09/08/2009 Farm Bureau Market Report

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Grain & Soybean Date: September 08, 2009 Soybeans Local Elevators: (Sep) EAST AR:  n/a to - - - (NC) Summ. 921 to 937 River Elevators: (Sep) MISS: 937 to 949 ; AR & White 915 to 936 (NC) Summ. 914 to 960 Ark. Processor Bids: (Sep) n/a to - - -  (NC) 928 to 931 Memphis:  (Sep) 941 1/2 to 961 1/2 (NC)  951 1/2 to 956 1/2 Riceland Foods:  (Sep) Stuttgart 931 ; Pendleton 937 ; West Memphis 960 Chicago Futures: Nov up 14 1/2 at  936 1/2   Jan '10  up  16 1/4  at  943 1/4   Mar '10 up 19 1/2  at  947 1/4   Jul '10 up 20  at  950   Nov '10 up 19 1/2  at  908 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans closed with solid gains despite continuing good weather and indications this will be a record crop. Outside markets were a big boost as they renewed inflation fears, which prompted fund buying. November hit resistance at the previous support around $9.40. This could be tough resistance, and the next area around $10.17 would seem to be out of the question considering the potential size of this crop. Corn traded to both sides of Friday’s close before ending the session with modest gains. December continues to hold above $3 but they may be short lived as private yield estimates continue to move higher. Some are above 165 and others suggest it could reach 170. No matter, either would leave a big stocks situation and pressure the market toward long term chart support at $2.90 and perhaps $2.65. Wheat Cash bid for September at Memphis  288 to 309; Bids to farmers at Local Elevators 373; River Elevators 393-418; Chicago Futures: Dec down  12 3/4  at  459    Mar '10 down 12 3/4  at  478 3/4    May '10 down  12 1/2  at  491 1/4    Jul '10 down  12  at  503    Sep '10 down  11 1/2  at  518 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for September at Memphis  537 to 558; Bids to farmers at River Elevators 450-533; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for September at Memphis   297 1/2 to - - -;   new crop at Memphis   n/a to - - -; Bids to farmers at River Elevators  450 to 533 Chicago Futures: Dec up  1 1/4  at  307 1/2    Mar '10 up  1 1/4  at  321    Jul '10 up  1 1/4  at  339    Dec '10 up  1 1/4  at  357 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat continued the slide lower with little indication a bottom is in sight. Big supplies and limited export interest are driving the market, which should be finding a bottom soon. Seasonally, the market rebounds after harvest, peaking in October or November. Cotton & Rice  Date: September 08, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 250 at  5603   Greenwood up  250 at 5603 New York Futures: Oct up  125  at  5878    Dec up  113  at  6076    Mar '10 up  98  at  6310    May '10 up  107  at  6469    - - -   - - -  at  - - -  This week's LDP rate for cotton is  5.94 cents   The estimate for next week is  5.74 cents Cotton Comment Cotton moved above recent resistance as the market remains in a broad trading range between 57 cents and 65.5 cents. Fear of inflation brought funds back in the market as cotton appears under-priced versus soybeans, rice, etc. However, it will be difficult for cotton to move above the upper end of the trading range without renewed import interest from China. Rice Long Grain Cash Bid for  Sep/Oct 1295  to  1300/cwt   Nov 1300/cwt  to  - - - Chicago Futures: Nov down  20 1/2  at  1395    Jan '10 down  20 1/2  at  1418    Mar '10 down  20 1/2  at  1442    May '10 down  19  at  1466    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice futures failed to move through resistance at $14.25 and slid lower into the close. Friday’s supply/demand report may hold the key, if USDA adjusts yield and or harvested acreage. The later harvest and concern about the size of this year’s crop has kept the market firm with major support around $13.40. Cattle & Hogs  Date: September 08, 2009 Cattle As reported by Federal-State Market News, receipts were 1,747 head at sales in Ola, Ash Flat & Heber Springs.  Compared with last week, feeder steers sold weak to $4 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 108 to - - -   500 to 550 lbs. 98 to - - -   600 to 650 lbs. 93 to - - -  Medium & Large Frame 2   400 to 450 lbs. 95 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 91 to - - -  Medium & Large Frame 2   400 to 450 lbs. 85 to - - - Slaughter Cows, Boners 38   to   45 Light Weight 25 to 28 Bulls, Yield Grade   1   1000   to   2100 lbs.   52   to   57.50, high dressing $58-61.50 Midwest Steers   were $1-3 higher   at   83   to   85 Panhandle Steers   were $1lower to $3 higher   at   81   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 up 45 at 8710   Dec up 20 at 8687 Feeders: Oct up 62 at 9917   Nov up 60 at 9987 Cattle Comment Cattle firmed on good Labor Day weekend movement. Strong crude oil and a weaker dollar boosted inflation concerns but suggested improvement in the overall economy. Packers appear to be short of needs, which could prompt near term strength. October futures need to clear resistance near $87 to keep the uptrend intact. Hogs Peoria: were     steady   at   23   to   25 Chicago Futures: Oct up 47 at 5097   Dec up 50 at 4895 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs were higher again today as packer demand remains solid. Good packer margins should push plants to their maximum. This may be tough in the long run unless pork demand continues to increase, but good short term. Poultry  Date: September 08, 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. Retail and food service demand was light to moderate following the extended holiday weekend. Supplies of all sizes were fully sufficient 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