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. Yesterdays 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 years 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 ATrade 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.
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