08/26/2009 Farm Bureau Market Report

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Grain & Soybean Date: August 26, 2009 Soybeans Local Elevators: (Aug) EAST AR:  n/a to - - - (NC) Summ. 973 to 989 River Elevators: (Aug) MISS: 1039 to 1051 ; AR & White 1002 to 1026 (NC) Summ. 973 to 1012 Ark. Processor Bids: (Aug) 9003 to - - -  (NC) 983 to - - - Memphis:  (Aug) 1039 1/2 to 1056 1/2 (NC)  1015 1/2 to 1016 1/2 Riceland Foods:  (NC) Stuttgart 983 ; Pendleton 989 ; West Memphis 1012 Chicago Futures: Sep down 1/2 at  1090 1/2   Nov  down  2 1/2  at  996 1/2   Jan '10 down 3 1/2  at  997 3/4   Mar '10 down 3 3/4  at  993 1/2   Jul '10 down 4 1/4  at  986 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. That and a stronger dollar pressured soybeans. 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  336 3/4 to 373 3/4; Bids to farmers at Local Elevators n/a; River Elevators 286-359; Chicago Futures: Sep up  7 3/4  at  478 3/4    Dec up 8  at  506 3/4    Mar '10 up  8  at  526 1/4    May '10 up  8  at  539    Jul '10 up  8 1/4  at  551 3/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for August at Memphis  556 to 563; Bids to farmers at River Elevators n/a; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for August at Memphis   312 1/2 to 318 1/2;   new crop at Memphis   n/a to - - -; Bids to farmers at River Elevators  291 to 316 Chicago Futures: Sep down  1  at  320 1/2    Dec down  1/2  at  326 1/4    Mar '10 down  1/2  at  340    Jul '10 down  3/4  at  357 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat closed higher today. Cotton & Rice  Date: August 26, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis down 60 at  5087   Greenwood down  60 at 5087 New York Futures: Oct down  60  at  5537    Dec down  68  at  5747    Mar '10 down  71  at  5988    May '10 down  70  at  6116    - - -   - - -  at  - - -  This week's LDP rate for cotton is  4.55 cents   The estimate for next week is  5.69 cents Cotton Comment Cotton closed lower. Inability to hold support at 58 cents 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 1241/cwt  to  - - -   Oct/Nov 1233  to  1241/cwt Chicago Futures: Sep down  7  at  1315    Nov down  7 1/2  at  1340 1/2    Jan '10 down  8 1/2  at  1364 1/2    Mar '10 down  9 1/2  at  1388    - - -   - - -  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. 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 26, 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 $2 lower, heifers sold near steady . Steers:  Medium & Large Frame 1   400 to 450 lbs. 108.75 to - - -   500 to 500 lbs. 99.50 to - - -   600 to 650 lbs. 96.75 to - - -  Medium & Large Frame 2   400 to 450 lbs. 96 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 96.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 85.50 to - - - Slaughter Cows, Boners 42   to   46.50 Light Weight 25 to 30 Bulls, Yield Grade   1   1400   to   2300 lbs.   55   to   60, high dressing untested Midwest Steers   were $1 higher to steady   at   82   to   - - - Panhandle Steers   were $1 higher to steady   at   82   to   - - - Oklahoma City Feeders Steers 550 to 600 lbs. 105 to 111.35   600 to 650 lbs. 104 to 108.25 Heifers 500 to 550 lbs. 100 to 104.25   600 to 650 lbs. 92 to 95.50 Chicago Futures: Live Cattle: Oct down 137 at 8737   Dec down 90 at 8757 Feeders: Sep down 67 at 9930   Nov down 75 at 9970 Cattle Comment Cattle futures ended the day lower. In the cash market, packers remain on the sideline and aren’t expected to be active until late in the week. Choice cutout values are at the highest level since May and packer margins are good. Hogs Peoria: were     steady   at   24   to   26 Chicago Futures: Oct down 125 at 4705   Dec down 170 at 4540 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures closed lower as the market appears to be in a bottoming mode. Poultry  Date: August 26, 2009 Eggs New York:  Ex. Lg. 94-98; Lg. 92-96; Med. 67-71; 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