05/06/2009 Farm Bureau Market Report

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Grain & Soybean Date: May 06, 2009 Soybeans Local Elevators: (May) EAST AR:  1103 to 1118 (NC) Summ. 918 to 935 River Elevators: (May) MISS: 1118 to 1138 ; AR & White 1103 to 1118 (NC) Summ. 920 to 953 Ark. Processor Bids: (May) 1111 to 1118  (NC) 930 to 932 Memphis:  (May) 1128 to 1139 (NC)  958 to - - - Riceland Foods:  (May) Stuttgart 1118 ; Pendleton 1118 ; West Memphis 1138 Chicago Futures: Jul up 17 at  1118   Sep  up  16  at  1023   Nov up 17 1/2  at  978   Jan '10 up 17 1/4  at  981 3/4   Mar '10 up 18 1/4  at  980 3/4   Today's Arkansas LDP rate for soybeans is: Soybean Comment Soybean futures closed higher today. Reports of tight global vegetable supplies is supporting soybean oil price, helping soybean prices move closer to the all important $10 market. It will be difficult for soybean prices to move much higher given more soybean acres are likely to be planted given the current weather conditions. Soybeans continue to have resistance at $9.87, however support at $9.50 is tenuous at best, that leaves trendline support around $9 as the best bet. Corn prices closed the day higher. Strengthening soybean prices dragged corn prices higher. While reports of wet conditions across much of the eastern cornbelt and strengthening oil prices remain bearish for corn prices, corn supplies remain ample to meet current demand, which limits any upside potential. Wheat Cash bid for May at Memphis  483 3/4 to 488 3/4; Bids to farmers at Local Elevators 459-479; River Elevators 471-499; Chicago Futures: Jul up  5 1/4  at  558 3/4    Sep up 5 1/4  at  585 1/2    Dec up  5 1/4  at  608 1/4    Mar '10 up  5 1/2  at  623 3/4    May '10 up  6  at  633 1/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for May at Memphis  567 to 574; Bids to farmers at River Elevators 494-512; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for May at Memphis   401 1/2 to - - -;   NC at Memphis   381 to 384; Bids to farmers at River Elevators  369 to 400 Chicago Futures: Jul up  2 1/4  at  407 1/2    Sep up  1 3/4  at  416    Dec up  1 3/4  at  426 3/4    Mar '10 up  1 3/4  at  439 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat firmed again today. Slow spring wheat plantings remain bullish for wheat prices. Reports from Informa Economics showed a smaller winter wheat crop, however supplies are still ample to meet demand. July resistance near $5.80 will be a major stumbling block. Cotton & Rice  Date: May 06, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 12 at  5417   Greenwood up  12 at 5417 New York Futures: Jul up  12  at  5817    Oct up  12  at  6005    Dec up  3  at  6080    Mar '10 down  32  at  6273    - - -   - - -  at  - - -  This week's LDP rate for cotton is  10.05 cents   The estimate for next week is  8.07 cents Cotton Comment December cotton closed the day higher again today. Increasing optimism about the general economy remains supportive of cotton prices. The market continues to be overbought technically with the 9 day Relative Strength Index well above 70. This could mean a substantial downward retracement at some point in the near future. Fundamentals remain negative, but planting weather could keep the rally moving higher. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: Jul down  5  at  1296 1/2    Sep down  14 1/2  at  1238    Nov down  13 1/2  at  1240    Jan '10 down  11  at  1265    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice closed the day mixed. November rice took a hit today, closing down more than 10-cents. Forecasts of larger U.S. rice acreage continues to plague the market. However, the bigger problem may be the probable availability to the market of big intervention stocks in Thailand and India. This is a market situation that needs to be monitored on a continuing basis. Cattle & Hogs  Date: May 06, 2009 Cattle As reported by Federal-State Market News, receipts were 1,233 head at sales in Conway & Pocahontas.  Compared with last week, feeder steers sold steady to $1 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 112.50 to - - -   500 to 550 lbs. 105.25 to - - -   600 to 650 lbs. 101.75 to - - -  Medium & Large Frame 2   400 to 450 lbs. n/a to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 96.