08/05/2009 Farm Bureau Market Report

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Grain & Soybean Date: August 05, 2009 Soybeans Local Elevators: (Aug) EAST AR:  n/a to - - - (NC) Summ. 1005 to 1027 River Elevators: (Aug) MISS: 1080 to 1115 ; AR & White 1045 to 1065 (NC) Summ. 1016 to 1050 Ark. Processor Bids: (Aug) 1025 to - - -  (NC) 1021 to 1024 Memphis:  (Aug) 1055 to 1165 (NC)  1055 to - - - Riceland Foods:  (NC) Stuttgart 1021 ; Pendleton 1027 ; West Memphis 1048 Chicago Futures: Sep up 4 1/2 at  1088   Nov  up  13 1/2  at  1045   Jan '10 up 13 1/2  at  1049   Mar '10 up 15  at  1045   Jul '10 up 15 1/2  at  1032   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment While all other grains moved lower, soybeans closed higher bolstered by a smaller production estimate by Informa. This year’s crop was placed at 3.177 billion bushels on a 41.6 bushel per acre yield. That is 1 bushel per acre below what USDA has been using. November closed above resistance at $10.40, which gives the market a target just under $11 if the current uptrend can be maintained. Corn declined again today, but did close well above the day’s lows. Informa put this corn yield at 157 bushels per acre, well above the July USDA number, but below some estimates of 160 or better. Wheat Cash bid for August at Memphis  400 3/4 to 428 3/4; Bids to farmers at Local Elevators 365-369; River Elevators 346-429; Chicago Futures: Sep down  13 1/2  at  528 3/4    Dec down 13 1/2  at  556 3/4    Mar '10 down  13 1/2  at  575 1/4    May '10 down  13 1/4  at  587 3/4    Jul '10 down  12 3/4  at  599    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for August at Memphis  573 to 611; Bids to farmers at River Elevators n/a; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for August at Memphis   338 to 352;   new crop at Memphis   n/a to - - -; Bids to farmers at River Elevators  319 to 340 Chicago Futures: Sep down  7 1/2  at  347    Dec down  8 3/4  at  357    Mar '10 down  8 1/2  at  370 1/2    Jul '10 down  8 1/4  at  388 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat was sharply lower. September closed the gap left by Monday’s rally, and could head for a retest of support at $5.05. Fundamentals will keep futures under pressure. The crop ratings slipped a little this week, but 71% of the crop is still considered to be in good to excellent condition. Cotton & Rice  Date: August 05, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis down 26 at  5589   Greenwood down  26 at 5589 New York Futures: Oct down  26  at  6039    Dec down  30  at  6226    Mar '10 down  30  at  6435    May '10 down  30  at  6560    - - -   - - -  at  - - -  This week's LDP rate for cotton is  6.36 cents   The estimate for next week is  4.17 cents Cotton Comment Cotton dipped slightly as the market remains in the established trading range between 55 and 65 cents. Mid-South weather conditions have producers nervous about yield potential. The crop needs some dry, sunny weather as it heads toward maturity. For now upside potential is limited. Rice Long Grain Cash Bid for  Aug-Nov 1294/cwt  to  - - -   n/a - - -  to  - - - Chicago Futures: Sep down  2 1/2  at  1379    Nov unchanged    at  1402 1/2    Jan '10 down  1/2  at  1417    Mar '10 down  1  at  1435 1/2    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice ended the day steady to slightly lower as November futures continue in a consolidation pattern. Monday’s key reversal top remains in tact. As long as that is the case the possibility of the market sliding lower exists. Thailand has offered a sizeable tender of intervention stocks but at this point has found little interest. On the positive side a poor monsoon season in India is likely to reduce their plantings by 10 to 15%. This could keep the market firm. Cattle & Hogs  Date: August 05, 2009 Cattle As reported by Federal-State Market News, receipts were 922 head at sales in Conway & Pocahontas.  Compared with last week, feeder steers sold firm to $3 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 110 to - - -   500 to 550 lbs. 103.50 to - - -   600 to 650 lbs. 100 to - - -  Medium & Large Frame 2   400 to 450 lbs. 106.25 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 100 to - - -  Medium & Large Frame 2   400 to 450 lbs. 89 to - - - Slaughter Cows, Boners 45   to   48 Light Weight n/a to - - - Bulls, Yield Grade   1   1400   to   2300 lbs.   55   to   60.50, high dressing 61-63.50 Midwest Steers   were quoted   at   80   to   81 Panhandle Steers   were quoted   at   80   to   81 Oklahoma City Feeders Steers 500 to 550 lbs. 106 to 114   600 to 650 lbs. 101 to 106.50 Heifers 500 to 550 lbs. 102.25 to 107.25   600 to 650 lbs. 97 to 102.25 Chicago Futures: Live Cattle: Oct up 10 at 8982   Dec up 2 at 8942 Feeders: Sep up 57 at 10115   Nov up 35 at 10180 Cattle Comment Cattle futures ended mostly higher after posting sharp losses in early dealings. Technical selling and carryover weakness from hogs sparked the selloff. October stopped at support at $88. Tight cattle supplies will provide underlying support, but demand needs to improve in order for futures to move much higher. Hogs Peoria: were     steady   at   31   to   33 Chicago Futures: Oct up 7 at 5020   Dec down 47 at 4875 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs moved to new lows today. Demand for pork remains weak and packers are caught in a dilemma. Their margins are good, but the market has excess product. Poultry  Date: August 05, 2009 Eggs New York:  Ex. Lg. 104-108; Lg. 102-106; Med. 67-71; Chicago:  Ex. Lg. 101-109; Lg. 99-107; Med. 60-68; Eastern Region Turkeys Hens: 8-16 lbs. 80-82 Toms: 16-24 lbs. 79.5-82   Delmarva Broilers U.S. Grade A Trade sentiment was about steady to barely steady. Demand for mid week trading was light to fair with trading usually limited to regular commitments. Supplies of all sizes were at least adequate to 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