1: 06/29/2009 Farm Bureau Market Report

Grain & Soybean Date: June 29, 2009

Soybeans

Local Elevators:
(Jun) EAST AR: 1196 to 1209
(NC) Summ. 942 to 952
River Elevators:
(Jun) MISS: 1215 to 1231 ; AR & White 1186 to 1201
(NC) Summ. 941 to 975
Ark. Processor Bids: (Jun) 1211 to - - - (NC) 949 to 952
Memphis: (Jun) 1222 to 1235 (NC) 980 1/2 to 983 1/2
Riceland Foods: (Jun) Stuttgart 1211 ; Pendleton 1209 ; West Memphis 1231

Chicago Futures:	Jul	down	14	at	1215
	Sep	down	10	at	1036
	Nov	down	7 1/2	at	983 1/2
	Jan	down	5 1/2	at	986 1/2
	Mar '10	down	7	at	979 1/2
	Today's Arkansas LDP rate for soybeans is:				0¢

Soybean Comment
Soybeans were widely mixed with only expiring July closing higher. That reflects the expectations for tomorrow’s reports – tight ending stocks and prospects for an increasing crop in ’09. Early expectations show an average soybean plantings of 78.3 million acres, up from March plantings of 76.0 million acres. On the other hand quarterly stocks are expected to be 586 million bushels, down 90 million bushels from a year ago. All in all the market broke from recent trends – oil higher, and dollar lower – has meant stronger beans. So we may be back to trading fundamentals.

Corn was lower as prospects of a big carryover seems to be overriding expectations for smaller ’09 plantings. The trade’s guess range from 82.6 to 86.0 million acres, with the average at 84.2 million acres. December fell below $4 after breaking trendline support last week. The next straight forward support is $3.75 to $3.50.

Wheat
Cash bid for June at Memphis 458 1/2 to 467 3/4;

Bids to farmers at Local Elevators	417-453;
River Elevators	397-469;

Chicago Futures:	Jul	down	5 3/4	at	528 1/2
	Sep	down	5 1/4	at	557 3/4
	Dec	down	4 1/4	at	583
	Mar '10	down	3 3/4	at	600
	May '10	down	4	at	611 3/4
	Today's Arkansas LDP rate for wheat is:				0¢

Grain Sorghum
Cash bid for June at Memphis 568 to - - -;

Bids to farmers at River Elevators	611;
Today's Arkansas LDP rate for sorghum is:	0¢

Corn

Cash bid for	June at Memphis 374 1/2 to 377;
	new crop at Memphis 364 1/2 to 367 1/2;
Bids to farmers at River Elevators	343 to 368

Chicago Futures:	Jul	down	7 1/4	at	377
	Sep	down	7 1/4	at	384 1/2
	Dec	down	7	at	397 1/4
	Mar '10	down	6 1/2	at	409 1/2
	Today's Arkansas LDP rate for corn is:				0¢

Grain Comment
Wheat turned lower. Good harvest progress was made over the weekend, but that added pressure to the already weak futures market. Spillover weakness from corn and beans was also a factor. July looks headed for a retest of support at $5.13.

Cotton & Rice Date: June 29, 2009

Cotton

Spot Price, Grade 41 Staple 34:	Memphis up 11 at 4975
	Greenwood up 11 at 4975

New York Futures:	Jul	up	32	at	5286
	Oct	up	11	at	5500
	Dec	up	13	at	5697
	Mar '10	up	4	at	5941
	- - -		- - -	at	- - -
This week's LDP rate for cotton is					8.96 cents
	The estimate for next week is				8.19 cents

Cotton Comment
Cotton was mixed with closing values slightly higher to slightly lower. Big world stocks and weak economic conditions continue to weigh on the market near term. Prospects of a significantly smaller ’09 U.S. crop suggests a tightening of available stocks in the future. The U.S. crop has been plagued by drought conditions in Texas and rain is expected to translate into abandoned acres in Texas and potential yield loss somewhere. Long term cotton price will increase, testing support at the recent high of 63.75 cents along the way.

Rice

Long Grain Cash Bid for	Jul	1184/cwt	to	- - -
	n/a	- - -	to	- - -

Chicago Futures:	Jul	down	18 1/2	at	1194 1/2
	Sep	down	12	at	1211
	Nov	down	11 1/2	at	1220
	Jan '10	down	12	at	1240
	- - -		- - -	at	- -- -
Today's Arkansas LDP rate for long grain rice is					0¢
medium grain rice is					0¢

Rice Comment
Rice fell to the bottom of the recent trading range ahead of tomorrow’s reports. There is little fresh news to give the market and U.S. milled exports remain slow. The ’09 U.S. crop could be little changed from a year ago as late plantings may have reduced potential yield. September futures are again testing support around $12.10. Below that support ranges from $11.85 to the recent low at $11.40.

Cattle & Hogs Date: June 29, 2009

Cattle
As reported by Federal-State Market News, receipts were 2,213 head at sales in Ash Flat, Spingdale & Ola. Compared with last week, feeder steers $3-4 lower. Feeder heifers $1-2 lower .

Steers:
Medium & Large Frame 1	400	to	450 lbs.	105.50	to	- - -

	500	to	550 lbs.	100.25	to	- - -

	600	to	650 lbs.	96.50	to	- - -

Medium & Large Frame 2	400	to	450 lbs.	96	to	- - -
Heifers:
Medium & Large Frame 1	400	to	450 lbs.	91.50	to	- - -

Medium & Large Frame 2	400	to	450 lbs.	86	to	- - -

Slaughter Cows, Boners 46   to   53.50
Light Weight 34 to 41
Bulls, Yield Grade 1 1000   to   2100 lbs.   55   to   64, high dressing 64.50-66.50
Midwest Steers   were $1 lower to $1 higher   at   80   to   82
Panhandle Steers   were $.50 lower to $1 higher   at   80.50   to   82

Oklahoma City Feeders
Steers	500	to	550 lbs.	106	to	113
	600	to	630 lbs.	104.60	to	106.75
Heifers	500	to	550 lbs.	97	to	103.75
	n/a	to	- - - lbs.	- - -	to	- - -

Chicago Futures:

Live Cattle:	Aug	up	300	at	8540
	Oct	up	227	at	9040
Feeders:	Aug	up	275	at	10172
	Sep	up	272	at	10170

Cattle Comment
Cattle futures gapped higher today on expectations for smaller supplies this summer. August gained momentum after breaking through resistance at $84.50 and trading to its highest level in two months.

Hogs
Peoria: were steady at 33.50 to 35.50

Chicago Futures:	Aug	up	92	at	5862
	Oct	up	32	at	5510

Sheep
St. Paul sheep shorn slaughter lambs at n/a to - - -

Hogs Comment
Hogs ended higher. The inventory report was neutral, with the total inventory coming in at 97.3% of the year ago total. That was right on the average trade guess. August set a new contract low before ending the day higher. That low of $57.40 now becomes support.

Poultry Date: June 29, 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 following the weekend was fair to moderate, instances fairly good, best where holiday weekend needs increased. Supplies of all sizes were adequate to satisfy current trade needs. In productions areas, live supplies were moderate at desirable to lighter weights.

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