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 89.75 to - - - Slaughter Cows, Boners 46   to   50 Light Weight 32 to 35 Bulls, Yield Grade   1   1000   to   2100 lbs.   58   to   65, high dressing 67.50-69.50 Midwest Steers   n/a   at   - - -   to   - - - Panhandle Steers   were quoted   at   83   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: Jun down 10 at 8202   Aug up 30 at 8252 Feeders: Aug up 22 at 9900   Sep up 15 at 9915 Cattle Comment Cattle closed the day mixed. June live cattle closed lower breaking through support at $82, which may cause the market to dip to $80. That looks like solid support for the long day run. Hogs Peoria: were     steady   at   31.5   to   32 Chicago Futures: Jun up 230 at 6710   Aug up 190 at 7080 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs closed higher for a second consecutive day as Mexico resumed more normal activities following the H1N1 flu incident. While pork demand isn’t expected to recover immediately, the decline in hog prices has provided packers with buying incentive. Poultry  Date: May 06, 2009 Eggs New York:  Ex. Lg. 74-78; Lg. 72-76; Med. 62-66; Chicago:  Ex. Lg. 68-76; Lg. 66-74; Med. 56-64; Eastern Region Turkeys Hens: 8-16 lbs. 76-79 Toms: 16-24 lbs. 76-79   Delmarva Broilers U.S. Grade A Trade sentiment was fully steady to firm. Demand into all channels was at least moderate to fairly good, best for active features and upcoming Mother’s Day needs. Supplies of all sizes were usually sufficient to 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

Get the Buzz on the Obamas' Garden, Give Mom a Gift with Local Flavor, Blogging on the Farmosphere and More

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Welcome to the May edition of Farm Fresh News. Get in on the BUZZ about the Obamas' newest addition to their garden; send your mother the only gift that perfectly blends her love of food and farms; be the first to know about our secret summer campaign; bake your own honey bee skep bread and more! The White House Buzz We’d be remiss if we didn’t give Farm Fresh News readers a “plot” update on First Lady Michelle Obama’s White House vegetable garden. Recently, Secret Service Agents were caught off guard by the delivery of a beehive, obtained to help with pollination. While the garden and honey production are successfully underway, there may be a new intruder in the form of first dog Bo, since the Portuguese Water breed apparently hankers for tomatoes! “Michelle’s garden is in trouble,” quipped the President.   The Perfect Gift for Moms Order a copy of Local Flavors: Cooking and Eating from America’s Farmers Markets, signed by author Deborah Madison, and give your mom a year of helping to save farmland! “In Local Flavors, best-selling author Deborah Madison takes readers along as she explores farmers markets across the country, sharing stories, recipes, and dozens of market inspired menus.” Order an autographed copy of Madison’s beautifully illustrated book for your mom today and we’ll include one year of free membership to American Farmland Trust!  Shhh... Secret Campaign Coming Soon! We have big plans this summer to raise awareness about farmland loss and the importance of using our food dollars wisely by supporting farmers in our regions! We thought that our Farm Fresh News readers ought to be the first to know that we are hosting the first ever America's Favorite Farmers Market contest. You will be able to vote for your community farmers market and tell us how you are going to make your voice heard in support of healthy farms, healthy food, and healthy communities! We will be counting on you to help us spread the No Farms No Food message this summer and get out the vote!  Have a blog or a website? Add one of our badges to show your support for farms and food. Blogging on the Farmosphere? Farm blogs of all persuasions have made their way to the blogosphere. From how-to blogs for beginning farmers to blogs offering vignettes of rural life, home-cooked recipes and agriculture policy commentary, the wealth of topics appeals to foodies and farmers alike.  1. Alex Tiller, a farm manager, posts on farm policy and economics.  2. At Wanna Farm watch farming and farm equipment in action. 3. Read about life on a 150-head cattle spread at A Rancher’s Perspective. 4. Join The Beginning Farmer as he fulfills his lifelong dream. 