08/04/2009 Farm Bureau Market Report

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Grain & Soybean Date: August 04, 2009 Soybeans Local Elevators: (Aug) EAST AR:  n/a to - - - (NC) Summ. 992 to 1013 River Elevators: (Aug) MISS: 1061 to 1076 ; AR & White 1031 to 1041 (NC) Summ. 998 to 1037 Ark. Processor Bids: (Aug) 1012 to - - -  (NC) 1008 to 1011 Memphis:  (Aug) 1041 1/2 to 1156 1/2 (NC)  1041 1/2 to - - - Riceland Foods:  (Aug) Stuttgart 1008 ; Pendleton 1014 ; West Memphis 1035 Chicago Futures: Sep down 5 at  1083 1/2   Nov  up  1  at  1031 1/2   Jan '10 up 2 3/4  at  1035 1/2   Mar '10 up 3 3/4  at  1030   Jul '10 up 5 1/2  at  1016 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans closed mixed as the nearby contracts retraced a portion of recent gains. Outside contracts were generally negative with the $ making a little rebound and crude oil mostly lower. November is continuing to find resistance at $10.40. Near term the market may still move toward early June high just below $11. Longer term the size of this year’s crop is likely to send the market lower with $9.40 providing initial support. Corn was lower as the market gave back a little of the recent gains. December has initial resistance at $3.75 and then at $3.90 to $4. Expectations for record yields will likely limit upside movement. For now support starts at $3.50. Wheat Cash bid for August at Memphis  414 1/4 to 442 1/4; Bids to farmers at Local Elevators 378-407; River Elevators 359-442; Chicago Futures: Sep down  7  at  542 1/4    Dec down 7  at  570 1/4    Mar '10 down  6 1/2  at  588 3/4    May '10 down  6 3/4  at  601    Jul '10 down  7  at  611 3/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for August at Memphis  591 to 626; Bids to farmers at River Elevators 541-605; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for August at Memphis   345 1/2 to 354 1/2;   new crop at Memphis   n/a to - - -; Bids to farmers at River Elevators  326 to 347 Chicago Futures: Sep down  3 1/2  at  354 1/2    Dec down  3 1/4  at  365 3/4    Mar '10 down  3  at  379    Jul '10 down  3  at  396 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat turned lower today. Fundamentals would appear to limit upside potential, with a good spring crop expected to add to big U.S. and world supplies. The crop ratings slipped a little this week, but 71% of the crop is still considered to be in good to excellent condition. September has resistance between $5.50 and $5.60. Cotton & Rice  Date: August 04, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis down 1 at  5615   Greenwood down  1 at 5615 New York Futures: Oct down  1  at  6065    Dec down  3  at  6256    Mar '10 down  5  at  6465    May '10 down  5  at  6590    - - -   - - -  at  - - -  This week's LDP rate for cotton is  6.36 cents   The estimate for next week is  4.50 cents Cotton Comment Cotton failed to followthrough on yesterday’s big move and ended the session lower. Big U.S. and world stocks are offsetting this year’s smaller projected production. As the world economic situation improves textile demand should increase bringing China back to the import market. Key resistance is the recent high just below 65 cents. Above that is the long term chart retracement objective of 70.5 cents. Rice Long Grain Cash Bid for  Aug-Nov 1297/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Sep up  18 1/2  at  1381 1/2    Nov up  15 1/2  at  1402 1/2    Jan '10 up  14 1/2  at  1417 1/2    Mar '10 up  15 1/2  at  1436 1/2    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice registered a key reversal top yesterday, but refused to move lower today. November failed to move above yesterday’s high and lost momentum at the close. For now the key reversal top remains just that, it will take a close above $14.23 to negate the formation. A smaller U.S. long grain crop is a positive factor, but it may be largely offset by large Thai intervention stocks. Cattle & Hogs  Date: August 04, 2009 Cattle As reported by Federal-State Market News, receipts were 851 head at sales in Fort Smith.  Compared with last week, feeder steers sold mostly $1-3 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 107.25 to - - -   500 to 550 lbs. 102.25 to - - -   600 to 650 lbs. 93.75 to - - -  Medium & Large Frame 2   400 to 450 lbs. 97.25 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 104.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 89.50 to - - - Slaughter Cows, Boners 45   to   49.50 Light Weight n/a to - - - Bulls, Yield Grade   1   1000   to   2100 lbs.   52.50   to   59.50 Midwest Steers   n/a   at   - - -   to   - - - Panhandle Steers   n/a   at   - - -   to   - - - 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 down 60 at 8972   Dec down 20 at 8940 Feeders: Sep down 140 at 10057   Nov down 65 at 10145 Cattle Comment Cattle futures ended the day lower. 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   31   to   33 Chicago Futures: Oct down 192 at 5012   Dec down 247 at 4922 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 fell to a new contract low in today’s trade. Poultry  Date: August 04, 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 was light to no better than fair with limited trading. Supplies of all sizes were adequate to satisfy most 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