08/06/2009 Farm Burea Market Report

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Grain & Soybean Date: August 06, 2009 Soybeans Local Elevators: (Aug) EAST AR:  n/a to - - - (NC) Summ. 1001 to 1017 River Elevators: (Aug) MISS: 1065 to 1100 ; AR & White 1030 to 1050 (NC) Summ. 1001 to 1035 Ark. Processor Bids: (Aug) 1010 to - - -  (NC) 1007 to 1011 Memphis:  (Aug) 1042 to 1145 (NC)  1040 to 1042 Riceland Foods:  (NC) Stuttgart 1011 ; Pendleton 1017 ; West Memphis 1040 Chicago Futures: Sep down 8 1/2 at  1079 1/2   Nov  down  15  at  1030   Jan '10 down 15  at  1034   Mar '10 down 15  at  1030   Jul '10 down 17  at  1015   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans closed lower today, but again seemed to be more subdued than corn and wheat. The market paid little attention to good export sales as outside markets were mostly negative. China continues to be a big purchaser of U.S. beans as the 08-09 marketing year enters the last month. November futures tested $10.50 overnight but ended the session at $10.30. Corn continued to retrace the recent upturn that carried to $3.75. Today’s close at $3.40 ¼ suggests a potential retest of support at $3.15. Next week’s supply demand report likely will indicate a higher yield and some adjustment in ’09 planted acreage. The market will have to deal with a lot of corn. Wheat Cash bid for August at Memphis  372 1/4 to 400 1/4; Bids to farmers at Local Elevators 336-340; River Elevators 317-400; Chicago Futures: Sep down  28 1/2  at  500 1/4    Dec down 28 1/2  at  528 1/4    Mar '10 down  28 1/4  at  547    May '10 down  28 1/4  at  559 1/2    Jul '10 down  28 1/4  at  570 3/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for August at Memphis  572 to - - -; Bids to farmers at River Elevators 494-567; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for August at Memphis   326 1/2 to - - -;   new crop at Memphis   n/a to - - -; Bids to farmers at River Elevators  305 to 326 Chicago Futures: Sep down  14 1/2  at  332 1/2    Dec down  16 3/4  at  340 1/4    Mar '10 down  16 3/4  at  353 3/4    Jul '10 down  17  at  371 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat was sharply lower again today. September gapped lower and fell below support at the recent low of $5.05. Weekly exports were strong, but two months in to the marketing year, total exports are just over 50% of what they were a year ago. Cotton & Rice  Date: August 06, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis down 141 at  5448   Greenwood down  141 at 5448 New York Futures: Oct down  141  at  5898    Dec down  140  at  6086    Mar '10 down  137  at  6298    May '10 down  143  at  6417    - - -   - - -  at  - - -  This week's LDP rate for cotton is  6.36 cents   The estimate for next week is  4.02 cents Cotton Comment Cotton dipped lower today 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  Sep-Nov 1310/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Sep down  8  at  1371    Nov down  7 1/2  at  1395    Jan '10 down  6  at  1411    Mar '10 down  8 1/2  at  1427    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice futures were lower again today, but remained in the consolidation pattern that has held for about two weeks. 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 06, 2009 Cattle As reported by Federal-State Market News, receipts were 1,724 head at sales in Charlotte, Green Forest & Ratcliff.  Compared with last week, feeder steers sold very unevenly, averaging near steady . Steers:  Medium & Large Frame 1   400 to 450 lbs. 110.75 to - - -   500 to 550 lbs. 105.50 to - - -   600 to 650 lbs. 102 to - - -  Medium & Large Frame 2   400 to 450 lbs. 100.50 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 99.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 91 to - - - Slaughter Cows, Boners 43   to   47 Light Weight 34 to 39 Bulls, Yield Grade   1   1000   to   2100 lbs.   54   to   60.50, high dressing 63.50-65.50 Midwest Steers   remained   at   80   to   81 Panhandle Steers   remained   at   80   to   81 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 70 at 8912   Dec down 52 at 8890 Feeders: Sep down 17 at 10097   Nov up 7 at 10187 Cattle Comment Cattle futures turned lower today. Technical selling and carryover weakness from hogs sparked the selloff. October is holding above support at $88. Tight cattle supplies will provide underlying support. Hogs Peoria: were $1     lower   at   30   to   32 Chicago Futures: Oct down 262 at 4757   Dec down 297 at 4577 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 06, 2009 Eggs New York:  Ex. Lg. 100-104; Lg. 98-102; 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 was light to no better than fair for late week trading. Supplies of all sizes were adequate to fully adequate to satisfy current trade requirements. 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