08/10/2009 Farm Bureau Market Report

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Grain & Soybean Date: August 10, 2009 Soybeans Local Elevators: (Aug) EAST AR:  n/a to - - - (NC) Summ. 981 to 997 River Elevators: (Aug) MISS: 1045 to 1090 ; AR & White 1010 to 1035 (NC) Summ. 981 to 1015 Ark. Processor Bids: (Aug) 993 to - - -  (NC) 991 to - - - Memphis:  (Aug) 1022 to 1135 (NC)  1020 to 1022 Riceland Foods:  (NC) Stuttgart 991 ; Pendleton 997 ; West Memphis 1020 Chicago Futures: Sep down 23 at  1067 1/2   Nov  down  28 1/2  at  1010   Jan '10 down 27  at  1014 1/4   Mar '10 down 23 3/4  at  1011 3/4   Jul '10 down 23  at  997   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans closed sharply lower as they continued to move in the opposite direction of corn and wheat. Outside markets provided little direction as the trade looks forward to Wednesday’s supply demand report. Soybeans are about 2 weeks behind normal in development and will remain subject to an early end of this year’s growing season. That factor will keep this week’s yield estimate in question, and keep support at $9.95 and then $9.40 viable. Corn closed higher as traders covered short positions ahead of this week’s report. The early feeling is USDA will reduce corn plantings by 500,000 to a million acres. However, pre-report estimates place yield at 157 bushels per acre or better, more than offsetting an acreage cut. For now, December support just below $3.20 is holding, while resistance is now around $3.40. Wheat Cash bid for August at Memphis  366 1/4 to 389 1/4; Bids to farmers at Local Elevators 330-334; River Elevators 311-394; Chicago Futures: Sep up  4 3/4  at  494 1/4    Dec up 3 1/4  at  520    Mar '10 up  3 1/4  at  539 1/4    May '10 up  3  at  551 1/4    Jul '10 up  2 1/2  at  562    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for August at Memphis  554 to 563; Bids to farmers at River Elevators 476-553; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for August at Memphis   318 1/4 to 321 1/4;   new crop at Memphis   n/a to - - -; Bids to farmers at River Elevators  297 to 319 Chicago Futures: Sep up  2 1/4  at  324 1/4    Dec up  4  at  330 1/2    Mar '10 up  4  at  344    Jul '10 up  3 3/4  at  361 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat made a minor upturn as it continued to follow corn. Pre-report suggest production estimates will be adjusted to the upside adding more pressure long term. Upside potential remains limited with poor demand a major factor. Cotton & Rice  Date: August 10, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 17 at  5745   Greenwood up  17 at 5745 New York Futures: Oct up  142  at  6195    Dec up  132  at  6375    Mar '10 up  139  at  6588    May '10 up  141  at  6708    - - -   - - -  at  - - -  This week's LDP rate for cotton is  3.94 cents   The estimate for next week is  3.87 cents Cotton Comment Cotton moved higher again today despite a stronger dollar. For now the market remains in the long term trading range of 55 to 65 cents but December is in position to test the upper range one more time. 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/Oct/Nov 1305/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Sep up  3  at  1389 1/2    Nov up  2 1/2  at  1413 1/2    Jan '10 up  4  at  1429    Mar '10 up  8  at  1447    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice futures moved to a new recent high today negating last Monday’s key reversal top and opening the market to additional upside potential. A potentially smaller U.S. long grain crop is supportive and could offset large Thai intervention stocks. Also a positive is the poor monsoon season in India, which is likely to reduce their plantings by 10 to 15%. Cattle & Hogs  Date: August 10, 2009 Cattle As reported by Federal-State Market News, receipts were 2,608 head at sales in Ash Flat, Springdale & Ola.  Compared with last week, feeder steers sold firm to $4 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 113.25 to - - -   500 to 550 lbs. 104.50 to - - -   600 to 650 lbs. 100 to - - -  Medium & Large Frame 2   400 to 450 lbs. 104 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 100 to - - -  Medium & Large Frame 2   400 to 450 lbs. 90 to - - - Slaughter Cows, Boners 42   to   48 Light Weight 31 to 38 Bulls, Yield Grade   1   1000   to   2100 lbs.   54.50   to   60, high dressing 60-65 Midwest Steers   were $1 lower to steady   at   80   to   81 Panhandle Steers   were $1 lower to steady   at   80   to   81 Oklahoma City Feeders Steers 550 to 600 lbs. 104 to 109.50   600 to 650 lbs. 101 to 107 Heifers 500 to 550 lbs. 98 to 103.50   600 to 650 lbs. 97 to 100.50 Chicago Futures: Live Cattle: Oct down 80 at 8832   Dec down 52 at 8815 Feeders: Sep down 67 at 10030   Nov down 102 at 10125 Cattle Comment Cattle futures were lower as traders remain concerned about beef demand; despite relatively low beef cutout values. At $140.70, choice beef cutout is 13% below year ago levels. Packer margins are solidly in the black, but weak demand will keep them from pushing nearby slaughter. Hogs Peoria:     steady   at   28   to   30 Chicago Futures: Oct up 10 at 4500   Dec down 25 at 4460 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures closed mixed with packers having already covered most of this week’s trade needs. Slaughter weights continue to run above year ago levels and are offsetting slightly lower slaughter rates. Improving packer margins should keep packers buying, but demand needs to improve. Poultry  Date: August 10, 2009 Eggs New York:  Ex. Lg. 100-104; Lg. 98-102; Med. 67-71; Chicago:  Ex. Lg. 91-99; Lg. 89-97; Med. 58-66; 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 following the weekend was fair at best with trading usually limited to regular commitments. Supplies of all sizes were at least adequate to satisfy 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