08/11/2009 Farm Bureau Market Report

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Grain & Soybean Date: August 11, 2009 Soybeans Local Elevators: (Aug) EAST AR:  n/a to - - - (NC) Summ. 1010 to 1026 River Elevators: (Aug) MISS: 1068 to 1113 ; AR & White 1033 to 1058 (NC) Summ. 1009 to 1044 Ark. Processor Bids: (Aug) 1025 to - - -  (NC) 1020 to - - - Memphis:  (Aug) 1068 1/2 to 1163 1/2 (NC)  1043 1/2 to 1048 1/2 Riceland Foods:  (Aug) Stuttgart 1020 ; Pendleton 1026 ; West Memphis 1049 Chicago Futures: Sep up 30 at  1097 1/2   Nov  up  28 1/2  at  1038 1/2   Jan '10 up 27 3/4  at  1042   Mar '10 up 27 1/4  at  1039   Jul '10 up 28  at  1025   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans turned higher focusing on tight old-crop supplies and slow crop development. Chinese demand remains strong, and the market is worried that old crop supplies won’t provide a large enough cushion at the end of the fiscal year. Position evening ahead of tomorrow’s supply and demand report was also a factor. Support for November is at $9.95 and then $9.40. Corn was mostly fractionally higher. Early estimates show expectations for a 500,000 to one million acre cut in production. However, high yields are expected to offset the reduction in acreage. Wheat Cash bid for August at Memphis  319 1/4 to 375 1/4; Bids to farmers at Local Elevators 321-325; River Elevators 302-385; Chicago Futures: Sep down  9  at  485 1/4    Dec down 7 1/2  at  512 1/2    Mar '10 down  7 1/2  at  531 3/4    May '10 down  7 1/2  at  543 3/4    Jul '10 down  7 1/2  at  554 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for August at Memphis  555 to - - -; Bids to farmers at River Elevators n/a; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for August at Memphis   322 1/2 to 323 1/2;   new crop at Memphis   N/A to - - -; Bids to farmers at River Elevators  300 to 322 Chicago Futures: Sep up  2 1/4  at  326 1/2    Dec up  1/2  at  331    Mar '10 up  1/2  at  344 1/2    Jul '10 up  1/4  at  361 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures turned lower. Large supplies, slow demand and weakness in outside markets are all keeping a lid on wheat prices. Cotton & Rice  Date: August 11, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 29 at  5774   Greenwood up  29 at 5774 New York Futures: Oct up  29  at  6224    Dec up  25  at  6400    Mar '10 up  51  at  6639    May '10 up  49  at  6757    - - - up  - - -  at  - - -  This week's LDP rate for cotton is  3.94 cents   The estimate for next week is  3.27 cents Cotton Comment Cotton moved higher again today. The market remains in a long-term trading range between 55 and 65 cents, but December looks headed for a retest of resistance at the top of the range. The crop needs some dry, sunny weather as it heads toward maturity. Rice Long Grain Cash Bid for  Sep/Oct/Nov 1292/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Sep down  17 1/2  at  1372    Nov down  18  at  1395 1/2    Jan '10 down  17 1/2  at  1411 1/2    Mar '10 down  17  at  1430    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice futures turned lower today. A potentially smaller U.S. long grain crop is supportive and could offset large Thai intervention stocks. Resistance begins at Monday’s high of $14.06 for September. Cattle & Hogs  Date: August 11, 2009 Cattle As reported by Federal-State Market News, receipts were 912 head at sales in Fort Smith & Heber Springs.  Compared with last week, feeder steers sold very unevenly, mostly steady to $3 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 108 to - - -   500 to 550 lbs. 100 to - - -   600 to 650 lbs. 99 to - - -  Medium & Large Frame 2   400 to 450 lbs. 97.50 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 95.75 to - - -  Medium & Large Frame 2   400 to 450 lbs. 97.50 to - - - Slaughter Cows, Boners 40   to   46 Light Weight n/a to - - - Bulls, Yield Grade   1   1000   to   2100 lbs.   55.50   to   60.50 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 65 at 8767   Dec down 60 at 8755 Feeders: Sep down 32 at 9997   Nov down 62 at 10062 Cattle Comment Cattle futures posted losses again today. Weak demand and lower beef cutout values will keep a lid on futures. Hogs Peoria: were $2     lower   at   26   to   28 Chicago Futures: Oct down 65 at 4435   Dec down 40 at 4420 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures were mostly lower. Slaughter weights continue to run heavier than a year ago, offsetting lower slaughter rates. Demand needs to improve in order to give the market a boost. Poultry  Date: August 11, 2009 Eggs New York:  Ex. Lg. 98-102; Lg. 96-100; Med. 66-70; Chicago:  Ex. Lg. 91-99; Lg. 89-97; Med. 58-66; Eastern Region Turkeys Hens: 8-16 lbs. 80-84 Toms: 16-24 lbs. 79.5-84   Delmarva Broilers U.S. Grade A Trade sentiment was about steady. Demand was no better than fair for early week business. Supplies of all sizes were at least 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