5. Gather stories and recipes from a Missouri farm at Farmgirl Fare. Local Flavor-Filled Recipe Our friends at the National Honey Board conduct research, marketing and promotion programs to expand markets for honey both here and abroad. Information on hives, bees, honey, and more recipes abound on their website! Hollow Honey Beehive Bread 6-2/3 cups all-purpose flour 2 envelopes FLEISCHMANN’S RapidRise Yeast 1-1/2 teaspoons salt 1-1/4 cups water 1/2 cup honey 1/2 cup butter or margarine 2 large eggs Egg Glaze, recipe follows Honey Butter DIRECTIONS In a large bowl, combine 2 cups flour, undissolved yeast, and salt. Heat water, honey, and butter until very warm (120 to 130°F). Gradually add to dry ingredients. Beat 2 minutes at medium speed of electric mixer, scraping bowl occasionally. Add eggs and 1 cup flour; beat 2 minutes at high speed. Stir in enough remaining flour to make a soft dough. Knead on lightly floured surface until smooth and elastic, about 8 to 10 minutes. Cover; let rest 10 minutes. Divide dough into 20 equal pieces; roll each piece to 20-inch ropes. Twist 2 ropes together; pinch ends to seal. Repeat with remaining ropes. Invert a 2 1/2-quart ovenproof mixing bowl onto a greased baking sheet. Heavily grease the outside of bowl. Starting at rim of bowl, wrap twists around bowl, pinching ends to join each new twist. Continue wrapping twists until entire bowl is covered. Cover; let rise in warm, draft-free place until puffy, about 30 minutes. Brush dough with Egg Glaze. Bake at 375°F for 25 to 30 minutes or until done. Shield with foil if necessary, to prevent excessive browning. Remove from oven; let cool on bowl for 15 minutes. Crumple a large piece of foil, about 2 to 3 feet, into a loose ball with the same diameter and depth of bowl. Place ball on wire rack. Carefully remove hive from bowl; place over ball to complete cooling. Serve with Honey Butter. Egg Glaze: In a small bowl, combine 1 egg, large and 1 Tablespoon water. Stir until well blended. HONEY BUTTER 1/2 cup butter or margarine, softened 2 Tablespoons honey 1 teaspoon freshly grated lemon peel In a bowl, combinebutter or margarine, honey and freshly grated lemon peel. Stir until well blended.

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05/05/2009 Farm Bureau Market Report

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Grain & Soybean Date: May 5, 2009 Soybeans Local Elevators: (May) EAST AR:  1084 to 1099 (NC) Summ. 901 to 918 River Elevators: (May) MISS: 1101 to 1121 ; AR & White 1086 to 1101 (NC) Summ. 902 to 936 Ark. Processor Bids: (May) 1094 to 1099  (NC) 913 to 915 Memphis:  (May) 1121 to 1122 (NC)  940 1/2 to - - - Riceland Foods:  (May) Stuttgart 1099 ; Pendleton 1099 ; West Memphis 1110 Chicago Futures: Jul down 2 1/2 at  1101   Sep  down  7 1/2  at  1007   Nov down 10  at  960 1/2   Jan '10 down 10  at  964 1/2   Mar '10 down 9  at  962 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans reversed overnight gains and closed lower except for the expiring May contract. Tight near term supplies remain a concern but the overriding concern was the potential for more acres moving to soybeans as corn planting remains well behind schedule. Upside potential for new crop will be limited by that threat. Yesterday’s high of $9.87 ½ is now resistance. Support at $9.50 is tenuous at best, that leaves trendline support around $9 as the best bet. Corn stabilized to close narrowly mixed as the market firmed in the day trade. Illinois showed 5% planted versus 66% the last 5 years. Missouri, Ohio and Indiana are also well behind the norm. Overall planting is 33% compared to 50%, so some states like Iowa, Minnesota and Nebraska are ahead of normal. The Eastern cornbelt could be in the fields by the weekend, weather permitting. Wheat Cash bid for May at Memphis  471 1/2 to 485 1/2; Bids to farmers at Local Elevators 454-474; River Elevators 465-494; Chicago Futures: Jul up  2 1/2  at  553 1/2    Sep up 2 3/4  at  580 1/4    Dec up  2 3/4  at  602 3/4    Mar '10 up  2 3/4  at  618 1/4    May '10 up  2 3/4  at  627 1/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for May at Memphis  563 to 570; Bids to farmers at River Elevators 491-571; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for May at Memphis   399 1/4 to - - -;   new crop at Memphis   379 1/4 to - - -; Bids to farmers at River Elevators  367 to 397 Chicago Futures: Jul down  2 1/2  at  405 1/4    Sep down  6 1/2  at  414 1/4    Dec down  1/2  at  425    Mar '10 down  1/4  at  437 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat firmed but closed well below earlier highs. Weather implications could put the market in an up mode, but poor