06/19/2009 Farm Bureau Market Report

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Grain & Soybean Date: June 19, 2009 Soybeans Local Elevators: (Jun) EAST AR:  1160 to 1173 (NC) Summ. 960 to 974 River Elevators: (Jun) MISS: 1179 to 1195 ; AR & White 1160 to 1175 (NC) Summ. 960 to 993 Ark. Processor Bids: (Jun) 1172 to 1175  (NC) 967 to 971 Memphis:  (Jun) 1196 to - - - (NC)  1001 to - - - Riceland Foods:  (Jun) Stuttgart n/a ; Pendleton n/a ; West Memphis n/a Chicago Futures: Jul down 34 3/4 at  1179   Sep  down  4 1/2  at  1050 1/4   Nov down 37 1/2  at  1006   Jan '10 down 37 1/2  at  1013   Mar '10 down 36 1/4  at  1010 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Informa released acreage estimates today increasing soybeans by 2.7 million acres to 78.9 million acres. USDA will release their new number on June 30. Soybeans tracked lower throughout the session, dipping sharply at the close. November appears to be headed to the next support located around $9.90. Increasing world tension with North Korea may have continued to today’s weakness. Corn held steady much of the day but ended the week lower for the day. Informa’s corn plantings estimate was 83.1 million acres, down 1.9 million acres from the March estimate. December managed to hold support near $4.20. Failure at this level would allow a move to $3.90 or perhaps lower. Wheat Cash bid for June at Memphis  480 1/4 to 485 1/4; Bids to farmers at Local Elevators 443-465; River Elevators 424-480; Chicago Futures: Jul down  5  at  555 1/4    Sep down 4 3/4  at  584 1/2    Dec down  5  at  610 3/4    Mar '10 down  4 3/4  at  627 1/4    May '10 down  4 3/4  at  638 1/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for June at Memphis  593 to - - -; Bids to farmers at River Elevators 363-388; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for June at Memphis   389 1/4 to 390 1/4;   new crop at Memphis   382 1/4 to 387 1/4; Bids to farmers at River Elevators  363 to 388 Chicago Futures: Jul down  4  at  399 1/4    Sep down  4 1/2  at  407 1/4    Dec down  4 1/4  at  419 1/2    Mar '10 down  4 1/4  at  431    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat ended lower, but it looks like prices are trying to stabilize after the huge selloff of the past three weeks. Huge world stocks and a competitive export situation remain the focus, but harvest delays in Kansas and Missouri have been a supportive factor this week. 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 19, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis down 264 at  4900   Greenwood down  264 at 4900 New York Futures: Jul down  231  at  5156    Oct down  264  at  5425    Dec down  276  at  5638    Mar '10 down  277  at  5900    - - -   - - -  at  - - -  This week's LDP rate for cotton is  7.95 cents   The estimate for next week is  7.37 cents Cotton Comment Cotton was sharply lower across the board. December closed below key support at 56.7 cents. Retracement values at 55 and 53 cents could come into play. Continued economic weakness and developing tension with North Korea added to the technical weakness. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: Jul down  8 1/2  at  1230    Sep down  11 1/2  at  1239    Nov down  9  at  1245    Jan '10 down  2  at  1265    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice gave back most of yesterday’s gains as rice followed soybeans and other grains lower. 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 19, 2009 Cattle As reported by Federal-State Market News, receipts were 6,835 head at sales in Arkansas this week.  Compared with last week, feeder steers sold mostly steady to $2 higher, instances $3-5 higher on steers over 400 lbs. Feeder heifers sold firm to $4 higher. . Steers:  Medium & Large Frame 1   400 to 450 lbs. 107 to - - -   500 to 550 lbs. 98.50 to - - -   600 to 650 lbs. 94 to - - -  Medium & Large Frame 2   400 to 450 lbs. 96 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 96 to - - -  Medium & Large Frame 2   400 to 450 lbs. 88.50 to - - - Slaughter Cows, Boners 40   to   46 Light Weight 25 to 28 Bulls, Yield Grade   1   1000   to   2100 lbs.   55   to   58.50 Midwest Steers   remained   at   79   to   - - - Panhandle Steers   were quoted   at   79   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 103.50 to 118   600 to 650 lbs. 100 to 109.50 Heifers 500 to 550 lbs. 90 to 103.50   600 to 650 lbs. 88.25 to 99 Chicago Futures: Live Cattle: Aug up 42 at 8212   Oct up 57 at 8775 Feeders: Aug up 30 at 9810   Sep up 57 at 9825 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 $.50     higher   at   31   to   33 Chicago Futures: Aug up 265 at 6180   Oct up 175 at 5795 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs were sharply higher on news that Mexico’s pork imports have recovered to pre-flu outbreak levels. Today’s gains brings resistance at $64.75 back into play. Poultry  Date: June 19, 2009 Eggs New York:  Ex. Lg. 69-73; Lg. 67-71; Med. 58-62; Chicago:  Ex. Lg. 70-80; 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 entering the weekend was no better than fair with trading usually limited to regular commitments. Supplies of all sizes were sufficient to satisfy current trade needs. In productions 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