08/28/2009 Farm Bureau Market Report

Click here to view this report online.

Grain & Soybean Date: August 28, 2009 Soybeans Local Elevators: (Aug) EAST AR:  n/a to - - - (NC) Summ. 992 to 1008 River Elevators: (Aug) MISS: 1056 to 1068 ; AR & White 1020 to 1043 (NC) Summ. 992 to 1031 Ark. Processor Bids: (Aug) 1027 to - - -  (NC) 1001 to 1002 Memphis:  (Aug) 1054 to 1086 (NC)  1030 to 1031 Riceland Foods:  (Aug) Stuttgart 1002 ; Pendleton 1008 ; West Memphis 1031 Chicago Futures: Sep up 21 1/2 at  1135 3/4   Nov  up  15  at  1011   Jan '10 up 14 1/4  at  1011 3/4   Mar '10 up 13 3/4  at  1007 1/4   Jul '10 up 13 3/4  at  1000 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans were higher across the board with lead September up the greatest amount. Tight supplies are keeping the cash interest at the Gulf high. That in turn is boosting all soybeans. Tight supplies were anticipated, but a late crop and continued cool weather make the situation even tighter. That is also carrying over into new crop as traders feel it is necessary to keep a frost premium in the market. That may persist in mid September. Any “hiccup” with this year’s crop will send the market higher, once that is past we could see significant downside pressure. Corn closed narrowly mixed with substantial support for December futures developing in the area just above $3.20. Harvest pressure could send the market lower with long term support at $2.90 a potential target. Wheat Cash bid for August at Memphis  325 to 362; Bids to farmers at Local Elevators n/a; River Elevators 274-347; Chicago Futures: Sep down  8  at  467    Dec down 7 3/4  at  495 1/4    Mar '10 down  7 3/4  at  514 3/4    May '10 down  7 1/2  at  527 3/4    Jul '10 down  7 3/4  at  540 1/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for August at Memphis  570 to 579; Bids to farmers at River Elevators 482-558; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for August at Memphis   316 to 317;   new crop at Memphis   n/a to - - -; Bids to farmers at River Elevators  292 to 315 Chicago Futures: Sep down  2  at  321    Dec down  1/4  at  329    Mar '10 down  1/4  at  342 3/4    Jul '10 unchanged    at  360    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat traded a fairly wide range before ending the session lower. December fell to recent support just below $4.90 at one point. Fundamentals, including big supplies in the U.S. and world, remain negative. Cotton & Rice  Date: August 28, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 126 at  5230   Greenwood up  126 at 5230 New York Futures: Oct up  76  at  5630    Dec up  70  at  5834    Mar '10 up  73  at  6069    May '10 up  82  at  6206    - - -   - - -  at  - - -  This week's LDP rate for cotton is  5.87 cents   The estimate for next week is  6.57 cents Cotton Comment Cotton showed a little followthrough on yesterday’s late upturn. Support at 57 cents could be tested at any time. Prospects for the ’09 crop continue to improve production wise. Price improvement will come with improving economic conditions worldwide, which would stimulate Chinese mill use. For now, upside potential remains limited. Rice Long Grain Cash Bid for  Aug/Sep 1276/cwt  to  - - -   Oct/Nov 1240  to  1276/cwt Chicago Futures: Sep up  36  at  1351    Nov up  36 1/2  at  1376    Jan '10 up  37  at  1401    Mar '10 up  36  at  1424    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice bounced off support near $13.40 and ended the day with substantial late session gains. A possibly smaller long grain crop and a sharp reduction in India’s production are the positive factors in the market. On the negative side big Thai intervention stocks will continue to hang over the market. Cattle & Hogs  Date: August 28, 2009 Cattle As reported by Federal-State Market News, receipts were 9,400 head at sales in Arkansas this week.  Compared with last week, feeder steers sold weak to $3 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 114 to - - -   500 to 550 lbs. 101.75 to - - -   600 to 650 lbs. 96 to - - -  Medium & Large Frame 2   400 to 450 lbs. 97.75 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 99.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 86.75 to - - - Slaughter Cows, Boners 41   to   46.50 Light Weight 24 to 28 Bulls, Yield Grade   1   1000   to   2100 lbs.   52.50   to   59.50, high dressing 59.50-60 Midwest Steers   n/a   at   - - -   to   - - - Panhandle Steers   n/a   at   - - -   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 104 to 113.75   600 to 650 lbs. 96.50 to 101.50 Heifers 500 to 550 lbs. 90 to 104.25   600 to 650 lbs. 92 to 97 Chicago Futures: Live Cattle: Oct down 87 at 8670   Dec down 60 at 8710 Feeders: Sep down 67 at 9815   Nov down 75 at 9855 Cattle Comment Cattle futures penetrated recent support and fell to the lowest level in over 2 months. Little improvement is expected until after Labor Day. October live cattle could test spring and summer support between $84.50 and $85.50. Feeder futures have support near $95. Hogs Peoria: were     steady   at   25   to   27 Chicago Futures: Oct up 17 at 4807   Dec up 25 at 4645 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures were higher for the day, but well off the day’s highs. A big jump in the composite cutout value and increased export prospects contributed to a firm undertone. Hog numbers remain ample and are expected to increase seasonally. Poultry  Date: August 28, 2009 Eggs New York:  Ex. Lg. 83-91; Lg. 81-89; Med. 58-66; Chicago:  Ex. Lg. 94-98; Lg. 92-96; Med. 69-73; Eastern Region Turkeys Hens: 8-16 lbs. 80-82 Toms: 16-24 lbs. 79-82   Delmarva Broilers U.S. Grade A The market tone was steady. Supplies of all sizes were moderate 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