08/31/2009 Farm Bureau Market Report

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Grain & Soybean Date: August 31, 2009 Soybeans Local Elevators: (Aug) EAST AR:  n/a to - - - (NC) Summ. 961 to 977 River Elevators: (Aug) MISS: 1039 to 1059 ; AR & White 1003 to 1029 (NC) Summ. 961 to 1000 Ark. Processor Bids: (Aug) 1014 to - - -  (NC) 971 to 974 Memphis:  (Aug) 1022 1/2 to 1069 1/2 (NC)  998 1/2 to 1004 1/2 Riceland Foods:  (NC) Stuttgart 971 ; Pendleton 977 ; West Memphis 1000 Chicago Futures: Sep down 35 3/4 at  1100   Nov  down  31 1/2  at  979 1/2   Jan '10 down 30 1/2  at  981 1/4   Mar '10 down 28  at  979 1/4   Jul '10 down 26  at  974 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Overnight weakness in China’s stock market put pressure on U.S. equities and pushed crude oil sharply lower. That in turn weighed on soybeans as did long range forecasts for warmer weather which could move the crop toward maturity. Today’s sharply lower trade suggests a potential retest of support around $9.40. Resistance just under $10.20 looks to be substantial. December corn support at $3.20 held solid and the market made a late rally to close mixed. The late rebound put December back in the upper end of the sideways trading range. The ability to hold this support is a good sign considering the overall selling pressure that was seen in other sectors. A close below $3.20 would suggest a move to $2.90 or lower. Resistance is located at $3.35 to $3.40. Wheat Cash bid for August at Memphis  329 to 366; Bids to farmers at Local Elevators n/a; River Elevators 278-351; Chicago Futures: Sep up  4  at  471    Dec up 3 1/2  at  498 3/4    Mar '10 up  3 1/2  at  518 1/4    May '10 up  3 1/4  at  531    Jul '10 up  3 1/4  at  543 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for August at Memphis  571 to 580; Bids to farmers at River Elevators 491-578; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for August at Memphis   317 1/4 to 322 1/4;   new crop at Memphis   n/a to - - -; Bids to farmers at River Elevators  297 to 320 Chicago Futures: Sep up  5 1/4  at  326 1/4    Dec up  3/4  at  329 3/4    Mar '10 down  1/4  at  342 1/2    Jul '10 down  3/4  at  359 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat traded at new lows for the recent down-move before closing a bit higher. Today’s low of $4.81 is now support for December. Fundamentals, including big supplies in the U.S. and world, remain negative. Cotton & Rice  Date: August 31, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 146 at  5376   Greenwood up  146 at 5376 New York Futures: Oct up  146  at  5776    Dec up  14  at  5974    Mar '10 up  137  at  6206    May '10 up  138  at  6344    - - -   - - -  at  - - -  This week's LDP rate for cotton is  5.87 cents   The estimate for next week is  6.57 cents Cotton Comment Cotton rallied off recent support to close with strong gains. This was an unusual situation considering the overnight downturn in the Chinese stock market and the resulting pressure on U.S. equities and crude oil. Technically, it suggests substantial support has developed in the 57 to 58 cents area. Upside potential remains limited, as long as economic conditions are questionable. Rice Long Grain Cash Bid for  Aug-Nov 1308/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Sep up  34 1/2  at  1385 1/2    Nov up  32  at  1408    Jan '10 up  28  at  1429    Mar '10 up  25 1/2  at  1449 1/2    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice futures made a strong followthrough on Friday’s gains and closed sharply higher for the second day in a row. A retest of resistance at $14.25 to $13.30 is a good possibility as crop development pushes the harvest of the majority of the Southern crop a little later. A smaller long grain crop is anticipated, which with normal buying interest, would tighten stock positions. A weak monsoon season in India has been a positive factor in the world market. At the same time, big Thai intervention stocks continue to hang over the market. Cattle & Hogs  Date: August 31, 2009 Cattle As reported by Federal-State Market News, receipts were n/a head at sales in n/a.  Compared with last week, feeder steers n/a . Steers:  Medium & Large Frame n/a   - - - to - - - lbs. - - - to - - -   - - - to - - - lbs. - - - to - - -   - - - to - - - lbs. - - - to - - -  Medium & Large Frame n/a   - - - to - - - lbs. - - - to - - - Heifers:  Medium & Large Frame n/a   - - - to - - - lbs. - - - to - - -  Medium & Large Frame n/a   - - - to - - - lbs. - - - to - - - Slaughter Cows, Boners n/a   to   - - - Light Weight n/a to - - - Bulls, Yield Grade   n/a   - - -   to   - - - lbs.   - - -   to   - - - Midwest Steers   were quoted   at   83   to   85 Panhandle Steers   were quoted   at   83.50   to   85 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 down 2 at 8667   Dec down 27 at 8682 Feeders: Sep down 90 at 9725   Nov down 52 at 9802 Cattle Comment Cattle futures were lower again today. 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 7 at 4815   Dec down 22 at 4622 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs ended mixed. Seasonal weakness in the cash market will keep a lid on prices. Resistance for October is at $49.50 and $50. Poultry  Date: August 31, 2009 Eggs New York:  Ex. Lg. 94-98; Lg. 92-96; Med. 69-73; Chicago:  Ex. Lg. 83-91; Lg. 81-89; Med. 61-69; 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