08/03/2009 Farm Bureau Market Report

Click here to view this report online.

Grain & Soybean Date: August 03, 2009 Soybeans Local Elevators: (Aug) EAST AR:  n/a to - - - (NC) Summ. 991 to 1013 River Elevators: (Aug) MISS: 1045 to 1066 ; AR & White 1030 to 1040 (NC) Summ. 997 to 1027 Ark. Processor Bids: (Aug) 1011 to - - -  (NC) 1007 to 1010 Memphis:  (Aug) 1040 1/2 to 1160 1/2 (NC)  1040 1/2 to - - - Riceland Foods:  (NC) Stuttgart 1007 ; Pendleton 1013 ; West Memphis 1034 Chicago Futures: Sep up 44 1/2 at  1088 1/2   Nov  up  48 1/2  at  1030 1/2   Jan '10 up 48 1/4  at  1032 3/4   Mar '10 up 45 1/4  at  1026 1/4   Jul '10 up 33  at  1011   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans held overnight gains and closed sharply higher. After gapping higher overnight the market extended gains and November closed within cents of resistance at $10.40. Continued strength in crude oil and equities prompted fund buying. Index funds facing potential imposition of much tighter trading limits don’t appear to be a major factor. But weakness in the dollar and renewed concern about inflation has investors seeking investments. Possible hot and dry weather conditions simply added to the underlying support. Corn made exceptional gains with December gapping above resistance at $3.50, leaving a 4 week island reversal low. This suggests that at least a temporary low is in place. The market fell back after testing resistance at $3.75. A close above this level would suggest an upside objective between $3.90 and $4. The early June high of $4.37 ½ would seem out of the question, considering this year’s expected yield potential. Wheat Cash bid for August at Memphis  447 1/4 to 449 1/4; Bids to farmers at Local Elevators 407-412; River Elevators 371-449; Chicago Futures: Sep up  21  at  549 1/4    Dec up 21 1/2  at  577 1/4    Mar '10 up  21 1/2  at  595 1/4    May '10 up  21 3/4  at  607 3/4    Jul '10 up  22  at  618 3/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for August at Memphis  351 to 358; Bids to farmers at River Elevators 546-610; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for August at Memphis   351 to 358;   new crop at Memphis   n/a to - - -; Bids to farmers at River Elevators  328 to 349 Chicago Futures: Sep up  18 1/2  at  358    Dec up  19 1/2  at  369    Mar '10 up  19 3/4  at  382    Jul '10 up  19  at  399 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat posted solid gains again today following the lead of corn and beans. September is testing resistance between $5.50 and $5.60. 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: August 03, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 298 at  5616   Greenwood up  298 at 5616 New York Futures: Oct up  273  at  6066    Dec up  257  at  6259    Mar '10 up  238  at  6460    May '10 up  240  at  6585    - - -   - - -  at  - - -  This week's LDP rate for cotton is  6.36 cents   The estimate for next week is  5.29 cents Cotton Comment Cotton made a huge move as it followed grains and soybeans higher. A weaker dollar provided some buying incentive. Smaller U.S. and world production is supportive, but the market must deal with ample stocks and test slow economic recovery. December could test upper resistance at 65 cents. The next major objective is 70.5 cents. Rice Long Grain Cash Bid for  Aug-Nov 1302/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Sep down  13 1/2  at  1363    Nov down  12 1/2  at  1387    Jan '10 down  13 1/2  at  1403    Mar '10 down  15  at  1421    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice was unable to hold overnight gains and fell back in late trading. November futures registered a key reversal formation which normally signals topping or bottoming action. In this case, it would suggest a temporary top. Initial retracement objectives range from $13.38 to $12.85. Prospects of a smaller U.S. long grain crops is supportive, but concern about huge Thai intervention stocks remain a factor. While futures had gained over $2 the last 4 weeks, there appears to be little indication the milled market will follow. Cattle & Hogs  Date: August 03, 2009 Cattle As reported by Federal-State Market News, receipts were 2,278 head at sales in Ash Flat, Springdale & Ola.  Compared with last week, feeder steers sold steady to $2 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 110 to - - -   500 to 550 lbs. 103.75 to - - -   600 to 650 lbs. 98.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 100 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 95 to - - -  Medium & Large Frame 2   400 to 450 lbs. 88 to - - - Slaughter Cows, Boners 40   to   48 Light Weight 30 to 38 Bulls, Yield Grade   1   1000   to   2100 lbs.   54   to   60, high dressing 60-64.50 Midwest Steers   were $1 higher   at   81   to   83 Panhandle Steers   were steady to $1 higher   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: Oct up 12 at 9032   Dec up 37 at 8960 Feeders: Sep down 57 at 10197   Nov down 55 at 10210 Cattle Comment Cattle futures ended mixed. 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     steady   at   32   to   34 Chicago Futures: Oct down 185 at 5205   Dec down 152 at 5170 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs posted sharp losses. Demand for pork remains weak and packers are caught in a dilemma. Their margins are good, but the market has excess product. October is testing support at the contract low of $51.70. Poultry  Date: August 03, 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 about steady to barely steady. Demand following the weekend was light to fair 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