07/29/2009 Farm Bureau Market Report

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Grain & Soybean Date: July 29, 2009 Soybeans Local Elevators: (Jul) EAST AR:  n/a to - - - (NC) Summ. n/a to - - - River Elevators: (Jul) MISS: n/a to - - - ; AR & White n/a to - - - (NC) Summ. n/a to - - - Ark. Processor Bids: (Jul) n/a to - - -  (NC) n/a to - - - Memphis:  (Jul) n/a to - - - (NC)  n/a to - - - Riceland Foods:  (NC) Stuttgart n/a ; Pendleton n/a ; West Memphis n/a Chicago Futures: Sep down 4 at  964   Nov  down  11  at  916   Jan '10 down 11 1/4  at  919 3/4   Mar '10 down 11  at  921   Jul '10 down 10  at  925   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans were pushed lower by weaker crude oil and a stronger dollar. The one exception was the lead August contract which continues to reflect a late year tight stocks situation. Good growing conditions suggest a record crop in the making. That will continue to pressure the market. Key support remains in the $8.80-8.85 area. A close below that level will signal further declines. Conversely, should fundamentals change key resistance is seen around $9.40. Corn closed lower except for the lead September contract. The market remains in a consolidation phase with long term prospects suggesting further downside potential. USDA will re-survey corn plantings in 7 states. The general assumption in the market is total planting may be reduced. At the same time, yield is expected to be adjusted higher in the August supply/demand report. The next downside objective is the late ’08 low of $2.90. Wheat Cash bid for July at Memphis  n/a to - - -; Bids to farmers at Local Elevators n/a; River Elevators n/a; Chicago Futures: Sep down  4 3/4  at  511 1/2    Dec down 4 3/4  at  539    Mar '10 down  5 1/4  at  557 1/4    May '10 down  5  at  569 3/4    Jul '10 down  5 1/4  at  580 1/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for July at Memphis  n/a to - - -; Bids to farmers at River Elevators n/a; Today's Arkansas LDP rate for sorghum is: n/a Corn Cash bid for July at Memphis   n/a to - - -;   new crop at Memphis   n/a to - - -; Bids to farmers at River Elevators  n/a to Chicago Futures: Sep down  1/4  at  320 3/4    Dec down  1 3/4  at  328    Mar '10 down  2 1/4  at  340 1/2    Jul '10 down  2  at  358 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat dipped to new contract lows today, but September held above $5. Limited demand and big supplies make wheat vulnerable to a stronger $ and weak crude oil. Cotton & Rice  Date: July 29, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 9 at  5231   Greenwood up  9 at 5231 New York Futures: Oct up  9  at  5706    Dec unchanged    at  5912    Mar '10 down  13  at  6128    May '10 down  15  at  6247    - - -   - - -  at  - - -  This week's LDP rate for cotton is  3.44 cents   The estimate for next week is  6.17 cents Cotton Comment Cotton closed mixed with concern about the world economic situation limiting demand. While the ’09 U.S. crop appears to be developing, there is growing concern about the level of drought damage in Texas. A smaller crop will eventually help the market but for the time being December will remain a 10 cents trading range between 55 and 65 cents. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: Sep down  6 1/2  at  1377    Nov down  5 1/2  at  1398    Jan '10 down  3 1/2  at  1415    Mar '10 down  3 1/2  at  1428 1/2    - - - down  - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice closed lower but was able to retrace a major portion of early declines. Overall world stocks are large, particularly in Thailand where intervention stocks continue to hang over the market. However, U.S. long grain stocks are fairly tight and it may be even less than indicated in the June USDA planted acreage report, as producers increased medium plantings. Futures have gained almost $2 over the last 4 weeks and are in overbought situation technically. So, a short term sell-off remains possible. Cattle & Hogs  Date: July 29, 2009 Cattle As reported by Federal-State Market News, receipts were 725 head at sales in Conway & Pocahontas.  Compared with last week, feeder steers sold steady to $2 higher, heifers were mostly steady . Steers:  Medium & Large Frame 1   400 to 450 lbs. 109 to - - -   500 to 550 lbs. 102 to - - -   600 to 650 lbs. 97.75 to - - -  Medium & Large Frame 2   400 to 450 lbs. 96 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 96 to - - -  Medium & Large Frame 2   400 to 450 lbs. 83.25 to - - - Slaughter Cows, Boners 40   to   45.50 Light Weight 24 to 31 Bulls, Yield Grade   1   1000   to   2100 lbs.   54.50   to   58.50 Midwest Steers   were $1 lower to steady   at   81   to   82 Panhandle Steers   were $1 lower to steady   at   81   to   82 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 down 97 at 8395   Oct down 132 at 8925 Feeders: Aug down 82 at 10202   Sep down 92 at 10205 Cattle Comment Cattle futures fell sharply as funds increased their liquidation of positions. This was triggered by bearish moves in the dollar and crude oil. Feedlot offerings remain above packer bids. Concern about consumer demand is keeping packers nervous. Feeder cattle are testing recent support at last Friday’s low. A move below that would mean September will push $1 to $1 lower. Hogs Peoria: were $1     lower   at   34   to   36.50 Chicago Futures: Aug down 10 at 5675   Oct up 40 at 5310 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs retraced losses after dropping below $52, suggesting possible bottoming action. Continued soft demand has packers opting to close some facilities temporarily. High slaughter weights remain a negative factor. Poultry  Date: July 29, 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. n/a Toms: 16-24 lbs. n/a   Delmarva Broilers U.S. Grade A Trade sentiment was barely steady to weak. Demand was light to fair with trading usually limited to regular commitment. Supplies of all sizes were fully sufficient for current 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