06/22/2009 Farm Bureau Market Report

Click here to view this report online.

Grain & Soybean Date: June 22, 2009 Soybeans Local Elevators: (Jun) EAST AR:  1133 to 1146 (NC) Summ. 9935 to 949 River Elevators: (Jun) MISS: 1152 to 1168 ; AR & White 1132 to 1147 (NC) Summ. 935 to 971 Ark. Processor Bids: (Jun) 1148 to - - -  (NC) 945 to 946 Memphis:  (Jun) 1168 1/2 to 1182 1/2 (NC)  976 to 978 Riceland Foods:  (Jun) Stuttgart 1148 ; Pendleton 1149 ; West Memphis 1136 Chicago Futures: Jul down 27 1/2 at  1151 1/2   Sep  down  27 1/2  at  1023   Nov down 25  at  981   Jan '10 down 24 1/2  at  988 1/2   Mar '10 down 25 1/4  at  985 1/4   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans gapped below major trendline support to confirm a top in the market. While the market retraced a portion of its losses it still remained negative from a technical standpoint. The next downside objective for November is $9.34, then $8.99. Today’s bearish move was helped by outside markets which were all going the wrong way – oil and equities lower and the dollar stronger. Corn followed the same pattern as soybeans and closed below long term uptrend support. Good crop development and weather added to the negative undertone. December traded to $4 before making a small bounce. Support is layered at $3.90, $3.75, and then $3.50. USDA will release planted acreage numbers next week, but it now appears it will take some major weather situations to move the market substantially higher. Wheat Cash bid for June at Memphis  491 to 495; Bids to farmers at Local Elevators 434-466; River Elevators 415-486; Chicago Futures: Jul down  9 1/4  at  546    Sep down 9 1/2  at  575    Dec down  9 1/4  at  601 1/2    Mar '10 down  8 3/4  at  618 1/2    May '10 down  8  at  630 1/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for June at Memphis  590 to - - -; Bids to farmers at River Elevators 508-589; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for June at Memphis   376 1/4 to 377 1/4;   new crop at Memphis   368 1/2 to 373 1/2; Bids to farmers at River Elevators  349 to 374 Chicago Futures: Jul down  14  at  385 1/4    Sep down  13 3/4  at  393 1/2    Dec down  14  at  405 1/2    Mar '10 down  14  at  417    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat posted losses, but not as great as those charted by soybeans and corn. Huge world stocks and a competitive export situation remain the focus, but have been for a few weeks now. July is now testing support at $5.44, and has additional support at $5.13. Cotton & Rice  Date: June 22, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis down 84 at  4816   Greenwood down  84 at 4816 New York Futures: Jul up  389  at  5545    Oct up  473  at  5898    Dec down  188  at  5450    Mar '09 down  375  at  5525    - - -   - - -  at  - - -  This week's LDP rate for cotton is  7.95 cents   The estimate for next week is  8.34 cents Cotton Comment Cotton continued last week’s downturn with December hitting the 50% retracement objective before making a slight upward correction. The next downside objective is 52.9 cents. There is little fresh news to give the market direction. Continued economic weakness points to a difficult recovery for cotton. With other outside markets, workers against cotton – lower crude oil stronger $. Potential appears limited near term. That could change as this crop develops, especially if production drops significantly. Rice Long Grain Cash Bid for  Jul 1216/cwt  to  - - -   n/a - - -  to  - - - Chicago Futures: Jul down  15  at  1215    Sep down  22  at  1217    Nov down  24  at  1221    Jan '10 down  21 1/2  at  1243 1/2    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice continued to worker lower, a move that was briefly interrupted with a rebound last Thursday. Today’s move carried below initial support at $12.20 leaving the next support at $11.80, then $11.40. 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. Cattle & Hogs  Date: June 22, 2009 Cattle As reported by Federal-State Market News, receipts were 1,667 head at sales in Ash Flat & Springdale.  Compared with last week, feeder steers sold steady to $2 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 108 to - - -   500 to 550 lbs. 101.50 to - - -   600 to 650 lbs. 92 to - - -  Medium & Large Frame 2   400 to 450 lbs. 103.50 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 98 to - - -  Medium & Large Frame 2   400 to 450 lbs. 93 to - - - Slaughter Cows, Boners 42.50   to   49 Light Weight 34 to 36 Bulls, Yield Grade   1   1000   to   2100 lbs.   55   to   61, high dressing 62.50-66.50 Midwest Steers   were $1-3 higher   at   80   to   82 Panhandle Steers   were $1-3 higher   at   80   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 up 72 at 8285   Oct up 77 at 8852 Feeders: Aug up 82 at 9892   Sep up 62 at 9887 Cattle Comment Cattle futures got a bounce today from the monthly Cattle on Feed report. Placements were down 14%. That was tempered somewhat by the fact that marketings were down 8%. Hogs Peoria: were     steady   at   31.50   to   33.50 Chicago Futures: Aug down 95 at 6085   Oct down 107 at 5687 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs ended lower on strength in the dollar. Traders are also establishing positions ahead of the monthly cold storage report, which is expected to show a big jump in stocks due to decreased exports related to H1N1 flu. Poultry  Date: June 22, 2009 Eggs New York:  Ex. Lg. 69-73; Lg. 67-71; Med. 58-62; Chicago:  Ex. Lg. 60-68; Lg. 58-66; 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 following the weekend was fair at best with optimism for next week’s first of the month and holiday business. 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