07/20/2009 Farm Bureau Market Report

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Grain & Soybean Date: July 20, 2009 Soybeans Local Elevators: (Jul) EAST AR:  1049 to - - - (NC) Summ. 883 to 898 River Elevators: (Jul) MISS: 943 to 1063 ; AR & White 913 to 923 (NC) Summ. 884 to 921 Ark. Processor Bids: (Jul) n/a to - - -  (NC) 894 to 895 Memphis:  (Jul) 1073 to - - - (NC)  928 to - - - Riceland Foods:  (Oct/Nov) Stuttgart 896 ; Pendleton 900 ; West Memphis 923 Chicago Futures: Sep up 12 at  960 1/2   Nov  down  1/2  at  923   Jan '10 down 1 1/4  at  930   Mar '10 down 1 1/4  at  934 3/4   Jul '10 up 4  at  939 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans closed mixed with old crop contracts higher. Outside markets were generally supportive. There remains substantial fundamental pressure with good weather across the Midwest providing good yield expectations. Indications China will release corn and bean stocks for domestic use also clouds the demand side of the equations. Inability to hold support at recent lows just above $8.80 would signal further declines for November. A close above week’s high of $9.38 is needed to extend gains. Corn was able to close a little higher again today. Further declines appear likely with an excellent conditions report expected this afternoon. Funds may see this as a buying point, but it appears that could be the only positive factor in the market. Good yield prospects are being enhanced by weather and talk of an average yield of 160 bushels per acre is being mentioned. Wheat Cash bid for July at Memphis  431 1/4 to 437 3/4; Bids to farmers at Local Elevators 400-422; River Elevators 381-442; Chicago Futures: Sep up  1/2  at  542 1/4    Dec up 3/4  at  568 3/4    Mar '10 up  1  at  587 1/4    May '10 up  1  at  598 1/4    Jul '10 up  1 1/4  at  607 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for July at Memphis  496 to - - -; Bids to farmers at River Elevators 389-470; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for July at Memphis   316 1/4 to 341 1/4;   new crop at Memphis   315 1/4 to 316 1/4; Bids to farmers at River Elevators  301 to 326 Chicago Futures: Sep up  1  at  323 1/4    Dec up  2 1/4  at  333 3/4    Mar '10 up  2 1/4  at  347 1/2    Jul '10 up  2  at  366 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures were a bit lower. It will be difficult for this market to build any upward momentum with current fundamentals, but much of the bearish news has already been factored in to prices, so the downside could be limited as well. September has support at the recent low of $5.12. Cotton & Rice  Date: July 20, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 216 at  5926   Greenwood up  216 at 5926 New York Futures: Oct up  91  at  6301    Dec up  80  at  6486    Mar '10 up  72  at  6689    May '10 up  71  at  6802    - - -   - - -  at  - - -  This week's LDP rate for cotton is  3.54 cents   The estimate for next week is  2.82 cents Cotton Comment Cotton continued to firm with December trading to almost 65 cents. A smaller ’09 crop is in the making. Drought in Texas and a late Midsouth crop suggest a higher abandonment and potentially lower yield on harvested acreage. Longer term, this suggests higher price levels. There is substantial resistance around 64 cents on the weekly chart. That represents a 50% retracement of the 08/09 declines. With October trading about 2 cents lower, this could give December a chance to move as high as 66 cents at some point. Rice Long Grain Cash Bid for  Aug/Sep/Oct 1246 1/2  to  - - -   n/a - - -  to  - - - Chicago Futures: Sep up  39 1/2  at  1336 1/2    Nov up  36 1/2  at  1347 1/2    Jan '10 up  34 1/2  at  1359 1/2    Mar '10 up  28  at  1372 1/2    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice closed higher with nearby contracts testing recent resistance. The recent supply demand report has begun to lose its impact as traders have noted that the cash market failed to follow futures higher. While U.S. rough rice exports have lagged year ago levels, they have begun to catch up. Milled rice sales remain slow. A small ’09 crop is in the works because of smaller long grain plantings. The crop is in good shape and while generally a little late is expected to produce good yields. Major support starts at $11.91. Cattle & Hogs  Date: July 20, 2009 Cattle As reported by Federal-State Market News, receipts were n/a head at sales in n/a.  Compared with last week, feeder steers n/a . Steers:  Medium & Large Frame n/a   - - - to - - - lbs. - - - to - - -   - - - to - - - lbs. - - - to - - -   - - - to - - - lbs. - - - to - - -  Medium & Large Frame n/a   - - - to - - - lbs. - - - to - - - Heifers:  Medium & Large Frame n/a   - - - to - - - lbs. - - - to - - -  Medium & Large Frame n/a   - - - to - - - lbs. - - - to - - - Slaughter Cows, Boners n/a   to   - - - Light Weight n/a to - - - Bulls, Yield Grade   n/a   - - -   to   - - - lbs.   - - -   to   - - - Midwest Steers   were $1-2 higher   at   82   to   84 Panhandle Steers   were $2.50-2 higher   at   83.50   to   84 Oklahoma City Feeders Steers 550 to 600 lbs. 103.50 to 112   650 to 700 lbs. 103.75 to 107.50 Heifers 550 to 600 lbs. 98 to 102.50   600 to 650 lbs. 98 to 101 Chicago Futures: Live Cattle: Aug up 42 at 8680   Oct down 7 at 9187 Feeders: Aug down 12 at 10447   Sep down 22 at 10450 Cattle Comment Cattle futures were mixed. Stronger crude oil and a weaker dollar were both supportive, but futures' premium to cash is limiting the upside. August is testing resistance around $86, which has held the market since February. Hogs Peoria: were     steady   at   34   to   36 Chicago Futures: Aug down 2 at 6465   Oct down 7 at 6047 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures were under pressure today from futures' premium to cash. Further gains in pork prices were supportive. The recent rally has formed a short-term uptrend in August, with support currently near $64. Poultry  Date: July 20, 2009 Eggs New York:  Ex. Lg. 99-103; Lg. 97-101; Med. 64-70; Chicago:  Ex. Lg. 86-94; Lg. 84-92; Med. 52-60; Eastern Region Turkeys Hens: 8-16 lbs. 82-84 Toms: 16-24 lbs. 82-84   Delmarva Broilers U.S. Grade A Trade sentiment was mixed, but overall no better than steady. Demand following the weekend was fair with limited trading. Supplies of all sizes were at least sufficient to satisfy trade needs. In production areas, live supplies were moderate at mixed, but 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