07/31/2009 Farm Bureau Market Report

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Grain & Soybean Date: July 31, 2009 Soybeans Local Elevators: (Jul) EAST AR:  - - - to - - - (NC) Summ. 942 to 964 River Elevators: (Jul) MISS: 1012 to 1030 ; AR & White 982 to 992 (NC) Summ. 948 to 987 Ark. Processor Bids: (Jul) - - - to - - -  (NC) 958 to 983 Memphis:  (Jul) 1134 to - - - (NC)  987 to 992 Riceland Foods:  (Oct/Nov) Stuttgart 958 ; Pendleton 964 ; West Memphis 985 Chicago Futures: September up 15 at  1044   November  up  11  at  982   January up 10  at  984 1/2   March up 6 1/4  at  981   July up 5  at  978   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans ended the day on a posture note with across the board gains. The positive close supports yesterday’s big move and leaves the market open to further gains. Retracement objectives at $9.90 and $10.16 are probable targets. Strong Chinese interest and positive outside markets contributed to support. Wheat Cash bid for July at Memphis  426 1/4 to 433 1/4; Bids to farmers at Local Elevators 386-391; River Elevators 365-428; Chicago Futures: September up  12  at  528 1/4    December up 12  at  555 3/4    March up  11 3/4  at  573 3/4    May up  11 1/4  at  586    July up  11 1/2  at  596 3/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for July at Memphis  562 to - - -; Bids to farmers at River Elevators 416-496; Today's Arkansas LDP rate for sorghum is: Corn Cash bid for July at Memphis   337 1/2 to 344 1/2;   new crop at Memphis   337 1/2 to 339 1/2; Bids to farmers at River Elevators  315 to 340 Chicago Futures: September up  7 1/4  at  339 1/2    December up  7 1/4  at  349 1/2    March up  7 1/4  at  362 1/4    July up  7 1/2  at  380 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment December corn traded to key resistance at $3.50 ending the week on a strong note. While fundamentals remain somewhat negative the market has made a substantial rally. Outside markets were supportive and buying was bolstered by an oversold condition. The next upside objectives are $3.75 ½ and $3.90 ½. While wheat appears to be following beans and corn it made a good showing and could move toward recent resistance just above $5.50. Fundamentals would appear to limit upside potential, with a good spring crop expected to add to big U.S. and world supplies. Cotton & Rice  Date: July 31, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis down 15 at  5318   Greenwood down  15 at 5318 New York Futures: October down  15  at  5793    December down  9  at  6002    March down  3  at  6222    May down  8  at  6345        at    This week's LDP rate for cotton is  6.36 cents   The estimate for next week is  6.12 cents Cotton Comment Cotton recouped a good portion of early declines but still ended the day a little lower. Smaller U.S. and world production is supportive, but the market must deal with ample stocks and the slow economic recovery. For now cotton is likely to trade the 10¢ range from 55¢ to 65¢. Rice Long Grain Cash Bid for  aug/nov 1292/cwt  to     to  Chicago Futures: September up  2  at  1376 1/2    November up  2  at  1399 1/2    January up  2 1/2  at  1416 1/2    March up  5  at  1436        at    Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice futures trade a wide range before ending the day slightly higher with November closing right on the $14 level. Prospects of a smaller U.S. long grain crops is supportive, but concern about huge Thai intervention stocks remains a factor. While futures have gained over $2 the last 4 weeks there appears to be little indication the milled market will be able to follow. From a technical perspective the next chart objective is a big jump from current values. Cattle & Hogs  Date: July 31, 2009 Cattle As reported by Federal-State Market News, receipts were 9,925 head at sales in Arkansas this week.  Compared with last week, feeder steers sold unevenly, mostly firm to $3 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 113.75 to - - -   500 to 550 lbs. 99.75 to - - -   600 to 650 lbs. 98 to - - -  Medium & Large Frame 2   400 to 450 lbs. 95 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 97.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 88.50 to - - - Slaughter Cows, Boners 40   to   47 Light Weight 28 to 36 Bulls, Yield Grade   1   1000   to   2100 lbs.   53   to   60, high dressing $58-65 Midwest Steers   remained   at   80   to   82 Panhandle Steers   steady to $1 lower   at   80   to   81 Oklahoma City Feeders Steers 500 to 550 lbs. 101 to 115   550 to 600 lbs. 100 to 113.75 Heifers 500 to 550 lbs. 91 to 107.50   550 to 600 lbs. 91 to 106.50 Chicago Futures: Live Cattle: August up 12 at 8470   October up 35 at 9020 Feeders: August up 22 at 10235   September up 27 at 10255 Cattle Comment Cattle futures managed narrow gains to end the week, but the overall situation remains negative. Packers are reluctant buyers at current cash prices and appear to be well covered for the next two weeks. Weak retail demand suggests the economic situation remains a key factor. Tightening cattle supplies will provide a little boost but demand will need to improve. Hogs Peoria: were $1     lower   at   32   to   34 Chicago Futures: August up 140 at 5602   October up 130 at 5390 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs retraced a portion of the early gains in futures. Demand for pork remains weak and packers are caught in a dilemma. Their margins are good, but the market has excess product. Poultry  Date: July 31, 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. 79.5-84   Delmarva Broilers U.S. Grade A Trade sentiment was mostly weak. Demand entering the weekend was light with limited first of the month trading. Supplies of all sizes were at least adequate to satisfy current 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. All rights reserved Terms of Use