06/24/2009 Farm Bureau Market Report

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Grain & Soybean Date: June 25, 2009 Soybeans Local Elevators: (Jun) EAST AR:  1177 to 1190 (NC) Summ. 960 to 970 River Elevators: (Jun) MISS: 1196 to 1212 ; AR & White 1177 to 1192 (NC) Summ. 960 to 993 Ark. Processor Bids: (Jun) 1192 to - - -  (NC) 967 to 970 Memphis:  (Jun) 1212 to 1216 (NC)  1002 to - - - Riceland Foods:  (Jun) Stuttgart 1192 ; Pendleton 1190 ; West Memphis 1212 Chicago Futures: Jul up 11 at  1196   Sep  down  3  at  1052   Nov down 6  at  1002   Jan '10 down 8 3/4  at  1005 1/4   Mar '10 down 10 3/4  at  999 1/4   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans closed mixed with only the old crop contracts holding a positive number at the end of the day. Tight old crop supplies provided support, while favorable growing conditions provided pressure. Late soybeans in the Midwest are getting a good start with plenty of moisture and high temperatures. Outside markets reversed positions late and generally had little impact. Equities and oil ended the day higher and the dollar lost ground. Corn was lower with favorable weather and big old crop stocks outweighing potentially smaller plantings and lower yields for the ’09 crop. USDA’s planted acreage report will be released on June 30 and should give a better picture of what to expect. Most private reports are indicating a substantial increase in soybeans and a decline in corn from the March intentions report. Wheat Cash bid for June at Memphis  478 to 492; Bids to farmers at Local Elevators 421-458; River Elevators 402-473; Chicago Futures: Jul down  6 3/4  at  533    Sep down 6 1/4  at  561 1/2    Dec down  6  at  586 1/4    Mar '10 down  6 1/4  at  603    May '10 down  6  at  614 1/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for June at Memphis  579 to - - -; Bids to farmers at River Elevators 503-583; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for June at Memphis   379 1/2 to - - -;   new crop at Memphis   369 to 370; Bids to farmers at River Elevators  348 to 373 Chicago Futures: Jul down  4  at  382 1/2    Sep down  5  at  390    Dec down  5 3/4  at  401 1/2    Mar '10 down  5 3/4  at  413 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat posted losses again today. U.S. wheat is overpriced compared to other origins and as a result, our traditional customers are looking elsewhere for wheat. Egypt bought French wheat this week. July may work toward support at $5.13. Cotton & Rice  Date: June 25, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis down 64 at  5024   Greenwood down  64 at 5024 New York Futures: Jul up  73  at  5302    Oct up  64  at  5549    Dec up  67  at  5749    Mar '10 up  67  at  6009    - - -   - - -  at  - - -  This week's LDP rate for cotton is  7.95 cents   The estimate for next week is  9.01 cents Cotton Comment Cotton continued higher as the market followed through on yesterday’s gain. For the most part 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 1233/cwt  to  - - -   n/a - - -  to  - - - Chicago Futures: Jul down  17  at  1233    Sep down  7 1/2  at  1232    Nov down  4 1/2  at  1236 1/2    Jan '10 down  4 1/2  at  1258 1/2    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice closed lower as the market continues to see saw back and forth. 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 25, 2009 Cattle As reported by Federal-State Market News, receipts were 1,634 head at sales in Charlotte & Green Forest.  Compared with last week, feeder steers sold near steady, except weights under 500 lbs which sold $5-10 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 109 to - - -   500 to 550 lbs. 105 to - - -   600 to 650 lbs. 98.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 103 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. n/a to - - -  Medium & Large Frame 2   400 to 450 lbs. 88.50 to - - - Slaughter Cows, Boners 44.50   to   49.50 Light Weight 34 to 37 Bulls, Yield Grade   1   1000   to   2100 lbs.   55   to   60, high dressing 59-65 Midwest Steers   were $2 higher were steady   at   81   to   - - - Panhandle Steers   were $2 higher were steady   at   81   to   - - - Oklahoma City Feeders Steers - - - to - - - lbs. - - - to - - -   - - - to - - - lbs. - - - to - - - Heifers - - - to - - - lbs. - - - to - - -   - - - to - - - lbs. - - - to - - - Chicago Futures: Live Cattle: Aug up 7 at 8255   Oct up 7 at 8825 Feeders: Aug steady at 9895   Sep up 32 at 9887 Cattle Comment Cattle futures ended mixed. Despite smaller supplies, traders continue to worry about demand in the weak economy. Support today came from a stronger stock market. Hogs Peoria: were     steady   at   31.50   to   33.50 Chicago Futures: Aug down 2 at 5880   Oct down 5 at 5580 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs ended mostly lower again today, with early gains turning around by the end of the day. Weak pork prices continue to pressure futures. Poultry  Date: June 25, 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 to at least steady. Demand was mostly fair, best where features were active with increase interest noted approaching the weekend. Supplies of all sizes were well cleared to instances tight 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