07/30/2009 Farm Bureau Market Report

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Grain & Soybean Date: July 30, 2009 Soybeans Local Elevators: (Jul) EAST AR:  1103 to - - - (NC) Summ. 931 to 948 River Elevators: (Jul) MISS: 1001 to 1019 ; AR & White 971 to 981 (NC) Summ. 934 to 972 Ark. Processor Bids: (Jul) n/a to - - -  (NC) 944 to 950 Memphis:  (Jul) 1128 1/4 to - - - (NC)  975 to 981 Riceland Foods:  (Jul) Stuttgart 947 ; Pendleton 951 ; West Memphis 974 Chicago Futures: Sep up 65 at  1029   Nov  up  55  at  971   Jan '10 up 54 3/4  at  974 1/2   Mar '10 up 53 3/4  at  974 3/4   Jul '10 up 48  at  973   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans gapped above recent resistance on the strength of a good export report and supporting outside markets. Old crop export sales brought the current year to 1.287 billion bushels. This is well above the current USDA projection of 1.26 billion bushels. A huge sale from a private source to China was also confirmed by USDA. China has been unable to sell their private stock of soybeans because they are more expensive than imports. Today’s move was technically positive and could move November to objectives between $9.90 and $10.20. Upside is expected to be limited by ’09 crop prospects. Corn benefited from the move in beans and closed with solid gains. A rebound in crude oil, a weaker dollar and strong equity markets contributed to the upturn. December futures have resistance at $3.49 and at a gap that extends to $3.57. Wheat Cash bid for July at Memphis  413 1/4 to 421 1/4; Bids to farmers at Local Elevators 374-386; River Elevators 353-416; Chicago Futures: Sep up  4 3/4  at  516 1/4    Dec up 4 3/4  at  543 3/4    Mar '10 up  4 3/4  at  562    May '10 up  5  at  574 3/4    Jul '10 up  5  at  585 1/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for July at Memphis  549 to - - -; Bids to farmers at River Elevators 403-483; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for July at Memphis   327 1/4 to 337 1/4;   new crop at Memphis   327 1/4 to 330 1/4; Bids to farmers at River Elevators  308 to 333 Chicago Futures: Sep up  11 1/2  at  332 1/4    Dec up  14 1/4  at  342 1/4    Mar '10 up  14 1/2  at  355    Jul '10 up  14 1/2  at  373 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat held a part of early gains at the close. A good export report provided support but overall exports are almost 50% below year ago levels. Upside potential is limited, but continued good sales could move September toward resistance around $5.50. A close below $5 would signal further declines. Cotton & Rice  Date: July 30, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 102 at  5333   Greenwood up  102 at 5333 New York Futures: Oct up  102  at  5808    Dec up  99  at  6011    Mar '10 up  97  at  6225    May '10 up  106  at  6353    - - -   - - -  at  - - -  This week's LDP rate for cotton is  3.44 cents   The estimate for next week is  6.36 cents Cotton Comment Cotton got a good boost from positive outside markets and the rebound in beans and grains. 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  Aug-Oct 1290/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Sep down  2 1/2  at  1374 1/2    Nov down  1/2  at  1397 1/2    Jan '10 down  1  at  1414    Mar '10 up  2 1/2  at  1431    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice failed to hold early gains and settled slightly lower in the nearby contracts. The big daily reversal may signal a temporary top. 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 30, 2009 Cattle As reported by Federal-State Market News, receipts were 2,147 head at sales in Charlotte, Green Forest & Ratcliff.  Compared with last week, feeder steers sold firm to $2 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 109 to - - -   500 to 550 lbs. 105.50 to - - -   600 to 650 lbs. 105.25 to - - -  Medium & Large Frame 2   400 to 450 lbs. 105 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 96.25 to - - -  Medium & Large Frame 2   400 to 450 lbs. 92.50 to - - - Slaughter Cows, Boners 40   to   47 Light Weight 30 to 36 Bulls, Yield Grade   1-2   1000   to   2100 lbs.   53.50   to   59.50, high dressing 60-67 Midwest Steers   remained   at   80   to   82 Panhandle Steers   remained   at   80   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 up 62 at 8457   Oct up 60 at 8985 Feeders: Aug up 10 at 10212   Sep up 22 at 10227 Cattle Comment Cattle futures ended the day a little higher as the market followed a positive rebound in crude oil and equities. 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 $2 lower. Hogs Peoria: were $1     lower   at   33   to   35 Chicago Futures: Aug down 212 at 5462   Oct down 50 at 5260 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs reversed yesterdays’ gains and closed lower. Continued soft demand has packers opting to close some facilities temporarily. High slaughter weights remain a negative factor. Poultry  Date: July 30, 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. 81-84 Toms: 16-24 lbs. 79.50-84   Delmarva Broilers U.S. Grade A Trade sentiment was barely steady to mostly weak. Demand approaching the weekend was light to fair with trading usually limited to regular commitments. Supplies of all sizes were readily available 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