09/02/2009 Farm Bureau Market Report

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Grain & Soybean Date: September 2, 2009 Soybeans Local Elevators: (Sep) EAST AR:  n/a to - - - (NC) Summ. 933 to 951 River Elevators: (Sep) MISS: 1001 to 1006 ; AR & White 970 to 991 (NC) Summ. 935 to 974 Ark. Processor Bids: (Sep) n/a to - - -  (NC) 942 to 945 Memphis:  (Sep) 1014 to 1016 (NC)  974 to 976 Riceland Foods:  (NC) Stuttgart 945 ; Pendleton 951 ; West Memphis 974 Chicago Futures: Nov down 4 1/2 at  951   Jan '10  down  5 1/4  at  954 1/4   Mar '10 down 5 1/4  at  954   Jul '10 down 3 1/2  at  955   Nov '10 down 7  at  906   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans closed lower again today on improving weather outlook and light export activity. China has been absent from the buying scene this week and that has the trade nervous. November bounced off old support around $9.40 and held above that at the close. A lower close would signal additional near term losses with trendline support around $9.20 and flat support near $8.80. Corn ended the session narrowly mixed despite a bearish crop estimate by F.C. Stone. Stone had the corn yield at 162.7 bushels per acre and production just over 13 billion bushels. That size crop would tend to pressure the market. For now December is hanging tough around $3.20. Long term chart support at $2.90 could be the next downside target. Wheat Cash bid for September at Memphis  305 3/4 to 335 3/4; Bids to farmers at Local Elevators 401; River Elevators 412-435; Chicago Futures: Dec down  1 1/2  at  485 3/4    Mar '10 down 1 1/2  at  505 1/4    May '10 down  1 1/2  at  518    Jul '10 down  1 1/2  at  530 1/2    Sep '10 down  1 3/4  at  545 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for September at Memphis  556 to 561; Bids to farmers at River Elevators 471-558; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for September at Memphis   307 1/4 to 310 1/4;   new crop at Memphis   n/a to - - -; Bids to farmers at River Elevators  285 to 308 Chicago Futures: Dec unchanged    at  319 1/4    Mar '10 unchanged    at  332 1/2    Jul '10 down  1/4  at  349 3/4    Dec '10 unchanged    at  367 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures were lower again today. The market is oversold and due a rebound, but with a large spring wheat crop and the potential for a record large corn crop, the upside will be limited. Egypt included U.S. wheat in their weekly tender, but it wasn’t enough to provide much support. Cotton & Rice  Date: September 2, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 52 at  5289   Greenwood up  52 at 5289 New York Futures: Oct up  52  at  5689    Dec up  56  at  5891    Mar '10 up  57  at  6129    May '10 up  58  at  6272    - - -   - - -  at  - - -  This week's LDP rate for cotton is  5.87 cents   The estimate for next week is  5.94 cents Cotton Comment Cotton was a little higher as December continues to consolidate between 57 and 60 cents. Upside potential will be limited unless importers become more aggressive or this year’s crop proves to be disappointing. A weaker undertone in equity markets suggests economic activities are not real stable and more time is needed. Rice Long Grain Cash Bid for  Sep-Nov 1290/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Nov down  7 1/2  at  1385    Jan '10 down  7  at  1408    Mar '10 down  6  at  1430 1/2    May '10 down  6 1/2  at  1453 1/2    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice futures were lower for the second day in a row as the market followthrough on yesterday’s reversal. A late Arkansas harvest and prospects of a smaller long grain crop have the market nervous, but it will need a little more help to keep November moving toward the recent high. The international market has shown signs of weakening Vietnam 5% being quoted around $3.75. Big Thai intervention stocks remain a factor. Cattle & Hogs  Date: September 2, 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 mostly $2-5 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 106 to - - -   500 to 550 lbs. 94.50 to - - -   600 to 650 lbs. 92.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 90.25 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 93 to - - -  Medium & Large Frame 2   400 to 450 lbs. 83 to - - - Slaughter Cows, Boners 39   to   45 Light Weight 25 to 32 Bulls, Yield Grade   1   1400   to   2300 lbs.   51   to   57 Midwest Steers   n/a   at   - - -   to   - - - Panhandle Steers   were quoted   at   82   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 106 to 111.50   550 to 600 lbs. 102 to 107 Heifers 500 to 550 lbs. 97 to 104.50   600 to 650 lbs. 96 to 101.25 Chicago Futures: Live Cattle: Oct up 67 at 8677   Dec up 37 at 8680 Feeders: Oct up 170 at 9850   Nov up 160 at 9915 Cattle Comment Cattle futures recovered from early losses to close higher. Tight cattle supplies are keeping the floor in this market. 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 down 67 at 4882   Dec down 62 at 4685 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs turned lower faced with renewed weakness in cutout values. Seasonal weakness in the cash market will keep a lid on prices. Resistance for October is at $49.50 and $50. Poultry  Date: September 2, 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 fair to 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