export demand will be a limiting factor. July resistance near $5.80 will be a major stumbling block. Cotton & Rice  Date: May 5, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 83 at  5405   Greenwood up  83 at 5405 New York Futures: Jul up  83  at  5805    Oct up  95  at  5993    Dec up  101  at  6077    Mar '10 up  129  at  6305    - - -   - - -  at  - - -  This week's LDP rate for cotton is  10.05 cents   The estimate for next week is  8.54 cents Cotton Comment Cotton blasted to the highest level in over 6 months. New crop December stopped short of 62 cents before losing momentum, and closing well below the day’s highs. This comes after penetrating prior resistance at 57.2 cents last week. The market is overbought technically with the 9 day Relative Strength Index well above 70. This could mean a substantial downward retracement at some point in the near future. Fundamentals remain negative, but planting weather could keep the rally moving higher. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: Jul unchanged    at  1301 1/2    Sep up  3 1/2  at  1252 1/2    Nov up  3  at  1253 1/2    Jan '10 unchanged    at  1276    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice was marginally lower in a light trade with September continuing to test resistance at the upper limits of the trading range that has contained the market for the last several months. A close above this level would signal a possible move to the next resistance level is $12.85. U.S. acreage is expected to be slightly higher this year. While production will increase, it shouldn’t be enough to really impact the market significantly. The bigger problem may be the probable availability to the market of big intervention stocks in Thailand and India. This is a market situation that needs to be monitored on a continuing basis. Cattle & Hogs  Date: May 5, 2009 Cattle As reported by Federal-State Market News, receipts were 610 head at sales in Fort Smith & Heber Springs.  Compared with last week, feeder steers sold steady to $2 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 113.25 to - - -   500 to 550 lbs. 105.50 to - - -   600 to 650 lbs. n/a to - - -  Medium & Large Frame 2   400 to 450 lbs. n/a to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 97.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. n/a to - - - Slaughter Cows, Boners 45   to   48.50 Light Weight 35 to 41 Bulls, Yield Grade   1   1000   to   2100 lbs.   57   to   64, high dressing n/a Midwest Steers   were steady to $3.50 lower   at   83   to   - - - Panhandle Steers   n/a   at   - - -   to   - - - Oklahoma City Feeders Steers 550 to 600 lbs. 112.25 to 116   600 to 650 lbs. 107 to 113 Heifers n/a to - - - lbs. - - - to - - -   n/a to - - - lbs. - - - to - - - Chicago Futures: Live Cattle: Jun up 25 at 8212   Aug up 12 at 8222 Feeders: Aug up 10 at 9877   Sep up 5 at 9900 Cattle Comment Cattle remained in a narrow trading range today. June live cattle have substantial support near $82, which if broken would likely see a dip to $80. That looks like solid support for the long day run. Slaughter numbers are down almost 5% from a year ago, but heavier weights are an offsetting factor. Weights are expected to decline in the weeks ahead. Hogs Peoria: were $1     lower   at   31.5   to   32 Chicago Futures: Jun up 102 at 6480   Aug up 82 at 6890 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs rebounded to close higher as Mexico resumed more normal activities following the H1N1 flu incident. While pork demand isn’t expected to recover immediately, the decline in hog prices has provided packers with buying incentive. Slaughter will increase when retail demand improves. Poultry  Date: May 5, 2009 Eggs New York:  Ex. Lg. 76-80; Lg. 74-78; Med. 64-68; Chicago:  Ex. Lg. 68-76; Lg. 66-74; Med. 56-64; Eastern Region Turkeys Hens: 8-16 lbs. 76-79 Toms: 16-24 lbs. 76-79   Delmarva Broilers U.S. Grade A Trade sentiment was fully steady to mostly firm. Supplies of all sizes were usually sufficient to 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

05/04/2009 Farm Bureau Market Report

