08/14/2009 Farm Bureau Market Report

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Grain & Soybean Date: August 17, 2009 Soybeans Local Elevators: (Aug) EAST AR:  n/a to - - - (NC) Summ. 926 to 942 River Elevators: (Aug) MISS: 974 to 1019 ; AR & White 939 to 964 (NC) Summ. 925 to 965 Ark. Processor Bids: (Aug) 941 to - - -  (NC) 936 to - - - Memphis:  (Aug) 987 1/2 to 1034 1/2 (NC)  962 1/2 to 964 1/2 Riceland Foods:  (Aug) Stuttgart 936 ; Pendleton 942 ; West Memphis 965 Chicago Futures: Sep down 36 1/2 at  988   Nov  down  27  at  954 1/2   Jan '10 down 27 1/2  at  960 1/2   Mar '10 down 26 1/4  at  962 1/2   Jul '10 down 19 3/4  at  960 1/4   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans gapped lower again today. Carryover weakness from crude oil, stocks and currencies pushed the market lower. The next support is located around $9.40. This appears to be a typical seasonal decline that could continue through harvest. Wheat futures moved to new lows for the move. Supply concerns are pressuring the market. The downside could be limited in the short term, though, because the market is oversold and because wheat is undervalued when compared with soybeans. Wheat Cash bid for August at Memphis  319 3/4 to 361 3/4; Bids to farmers at Local Elevators 308-312; River Elevators 279-352; Chicago Futures: Sep down  10  at  471 3/4    Dec down 10  at  499 1/2    Mar '10 down  10 1/4  at  518 1/2    May '10 down  10  at  530 3/4    Jul '10 down  9 1/2  at  541 1/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for August at Memphis  539 to 557; Bids to farmers at River Elevators 466-542; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for August at Memphis   310 1/4 to 312 1/4;   new crop at Memphis   n/a to - - -; Bids to farmers at River Elevators  287 to 309 Chicago Futures: Sep down  5  at  314 1/4    Dec down  6  at  321 3/4    Mar '10 down  6  at  335 1/2    Jul '10 down  5 1/2  at  353 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Corn posted sharp losses today. December could challenge support at $3.02 if today’s low of $3.11 doesn’t hold. 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 17, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis down 193 at  5278   Greenwood down  193 at 5278 New York Futures: Oct down  193  at  5728    Dec down  171  at  5941    Mar '10 down  171  at  6188    May '10 down  171  at  6318    n/a down  - - -  at  - - -  This week's LDP rate for cotton is  2.82 cents   The estimate for next week is  3.37 cents Cotton Comment Cotton was under pressure again today. Pressure from outside markets and slow demand contributed to the weak market undertone. USDA has trimmed their harvested acreage estimate, 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. Rice Long Grain Cash Bid for  Aug-Nov 1248/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Sep down  1 1/2  at  1328 1/2    Nov down  1 1/2  at  1354    Jan '10 up  1/2  at  1376 1/2    Mar '10 up  1  at  1399 1/2    n/a   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice ended mixed again today. November has an initial retracement objective of $13.38. Renewed weakness could push the market toward the 50% retracement objective of $13.11. Recent USDA estimates were 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 17, 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 n/a   - - - to - - - lbs. - - - to - - -   - - - to - - - lbs. - - - to - - -   - - - to - - - lbs. - - - to - - -  Medium & Large Frame n/a   - - - to - - - lbs. - - - to - - - Heifers:  Medium & Large Frame n/a   - - - to - - - lbs. - - - to - - -  Medium & Large Frame n/a   to - - - lbs. - - - to - - - Slaughter Cows, Boners n/a   to   - - - Light Weight n/a to - - - Bulls, Yield Grade   n/a   - - -   to   - - - lbs.   - - -   to   - - - Midwest Steers   were $1 lower to steady   at   81   to   82 Panhandle Steers   were $1 lower to steady   at   81   to   82 Oklahoma City Feeders Steers 500 to 550 lbs. 110 to 116.50   n/a to - - - lbs. - - - to - - - Heifers 500 to 550 lbs. 101 to 106   600 to 650 lbs. 98.75 to 101.50 Chicago Futures: Live Cattle: Oct down 72 at 8782   Dec down 20 at 8785 Feeders: Sep up 20 at 10040   Nov down 22 at 10070 Cattle Comment Cattle futures were also under pressure from weaker stock prices and the stronger dollar. October found support at $87.50. A close below that level would open $1-$2 additional downside risk. Hogs Peoria: were $2     lower   at   22   to   24 Chicago Futures: Oct up 5 at 4470   Dec down 25 at 4457 Sheep St. Paul n/a   at   - - -   to   - - - Hogs Comment Hogs continue to be under pressure from weak demand. The stronger dollar and weak stocks were also a negative factor. Poultry  Date: August 17, 2009 Eggs New York:  Ex. Lg. 94-98; Lg. 92-96; Med. 66-70; Chicago:  Ex. Lg. 83-91; Lg. 81-89; 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 Majority prices were 1 cent lower in the West, unchanged in the East and Midwest when compared to last week’s prices. Market Tone was about steady to steady in the East, steady to barely steady in the Midwest and steady to weak in the West. Supplies were balanced to fully sufficient to satisfy current trade needs. In production areas, live supplies were moderate. Weights were desirable. ---------------------------------------- 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