06/23/2009 Farm Bureau Market Report

Click here to view this report online.

Grain & Soybean Date: June 23, 2009 Soybeans Local Elevators: (Jun) EAST AR:  1160 to 1173 (NC) Summ. 959 to 973 River Elevators: (Jun) MISS: 1179 to 1195 ; AR & White 1160 to 1175 (NC) Summ. 959 to 995 Ark. Processor Bids: (Jun) 1175 to - - -  (NC) 969 to 970 Memphis:  (Jun) 1186 to 1199 (NC)  1001 1/2 to 1004 1/2 Riceland Foods:  (Jun) Stuttgart 1001 ; Pendleton 999 ; West Memphis 1021 Chicago Futures: Jul up 27 1/2 at  1179   Sep  up  25  at  1048   Nov up 23 1/2  at  1004 1/2   Jan '10 up 23 1/2  at  1012   Mar '10 up 23  at  1008 1/4   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans reversed yesterday's decline, again following out markets. Stronger crude oil and a weaker dollar helped boost beans back above trendline support. While fundamentals aren’t getting much attention it is generally felt that USDA will boost planted acreage between 2 and 3 million acres in next week’s report. Yesterday’s progress report indicates the crop is 91% planted, 84% emerged. That means yields may be trimmed. Technically, November closed yesterday’s gap negating some of the bearish implications. Upside potential will be limited. Corn futures bounced off $4.00 to firm slightly. Upside potential will likely be limited by good crop progress and a substantial carryover. Like soybeans, corn will follow the outside markets unless something drastic happens. Wheat Cash bid for June at Memphis  486 3/4 to 496 3/4; Bids to farmers at Local Elevators 435-472; River Elevators 416-487; Chicago Futures: Jul up  3/4  at  546 3/4    Sep up 3/4  at  575 3/4    Dec down  1  at  600 1/2    Mar '10 down  1  at  617 1/2    May '10 down  1 1/2  at  628 3/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for June at Memphis  577 to - - -; Bids to farmers at River Elevators 516-596; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for June at Memphis   381 to 385;   new crop at Memphis   375 1/4 to 377 1/4; Bids to farmers at River Elevators  353 to 378 Chicago Futures: Jul up  3 3/4  at  389    Sep up  3 3/4  at  397 1/4    Dec up  3 1/2  at  409    Mar '10 up  3 1/2  at  420 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat ended mixed. U.S. wheat is overpriced compared to other origins and as a result, it was announced today that Egypt is close to making a long term commitment to purchase Russian wheat. July is now testing support at $5.44, and has additional support at $5.13. Cotton & Rice  Date: June 23, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 48 at  4864   Greenwood up  48 at 4864 New York Futures: Jul up  59  at  5110    Oct up  48  at  5389    Dec up  38  at  5587    Mar '10 up  43  at  5852    - - -   - - -  at  - - -  This week's LDP rate for cotton is  7.95 cents   The estimate for next week is  8.34 cents Cotton Comment Cotton made a little recovery late in the session after again bouncing off 55 cents. 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  Jun/Jul 1203/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Jul up  18 1/2  at  1233 1/2    Sep up  25  at  1242    Nov up  26 1/2  at  1247 1/2    Jan '10 up  19 1/2  at  1263    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice retraced a good portion of the last two day’s declines keeping support above $12 in tact. 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 23, 2009 Cattle As reported by Federal-State Market News, receipts were 773 head at sales in Fort Smith & Heber Springs.  Compared with last week, feeder steers sold firm to $4 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 111.50 to - - -   500 to 550 lbs. 106 to - - -   600 to 650 lbs. 93 to - - -  Medium & Large Frame 2   400 to 450 lbs. 101 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 93.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 84.50 to - - - Slaughter Cows, Boners 44   to   50 Light Weight 32 to 36 Bulls, Yield Grade   1   1000   to   2100 lbs.   57   to   60.50 Midwest Steers   were $1-3 lower   at   79   to   - - - Panhandle Steers   were $1-3 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 up 47 at 8332   Oct up 25 at 8877 Feeders: Aug up 77 at 9970   Sep up 90 at 9977 Cattle Comment Cattle futures ended higher again today. The monthly cattle on feed report showed the lowest May placements in 13 years. Yesterday’s cold storage report showed beef moving better than anticipated in light of high unemployment. Hogs Peoria: were     steady   at   31.50   to   33.50 Chicago Futures: Aug down 40 at 6045   Oct down 42 at 5645 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs turned lower, ignoring the bullish cold storage report released yesterday afternoon. It was widely anticipated that the H1N1 outbreak had caused a backlog of pork stocks, but the report showed a decline in frozen pork stocks in May. However, the composite value of a pork carcass is down nearly 30% from a year ago, and that is the current focus of the market. Poultry  Date: June 23, 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 steady. Supplies of all sizes were balanced to instances well cleared to satisfy current trade needs. In production areas, live supplies were moderate at mostly desirable 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