08/19/2009 Farm Bureau Market Report

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Grain & Soybean Date: August 19, 2009 Soybeans Local Elevators: (Aug) EAST AR:  n/a to - - - (NC) Summ. 929 to 945 River Elevators: (Aug) MISS: 971 to 993 ; AR & White 938 to 963 (NC) Summ. 929 to 968 Ark. Processor Bids: (Aug) 944 to - - -  (NC) 939 to - - - Memphis:  (Aug) 970 to 998 (NC)  972 to 973 Riceland Foods:  (NC) Stuttgart 939 ; Pendleton 945 ; West Memphis 968 Chicago Futures: Sep up 1 1/2 at  997   Nov  down  1  at  958   Jan '10 down 1 1/2  at  963   Mar '10 down 2 1/4  at  964 3/4   Jul '10 down 3 3/4  at  967   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans are reacting bearishly to good growing conditions in the Mid-West. August rains are vital for good yields, and a front is moving through now. USDA announced another Chinese purchase this morning, 205,000 metric tons this time, and that is keeping this market from falling sharply lower. Support around $9.40 is holding for the time being. Corn was taking the weather in stride today. 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  318 to 356; Bids to farmers at Local Elevators 302-306; River Elevators 273-346; Chicago Futures: Sep down  4 1/2  at  466    Dec down 4 3/4  at  493 1/2    Mar '10 down  4 1/2  at  512 3/4    May '10 down  4 3/4  at  524 3/4    Jul '10 down  4  at  536 1/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for August at Memphis  553 to 558; Bids to farmers at River Elevators 475-551; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for August at Memphis   317 to 320;   new crop at Memphis   n/a to - - -; Bids to farmers at River Elevators  294 to 316 Chicago Futures: Sep up  5 1/2  at  320    Dec up  5  at  327 1/2    Mar '10 up  5  at  341 1/4    Jul '10 up  4 1/2  at  359    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures got a boost early from a 270,000 ton purchase by Egypt, but turned lower by mid-day. 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. Cotton & Rice  Date: August 19, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis down 15 at  5236   Greenwood down  15 at 5236 New York Futures: Oct up  15  at  5686    Dec up  14  at  5903    Mar '10 up  14  at  6144    May '10 up  13  at  6281    n/a up  - - -  at  - - -  This week's LDP rate for cotton is  2.82 cents   The estimate for next week is  4.32 cents Cotton Comment Cotton closed the day higher. 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 1233/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Sep down  11  at  1318 1/2    Nov down  11 1/2  at  1344    Jan '10 down  13  at  1364    Mar '10 down  13 1/2  at  1387    n/a down  - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice closed the day lower. 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 19, 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 $1 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 110.50 to - - -   500 to 550 lbs. 103.50 to - - -   600 to 650 lbs. 95.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 96 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 94.75 to - - -  Medium & Large Frame 2   400 to 450 lbs. 88 to - - - Slaughter Cows, Boners 40   to   46 Light Weight 25 to 32 Bulls, Yield Grade   1   1400   to   2300 lbs.   54.50   to   59.50, high dressing 60.50-62 Midwest Steers   remained   at   80   to   - - - Panhandle Steers   remained   at   80   to   81 Oklahoma City Feeders Steers 500 to 550 lbs. 110 to 116.50   600 to 650 lbs. 102 to 107.10 Heifers 500 to 550 lbs. 101 to 106   550 to 600 lbs. 101 to 104.25 Chicago Futures: Live Cattle: Oct down 17 at 8867   Dec down 22 at 8832 Feeders: Sep down 10 at 10115   Nov down 25 at 10140 Cattle Comment Cattle futures were lower at mid-day on profit taking and futures’ premium to cash. 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 up 122 at 4575   Dec up 17 at 4462 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs continue to be under pressure from weak demand. Expected seasonal increases in production could push the market into a new leg down. Poultry  Date: August 19, 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 sufficient 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. 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