07/23/2009 Farm Bureau Market Report

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Grain & Soybean Date: July 23, 2009 Soybeans Local Elevators: (Jul) EAST AR:  1004 to - - - (NC) Summ. 895 to 909 River Elevators: (Jul) MISS: 952 to 1039 ; AR & White 922 to 932 (NC) Summ. 895 to 932 Ark. Processor Bids: (Jul) n/a to - - -  (NC) 905 to 911 Memphis:  (Jul) 1028 1/2 to - - - (NC)  932 to 936 Riceland Foods:  (NC) Stuttgart 905 ; Pendleton 909 ; West Memphis 932 Chicago Futures: Sep up 16 1/2 at  961 1/2   Nov  up  24  at  932   Jan '10 up 24 1/2  at  939 1/4   Mar '10 up 23 1/4  at  943 1/2   Jul '10 up 19  at  947 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans approached the top of the recent consolidation area in early trading. China’s failure to sell any of the soybeans offered at auction earlier this week has provided a boost to November futures. Recent resistance at last week’s high should remain intact. USDA is set to update corn plantings in seven states ahead of their August report. That prompted early speculation that corn plantings would be trimmed. USDA first did this last year when concern was raised about flood impacts on planting. Expecting a smaller acreage, the market was caught flat-footed when acreage actually was raised. Even if planting declines, good crop conditions suggest an excellent crop will be harvested. Rebounds such as this should be viewed as a pricing opportunity. Resistance at $3.49 appears to be the maximum this rally could attain. Wheat Cash bid for July at Memphis  424 3/4 to 431 3/4; Bids to farmers at Local Elevators 390-402; River Elevators 369-432; Chicago Futures: Sep up  9 3/4  at  531 3/4    Dec up 10  at  559    Mar '10 up  9 1/2  at  577 1/2    May '10 up  10 1/4  at  589 3/4    Jul '10 up  9 1/2  at  599 1/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for July at Memphis  542 to 560; Bids to farmers at River Elevators 398-478; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for July at Memphis   317 to 332;   new crop at Memphis   317 to 319; Bids to farmers at River Elevators  303 to 328 Chicago Futures: Sep up  19  at  327    Dec up  19 1/2  at  338 3/4    Mar '10 up  19 1/2  at  352 1/4    Jul '10 up  18 3/4  at  370    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures were reluctantly following corn and beans higher at mid-day. The market broke out of a sideways to higher trading range yesterday, and now September looks poised to test support at the recent low of $5.12. Disappointing export sales of only 12.6 million bushels kept a lid on prices. Cotton & Rice  Date: July 23, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 46 at  5450   Greenwood up  46 at 5450 New York Futures: Oct down  118  at  5786    Dec down  268  at  5851    Mar '10 down  559  at  5800    May '10 down  769  at  5700    - - - up  - - -  at  - - -  This week's LDP rate for cotton is  3.54 cents   The estimate for next week is  3.44 cents Cotton Comment Cotton rebounded early as traders took profits following the big downturn Tuesday. Recent gains stopped just under 65 cents before reversing yesterday. This established a 10 cent trading range that is likely to hold through this year’s harvest. Big world stocks and reduced use reflect current economic conditions that will need to improve to give cotton any significant upside potential. Rice Long Grain Cash Bid for  Aug-Nov 1248/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Sep down  7  at  1337 1/2    Nov down  6 1/2  at  1352 1/2    Jan '10 down  2  at  1370    Mar '10 down  4  at  1384    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice registered a potential key reversal as the market retraced a portion of recent gains. This may be an indication the market is topping just below the late ’08 highs that were around $14. A smaller U.S. long grain crop has been driving the market despite ample worldwide stocks. Smaller U.S. long grain plantings suggest tightening stocks, but the market must still keep an eye on ample world stocks and a slow pace in the export market. Cattle & Hogs  Date: July 23, 2009 Cattle As reported by Federal-State Market News, receipts were 2,296 head at sales in Charlotte, Green Forest, and Ratcliff.  Compared with last week, feeder steers sold mostly steady . Steers:  Medium & Large Frame 1   400 to 450 lbs. 107.75 to - - -   500 to 550 lbs. 103 to - - -   600 to 650 lbs. 101.25 to - - -  Medium & Large Frame 2   400 to 450 lbs. 97.75 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 97.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 86.75 to - - - Slaughter Cows, Boners 43   to   48 Light Weight 30 to 38 Bulls, Yield Grade   1   1000   to   2100 lbs.   54   to   61, high dressing 61-63.50 Midwest Steers   were $1 lower   at   83   to   - - - Panhandle Steers   were $1 lower   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: Aug steady at 8502   Oct up 30 at 9010 Feeders: Aug down 75 at 10237   Sep down 65 at 10210 Cattle Comment Cattle futures were posting gains at mid-day. Tomorrow’s inventory report is expected to be bullish for prices, showing reduced cattle numbers. 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 115 at 6095   Oct down 92 at 5640 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures were under renewed pressure today from fund selling and ideas the pork market is topping. 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 23, 2009 Eggs New York:  Ex. Lg. 107-111; Lg. 105-109; Med. 67-71; Chicago:  Ex. Lg. 86-94; Lg. 84-92; Med. 52-60; Eastern Region Turkeys Hens: 8-16 lbs. 81-83 Toms: 16-24 lbs. 79.5-83   Delmarva Broilers U.S. Grade A Trade sentiment was about steady to barely steady. Demand approaching the weekend was light to fair with limited trading. Supplies of all sizes were fully sufficient for 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