09/04/2009 Farm Bureau Market Report

Click here to view this report online.

Grain & Soybean Date: September 4, 2009 There will no market report published on Monday, September 7 in observance of the holiday. The next report will be published on Tuesday, September 8. Soybeans Local Elevators: (Sep) EAST AR:  n/a to - - - (NC) Summ. 906 to 922 River Elevators: (Sep) MISS: 937 to 950 ; AR & White 911 to 932 (NC) Summ. 905 to 945 Ark. Processor Bids: (Sep) n/a to - - -  (NC) 913 to 916 Memphis:  (Sep) 942 to 947 (NC)  942 to - - - Riceland Foods:  (Sep) Stuttgart 916 ; Pendleton 936 ; West Memphis 945 Chicago Futures: Nov down 19 1/2 at  922   Jan '10  down  18 1/2  at  927   Mar '10 down 18 1/2  at  927 3/4   Jul '10 down 16 1/2  at  930   Nov '10 down 12  at  889   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans fell through key support at $9.40 and then penetrated a shallow uptrend before the end of the session. Technically, this leaves the market vulnerable to further declines with initial support at July lows near $8.80. A huge crop has been projected by several private firms. Each day the crop gets closer to realizing its full potential. Corn continued the decline that saw December fall to a new recent low. This indicates further pressure with long term chart support around $2.90, the initial downside objective. Private firms continue to raise their potential yield targets. Even low end estimates will likely leave the market with huge ending stocks. Wheat Cash bid for September at Memphis  301 3/4 to 321 3/4; Bids to farmers at Local Elevators 385; River Elevators 397-420; Chicago Futures: Dec down  7  at  471 3/4    Mar '10 down 7  at  491 1/2    May '10 down  7 1/4  at  503 3/4    Jul '10 down  7  at  515    Sep '10 down  7 1/2  at  530    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for September at Memphis  533 to 547; Bids to farmers at River Elevators 448-532; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for September at Memphis   294 1/4 to 297 1/4;   new crop at Memphis   n/a to - - -; Bids to farmers at River Elevators  278 to 295 Chicago Futures: Dec down  9 1/2  at  306 1/4    Mar '10 down  9 1/4  at  319 3/4    Jul '10 down  8 3/4  at  337 3/4    Dec '10 down  8 1/2  at  356 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. Continued weakness in soybeans and corn is also making it difficult for wheat to recover. Cotton & Rice  Date: September 4, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 38 at  5353   Greenwood up  38 at 5353 New York Futures: Oct up  38  at  5753    Dec up  39  at  5963    Mar '10 up  45  at  6212    May '10 up  46  at  6362    - - -   - - -  at  - - -  This week's LDP rate for cotton is  5.94 cents   The estimate for next week is  5.87 cents Cotton Comment Cotton again managed small gains 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 1320/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Nov up  5  at  1415 1/2    Jan '10 up  5  at  1438 1/2    Mar '10 up  5 1/2  at  1462 1/2    May '10 up  5 1/2  at  1485    n/a up  - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice closed a little higher as the market continues to edge higher. 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 4, 2009 Cattle As reported by Federal-State Market News, receipts were 9,855 head at sales in Arkansas this week.  Compared with last week, feeder steers sold $2-5 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 105.25 to - - -   500 to 550 lbs. 98 to - - -   600 to 650 lbs. 91 to - - -  Medium & Large Frame 2   400 to 450 lbs. 93.50 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 94.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 86 to - - - Slaughter Cows, Boners 38   to   45 Light Weight 24 to 27 Bulls, Yield Grade   1   1000   to   2100 lbs.   50   to   57, high dressing 58-62 Midwest Steers   were $1-2 higher   at   83   to   84 Panhandle Steers   were $1-2 higher   at   83   to   84 Oklahoma City Feeders Steers 500 to 550 lbs. 100 to 113   600 to 650 lbs. 98 to 107.75 Heifers 500 to 550 lbs. 90 to 98   600 to 650 lbs. 86.50 to 87 Chicago Futures: Live Cattle: Oct down 7 at 8665   Dec steady at 8667 Feeders: Oct up 17 at 9855   Nov up 42 at 9927 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 $2     lower   at   23   to   25 Chicago Futures: Oct up 72 at 5050   Dec up 80 at 4845 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs ended a bit higher. An already bearish cash situation and an expected seasonal increase in marketings will make a recovery difficult. October is testing resistance near $50. Poultry  Date: September 4, 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. 78-82 Toms: 16-24 lbs 78-82   Delmarva Broilers U.S. Grade A The market tone was steady. Supplies of all sizes were readily available 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