07/14/2009 Farm Bureau Market Report

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Grain & Soybean Date: July 14, 2009 Soybeans Local Elevators: (Jul) EAST AR:  1075 to - - - (NC) Summ. 876 to 886 River Elevators: (Jul) MISS: 948 to 1065 ; AR & White 918 to 928 (NC) Summ. 876 to 913 Ark. Processor Bids: (Jul) n/a to - - -  (NC) 886 to 892 Memphis:  (Jul) 1070 1/2 to - - - (NC)  918 to 928 Riceland Foods:  (Jul) Stuttgart n/a ; Pendleton n/a ; West Memphis n/a Chicago Futures: Sep up 8 at  963 1/2   Nov  up  6 1/2  at  918   Jan '10 up 6 1/2  at  926   Mar '10 up 7 1/4  at  929 3/4   Jul '10 up 9  at  932   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans ended mostly higher, with only the expiring July contract lower. The market reacted with early losses to USDA’s crop conditions report. They say 66% of the crop is in good to excellent condition, unchanged from last week and up 7% from this time last year. A move by November below $8.82 would be very negative, as it looks like this market is forming a bear flag. Corn closed higher after trading lower early in the day. USDA says 71% of corn acreage is in good to excellent shape. The market was supported today, however, by a weaker dollar and stronger crude oil. Support begins at Friday’s low of $3.28 ½. Wheat Cash bid for July at Memphis  425 to 435; Bids to farmers at Local Elevators 388-410; River Elevators 369-430; Chicago Futures: Sep down  12 3/4  at  530    Dec down 12 1/2  at  556 1/2    Mar '10 down  12 1/4  at  574 3/4    May '10 down  11 3/4  at  586 1/4    Jul '10 down  12 1/4  at  594 3/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for July at Memphis  519 to - - -; Bids to farmers at River Elevators 408-489; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for July at Memphis   333 1/2 to 356 1/2;   new crop at Memphis   330 1/2 to 333 1/2; Bids to farmers at River Elevators  316 to 341 Chicago Futures: Sep up  6 3/4  at  338 1/2    Dec up  6  at  345 1/2    Mar '10 up  6 1/4  at  358 3/4    Jul '10 up  7 1/4  at  377 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures gave back a big portion of yesterday’s gains. It will be difficult for this market to build any upward momentum with current fundamentals, but the downside may be limited as well. USDA only lowered their on-farm price estimate by a dime in last week’s report. September has support at the recent low of $5.12. Cotton & Rice  Date: July 14, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 63 at  5659   Greenwood up  63 at 5659 New York Futures: Oct up  63  at  6159    Dec up  72  at  6338    Mar '10 up  83  at  6550    May '10 up  75  at  6654    - - -   - - -  at  - - -  This week's LDP rate for cotton is  5.27 cents   The estimate for next week is  3.94 cents Cotton Comment Cotton continued to move higher, bringing a retest of resistance at the recent December contract high of 63.75 cents more into focus. USDA left yield and harvested acres unchanged from the June report, but adjusted 08/09 ending stocks downward to 6 million bales. Reduced exports for 09/10 left projected ending stocks at 5.6 million bales. Only minor adjustments were made in world numbers. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: Sep up  4 1/2  at  1310 1/2    Nov up  4  at  1317    Jan '10 up  3  at  1330    Mar '10 up  4  at  1345    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment New crop moved higher as well. USDA did bump the crop conditions ratings up to 65% in good to excellent condition, compared with only 5% a week ago. The size of the crop continues to support the market. The recent supply/demand report estimates ending stocks of just 11.8 million cwt. September futures have moved back above $13. Long term charts have resistance at $13.40, and then there isn’t much on the charts until $15.60. Cattle & Hogs  Date: July 14, 2009 Cattle As reported by Federal-State Market News, receipts were 824 head at sales in Fort Smith.  Compared with last week, feeder steers sold $2-4 higher. Feeder heifers sold steady to $3 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 107 to - - -   500 to 550 lbs. 103.50 to - - -   600 to 650 lbs. 102 to - - -  Medium & Large Frame 2   400 to 450 lbs. 101 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 101.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 87 to - - - Slaughter Cows, Boners 46   to   50.50 Light Weight n/a to - - - Bulls, Yield Grade   1   1000   to   2100 lbs.   60   to   64 Midwest Steers   were $1-2 lower   at   81   to   - - - Panhandle Steers   n/a   at   - - -   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 104 to 109.75   550 to 600 lbs. 101.50 to 111.25 Heifers 500 to 550 lbs. 97 to 103.50   600 to 650 lbs. 92 to 96 Chicago Futures: Live Cattle: Aug up 27 at 8505   Oct down 12 at 9012 Feeders: Aug down 67 at 10312   Sep down 87 at 10335 Cattle Comment Cattle futures ended lower. Futures’ premium to cash prices limited the upside. August has resistance at yesterday’s high of $85.35 and then around $86, which has held the market since February. Hogs Peoria: were $1     lower   at   33.50   to   34 Chicago Futures: Aug up 60 at 6360   Oct up 15 at 5895 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures ended mostly higher. Higher pork prices supported futures. The recent rally has formed a short-term uptrend in August, with support currently near $63. Poultry  Date: July 14, 2009 Eggs New York:  Ex. Lg. 85-89; Lg. 83-87; Med. 59-63; Chicago:  Ex. Lg. 68-76; Lg. 66-74; 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 barely steady to instances weak. Demand was light to fair with trading usually limited to regular commitments. Supplies of all sizes were at least adequate 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