08/27/2009 Farm Bureau Market Report

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Grain & Soybean Date: August 27, 2009 Soybeans Local Elevators: (Aug) EAST AR:  n/a to - - - (NC) Summ. 972 to 988 River Elevators: (Aug) MISS: 1041 to 1053 ; AR & White 1005 to 1028 (NC) Summ. 972 to 1016 Ark. Processor Bids: (Aug) 1012 to - - -  (NC) 982 to 986 Memphis:  (Aug) 1039 to 1056 (NC)  1015 to 1016 Riceland Foods:  (Aug) Stuttgart 982 ; Pendleton 988 ; West Memphis 1011 Chicago Futures: Sep up 23 3/4 at  1114 1/4   Nov  down  1/2  at  996   Jan '10 unchanged 1/4  at  997 1/2   Mar '10 unchanged   at  993 1/2   Jul '10 unchanged   at  986 3/4   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans closed mixed with most contracts unchanged to a little higher or lower. However, the expiring September was sharply higher reflecting a tight supply situation. A soaring gulf basis also suggests it is difficult to find beans. Otherwise, even a good export report and a late improvement in outside markets wasn’t much help. November has traded a narrow range since Monday. A close above $10.15 or below $9.90 will suggest further movement in that direction. Corn reversed an early decline to close higher. There didn’t appear to be much in the way of fundamentals to drive the market. Today’s move was all within the recent trading range. The early decline tested December support at $3.20. That remains a key area, which if penetrated could signal additional losses of 30 to 40 cents. Wheat Cash bid for August at Memphis  333 to 370; Bids to farmers at Local Elevators n/a; River Elevators 282-355; Chicago Futures: Sep down  3 3/4  at  475    Dec down 3 3/4  at  503    Mar '10 down  3 3/4  at  522 1/2    May '10 down  3 3/4  at  535 1/4    Jul '10 down  3 3/4  at  548    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for August at Memphis  570 to - - -; Bids to farmers at River Elevators 482-558; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for August at Memphis   313 to 321;   new crop at Memphis   n/a to - - -; Bids to farmers at River Elevators  294 to 317 Chicago Futures: Sep up  2 1/2  at  323    Dec up  3  at  329 1/4    Mar '10 up  3  at  343    Jul '10 up  2 1/2  at  360    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat was all over the board before settling lower. The market couldn’t sustain recent strength which has been based on dry conditions in Australia and Argentina, and recent export buying interest. Support is currently just below $4.90. Cotton & Rice  Date: August 27, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 17 at  5104   Greenwood up  17 at 5104 New York Futures: Oct up  17  at  5554    Dec up  17  at  5764    Mar '10 up  8  at  5996    May '10 up  8  at  6124    - - -   - - -  at  - - -  This week's LDP rate for cotton is  4.55 cents   The estimate for next week is  5.87 cents Cotton Comment Cotton made very small gains as December fell to 57 cents at one point. While it appears economic conditions in the U.S. and worldwide are improving, it will take a while to increase textile demand. For now U.S. and world cotton stocks are more than ample. Rice Long Grain Cash Bid for  Aug/Sep 1240/cwt  to  - - -   Oct/Nov 1233  to  1240/cwt Chicago Futures: Sep unchanged    at  1315    Nov down  1  at  1339 1/2    Jan '10 down  1/2  at  1364    Mar '10 unchanged    at  1388    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice was basically unchanged as the market awaits further development. The U.S. harvest is going to expand into Arkansas and Mississippi as it winds down in Texas and Louisiana. A smaller long grain crop could help boost the market later in the year, but a big intervention in Thailand is a threat. Thailand is expected to continue intervention purchases. The poor monsoon season in India should reduce their crop by 15 to 20% and could make them an importer at some point. November futures continue to test support just above $13.30. Cattle & Hogs  Date: August 27, 2009 Cattle As reported by Federal-State Market News, receipts were 2,053 head at sales in Charlotte & Green Forest.  Compared with last week, feeder steers sold weak to $5 lower, mostly $2-3 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 109 to - - -   500 to 550 lbs. 103.75 to - - -   600 to 650 lbs. 104 to - - -  Medium & Large Frame 2   400 to 450 lbs. 102 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 95.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 92.75 to - - - Slaughter Cows, Boners 39   to   46 Light Weight 32 to 35 Bulls, Yield Grade   1   1000   to   2100 lbs.   53   to   60, high dressing 61-65 Midwest Steers   remained   at   82   to   - - - Panhandle Steers   remained   at   82   to   - - - Oklahoma City Feeders Steers n/a to - - - lbs. - - - to - - -   n/a to - - - lbs. - - - to - - - Heifers n/a to - - - lbs. - - - to - - -   n/a to - - - lbs. - - - to - - - Chicago Futures: Live Cattle: Oct up 20 at 8757   Dec up 12 at 8770 Feeders: Sep down 47 at 9882   Nov down 40 at 9930 Cattle Comment Cattle futures were mixed with feeders lower. The beef market is showing signs of topping despite the tightening of available cattle. Most feedlots are current on marketings. However, futures appear technically negative with October live cattle headed toward the next support just above $85. September feeders are testing support around $99 and appear vulnerable. Hogs Peoria: were $1     higher   at   25   to   27 Chicago Futures: Oct up 85 at 4790   Dec up 80 at 4620 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures closed higher with October appearing to have bottomed. However, there doesn’t seem to be much upside potential. Strong packer margins should help keep the market in a positive mode. Poultry  Date: August 27, 2009 Eggs New York:  Ex. Lg. 94-98; Lg. 92-96; Med. 69-73; Chicago:  Ex. Lg. 83-91; Lg. 81-89; Med. 58-66; Eastern Region Turkeys Hens: 8-16 lbs. 80-82 Toms: 16-24 lbs. 80-82   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