08/13/2009 Farm Bureau Market Report

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Grain & Soybean Date: August 13, 2009 All market reporters are attending the National Market News Association Conference in Raleigh, NC, August 12-16, 2009. The daily livestock report will not be issued again until Tuesday, August 18, 2009. Soybeans Local Elevators: (Aug) EAST AR:  - - - to - - - (NC) Summ. 990 to 1006 River Elevators: (Aug) MISS: 1049 to 1094 ; AR & White 1014 to 1039 (NC) Summ. 990 to 1029 Ark. Processor Bids: (Aug) 1005 to - - -  (NC) 1000 to - - - Memphis:  (Aug) 1053 3/4 to 1138 3/4 (NC)  1028 3/4 to - - - Riceland Foods:  (Aug/Sep/Oct) Stuttgart 1000 ; Pendleton 1029 ; West Memphis 1006 Chicago Futures: Sep down 27 1/4 at  1065 1/4   Nov  down  25 1/4  at  1018 3/4   Jan '10 down 23 3/4  at  1024 1/4   Mar '10 down 20 1/4  at  1023 3/4   July '10 down 18 1/4  at  1011 1/4   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment A day after making strong gains soybeans could sustain momentum and tumbled. A new recent high gave way to a major reversal which suggests further potential declines. The initial downside objective will be the gap between $10.05 and $9.84. Yesterday’s report was positive from the standpoint of a reduced yield, but also provided negative news in the form of lower projected use. Even a weaker dollar and stronger oil could not keep the market from declining. It will take weather problems associated with a late crop to move the market higher. Wheat Cash bid for August at Memphis  324 1/2 to 371 1/2; Bids to farmers at Local Elevators 318-322; River Elevators 288-382; Chicago Futures: Sept down  8 3/4  at  481 1/2    Dec down 8 1/2  at  509 1/4    Mar '10 down  8 1/2  at  528 1/2    May '10 down  8 1/4  at  540 1/2    July '10 down  9 1/4  at  550 1/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for August at Memphis  557 to - - -; Bids to farmers at River Elevators 480-557; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for August at Memphis   320 1/2 to 324 1/2;   New crop at Memphis   - - - to - - -; Bids to farmers at River Elevators  298 to 320 Chicago Futures: Sep down  6 1/4  at  324 1/2    Dec down  4 1/4  at  332    Mar '10 down  4  at  346    July '10 down  3 1/2  at  363 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat turned lower today. Fundamentals remain bearish, and Chicago futures have fallen below $5 this week. USDA added 42 million bushels to their durum wheat crop estimate yesterday, adding to the negative pressure. Weakness in corn and beans was also a factor. Corn was lower for the day, but has been held fairly well considering USDA’s production estimate. The ’09 average yield was boosted 6.1 bushels per acre, putting yield just under 160. While USDA projected usage slightly better than production stocks will remain large at 1.62 billion bushels. That will limit upside potential through harvest. Resistance becomes today’s high of $3.45, with support starting around $3.20. Cotton & Rice  Date: August 13, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis down 108 at  5771   Greenwood down  108 at 5771 New York Futures: Oct up  17  at  6221    Dec up  21  at  6409    Mar '10 up  29  at  6645    May '10 up  22  at  6759    - - -   - - -  at  - - -  This week's LDP rate for cotton is  3.94 cents   The estimate for next week is  2.82 cents Cotton Comment Cotton closed slightly higher for the day. That was well below the new recent high of 64.45 that was made earlier in the day. In yesterday’s 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 stocks 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  Sept/Oct/Nov 1270/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Sept down  8 1/2  at  1330    Nov down  8 1/2  at  1354 1/2    Jan '10 down  6 1/2  at  1376 1/2    Mar '10 down  4  at  1400    - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice continued lower after gapping down yesterday. The report was not bearish but didn’t provide enough bullish information to sustain a continued upward move. The report indicated 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 13, 2009 Cattle As reported by Federal-State Market News, receipts were n/a head at sales in n/a.  Compared with last week, feeder steers n/a . Steers:  Medium & Large Frame - - -   - - - to - - - lbs. - - - to - - -   - - - to - - - lbs. - - - to - - -   - - - to - - - lbs. - - to - - -  Medium & Large Frame - - -   - - to lbs. to Heifers:  Medium & Large Frame - - -   - - - to - - - lbs. - - - to - - -  Medium & Large Frame -- -   - - - to - - - lbs. - - - to - - - Slaughter Cows, Boners - - -   to   - - - Light Weight - - - to - - - Bulls, Yield Grade   - - -   - --   to   - - - lbs.   - - -   to   - - - Midwest Steers   were   at   82   to   - - - - Panhandle Steers   - - -   at   - - -   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 111 to 115   550 to 600 lbs. 106.50 to 109.50 Heifers 500 to 550 lbs. 103.50 to 107.50   550 to 600 lbs. 101.75 to 102.25 Chicago Futures: Live Cattle: Oct down 15 at 8820   Dec down 15 at 8790 Feeders: Sept down 12 at 9990   Nov steady - - - at 10070 Cattle Comment Cattle futures traded in a narrow range today before closing lower. Cash markets have a firmer tone this week. October appears to be building resistance above $88.50. Hogs Peoria: were $2 to $2.50     lower   at   25.50   to   26 Chicago Futures: Aug up 105 at 4880   Dec up 137 at 4505 Sheep St. Paul n/a   at   - - -   to   - - - Hogs Comment Hog futures ended higher on short covering. October has resistance at the recent high of $46.50 and needs to close above that level to confirm that the market has bottomed. Poultry  Date: August 13, 2009 Eggs New York:  Ex. Lg. 94-98; Lg. 92-96; 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 approaching the weekend was fair at best with limited trading. 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