08/24/2009 Farm Bureau Market Report

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Grain & Soybean Date: August 24, 2009 Soybeans Local Elevators: (Aug) EAST AR:  - - - to - - - (NC) Summ. 981 to 1000 River Elevators: (Aug) MISS: 1035 to 1052 ; AR & White 997 to 1022 (NC) Summ. 983 to 1023 Ark. Processor Bids: (Aug) 994 to - -  (NC) 989 to 994 Memphis:  (Aug) 1029 1/2 to 1072 1/2 (NC)  1022 1/2 to 1025 1/2 Riceland Foods:  (Oct/Nov) Stuttgart 994 ; Pendleton 1000 ; West Memphis 1023 Chicago Futures: Sept up 57 at  1080   Nov  up  34 1/2  at  1007 1/2   Jan '10 up 33 3/4  at  1009 1/2   Mar '10 up 32 1/4  at  1007   July '10 up 30  at  1002 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans closed with solid gains again today as the market showed good followthrough on Friday’s rebound. The move is more amazing considering outside markets provided little support and today’s export report was somewhat negative. November closed well above $10 and near the day’s highs suggesting there may be further gains. Resistance kicks in at the recent high of $10.66 with support at $9.40. Wheat Cash bid for August at Memphis  326 3/4 to 366 3/4; Bids to farmers at Local Elevators - - -; River Elevators 279-352; Chicago Futures: Sept up  11 1/2  at  471 3/4    Dec up 12  at  499 1/4    Mar '10 up  12  at  518 3/4    May '10 up  12 1/2  at  531 3/4    July '10 up  12 1/4  at  544    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for August at Memphis  567 to 572; Bids to farmers at River Elevators 492-569; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for August at Memphis   325 1/2 to 329 1/2;   New crop at Memphis   - - - to - - -; Bids to farmers at River Elevators  303 to 326 Chicago Futures: Sept up  7 3/4  at  329 1/2    Dec up  9 1/4  at  335 1/2    Mar '10 up  9 3/4  at  349 1/4    July '10 up  9  at  367 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures were a very willing follower of the soybean rally. The market was oversold and due a rebound. Also, the market is beginning to focus on the ongoing drought in Argentina and what it will do to the crop there. Canadian wheat production is expected to be down more than 17%, but the world will still have excess wheat to deal with. Corn ended the session with solid gains despite excellent crop prospects and a weak export report. There does not seem to be much reason to suspect that this year’s corn crop isn’t getting bigger. Good moisture and a stress free August would give credence to recent suggestions that big crops seem to get bigger. USDA projects strong demand for this year’s crop, but we could still see ending stocks increase. Overhead resistance is about 10 cents above today’s close- around $3.45. Cotton & Rice  Date: August 24, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 47 at  5242   Greenwood up  47 at 5242 New York Futures: Oct up  47  at  5692    Dec up  44  at  5907    Mar '10 up  45  at  6157    May '10 up  48  at  6287    - - -   - - -  at  - - -  This week's LDP rate for cotton is  4.55 cents   The estimate for next week is  5.62 cents Cotton Comment Cotton continued in a consolidation phase just above 58 cents. Demand remains very light. Export projections for 09/10 are about 75% of 08/09 and that could slip lower. Total use at 13.7 is just over this year’s projected production. Improving economic conditions world wide are needed to improve demand. Technically, the market has significant resistance at 65-66 cents with support at 58 to 59 cents. Rice Long Grain Cash Bid for  Aug-Nov 1236/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Sept up  8  at  1320 1/2    Nov up  8  at  1346    Jan '10 up  8  at  1370    Mar '10 up  7  at  1393    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice was slightly higher, but closed well off the overnight highs. A smaller long grain crop is expected to make stocks somewhat tighter as the marketing year progresses, but large international stocks could be a problem. With harvest activities moving along, buyers remain in a “wait and see” mode. November futures have moved to the 38% retracement area of $13.38 and slightly lower. Further pressure could move the market toward objectives at $13.11 and $12.85. Cattle & Hogs  Date: August 24, 2009 Cattle As reported by Federal-State Market News, receipts were 2279 head at sales in Ash Flat, Springdale and Ola.  Compared with last week, feeder steers sold steady to $1 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 113.75 to - - -   500 to 550 lbs. 105 to - - -   600 to 650 lbs. 99.25 to - - -  Medium & Large Frame 2   400 to 450 lbs. 106 to - - - Heifers:  Medium & Large Frame 1   500 to 550 lbs. 95 to - - -  Medium & Large Frame 2   400 to 450 lbs. 92.25 to - - - Slaughter Cows, Boners 42   to   47 Light Weight 32 to 36 Bulls, Yield Grade   1   1000   to   2100 lbs.   51   to   58 Midwest Steers   were 50¢ to $2.50 higher   at   83.50   to   - - - Panhandle Steers   were 50¢ to $2.50 higher   at   83.50   to   - - - Oklahoma City Feeders Steers - - - to - - - lbs. - - - to - - -   - - - to - - - lbs. - - - to - - - Heifers - - - to - -- lbs. - - - to - - -   - - - to - - - lbs. - - - to - - - Chicago Futures: Live Cattle: Oct up 20 at 8880   Dec up 7 at 8822 Feeders: Sept down 37 at 10032   Nov down 32 at 10045 Cattle Comment Cattle futures ended mixed. The monthly cattle on feed report showed July placements the highest in 3 years. Feedlot inventory is still the smallest in 6 years, but larger than the trade was anticipating. October has found support at $87.50 for the time being. Hogs Peoria: were     steady   at   23   to   25 Chicago Futures: Oct down 102 at 4682   Dec down 132 at 4600 Sheep St. Paul n/a   at   - - -   to   - - - Hogs Comment Hog futures turned lower after charting a corrective bounce last week. Pork values are at their lowest level in six years, and exports are down more than 20 percent from a year ago. Average weights are running high, suggesting that a backlog of market-ready hogs is building — bad news considering marketings always increase seasonally in the fall. Poultry  Date: August 24, 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 The market tone was steady. Retail demand following the weekend was fair to moderate. Food service demand was fair. Supplies of all sizes were sufficient to satisfy current 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