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Grain & Soybean Date: May 04, 2009 Soybeans Local Elevators: (May) EAST AR:  1087 to 1102 (NC) Summ. 911 to 928 River Elevators: (May) MISS: 1104 to 1121 ; AR & White 1086 to 1101 (NC) Summ. 912 to 946 Ark. Processor Bids: (May) 1097 to 1102  (NC) 923 to 925 Memphis:  (May) 1123 1/2 to 1124 1/2 (NC)  950 1/2 to - - - Riceland Foods:  (May) Stuttgart 1102 ; Pendleton 1102 ; West Memphis 1113 Chicago Futures: Jul up 12 1/2 at  1103 1/2   Sep  up  3 1/2  at  1014 1/2   Nov up 1/2  at  970 1/2   Jan '10 down 3/4  at  974 1/2   Mar '10 down 1 1/2  at  971 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans closed mixed with old crop contracts making good gains. Another good export sales report and problems in South America provided the boost for old crop. At the same time prospects of increased ’09 plantings pressured new crop and erased overnight gains. Corn lost steam and failed to followthrough on last week’ gains. Concern about planting progress remains and this could boost the market if more rain is seen in the eastern cornbelt. For now, the market is concerned about demand, including poor export sales report today and the ongoing impact of the H1N1 virus on feed use. Wheat Cash bid for May at Memphis  469 to 483; Bids to farmers at Local Elevators 451-476; River Elevators 463-496; Chicago Futures: Jul down  19  at  551    Sep down 19  at  577 1/2    Dec down  18 1/2  at  600    Mar '10 down  18 3/4  at  615 1/2    May '10 down  18 1/2  at  624 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for May at Memphis  563 to 571; Bids to farmers at River Elevators 491-571; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for May at Memphis   399 1/2 to - - -;   new crop at Memphis   379 1/2 to - - -; Bids to farmers at River Elevators  366 to 398 Chicago Futures: Jul down  8 1/4  at  405 1/2    Sep down  8  at  414 1/2    Dec down  7 3/4  at  425 1/2    Mar '10 down  7 1/4  at  437 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat reversed Friday’s big gains and closed sharply lower. Today’s export sales report was another in a long string of poor numbers, as this market remains very competitive. Warmer and drier conditions in the Northern Plains is also beginning to ease planting concerns. July futures tested resistance around $5.75 last week and may move back to test support around $5.15 to $5.20, as the market continues to work in a sideways trading pattern. Cotton & Rice  Date: May 04, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 27 at  5322   Greenwood up  27 at 5322 New York Futures: Jul up  2  at  5722    Oct up  22  at  5898    Dec down  14  at  5976    Mar '10 down  9  at  6176    - - -   - - -  at  - - -  This week's LDP rate for cotton is  10.05 cents   The estimate for next week is  9.37 cents Cotton Comment Cotton moved in a narrow trading range before closing narrowly mixed. December again traded above 60 cents during the session. This comes after penetrating prior resistance at 57.2 cents last week. The market is overbought technically with the 9 day Relative Strength Index well above 70. This could mean a substantial downward retracement at some point in the near future. Fundamentals remain negative, but planting weather could keep the rally moving higher. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: Jul down  22 1/2  at  1301 1/2    Sep down  8  at  1256    Nov up  6 1/2  at  1256 1/2    Jan up  2 1/2  at  1276    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice was mixed with old crop lower and new crop contracts slightly higher. September futures are testing the upper extremes of a long term trading range, a close above this level would signal a possible move to the next resistance level is $12.85. U.S. acreage is expected to be slightly higher this year. While production will increase, it shouldn’t be enough to really impact the market significantly. The bigger problem may be the probable availability to the market of big intervention stocks in Thailand and India. This is a market situation that needs to be monitored on a continuing basis. Cattle & Hogs  Date: May 04, 2009 Cattle As reported by Federal-State Market News, receipts were 1,995 head at sales in Ash Flat, Ola and Springdale.  