07/24/2009 Farm Bureau Market Report

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Grain & Soybean Date: July 24, 2009 Soybeans Local Elevators: (July) EAST AR:  1004 to - - - (NC) Summ. 892 to 909 River Elevators: (July) MISS: 952 to 1039 ; AR & White 922 to 932 (NC) Summ. 895 to 932 Ark. Processor Bids: (July) n/a to - - -  (NC) 905 to 911 Memphis:  (July) 1026 to - - - (NC)  915 to 919 Riceland Foods:  (Oct/Nov) Stuttgart 888 ; Pendleton 892 ; West Memphis 915 Chicago Futures: SEP down 10 at  951 1/2   NOV  down  17  at  915   JAN down 17  at  922 1/4   MAR down 18  at  925 1/2   JUL down 14  at  933 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans turned sharply lower on profit taking to end the week. Recent resistance at $9.38 looks solid for now. Key resistance is at $8.82. The market was concerned last week about the announcement that the Chinese government would be selling government stocks of soybeans, but the price was too high and they received no bids, keeping the market open for U.S. imports. Wheat Cash bid for July at Memphis  411 1/4 to 421 1/4; Bids to farmers at Local Elevators 390-402; River Elevators 369-432; Chicago Futures: SEP down  15 1/2  at  516 1/4    DEC down 15 1/2  at  543 1/2    MAR down  15 1/2  at  562    MAY down  15 1/2  at  574 1/4    JUL down  15 1/4  at  584    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for July at Memphis  518 to 549; Bids to farmers at River Elevators 398-478; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for July at Memphis   308 1/4 to 320 1/4;   New Crop at Memphis   308 1/4 to - - -; Bids to farmers at River Elevators  303 to 328 Chicago Futures: SEP down  10 3/4  at  316 1/4    DEC down  11 1/2  at  327 1/4    MAR down  11 3/4  at  340 1/2    JUL down  11 1/2  at  358 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Corn futures moved lower today. Yesterday’s rally was probably just a corrective bounce. Now that the market is in better balance, prices started sliding lower again today. Rallies like the one seen yesterday should be seen as pricing opportunities. Wheat futures were also lower. 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. Cotton & Rice  Date: July 24, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis down 211 at  5239   Greenwood down  211 at 5239 New York Futures: OCT down  211  at  5739    DEC down  211  at  5961    MAR down  212  at  6199    MAY down  204  at  6321    - - -   - - -  at  - - -  This week's LDP rate for cotton is  3.44 cents   The estimate for next week is  4.52 cents Cotton Comment Cotton posted sharp losses again today. Recent gains stopped just under 65 cents before reversing. 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 1251/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: SEP up  3 1/2  at  1340    NOV up  4 1/2  at  1357    JAN up  4 1/2  at  1374 1/2    MAR up  10 1/2  at  1394 1/2    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice posted gains today after charting a key reversal yesterday. 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 24, 2009 Cattle As reported by Federal-State Market News, receipts were 11,180 head at sales in Arkansas this week.  Compared with last week, feeder steers sold unevenly. Heifers sold mostly steady to $2.00 . Steers:  Medium & Large Frame 1   400 to 450 lbs. 160 to - - -   500 to 550 lbs. 99 to - - -   600 to 650 lbs. 95 to - - -  Medium & Large Frame 2   400 to 450 lbs. 95 to - - - Heifers:  Medium & Large Frame 1   500 to 550 lbs. 92 to - - -  Medium & Large Frame 2   400 to 450 lbs. 89.50 to - - - Slaughter Cows, Boners 40   to   47 Light Weight 27 to 35 Bulls, Yield Grade   1   1000   to   2100 lbs.   53   to   58.50 Midwest Steers   n/a   at   - - -   to   - - - Panhandle Steers   steady   at   83   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 99 to 114   550 to 600 lbs. 100 to 112 Heifers 500 to 550 lbs. 91.50 to 106.50   550 to 600 lbs. 90.50 to 106.75 Chicago Futures: Live Cattle: AUG down 50 at 8452   OCT down 35 at 8975 Feeders: AUG up 17 at 10255   SEP up 25 at 10235 Cattle Comment Cattle futures ended mixed. Feeders got support from renewed weakness in the corn pit. August live futures have resistance around $86, which has held the market since February. Hogs Peoria: $1     higher   at   35   to   37 Chicago Futures: AUG down 190 at 5905   OCT down 182 at 5457 Sheep St. Paul n/a   at   - - -   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 24, 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 barely steady to instances weak. Demand entering the weekend 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 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