06/24/2009 Farm Bureau Market Report

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Grain & Soybean Date: June 24, 2009 Soybeans Local Elevators: (Jun) EAST AR:  1166 to 1179 (NC) Summ. 962 to 976 River Elevators: (Jun) MISS: 1185 to 1201 ; AR & White 1166 to 1181 (NC) Summ. 962 to 997 Ark. Processor Bids: (Jun) 1181 to - - -  (NC) 972 to - - - Memphis:  (Jun) 1205 to 1206 (NC)  1008 to - - - Riceland Foods:  (Jun) Stuttgart 1181 ; Pendleton 1175 ; West Memphis 1201 Chicago Futures: Jul up 6 at  1185   Sep  up  7  at  1055   Nov up 3 1/2  at  1008   Jan '10 up 2  at  1014   Mar '10 up 1 3/4  at  1010   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans closed a little higher drawing continued interest from a tightening stocks position. With outside markets, soybeans reluctantly traded fundamentals and maintained a little upward momentum from yesterday. This doesn’t change the overall picture, which features topping action of the last two weeks. The market will have a difficult time moving toward recent highs unless there is significant development in weather or acreage falls below expectations. Corn closed mixed with pressure on the front end months. The market is generally reacting to substantial ending stocks and a new crop acreage that is smaller than projected, with potential yield problems because of late planting in some areas. Wheat Cash bid for June at Memphis  484 3/4 to 489 3/4; Bids to farmers at Local Elevators 428-465; River Elevators 409-480; Chicago Futures: Jul down  7  at  539 3/4    Sep down 8  at  567 3/4    Dec down  8 1/4  at  592 1/4    Mar '10 down  8 1/4  at  609 1/4    May '10 down  8 1/2  at  620 1/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for June at Memphis  583 to - - -; Bids to farmers at River Elevators 510-591; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for June at Memphis   381 1/2 to 383 1/2;   new crop at Memphis   374 to 375; Bids to farmers at River Elevators  352 to 377 Chicago Futures: Jul down  2 1/2  at  386 1/2    Sep down  2 1/4  at  395    Dec down  1 3/4  at  407 1/4    Mar '10 down  1  at  419 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat posted losses today. U.S. wheat is overpriced compared to other origins and as a result, our traditional customers are looking elsewhere for wheat. July may work toward support at $5.13. Cotton & Rice  Date: June 24, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis down 96 at  4960   Greenwood down  96 at 4960 New York Futures: Jul up  119  at  5229    Oct up  96  at  5485    Dec up  95  at  5682    Mar '10 up  90  at  5942    - - -   - - -  at  - - -  This week's LDP rate for cotton is  7.95 cents   The estimate for next week is  9.02 cents Cotton Comment Cotton made a solid upward bounce today. Mixed outside markets left cotton trading current fundamentals, including smaller world and U.S. ’09 plantings. For the U.S. there are certainly questions regarding this year’s crop. Weather hampered planting in the mid-South and major drought areas in Texas have likely trimmed overall plantings. Those same factors could reduce yield. Eventually the market will be short on cotton. That might be late this year, or next year when producers are making planting decisions. Rice Long Grain Cash Bid for  Jul 1220/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Jul up  16 1/2  at  1250    Sep down  2 1/2  at  1239 1/2    Nov down  6 1/2  at  1241    Jan '10 unchanged    at  1263    n/a   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice closed mixed with a limited trade. Old crop moved higher in the late going. Fresh fundamentals are limited. World stocks remain sufficient to meet demand and U.S. milled export movement is slow. This year’s U.S. crop could be smaller than projected earlier. Late planting, as a result of weather, may reduce yield as well as acreage. September continues to move in a sideways trading pattern with resistance at $13, and support just above $12. Cattle & Hogs  Date: June 24, 2009 Cattle As reported by Federal-State Market News, receipts were 762 head at sales in Conway & Pocahontas.  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. 103 to - - -   600 to 650 lbs. 94.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 95 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 92.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 82.50 to - - - Slaughter Cows, Boners 45   to   50 Light Weight 30 to 35 Bulls, Yield Grade   1   1400   to   2300 lbs.   58.50   to   62, high dressing 63.50 Midwest Steers   were steady to $2 higher   at   79   to   81 Panhandle Steers   were steady to $2 higher   at   79   to   81 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 down 85 at 8247   Oct down 60 at 8817 Feeders: Aug down 75 at 9895   Sep down 122 at 9855 Cattle Comment Cattle futures turned lower. Carryover weakness from hogs sparked the downturn, but negative fundamentals are also a factor. Despite smaller supplies, traders continue to worry about demand in the weak economy. Hogs Peoria: were     steady   at   31.50   to   33.50 Chicago Futures: Aug down 162 at 5882   Oct down 60 at 5585 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs were sharply lower in light of a sharp drop in cutout values yesterday. Losses were limited in deferred contracts by expectations for herd liquidation to shrink future supplies. Poultry  Date: June 24, 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 adequate to well cleared to satisfy trade needs. In production areas, live supplies were moderate at mostly desirable to slightly 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