Compared with last week, feeder steers sold unevenly, mostly steady to $2 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 113.50 to - - -   500 to 550 lbs. 107.75 to - - -   600 to 650 lbs. 90 to - - -  Medium & Large Frame 2   400 to 450 lbs. 107 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 98.75 to - - -  Medium & Large Frame 2   400 to 450 lbs. 91.75 to - - - Slaughter Cows, Boners 44.50   to   48 Light Weight 33 to 36 Bulls, Yield Grade   1   1000   to   2100 lbs.   55   to   61.50, high dressing 61.50-68 Midwest Steers   were $3 lower to $.50 higher   at   83   to   86.50 Panhandle Steers   were $1 lower to $1 higher   at   84   to   86 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: Jun down 22 at 8187   Aug up 7 at 8210 Feeders: Aug up 22 at 9867   Sep up 22 at 9895 Cattle Comment Cattle futures were mixed again today, with the market settling into a sideways trading pattern. June live cattle have substantial support near $82, which if broken would likely see a dip to $80. That looks like solid support for the long day run. Slaughter numbers are down almost 5% from a year ago, but heavier weights are an offsetting factor. Weights are expected to decline in the weeks ahead. Hogs Peoria: were $2     lower   at   32.5   to   33 Chicago Futures: Jun down 180 at 6377   Aug down 150 at 6807 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures came under continuing pressure after it was revealed the H1N1 virus was found in Canadian hogs. However, it is believed that the virus was transmitted by a traveler to Mexico to the pigs. The individual and the hogs are all recovering. Nevertheless, this continues to pressure pork demand with carcass values down over $7 last week. June futures are testing support just below $64. Poultry  Date: May 04, 2009 Eggs New York:  Ex. Lg. 78-82; Lg. 76-80; Med. 65-69; Chicago:  Ex. Lg. 68-76; Lg. 66-74; Med. 56-64; Eastern Region Turkeys Hens: 8-16 lbs. 76-79 Toms: 16-24 lbs. 76-79   Delmarva Broilers U.S. Grade A Trade sentiment was fully steady to firm. Demand following the weekend was moderate to instances fairly good, best where features and first of the month business was active, with increased interest expected as Mother’s Day approaches. Supplies of all sizes were adequate to closely cleared to satisfy current trade needs. In productions 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

05/01/2009 Farm Bureau Market Report

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Grain & Soybean Date: May 01, 2009 Soybeans Local Elevators: (May) EAST AR:  1066 to 1083 (NC) Summ. 911 to 928 River Elevators: (May) MISS: 1086 to 1106 ; AR & White 1064 to 1079 (NC) Summ. 913 to 946 Ark. Processor Bids: (May) 1081 to 1084  (NC) 921 to 923 Memphis:  (May) 1111 to 1117 (NC)  951 to - - - Riceland Foods:  (May) Stuttgart 1081 ; Pendleton 1081 ; West Memphis 1100 Chicago Futures: Jul up 36 at  1091   Sep  up  30 1/2  at  1011   Nov up 27 1/2  at  971   Jan '10 up 26 1/4  at  973 3/4   Mar '10 up 22  at  973   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans were sharply higher across the board today. Even new crop made strong gains with November closing well above previous resistance at $9.50 and $9.58. The next major resistance is the January 6 high of $10.38. While the market could see continued technical buying, there isn’t a lot of fundamental support on the new crop end. Tight supplies are a factor for old crop and this can pull new crop along for a while. But the bubble can burst at any time. Corn followed wheat and beans higher with slow planting progress and forecasts of more rain adding underlying support. Rain is expected into the first of next week in areas of the Midwest that are already well behind normal planting. September is testing resistance near $4.25 and could attempt to test the early January high of $4.58. Wheat Cash bid for May at Memphis  496 to 504; Bids to farmers at Local Elevators 470-495; River Elevators 482-515; Chicago Futures: Jul up  33 1/2  at  570    Sep up 33 1/4  at  596 1/2    Dec up  32 1/4  at  618 1/2    Mar '10 up  32  at  634 1/4    May '10 up  31 3/4  at  643    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for May at Memphis  578 to 585; Bids to farmers at River Elevators 519-600; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for May at Memphis   407 3/4 to - - -;   new crop at Memphis   387 1/2 to - - -; Bids to farmers at River Elevators  382 to 407 Chicago Futures: Jul up  10 1/4  at  413 3/4    Sep up  10  at  422 1/2    Dec up  10  at  433 1/4    Mar '10 up  10 1/4  at  445    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment July wheat closed sharply higher and is in position to retest resistance just above $5.75. Weather and slow spring planting progress provided the initial impetus for this week’s rally. It now appears a lot of technical short covering aided the rally and helped account for significant gains. Long term export demand remains soft. Cotton & Rice  Date: May 01, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 285 at  5295   Greenwood up  285 at 5295 New York Futures: Jul up  285  at  5652    Oct up  394  at  5920    Dec up  244  at  5990    Mar '10 up  209  at  6185    - - -   - - -  at  - - -  This week's LDP rate for cotton is  11.49 cents   The estimate for next week is  9.86 cents Cotton Comment Cotton joined the party with December hitting 60 cents. After penetrating prior resistance at 57.2 cents the market has a good jump on the 38% retracement objective of 63.5 cents. However, the market is overbought technically with the 9 day Relative Strength Index well above 70. This could mean a substantial downward retracement at some point in the near future. Fundamentals remain negative, but planting weather could keep the rally moving higher. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: Jul up  14  at  1324    Sep up  5 1/2  at  1248    Nov up  6  at  1250    Jan '10 up  6 1/2  at  1273 1/2    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice futures firmed, but September failed to penetrate resistance at $12.50. If that happens, the next resistance level is $12.85. U.S. acreage is expected to be slightly higher this year. While production will increase, it shouldn’t be enough to really impact the market significantly. The bigger problem may be the probable availability to the market of big intervention stocks in Thailand and India. This is a market situation that needs to be monitored on a continuing basis. Cattle & Hogs  Date: May 01, 2009 Cattle As reported by Federal-State Market News, receipts were 10,535 head at sales in Arkansas this week.  Compared with last week, feeder steers sold steady to $2 lower, decline on steers mainly on calves . Steers:  Medium & Large Frame 1   400 to 450 lbs. 116.50 to - - -   500 to 550 lbs. 94 to - - -   600 to 650 lbs. 89.75 to - - -  Medium & Large Frame 2   400 to 450 lbs. 104.75 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 98.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 89.50 to - - - Slaughter Cows, Boners 45   to   50 Light Weight 32 to 40 Bulls, Yield Grade   1   1000   to   2100 lbs.   56   to   63, high dressing 63-67 Midwest Steers   were $1 higher   at   86   to   - - Panhandle Steers   remained   at   85   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: Jun down 40 at 8210   Aug down 62 at 8202 Feeders: Aug down 117 at 9845   Nov down 112 at 9880 Cattle Comment Cattle futures closed mixed after failing to hold early gains. Wholesale beef values appear to have peaked after raising almost $20/cwt in a 3 week period. Slaughter numbers are down about 5% from year ago levels, but that is being offset by heavier slaughter weights. Long term economic conditions are still weighing on consumer confidence, and this will impact higher end cuts and therefore cattle values. Hogs Peoria: were $1     lower   at   34.5   to   35 Chicago Futures: Jun up 105 at 6557   Aug up 60 at 6957 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs made a slight rebound today, but it was rather anemic when compared to this week’s panic induced losses. Seasonally, the market should be moving up instead of down, and numbers are tight enough to support an upturn. Poultry  Date: May 01, 2009 Eggs New York:  Ex. Lg. 78-82; Lg. 76-80; Med. 65-69; Chicago:  Ex. Lg. 72-80; Lg. 76-80; Med. 59-67; Eastern Region Turkeys Hens: 8-16 lbs. 76-79 Toms: 16-24 lbs. 76-79   Delmarva Broilers U.S. Grade A Trade sentiment was steady. Demand following the weekend was mostly fair with limited trading. Supplies of all sizes were adequate to satisfy current trade needs. In productions 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

Bi-Weekly Market Briefings for 05/01/2009

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ARKANSAS FARM BUREAU ELECTRONIC NEWSLETTER Bi-Weekly Market Briefings for 05-01-2009 -------------------------------------------------------------------------- http://www.arfb.com Fear that swine flu would reduce demand for animal feed put soybeans on the defensive and, ultimately, was responsible for big losses. However, the market seems to have gotten past that initial scare and appears ready to resume trading on more pertinent factors. Slow corn plantings in some areas of the Midwest are raising concern about the potential impact on soybean acreage. No doubt, the market has bought some acres already and further delays could ramp bean plantings up to 79–80 