07/27/2009 Farm Bureau Market Report

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Grain & Soybean Date: July 27, 2009 Soybeans Local Elevators: (July) EAST AR:  1001 to - - - (NC) Summ. 867 to 884 River Elevators: (July) MISS: 926 to 1021 ; AR & White 896 to 906 (NC) Summ. 870 to 907 Ark. Processor Bids: (July) - - - to - - -  (NC) 880 to 886 Memphis:  (July) 1026 1/4 to - - - (NC)  910 1/2 to 912 1/2 Riceland Foods:  (Oct/Nov) Stuttgart 880 ; Pendleton 884 ; West Memphis 907 Chicago Futures: Sept down 6 1/2 at  945   Nov  down  8 1/2  at  906 1/2   Jan down 8 1/2  at  913 3/4   Mar down 8 3/4  at  916 3/4   July down 9  at  924 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans closed mostly lower but managed to firm slightly during the day session. November futures continued to find support near $9. At the same time, prospects of record production could push the market through this support. Continued good crop weather could see adjustments in yield and production in the August report. Wheat Cash bid for July at Memphis  413 1/2 to 425 1/2; Bids to farmers at Local Elevators 379-391; River Elevators 357-418; Chicago Futures: Sept up  4 1/4  at  520 1/2    Dec up 4 1/4  at  547 3/4    Mar up  4  at  566    May up  4  at  578 1/4    July up  5 1/4  at  589 1/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for July at Memphis  533 to - - -; Bids to farmers at River Elevators 389-469; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for July at Memphis   314 1/4 to 327 1/4;   New crop at Memphis   314 1/4 to - - -; Bids to farmers at River Elevators  298 to 323 Chicago Futures: Sept up  6  at  322 1/4    Dec up  6 1/2  at  333 3/4    Mar up  6 1/2  at  347    July up  6 1/4  at  364 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat held support just above $5.10 and closed slightly higher but that may be temporary. Big U.S. and world stocks remain a problem. U.S. exports are about half of what they were a year ago. A good spring crop will just add to the pressure. Corn retraced overnight declines to close on a positive note. A good export inspections report seemed to outweigh good weather and concern about a 36 year low in the U.S. cattle herd. Recent gains in crude oil are a positive for ethanol, but use won’t increase significantly unless EPA raises the 10% limit on use in conventional fuel. Cotton & Rice  Date: July 27, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 17 at  5256   Greenwood up  17 at 5256 New York Futures: Oct down  8  at  5731    Dec down  8  at  5953    Mar down  6  at  6193    May down  6  at  6315    - - -   - - -  at  - - -  This week's LDP rate for cotton is  3.44 cents   The estimate for next week is  5.52 cents Cotton Comment Cotton retraced early declines to close slightly lower for the day. Upside potential will be limited until this year’s crop is set. For now, demand is limited and the market is dealing with substantial world stocks. The U.S. crop could be down with a big abandonment in Texas anticipated. Even with that, exports will have to pick up as domestic mill use continues to decline. For now, December futures look like they are locked in a 10 cent range between 55 cents and the recent high at 65 cents. Rice Long Grain Cash Bid for  Aug/Nov 1288/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Sept up  36 1/2  at  1377 1/2    Nov up  42  at  1399    Jan up  38 1/2  at  1413    Mar up  34  at  1428 1/2    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice was sharply high again today as the November contract moved to a new recent high of $14.01. The market is still working higher on thoughts the long grain crop will be significantly smaller this year. USDA reduced plantings in their June 30 report, but there are indications more medium grain rice was planted and less long grain. Technically, this market is reaching an overbought status and could be subject to a short term setback. Longer term recent gains suggest additional upside potential at some point. The next long term chart resistance does not come into play for another $1.80. Cattle & Hogs  Date: July 27, 2009 Cattle As reported by Federal-State Market News, receipts were 3076 head at sales in Ash Flat, Springdale and Ola.  Compared with last week, feeder steers sold uneven, mostly steady to $2 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 108.50 to - - -   500 to 550 lbs. 103 to - - -   600 to 650 lbs. 98 to - - -  Medium & Large Frame 2   400 to 450 lbs. 99.50 to - - - Heifers:  Medium & Large Frame 1   500 to 550 lbs. 94 to - - -  Medium & Large Frame 2   400 to 450 lbs. 89.50 to - - - Slaughter Cows, Boners 40   to   47 Light Weight 30 to 37 Bulls, Yield Grade   1   1000   to   2100 lbs.   55   to   59 Midwest Steers   were   at   82   to   84 Panhandle Steers   were steady to $1 higher   at   83   to   84 Oklahoma City Feeders Steers 450 to 500 lbs. 113.25 to 116   500 to 600 lbs. 100 to 105.50 Heifers 500 to 600 lbs. 100.50 to 104   600 to 700 lbs. 97 to 99.25 Chicago Futures: Live Cattle: Aug up 17 at 8470   Oct up 45 at 9020 Feeders: Aug down 15 at 10240   Sept steady 0 at 10235 Cattle Comment Cattle futures closed mixed after overcoming early weakness. Last Friday’s cattle on feed report showed the smallest July 1 inventory in 10 years. The report also revealed the smallest number of calves weighing 500 lbs. or less since its inception in 1973. While feeders traded mostly lower today, downside potential will be limited by a very tight supply. At the same time, market ready cattle inventories appeared to have peaked and that should be positive for the market down the road. Hogs Peoria: were     steady   at   35   to   37 Chicago Futures: Aug up 12 at 5917   Oct up 17 at 5475 Sheep St. Paul n/a   at   - - -   to   - - - Hogs Comment Hogs were mixed as overall demand remains soft. Packers pushed slaughter last week, but will remain cautious in the near term. Slaughter weights dropped off slightly but remain 5 lbs. above year ago levels. Poultry  Date: July 27, 2009 Eggs New York:  Ex. Lg. 107-111; Lg. 105-109; Med. 67-71; Chicago:  Ex. Lg. 101-109; Lg. 99-107; Med. 60-68; 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 mostly weak. Demand following the weekend was light with limited trading. 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. 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