07/28/2009 Farm Bureau Market Report

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Grain & Soybean Date: July 28, 2009 Soybeans Local Elevators: (July) EAST AR:  1030 to - - - (NC) Summ. 887 to 904 River Elevators: (July) MISS: 947 to 1055 ; AR & White 917 to 927 (NC) Summ. 890 to 927 Ark. Processor Bids: (July) - - - to - - -  (NC) 900 to 906 Memphis:  (July) 1054 1/2 to - - - (NC)  931 to 937 Riceland Foods:  (Oct/Nov) Stuttgart 900 ; Pendleton 904 ; West Memphis 927 Chicago Futures: Sept up 23 at  968   Nov  up  20 1/2  at  927   Jan up 17 1/4  at  931   Mar up 15 1/4  at  932   May up 11  at  929 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybean prices posted strong gains today, as expectations are that China maybe poised to purchase more U.S. soybeans is supporting prices. The market expects China will release fewer soybeans from government stock tomorrow than was originally thought. Given the U.S. dollar weakness relative to the Brazilian Real, the U.S. should be the primary recipient of these Chinese sales. While soybean price may get a short term price bump, prices are unlikely to sustain these gains, as this year’s crop continues to look good. November soybeans have resistance at $9.38. Wheat Cash bid for July at Memphis  408 1/4 to 421 1/4; Bids to farmers at Local Elevators 374-386; River Elevators 353-416; Chicago Futures: Sept down  4 1/4  at  516 1/4    Dec down 4  at  543 3/4    Mar down  3 1/2  at  562 1/2    May down  3 1/2  at  574 3/4    July down  3 3/4  at  585 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for July at Memphis  526 to - - -; Bids to farmers at River Elevators 382-462; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for July at Memphis   312 1/2 to 325 1/2;   New crop at Memphis   312 1/2 to 318 1/2; Bids to farmers at River Elevators  296 to 321 Chicago Futures: Sept down  1 3/4  at  320 1/2    Dec down  4  at  329 3/4    Mar down  4 1/4  at  342 3/4    July down  4  at  360 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Corn prices were unable to follow soybeans higher today. Continued weakness in the crude oil market, and expectations of a large corn harvest continues to pressure corn prices lower. Wheat prices gave back most of yesterday’s gains, despite the large gains in the soybean market. Wheat prices continue to be restrained by weak export demand and the forecast large spring wheat crop. Both U.S. and Global wheat stocks remain ample to meet demand. Cotton & Rice  Date: July 28, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis down 34 at  5222   Greenwood down  34 at 5222 New York Futures: Oct down  34  at  5697    Dec down  41  at  5912    Mar down  52  at  6141    May down  - - -  at  - - -    - - -   - - -  at  - - -  This week's LDP rate for cotton is  3.44 cents   The estimate for next week is  5.85 cents Cotton Comment Cotton was lower again today. 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 1294/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Sept up  6  at  1383 1/2    Nov up  4 1/2  at  1403 1/2    Jan up  5 1/2  at  1418 1/2    Mar up  3 1/2  at  1432    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice struggled today but was again able to end the session on a positive note with November making a new recent high and closing above $14. 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 28, 2009 Cattle As reported by Federal-State Market News, receipts were 1124 head at sales in Fort Smith and Heber Springs.  Compared with last week, feeder steers sold mostly steady to $1 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 107.25 to - - -   500 to 550 lbs. 101 to - - -   600 to 650 lbs. 98 to - - -  Medium & Large Frame 2   400 to 450 lbs. 97 to - - - Heifers:  Medium & Large Frame 1   500 to 550 lbs. 92.25 to - - -  Medium & Large Frame 2   400 to 450 lbs. 87 to - - - Slaughter Cows, Boners 41   to   45.50 Light Weight 26 to 31 Bulls, Yield Grade   1   1000   to   2100 lbs.   52   to   58 Midwest Steers   were steady to $2 lower   at   82   to   - - - Panhandle Steers   were steady to $1 lower   at   82   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 105.50 to 109.50   550 to 600 lbs. 100 to 110 Heifers 500 to 550 lbs. 100 to 104   550 to 600 lbs. 98 to 104 Chicago Futures: Live Cattle: Aug up 22 at 8492   Oct up 37 at 9057 Feeders: Aug up 45 at 10285   Sept up 62 at 10297 Cattle Comment Cattle prices closed the day with modest gains. Packer margins are back in the black, as packers have cutback supplies to meet demand. Downward pressure is limited as cattle supplies continue to tighten. Hogs Peoria: were     steady   at   35   to   37 Chicago Futures: Aug down 232 at 5685   Oct down 205 at 5270 Sheep St. Paul n/a   at   - - -   to   - - - Hogs Comment Pork prices fell sharply today, as weak cash prices continue to pull the market lower. Packer margins remain negative, and are causing some plants to close early this week in an effort to help improve prices. Poultry  Date: July 28, 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 to barely steady to weak. Demand was light and unaggressive for upcoming first of the month business. 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