06/26/2009 Farm Bureau Market Report

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Grain & Soybean Date: June 26, 2009 Soybeans Local Elevators: (Jun) EAST AR:  1182 to 1195 (NC) Summ. 949 to 959 River Elevators: (Jun) MISS: 1201 to 1217 ; AR & White 1182 to 1197 (NC) Summ. 949 to 982 Ark. Processor Bids: (Jun) 1197 to - - -  (NC) 956 to 959 Memphis:  (Jun) 1208 to 1221 (NC)  991 to - - - Riceland Foods:  (Jun) Stuttgart 959 ; Pendleton 963 ; West Memphis 986 Chicago Futures: Jul down 5 at  1201   Sep  down  6  at  1046   Nov down 11  at  991   Jan '10 down 13 1/4  at  992   Mar '10 down 12 3/4  at  986 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans were mixed again today. 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. The June acreage report will be released Tuesday. The trade is expecting to see USDA’s estimate to increase to over 78 million acres. Corn ended the week on a positive note. 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  483 to 486 1/4; Bids to farmers at Local Elevators 422-458; River Elevators 403-474; Chicago Futures: Jul up  1 1/4  at  534 1/4    Sep up 1 1/2  at  563    Dec up  1  at  587 1/4    Mar '10 up  3/4  at  603 3/4    May '10 up  1 1/2  at  615 3/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for June at Memphis  575 to - - -; Bids to farmers at River Elevators 507-587; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for June at Memphis   381 1/4 to 382 1/4;   new crop at Memphis   370 3/4 to 374 3/4; Bids to farmers at River Elevators  350 to 375 Chicago Futures: Jul up  1 3/4  at  384 1/4    Sep up  1 3/4  at  391 3/4    Dec up  2 3/4  at  404 1/4    Mar '10 up  2 1/4  at  416    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat turned higher. The crop is coming in smaller than expected thanks to disease problems caused by the extremely wet spring. However, U.S. wheat is overpriced compared to other origins and as a result, our traditional customers are looking elsewhere for wheat. Cotton & Rice  Date: June 26, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis down 60 at  4964   Greenwood down  60 at 4964 New York Futures: Jul down  48  at  5254    Oct down  60  at  5489    Dec down  65  at  5684    Mar '10 down  72  at  5937    - - -   - - -  at  - - -  This week's LDP rate for cotton is  8.96 cents   The estimate for next week is  7.97 cents Cotton Comment Cotton ended lower as traders focused on weaker crude oil futures and stock market losses. 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 1213/cwt  to  - - -   n/a - - -  to  - - - Chicago Futures: Jul down  20  at  1213    Sep down  9  at  1223    Nov down  5  at  1231 1/2    Jan '10 down  6 1/2  at  1252    - - -   - - -  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 26, 2009 Cattle As reported by Federal-State Market News, receipts were 7,425 head at sales in Arkansas this week.  Compared with last week, feeder steers sold mostly steady to $2 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 107 to - - -   500 to 550 lbs. 97 to - - -   600 to 650 lbs. 91.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 97 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 94.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 80 to - - - Slaughter Cows, Boners 44   to   50 Light Weight 29 to 35 Bulls, Yield Grade   1   1000   to   2100 lbs.   57   to   63, high dressing 64-72 Midwest Steers   remained   at   82   to   - - - Panhandle Steers   remained   at   82   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 down 15 at 8240   Oct down 12 at 8812 Feeders: Aug up 2 at 9897   Sep up 10 at 9897 Cattle Comment Cattle futures were mostly lower. Despite smaller supplies, traders continue to worry about demand in the weak economy. Outside markets had an impact today as well as weakness in crude oil and stock prices carried over into the cattle pits. Hogs Peoria: were $2     higher   at   33.50   to   35.50 Chicago Futures: Aug down 110 at 5770   Oct down 102 at 5477 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs posted sharp losses. Weak pork prices continue to pressure futures, as did weakness in outside markets. This afternoon’s inventory report will set the tone next week. Poultry  Date: June 26, 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 at least steady. Demand entering the weekend was fair to moderate, instances fairly good with some increased interest noted for next week holiday. 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