09/03/2009 Farm Bureau Market Report

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Grain & Soybean Date: September 03, 2009 Soybeans Local Elevators: (Sep) EAST AR:  n/a to - - - (NC) Summ. 926 to 942 River Elevators: (Sep) MISS: 961 to 997 ; AR & White 930 to 951 (NC) Summ. 924 to 965 Ark. Processor Bids: (Sep) n/a to - - -  (NC) 933 to 936 Memphis:  (Sep) 961 1/2 to 971 1/2 (NC)  961 1/2 to 966 1/2 Riceland Foods:  (NC) Stuttgart 936 ; Pendleton 942 ; West Memphis 965 Chicago Futures: Nov down 27 1/4 at  982   Jan '10  down  8 3/4  at  945 1/2   Mar '10 down 7 3/4  at  946 1/4   Jul '10 down 8 1/2  at  946 1/2   Nov '10 down 5  at  901   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans rallied late to retrace a portion of earlier losses. This allowed November to close above key support at $9.40. Recent strong Chinese buying was the only major positive factor working in the market. Overall, the prospects for a big crop are increasing with each passing day. Downside potential remains high. A close below $9.40 will bring support at $9.25, $8.80 and $8 into play. Corn lost ground in the battle to hold key support around $3.20. While December closed above the day’s lows it was well below $3.20. This could trigger further weakness in the day’s ahead. With a 3 day weekend coming up the market could see some Friday evening up of positions. Long term this crop will be huge and that probably means price will drift toward long term chart support at $2.90. Wheat Cash bid for September at Memphis  298 3/4 to 328 3/4; Bids to farmers at Local Elevators 292; River Elevators 404-427; Chicago Futures: Dec down  7  at  478 3/4    Mar '10 down 6 3/4  at  498 1/2    May '10 down  7  at  511    Jul '10 down  8 1/2  at  522    Sep '10 down  8  at  537 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for September at Memphis  550 to 564; Bids to farmers at River Elevators 466-550; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for September at Memphis   303 3/4 to 306 3/4;   new crop at Memphis   n/a to - - -; Bids to farmers at River Elevators  282 to 305 Chicago Futures: Dec down  3 1/2  at  315 3/4    Mar '10 down  3 1/2  at  329    Jul '10 down  3 1/4  at  346 1/2    Dec '10 down  2 1/2  at  365    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. Cotton & Rice  Date: September 03, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 26 at  5315   Greenwood up  26 at 5315 New York Futures: Oct up  26  at  5715    Dec up  33  at  5924    Mar '10 up  38  at  6167    May '10 up  44  at  6316    n/a   - - -  at  - - -  This week's LDP rate for cotton is  cents   The estimate for next week is  cents Cotton Comment Cotton firmed a little today as December remains above recent support at 57 cents. December remains in a fairly wide trading range between 57 and 65.5 cents. A smaller U.S. crop is being offset by reduced import demand, as world economic conditions remain questionable. Improving conditions would give better marketing opportunities, but it will take time. Rice Long Grain Cash Bid for  Sep-Nov 1316/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Nov up  25 1/2  at  1410 1/2    Jan '10 up  25 1/2  at  1433 1/2    Mar '10 up  26 1/2  at  1457    May '10 up  26  at  1479 1/2    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice ended the session sharply higher as today’s rebound retraced yesterday’s losses. A late harvest and prospects of a smaller long grain crop are keeping the market in a positive mode. November resistance remains the early August high just below $14.30. Cattle & Hogs  Date: September 03, 2009 Cattle As reported by Federal-State Market News, receipts were 1,288 head at sales in Charlotte & Ratcliff.  Compared with last week, feeder steers sold weak to $3 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 104.25 to - - -   500 to 550 lbs. 98.50 to - - -   600 to 650 lbs. 95 to - - -  Medium & Large Frame 2   400 to 450 lbs. 94.75 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 90.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 86.75 to - - - Slaughter Cows, Boners 38   to   45 Light Weight n/a to - - - Bulls, Yield Grade   1   1000   to   2100 lbs.   52   to   56 Midwest Steers   were quoted   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 down 5 at 8672   Dec down 12 at 8667 Feeders: Oct down 12 at 9837   Nov down 30 at 9885 Cattle Comment Cattle ended mixed. 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   27   to   - - - Chicago Futures: Oct up 95 at 4977   Dec up 80 at 4765 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs continue to struggle with a bearish fundamental situation. Seasonal weakness in the cash market will keep a lid on prices. Resistance for October is at $49.50 and $50. Poultry  Date: September 03, 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. 80-82.5 Toms: 16-24 lbs. 79-82.5   Delmarva Broilers U.S. Grade A The market tone was steady. Trading was limited. 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