08/14/2009 Farm Bureau Market Report

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Grain & Soybean Date: August 14, 2009 All market reporters are attending the National Market News Association Conference 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. 953 to 969 River Elevators: (Aug) MISS: 1011 to 1056 ; AR & White 976 to 1001 (NC) Summ. 952 to 992 Ark. Processor Bids: (Aug) 968 to - - -  (NC) 963 to - - - Memphis:  (Aug) 1014 1/2 to 1076 1/2 (NC)  991 1/2 to - - - Riceland Foods:  (Aug/Sept/Oct) Stuttgart 963 ; Pendleton 969 ; West Memphis 992 Chicago Futures: Sept down 40 3/4 at  1024 1/2   Nov  down  37 1/4  at  981 1/2   Jan '10 down 36 1/4  at  988   Mar '10 down 35  at  988 3/4   July '10 down 31 1/4  at  980   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans continued yesterday’s slide dipping to the bottom of the gap of two weeks ago. A stronger dollar and weaker crude oil and equities provided negative impact. A disappointing monthly crush added to the bearish undertone. The next support is located around $9.40. This appears to be a typical seasonal decline that could continue through harvest. Wheat Cash bid for August at Memphis  329 3/4 to 371 3/4; Bids to farmers at Local Elevators 318-322; River Elevators 289-382; Chicago Futures: Sept up  1/4  at  481 3/4    Dec up 1/4  at  509 1/2    Mar '10 up  1/4  at  528 3/4    May '10 up  1/4  at  540 3/4    July '10 up  1/2  at  550 3/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for August at Memphis  550 to 558; Bids to farmers at River Elevators 473-550; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for August at Memphis   315 1/4 to 319 1/4;   New crop at Memphis   - - - to - - -; Bids to farmers at River Elevators  293 to 315 Chicago Futures: Sept down  5 1/4  at  319 1/4    Dec down  4 1/4  at  327 3/4    Mar '10 down  4 1/2  at  371 1/2    July '10 down  4 1/2  at  359    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures moved to new lows this week as the market is dealing with an overabundance of wheat and disappointing exports so far this marketing year. The downside could be limited in the short term, though, because the market is oversold and because wheat is undervalued when compared with soybeans. Corn was a little lower today, but continues to be more stable than beans. It may also reflect the fact that corn was underpriced relative to soybeans with the recent price ratio exceeding 3 to 1. On the negative side it is not uncommon for big crops to get bigger, at the same time USDA may have overestimated demand. Feed use will likely struggle as hog producers liquidate herds and cattle numbers are the lowest in years. Cotton & Rice  Date: August 14, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis down 300 at  5471   Greenwood down  300 at 5471 New York Futures: Oct down  300  at  5921    Dec down  297  at  6112    Mar '10 down  286  at  6359    May '10 down  270  at  6489    - - -   - - -  at  - - -  This week's LDP rate for cotton is  2.82 cents   The estimate for next week is  2.22 cents Cotton Comment Cotton gave back a week of gains in one day as the market followed gains lower. Pressure from outside markets and slow demand contributed to the weak market undertone. In this week’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 socks at 5.6 million bales. World numbers were virtually unchanged. Rice Long Grain Cash Bid for  Sept/Oct/Nov 1245/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Sept unchanged  0  at  1330    Nov up  1  at  1355 1/2    Jan '10 down  1/2  at  1376    Mar '10 down  1 1/2  at  1398 1/2    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice ended the week on a mixed note with a late rally moving most futures contracts back near even. November traded near the initial retracement objective at 13.38. Renewed weakness next week could push the market toward the 50% retracement objective of $13.11. This week’s 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. Cattle & Hogs  Date: August 14, 2009 Cattle As reported by Federal-State Market News, receipts were - - - head at sales in - - -.  Compared with last week, feeder steers - - - . 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 steady   at   82   to   - - - Panhandle Steers   were   at   82   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 102.50 to 115   550 to 600 lbs. 95 to 110 Heifers 500 to 550 lbs. 93.50 to 107.50   550 to 600 lbs. 90 to 102.50 Chicago Futures: Live Cattle: Oct up 35 at 8855   Dec up 15 at 8805 Feeders: Sept up 30 at 10020   Nov up 22 at 10092 Cattle Comment Cattle futures were under pressure from their premium to cash prices, continued weakness in hogs, and the stronger dollar. Next Friday's cattle on feed report is expected to show higher July placements than 2008. Hogs Peoria: were steady to $2     lower   at   24   to   26 Chicago Futures: Aug up 32 at 4912   Dec down 22 at 4482 Sheep St. Paul n/a   at   - - -   to   - - - Hogs Comment Hogs continue to be under pressure from weak demand despite positive chart action on Thursday. The stronger dollar was also a negative factor. Poultry  Date: August 14, 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 overall steady at best. Retail and food service demand entering the weekend was light to fair with trading usually limited to most immediate needs. Supplies of all sizes were more than sufficient 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