08/25/2009 Farm Bureau Market Report

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Grain & Soybean Date: August 25, 2009 Soybeans Local Elevators: (Aug) EAST AR:  n/a to - - - (NC) Summ. 972 to 991 River Elevators: (Aug) MISS: 1037 to 1054 ; AR & White 999 to 1024 (NC) Summ. 975 to 1014 Ark. Processor Bids: (Aug) 985 to - - -  (NC) 985 to - - - Memphis:  (Aug) 1014 to 1049 (NC)  1014 to 1019 Riceland Foods:  (NC) Stuttgart 985 ; Pendleton 991 ; West Memphis 1014 Chicago Futures: Sep up 11 at  1091   Nov  down  8 1/2  at  999   Jan '10 down 8 1/4  at  1001 1/4   Mar '10 down 9 3/4  at  997 1/4   May '10 down 12 3/4  at  988 3/4   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment While there is still concern about the stage of development overall ratings continue to improve and that keyed a reversal in soybeans. Only the lead September contract closed higher and that is tied to tight ending stocks and an overall later ’09 crop. November appears to be in the process of establishing a trading range between $9.40 and $10.15. The ’09 corn crop ratings improved 2% in the good to excellent category. This seems to confirm the potential for yields above this month’s 159.5 bushels estimate. Every bushel per acre adds more than 80 million bushels to the growing supply. December continues to trade between $3.40 and $3.11 ½. A close to either side of this range will suggest further movement in the direction of the breakout. Wheat Cash bid for August at Memphis  328 to 366; Bids to farmers at Local Elevators n/a; River Elevators 278-351; Chicago Futures: Sep down  3/4  at  471    Dec down 1/2  at  498 3/4    Mar '10 down  1/2  at  518 1/4    May '10 down  3/4  at  531    Jul '10 down  1/2  at  543 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for August at Memphis  557 to - - -; Bids to farmers at River Elevators 478-555; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for August at Memphis   316 1/2 to 318 1/2;   new crop at Memphis   n/a to - - -; Bids to farmers at River Elevators  294 to 317 Chicago Futures: Sep down  8  at  321 1/2    Dec down  8 3/4  at  326 3/4    Mar '10 down  8 3/4  at  340 1/2    Jul '10 down  9  at  358 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat failed to hold big early gains and ended the day slightly lower. Wheat appears to be undervalued relative to corn and beans but upside remains limited because of big U.S. and world supplies. Cotton & Rice  Date: August 25, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis down 95 at  5147   Greenwood down  95 at 5147 New York Futures: Oct down  95  at  5597    Dec down  92  at  5815    Mar '10 down  98  at  6059    May '10 down  101  at  6186    - - -   - - -  at  - - -  This week's LDP rate for cotton is  4.55 cents   The estimate for next week is  5.55 cents Cotton Comment Cotton hit 58 cents and then closed just above that key level. Inability to hold this support could see the market dip toward the late June low just below 55 cents. Poor overall demand and prospects of ending stocks remaining in the 6 million bale range will continue to pressure the market in the near term. Improving economic conditions should begin to gradually improve demand and work the market higher. Rice Long Grain Cash Bid for  Aug/Sep 1248/cwt  to  - - -   Oct/Nov 1233  to  1248/cwt Chicago Futures: Sep up  1 1/2  at  1322    Nov up  2  at  1348    Jan '10 up  3  at  1373    Mar '10 up  4 1/2  at  1397 1/2    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice remains locked in a narrow trading range, while ending the session slightly higher. 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 25, 2009 Cattle As reported by Federal-State Market News, receipts were 1,118 head at sales in Fort Smith & Heber Springs.  Compared with last week, feeder steers sold weaker to $3 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 112.50 to - - -   500 to 550 lbs. 101.50 to - - -   600 to 650 lbs. 97 to - - -  Medium & Large Frame 2   400 to 450 lbs. 87.25 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 95 to - - -  Medium & Large Frame 2   400 to 450 lbs. 87.25 to - - - Slaughter Cows, Boners 40   to   47 Light Weight 26 to 31 Bulls, Yield Grade   1   1000   to   2100 lbs.   54   to   60, high dressing 60-63 Midwest Steers   were $2.50-1.50 lower   at   81   to   82 Panhandle Steers   were $2.50-1.50 lower   at   81   to   82 Oklahoma City Feeders Steers 550 to 600 lbs. 105 to 111.35   650 to 700 lbs. 100.50 to 107.35 Heifers 500 to 550 lbs. 100 to 104.25   600 to 650 lbs. 92 to 95.50 Chicago Futures: Live Cattle: Oct down 5 at 8875   Dec up 25 at 8847 Feeders: Sep down 35 at 9997   Nov steady at 10045 Cattle Comment Cattle futures ended the day mixed with feeders mostly lower. In the cash market, packers remain on the sideline and aren’t expected to be active until late in the week. Feedlots and packers are $2 to $3 apart on bids and offers. Choice cutout values are at the highest level since May and packer margins are good. Hogs Peoria: were $1     higher   at   24   to   26 Chicago Futures: Oct up 147 at 4830   Dec up 110 at 4710 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures were sharply higher as the market appears to be in a bottoming mode. Profitable packer margins are a positive and should keep the market in an active mode. Poultry  Date: August 25, 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. Supplies of all sizes were moderate 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