07/21/2009 Farm Bureau Market Report

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Grain & Soybean Date: July 21, 2009 Soybeans Local Elevators: (Jul) EAST AR:  1025 to - - - (NC) Summ. 865 to 882 River Elevators: (Jul) MISS: 925 to 1045 ; AR & White 895 to 905 (NC) Summ. 868 to 905 Ark. Processor Bids: (Jul) n/a to - - -  (NC) 878 to 879 Memphis:  (Jul) 1039 1/2 to - - - (NC)  907 to 910 Riceland Foods:  (Jul) Stuttgart 878 ; Pendleton 882 ; West Memphis 905 Chicago Futures: Sep down 19 at  941 1/2   Nov  down  18  at  905   Jan '10 down 17 3/4  at  912 1/4   Mar '10 down 17 3/4  at  917   Jul '10 down 14 1/2  at  925   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans traded sharply lower during today’s session, but managed to erase part of the loss by the close. Overall crop conditions are excellent but the crop continues to lag behind normal in development in some areas where planting was delayed. November dipped below $9.00 but managed a late rebound to hold above that level. Key support near $8.80 appears vulnerable if China’s sale of reserve stocks is successful and U.S. weather conditions continue favorable. Corn was under heavy selling pressure throughout the session and closed at new recent lows. While crop development is behind normal, the overall crop is rated 71% good to excellent and yield projections are expected to approach record levels. That would be over 160 bushels per acre if realized. Stocks would likely approach 2 billion bushels and pressure corn toward support around $2.90 or perhaps lower. Wheat Cash bid for July at Memphis  426 3/4 to 434 3/4; Bids to farmers at Local Elevators 393-405; River Elevators 374-435; Chicago Futures: Sep down  7 1/2  at  534 3/4    Dec down 7 1/4  at  561 1/2    Mar '10 down  7 1/4  at  580    May '10 down  7 1/4  at  591    Jul '10 down  7 1/4  at  600 1/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for July at Memphis  511 to 530; Bids to farmers at River Elevators 367-448; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for July at Memphis   301 1/2 to 316 1/2;   new crop at Memphis   301 1/2 to 304 1/2; Bids to farmers at River Elevators  289 to 314 Chicago Futures: Sep down  11 3/4  at  344 1/2    Dec down  11 3/4  at  322    Mar '10 down  11 3/4  at  335 3/4    Jul '10 down  12  at  354 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures were lower again today. 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 21, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis down 231 at  5695   Greenwood down  231 at 5695 New York Futures: Oct down  300  at  6001    Dec down  291  at  6195    Mar '10 down  269  at  6420    May '10 down  260  at  6542    - - -   - - -  at  - - -  This week's LDP rate for cotton is  3.54 cents   The estimate for next week is  2.55 cents Cotton Comment Cotton reversed recent gains, with heavy selling pressure carrying some contracts to a limit decline. Support on the decline ranges from 61.08 cents to 58.87 cents. A smaller U.S. crop contributed to strong gains over the last 4 weeks, but reality suggests the market will have difficulty moving above 65 cents. Long term the market could move higher, but for now movement will likely be in a 10 cent range with downside support at the recent low near 55 cents. Rice Long Grain Cash Bid for  Aug-Nov 1243/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Sep down  3 1/2  at  1333    Nov down  1 1/2  at  1346    Jan '10 down  1  at  1358 1/2    Mar '10 unchanged    at  1372 1/2    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice ended the session just slightly lower, as the market retraced a good portion of early declines. Upside potential seems limited by big world stocks. At the same time, smaller long grain plantings are supportive and if the crop turns out smaller than expected, the market could work higher. At this point there doesn’t seem to be enough fundamental support to move September toward the late ’08 high near $14. At the same there appears to be support near $12. Cattle & Hogs  Date: July 21, 2009 Cattle As reported by Federal-State Market News, receipts were 1,181 head at sales in Fort Smith.  Compared with last week, feeder steers sold steady to $3 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 108 to - - -   500 to 550 lbs. 100 to - - -   600 to 650 lbs. 99 to - - -  Medium & Large Frame 2   400 to 450 lbs. 99.75 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 99.85 to - - -  Medium & Large Frame 2   400 to 450 lbs. 90.75 to - - - Slaughter Cows, Boners 41   to   45.50 Light Weight n/a to - - - Bulls, Yield Grade   1   1000   to   2100 lbs.   53   to   57.50 Midwest Steers   were steady to $2 lower   at   82   to   - - - Panhandle Steers   were $1.50-2 lower   at   82   to   - - - Oklahoma City Feeders Steers 550 to 600 lbs. 103.50 to 112   600 to 650 lbs. 100 to 106 Heifers 500 to 550 lbs. 98.50 to 105.25   600 to 650 lbs. 98 to 104 Chicago Futures: Live Cattle: Aug down 77 at 8602   Oct down 75 at 9112 Feeders: Aug down 122 at 10325   Sep down 125 at 10325 Cattle Comment Cattle futures were lower today on carryover weakness from hogs. August is testing resistance around $86, which has held the market since February. Hogs Peoria: were     steady   at   35.50   to   36 Chicago Futures: Aug down 215 at 6250   Oct down 232 at 5815 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures posted sharp losses following a sharp drop in cutouts yesterday. August has violated the recent up-trend and could work toward a retest of support at the contract low of $57.40. Poultry  Date: July 21, 2009 Eggs New York:  Ex. Lg. 102-106; Lg. 100-104; 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 about steady to barely steady. Demand was fair at best with trading usually limited to regular commitments. Supplies of all sizes were more than sufficient for light 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