09/01/2009 Farm Bureau Market Report

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Grain & Soybean Date: September 1, 2009 Soybeans Local Elevators: (Sep) EAST AR:  n/a to - - - (NC) Summ. 938 to 956 River Elevators: (Sep) MISS: 1010 to 1021 ; AR & White 979 to 1000 (NC) Summ. n/a to - - - Ark. Processor Bids: (Sep) n/a to - - -  (NC) 947 to 950 Memphis:  (Sep) 1015 1/2 to 1030 1/2 (NC)  978 1/2 to 980 1/2 Riceland Foods:  (NC) Stuttgart 950 ; Pendleton 956 ; West Memphis 979 Chicago Futures: Sep down 86 at  1014   Nov  down  24  at  955 1/2   Jan '10 down 21 3/4  at  959 1/2   Mar '10 down 20  at  959 1/4   Jul '10 down 16  at  958 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans were under pressure again today. Favorable growing conditions through out the Mid-west continue to weigh on the market. 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 moved below support at $3.20 today, opening the possibility of a move back to $2.90 or below. Corn rated good to excellent fell 1% this week, but the crop is still rated better than most years, so a record crop is still possible, especially considering the warm sunny weather the Mid-West is currently seeing. Resistance is located at $3.35 to $3.40. Wheat Cash bid for September at Memphis  293 1/4 to 357 1/4; Bids to farmers at Local Elevators 402; River Elevators 414-437; Chicago Futures: Sep down  11 3/4  at  459 1/4    Dec down 11 1/2  at  487 1/4    Mar '10 down  11 1/2  at  506 3/4    May '10 down  11 1/2  at  519 1/2    Jul '10 down  11 1/2  at  532    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for September at Memphis  550 to 556; Bids to farmers at River Elevators 471-558; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for September at Memphis   1015 1/2 to 1030 1/2;   new crop at Memphis   n/a to - - -; Bids to farmers at River Elevators  284 to 307 Chicago Futures: Sep down  14  at  312 1/4    Dec down  10 1/2  at  319 1/4    Mar '10 down  10  at  332 1/2    Jul '10 down  9 1/4  at  350    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat ended lower but December held above yesterday’s low of $4.81. Fundamentals, including big supplies in the U.S. and world, remain negative. Cotton & Rice  Date: September 1, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 139 at  5237   Greenwood up  139 at 5237 New York Futures: Oct down  139  at  5637    Dec down  139  at  5835    Mar '10 down  134  at  6072    May '10 down  130  at  6214    - - -   - - -  at  - - -  This week's LDP rate for cotton is  5.87 cents   The estimate for next week is  6.57 cents Cotton Comment Cotton closed lower but held above recent support. Technically, this suggests substantial support has developed in the 57 to 58 cents area considering the downturn in China’s stock market. Upside potential remains limited, as long as economic conditions are questionable. Rice Long Grain Cash Bid for  Sep/Oct/Nov 1298/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Sep down  14  at  1371 1/2    Nov down  15 1/2  at  1392 1/2    Jan '10 down  14  at  1415    Mar '10 down  13  at  1436 1/2    n/a down  - - -  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: September 1, 2009 Cattle As reported by Federal-State Market News, receipts were 1,879 head at sales in Fort Smith & Heber Springs.  Compared with last week, feeder steers sold unevenly, steers steady to $1 higher, heifers weak to $2 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 113.75 to - - -   500 to 550 lbs. 101.25 to - - -   600 to 650 lbs. 98 to - - -  Medium & Large Frame 2   400 to 450 lbs. 102 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 95 to - - -  Medium & Large Frame 2   400 to 450 lbs. 87.75 to - - - Slaughter Cows, Boners 40   to   47 Light Weight 25 to 32 Bulls, Yield Grade   1   1000   to   2100 lbs.   52   to   58, high dressing 58-58.50 Midwest Steers   n/a   at   - - -   to   - - - Panhandle Steers   n/a   at   - - -   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 106 to 111.50   650 to 700 lbs. 100 to 106.35 Heifers 500 to 550 lbs. 97 to 104.50   600 to 650 lbs. 96 to 101.25 Chicago Futures: Live Cattle: Oct down 57 at 8610   Dec down 40 at 8642 Feeders: Sep down 25 at 9700   Nov down 47 at 9755 Cattle Comment Cattle ended 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 135 at 4950   Dec up 125 at 4747 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs recovered a bit today. Seasonal weakness in the cash market will keep a lid on prices. Resistance for October is at $49.50 and $50. Poultry  Date: September 1, 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 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