08/12/2009 Farm Bureau Market Report

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Grain & Soybean Date: August 12, 2009 Soybeans Local Elevators: (Aug) EAST AR:  n/a to - - - (NC) Summ. 1015 to 1031 River Elevators: (Aug) MISS: 1074 to 1119 ; AR & White 1039 to 1064 (NC) Summ. 1015 to 1054 Ark. Processor Bids: (Aug) 1030 to - - -  (NC) 1025 to - - - Memphis:  (Aug) 1074 to 1164 (NC)  1054 to - - - Riceland Foods:  (Aug) Stuttgart 1025 ; Pendleton 1031 ; West Memphis 1054 Chicago Futures: Sep up 5 at  1092 1/2   Nov  up  5 1/2  at  1044   Jan '10 up 6  at  1048   Mar '10 up 5  at  1044   Jul '10 up 4 1/2  at  1029 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans reversed early declines to close mostly higher. Early declines were posted despite a lower yield estimate by USDA. USDA showed .9 bushels per acre off the soybean yield and lowered production by 61 million bushels. In turn exports and domestic crush were reduced by 10 million bushels and 09/10 ending stocks were reduced to 210 million bushels. Still a record crop which may cap upside potential. November is testing recent resistance near $10.50 and may have enough steam to test the June high of $10.99. Corn overcame a significant jump on the ’09 production estimate to close higher. USDA didn’t change the planted acreage, but trimmed projected harvested acreage by 100,000 acres. Like so many, expected yield was boosted to 159.5 bushels per acre, adding 471 million bushels to production. Increased uses – 100 million bushels for feed, 100 million bushels for ethanol, and 150 million bushels for export reduced the impact on projected ending stocks. December needs to close above $3.40 to suggest additional gains. Wheat Cash bid for August at Memphis  333 1/4 to 380 1/4; Bids to farmers at Local Elevators 326-330; River Elevators 307-390; Chicago Futures: Sep up  5  at  490 1/4    Dec up 5 1/4  at  517 3/4    Mar '10 up  5 1/4  at  537    May '10 up  5  at  548 3/4    Jul '10 up  5  at  559 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for August at Memphis  565 to - - -; Bids to farmers at River Elevators 487-564; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for August at Memphis   330 3/4 to - - -;   new crop at Memphis   n/a to - - -; Bids to farmers at River Elevators  305 to 327 Chicago Futures: Sep up  4 1/4  at  330 3/4    Dec up  5 1/4  at  336 1/4    Mar '10 up  5 1/2  at  350    Jul '10 up  5 1/2  at  367    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat closed higher despite a negative report meaning it is still following corn and beans. USDA added 42 million bushels to their durum estimate. This just adds to long term woes. Upside is limited. Cotton & Rice  Date: August 12, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 105 at  5879   Greenwood up  105 at 5879 New York Futures: Oct up  126  at  6350    Dec down  570  at  5830    Mar '09 down  839  at  5800    May '09 down  857  at  5900    - - -   - - -  at  - - -  This week's LDP rate for cotton is  3.94 cents   The estimate for next week is  2.97 cents Cotton Comment Cotton was lower after limited adjustments were made in the supply demand report. USDA trimmed harvested acreage, while raising yield. Production was set at 13.21 million bales, a little lower than the July report. A 100,000 bale adjustment in 08/09 ending stocks offset the lower production leaving projected 09/10 socks at 5.6 million bales. World numbers were virtually unchanged. Long term look for cotton to test recent resistance at 64.98 cents. Rice Long Grain Cash Bid for  Sep/Oct/Nov 1254/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Sep down  33 1/2  at  1338 1/2    Nov down  32 1/2  at  1363    Jan '10 down  28 1/2  at  1383    Mar '10 down  26  at  1404    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice was sharply lower despite a 15.5 million metric tonnes reduction in expected production in India. The world supply numbers reflected slightly lower domestic use, mostly in India, and a 10 mmt reduction in projected ending stocks for 09/10. Minor adjustments were made in the U.S. numbers with projected 09/10 ending stocks for long grain bumped up to 14.1 million cwt. That probably pressured rice futures as there was some that thought long grain production could be lower. November futures gapped lower giving the chart a negative appearance. Retracement objectives at $13.38 and $13.11 could be downside targets. Cattle & Hogs  Date: August 12, 2009 Cattle As reported by Federal-State Market News, receipts were 1,419 head at sales in Conway & Pocahontas.  Compared with last week, feeder steers sold steady to $3 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 110.75 to - - -   500 to 550 lbs. 104.50 to - - -   600 to 650 lbs. 97.25 to - - -  Medium & Large Frame 2   400 to 450 lbs. 99 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 98.25 to - - -  Medium & Large Frame 2   400 to 450 lbs. 88 to - - - Slaughter Cows, Boners 42   to   47 Light Weight 30 to 33 Bulls, Yield Grade   1   1400   to   2300 lbs.   52.50   to   59.50, high dressing 60-62 Midwest Steers   n/a   at   - - -   to   - - - Panhandle Steers   were quoted   at   79   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 up 67 at 8835   Dec up 50 at 8805 Feeders: Sep up 5 at 10002   Nov up 7 at 10070 Cattle Comment Live cattle futures bounced off support at yesterday’s low and closed the session with good gains. Weak beef demand continues to limit packer interest despite positive packer margins. Feedlots continue to ask $84 to $85, while packer bids are well below that level. USDA trimmed 523 million pounds, about 2% off their beef production number for ’09. Hogs Peoria: were     steady   at   28   to   - - - Chicago Futures: Aug down 42 at 4775   Dec down 52 at 4367 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures failed to hold early gains and fell to new lows. There is growing concern that producers will add to a significant pork supply by increasing herd liquidation. Poor export demand remains a factor in the market. Poultry  Date: August 12, 2009 Eggs New York:  Ex. Lg. 97-101; Lg. 95-99; Med. 66-70; 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 to barely steady. Demand was fair at best for mid week trading. Supplies of all sizes were more than sufficient 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