million acres. That would put the crop in line with private estimates that came out before the March planting intentions report. Technically, swine flu elicited a “gap lower” decline and put November in position to test trendline support around $9. Below that is the recent low of $8.38. On the upside, resistance at $9.50 is strong. Corn remains locked in a 50-cent trading range. It also suffered a decline following the swine flu reports, but it was moderate. Slow planting progress was supportive; however, weakness in crude oil and a stronger dollar continue to weigh on corn. September futures are trading between $3.75 and $4.25. Additional support is seen at $3.63 and $3.38. Resistance at $4.25 will be difficult to penetrate without serious weather problems. Wheat’s upside is limited by huge U.S. and world stocks. Recent events pushed July futures toward support at $5.15–$5.10. Slow export sales continue as the market remains very competitive. As of now, not even weather concerns have given the market much bounce. Spring planting delays seem to be the most supportive factor. However, freezing is still a possibility through early May, so weather could still have an impact. The April 6 high of $5.80 is major resistance. The December 5 low of $4.98 is major support. Cotton continues to climb on good technical support. December futures have moved persistently higher for the last seven weeks and have come within 50 points of the early-January high of 57.2 cents. A close above this point would open the market to the 38 percent retracement objective of 63.5 cents. Good support from hedge funds could be the factor needed to push the market higher. There is some concern over the slow pace of plantings in the Midsouth and drought conditions in Texas. Also, demand is still slow as economic conditions remain a factor worldwide. Rice remains locked in a tight trading range. For the past four weeks September rice futures have been unable to trade higher than $12.54, but at the same time, are holding above $12.10. Since early January the market has traded a wider range, between $11.40 and $12.85 (with brief fluctuations). The market appears to have taken the adjustments in this month’s Supply/Demand Report in stride. Tight ending stocks and a small increase in ’09 plantings appear to be paving the way for a stronger market. Big government intervention stocks in Thailand —which could be released into the market at any time — could be a damper. Hog futures made a precipitous decline as swine flu stories prompted consumer fear. While there are no indications that swine flu can be contracted from pork, it has quickly cut into demand. Several countries have banned pork imports from the United States, and there is concern that retail demand will shift accordingly. A limit decline dropped trading out of a well-established trading range, and June is likely headed toward weekly chart support between $56–$51. Cattle also dropped. However, in the long run, it may experience a gain as some grillers swap beef for pork. Beef has made significant gains over the last several weeks and has likely topped. The swine flu incident may limit downside movement. The supply of market-ready cattle is tight, as evidenced by this month’s feed lot inventory, which was down 5 percent from a year ago. Strong packer margins should keep June futures in the $80–$85 trading range, where it has persevered for the past three months. Contact: • Gene Martin (501) 228-1330, gene.martin@arfb.com . • Brandy Carroll (501) 228-1268, brandy.carroll@arfb.com . • Bruce Tencleve (501) 228-1856, bruce.tencleve@arfb.com . • Matt King (501) 228-1297, matt.king@arfb.com . -------------------------------------------------------------------------- We promised you your own bank, and here it is - www.farmbureaubank.com Created by members who understand your financial needs like no other bank can. Backed by the strength, stability and leadership of Farm Bureau. Go ahead. See what better banking is all about. Call 1-800-492-FARM Personal Bankers are available Monday - Friday, 7am to 7pm CST -------------------------------------------------------------------------- QUESTIONS OR COMMENTS? If you have any comments or questions about this e-newsletter please e-mail us at: mktrpt@arfb.com -------------------------------------------------------------------------- ---------------------------------------- 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