08/18/2009 Farm Bureau Market Report

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Grain & Soybean Date: August 18, 2009 Soybeans Local Elevators: (Aug) EAST AR:  n/a to - - - (NC) Summ. 930 to 946 River Elevators: (Aug) MISS: 972 to 994 ; AR & White 939 to 964 (NC) Summ. 930 to 969 Ark. Processor Bids: (Aug) 945 to - - -  (NC) 940 to - - - Memphis:  (Aug) 971 to 979 (NC)  969 to - - - Riceland Foods:  (NC) Stuttgart 940 ; Pendleton 946 ; West Memphis 969 Chicago Futures: Sep up 7 1/2 at  995 1/2   Nov  up  4 1/2  at  959   Jan '10 up 4  at  964 1/2   Mar '10 up 4 1/2  at  967   Jul '10 up 10 1/2  at  970 3/4   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans ended the day with modest gains. The weekly crop progress/conditions report said 72% of the bean crop is setting pods. This is well behind the 5 year average of 85% and leaves the crop susceptible to an early frost. The overall trend remains down. The next support is located around $9.40. This appears to be a typical seasonal decline that could continue through harvest. Corn ended fractionally higher. December could challenge support at $3.02 if this week’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. Wheat Cash bid for August at Memphis  321 1/2 to 360 1/2; Bids to farmers at Local Elevators 307-311; River Elevators 277-351; Chicago Futures: Sep down  1 1/4  at  470 1/2    Dec down 1 1/4  at  498 1/4    Mar '10 down  1 1/4  at  517 1/4    May '10 down  1 1/4  at  529 1/2    Jul '10 down  1  at  540 1/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for August at Memphis  540 to 558; 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 1/2 to 312 1/2;   new crop at Memphis   n/a to - - -; Bids to farmers at River Elevators  287 to 309 Chicago Futures: Sep up  1/4  at  314 1/2    Dec up  3/4  at  322 1/2    Mar '10 up  3/4  at  336 1/4    Jul '10 up  1  at  354 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures ended lower again today. 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. Yesterday’s low of $5.37 is the first level of support. Cotton & Rice  Date: August 18, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis down 57 at  5221   Greenwood down  57 at 5221 New York Futures: Oct down  57  at  5671    Dec down  52  at  5889    Mar '10 down  58  at  6130    May '10 down  50  at  6268    - - -   - - -  at  - - -  This week's LDP rate for cotton is  2.82 cents   The estimate for next week is  3.94 cents Cotton Comment Cotton was under pressure again today. The weekly crop ratings improved to the best marks of the season. 53% of the crop is now rated good to excellent, 30% is rated fair, and 17% poor to very poor. Cotton setting bolls jumped to 84%, now only behind the 5 year average by 2 percentage points. The move under 60 cents puts December in position to test support just below 58 cents. Rice Long Grain Cash Bid for  Aug-Nov 1244/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Sep up  1  at  1329 1/2    Nov up  1 1/2  at  1355 1/2    Jan '10 up  1/2  at  1377    Mar '10 up  1  at  1400 1/2    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice ended mostly higher. 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 18, 2009 Cattle As reported by Federal-State Market News, receipts were 1,193 head at sales in Fort Smith & Heber Springs.  Compared with last week, feeder steers sold very unevenly, steers mostly firm to $3 higher, heifers sold near steady . Steers:  Medium & Large Frame 1   400 to 450 lbs. 111.25 to - - -   500 to 550 lbs. 105 to - - -   600 to 650 lbs. 100 to - - -  Medium & Large Frame 2   400 to 450 lbs. 100 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 96.25 to - - -  Medium & Large Frame 2   400 to 450 lbs. 85.50 to - - - Slaughter Cows, Boners 40   to   46 Light Weight 24 to 30 Bulls, Yield Grade   1   1000   to   2100 lbs.   52.50   to   59.50 Midwest Steers   were $1-2 lower   at   80   to   - - - Panhandle Steers   were $2-1   at   80   to   81 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. 97.35 to 101.50 Chicago Futures: Live Cattle: Oct up 102 at 8885   Dec up 70 at 8855 Feeders: Sep up 85 at 10125   Nov up 95 at 10165 Cattle Comment Cattle futures got a boost from stronger stock prices and improving cash fundamentals. October found support at $87.50 for the time being. A close below that level would open $1-$2 additional downside risk. Hogs Peoria: were     steady   at   22   to   24 Chicago Futures: Oct down 17 at 4452   Dec down 12 at 4445 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs continue to be under pressure from weak demand. The National Pork Producers Association has asked USDA to buy $150 million worth of pork. October nearly charted a key reversal higher today, setting a new contract low, and then moving sharply higher. The only thing missing was a higher close. Poultry  Date: August 18, 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 Market tone was steady. Supplies of all sizes were balanced to satisfy trade needs. In production areas, live supplies were moderate at 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