Jun) MISS: 1214 to 1230 ; AR & White 1195 to 1210 (NC) Summ. 998 to 1031 Ark. Processor Bids: (Jun) 1207 to 1210  (NC) 1005 to 1009 Memphis:  (Jun) 1230 3/4 to 1233 3/4 (NC)  1035 1/2 to 1038 1/2 Riceland Foods:  (Jun) Stuttgart n/a ; Pendleton n/a ; West Memphis n/a Chicago Futures: Jul up 7 1/2 at  1213 3/4   Sep  up  1/2  at  1082 1/2   Nov down 6 1/2  at  1043 1/2   Jan '10 down 7 1/4  at  1050 1/2   Mar '10 down 9 3/4  at  1046 3/4   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans closed mixed with old crop contracts ending the session higher. Good weather and a potentially larger ’09 crop continue to weigh on new crop contracts. Outside markets didn’t provide much help as the dollar strengthened. Recent trading gives the appearance that most of the markets including soybeans have topped. That may be the case, but the markets are linked to outside trading – equities, crude oil, and the dollar. No doubt these factors will still have influence price in the day’s ahead. November has found temporary support around $10.20. Corn was a little lower again today. Good growing conditions, including high temperatures, are expected to give this year’s late planted crop a good growth spurt. Historically, the lateness of the crop should reduce the yield potential, but that can be mitigated by a good growing season. December futures are attempting to consolidate around $4.20, if that fails then $4.00 or lower is possible. Wheat Cash bid for June at Memphis  488 1/4 to 490 1/4; Bids to farmers at Local Elevators 445-460; River Elevators 429-480; Chicago Futures: Jul down  5 3/4  at  560 1/4    Sep down 5 1/2  at  589 1/4    Dec down  5 1/2  at  615 3/4    Mar '10 down  6  at  632    May '10 down  5 1/4  at  643 1/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for June at Memphis  608 to - - -; Bids to farmers at River Elevators 541-621; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for June at Memphis   394 1/4 to 397 1/4;   new crop at Memphis   386 3/4 to - - -; Bids to farmers at River Elevators  367 to 392 Chicago Futures: Jul down  4 1/2  at  403 1/4    Sep down  4 1/2  at  411 3/4    Dec down  5  at  423 3/4    Mar '10 down  5  at  435 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat turned lower today. Huge world stocks and a competitive export situation are limiting the upside. The value of the dollar will continue to be a focus of this market as well. July may move toward previous support between $5.44 and $5.13. Cotton & Rice  Date: June 18, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 42 at  5164   Greenwood up  42 at 5164 New York Futures: Jul up  184  at  5387    Oct up  158  at  5689    Dec up  154  at  5914    Mar '10 up  152  at  6177    n/a   - - -  at  - - -  This week's LDP rate for cotton is  7.54 cents   The estimate for next week is  7.95 cents Cotton Comment Cotton made a solid rebound, closing off the day’s high. December rebounded up to Monday’s break out point. Selling was initiated when the rebound hit the backside of the uptrend that was penetrated in Monday’s selloff. Fundamentals are basically unchanged with sufficient world stocks available to meet the lower demand of current economic conditions. There is little question that the current U.S. crop is in trouble. Drought conditions are still prevalent in a number of areas in Texas, and the mid-South crop is late and smaller than anticipated. Long term the market has upside potential. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: Jul up  31 1/2  at  1238 1/2    Sep up  26 1/2  at  1250 1/4    Nov up  22 1/2  at  1254    Jan '10 up  13 1/2  at  1267    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice made a favorable rebound and closed near the bottom of the previous 3 week trading range. There is little fresh news to give the market direction. A slow start to the U.S. crop is well known, although the actual acreage is still a question. On the international side Thailand seems to have “back burnered” old crop intervention sales and is busy pouring new crop rice. Vietnam also may initiate an intervention program. This may help strengthen the market in the short term, but will have to be dealt with at some point. September futures have resistance at the recent $13 high and support at various levels from $12.20 to $11.80. Cattle & Hogs  Date: June 18, 2009 Cattle As reported by Federal-State Market News, receipts were 1,751 head at sales in Charlotte & Green Forest.  Compared with last week, feeder steers sold uneven near steady. Feeder heifers under 500 lbs. sold near steady, over 500 lbs. steady to $2 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 117 to - - -   500 to 550 lbs. 105 to - - -   600 to 650 lbs. 100.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 104 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 103 to - - -  Medium & Large Frame 2   400 to 450 lbs. 90 to - - - Slaughter Cows, Boners 40   to   46 Light Weight 20 to 27 Bulls, Yield Grade   1   1000   to   2100 lbs.   54   to   59, high dressing 59-65 Midwest Steers   remained   at   79   to   - - - Panhandle Steers   n/a   at   - - -   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 32 at 8170   Oct up 22 at 8717 Feeders: Aug up 47 at 9780   Sep down 2 at 9767 Cattle Comment Live cattle futures are consolidating in a narrow range. Prices were higher today as traders evened positions ahead of the monthly cattle on feed report. 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, but tightening cattle supplies are limiting the downside. Hogs Peoria: were $1     higher   at   33   to   - - - Chicago Futures: Aug down 40 at 5915   Oct down 82 at 5620 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs were mostly lower in reaction to yesterday’s huge loss in cutout values. The market continues to be pressured by fundamentals. The domestic pork market is struggling to handle building stocks that are resulting from slow exports. Poultry  Date: June 18, 2009 Eggs New York:  Ex. Lg. 69-73; Lg. 67-71; 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. Supplies of all sizes were balanced 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