08/07/2009 Farm Bureau Market Report

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Grain & Soybean Date: August 07, 2009 Soybeans Local Elevators: (Aug) EAST AR:  n/a to - - - (NC) Summ. 1010 to 1026 River Elevators: (Aug) MISS: 1073 to 1108 ; AR & White 1038 to 1058 (NC) Summ. 1009 to 1044 Ark. Processor Bids: (Aug) 1022 to - - -  (NC) 1018 to 1020 Memphis:  (Aug) 1050 1/2 to 1163 1/2 (NC)  1048 1/2 to 1050 1/2 Riceland Foods:  (NC) Stuttgart - - - ; Pendleton - - - ; West Memphis - - - Chicago Futures: Sep up 11 at  1090 1/2   Nov  up  8 1/2  at  1038 1/2   Jan '10 up 7 1/4  at  1041 1/4   Mar '10 up 5 1/2  at  1035 1/2   Jul '10 up 5  at  1020   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans remained firm ending the session higher and again showing more resiliency than corn or wheat. A strong dollar had little impact on beans as November again tested resistance just below $10.50. Tight old crop stocks have pushed up August, and September basis levels, as this year’s late crop offers little help. Few early beans will be available to fill the void. Long term, soybean supplies will be ample unless the lateness of the crop makes it vulnerable to early frost. Corn slipped lower as the dollar made a strong rebound. This may be a prelude to what happens next week. Early yield estimates range from 156 to 160 bushels per acre and some even suggest yield will be higher. On the other hand some reports suggest ear count will be down from normal. Wheat Cash bid for August at Memphis  361 1/2 to 384 1/2; Bids to farmers at Local Elevators 326-330; River Elevators 306-390; Chicago Futures: Sep down  10 3/4  at  489 1/2    Dec down 11 1/2  at  516 3/4    Mar '10 down  11  at  536    May '10 down  11 1/4  at  548 1/4    Jul '10 down  11 1/4  at  559 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for August at Memphis  547 to 556; Bids to farmers at River Elevators 469-542; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for August at Memphis   316 to 317;   new crop at Memphis   n/a to - - -; Bids to farmers at River Elevators  295 to 316 Chicago Futures: Sep down  10 1/2  at  322    Dec down  13 3/4  at  326 1/2    Mar '10 down  13 3/4  at  340    Jul '10 down  14  at  357 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat was sharply lower again today, moving to new lows at all three exchanges. With weak demand and large supplies, there is still more downside risk. Cotton & Rice  Date: August 07, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 280 at  5728   Greenwood up  280 at 5728 New York Futures: Oct up  652  at  6550    Dec down  256  at  5830    Mar '10 down  498  at  5800    May '10 down  417  at  6000    - - -   - - -  at  - - -  This week's LDP rate for cotton is  3.94 cents   The estimate for next week is  4.57 cents Cotton Comment Cotton ignored the stronger dollar and weaker crude oil closed sharply higher, while remaining 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  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: Sep up  15 1/2  at  1386 1/2    Nov up  16  at  1411    Jan '10 up  14  at  1425    Mar '10 up  12  at  1439    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice reversed yesterday’s declines but November again failed to move to a new high that leaves Monday’s key reversal top intact. However November did close at the highest level yet in this recent upturn. 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 07, 2009 Cattle As reported by Federal-State Market News, receipts were 8,740 head at sales in Arkansas this week.  Compared with last week, feeder steers sold mostly firm to $3 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 113 to - - -   500 to 550 lbs. 104 to - - -   600 to 650 lbs. 97 to - - -  Medium & Large Frame 2   400 to 450 lbs. 100 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 102 to - - -  Medium & Large Frame 2   400 to 450 lbs. 91.50 to - - - Slaughter Cows, Boners 42   to   49 Light Weight 30 to 37 Bulls, Yield Grade   1   1000   to   2100 lbs.   53   to   59.50, high dressing 60-68.50 Midwest Steers   were $1 higher to steady   at   81   to   - - - Panhandle Steers   were $1 higher to steady   at   81   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 98 to 114   600 to 650 lbs. 96 to 110 Heifers 500 to 550 lbs. 91 to 107.25   600 to 650 lbs. 91 to 103 Chicago Futures: Live Cattle: Oct steady at 8912   Dec down 22 at 8867 Feeders: Sep steady at 10097   Nov up 40 at 10227 Cattle Comment Cattle futures ended mixed. Technical selling and carryover weakness from hogs were to blame. October is holding above support at $88. Tight cattle supplies will provide underlying support. Hogs Peoria: were $2     lower   at   29.50   to   30 Chicago Futures: Oct down 267 at 4490   Dec down 92 at 4485 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs moved to new lows again today. Yesterday’s sharp drop in cutouts and weakness in cash hog prices pushed the market lower. Ample supplies and the prospect for even larger supplies this fall will keep this market under pressure. Poultry  Date: August 07, 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. Demand entering the weekend was no better than fair with limited 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