09/09/2009 Farm Bureau Market Report

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Grain & Soybean Date: September 09, 2009 Soybeans Local Elevators: (Sep) EAST AR:  n/a to - - - (NC) Summ. 907 to 923 River Elevators: (Sep) MISS: 933 to 937 ; AR & White 902 to 923 (NC) Summ. 901 to 946 Ark. Processor Bids: (Sep) n/a to - - -  (NC) 915 to 920 Memphis:  (Sep) 933 1/2 to 938 1/2 (NC)  933 1/2 to 938 1/2 Riceland Foods:  (Sep) Stuttgart 917 ; Pendleton 923 ; West Memphis 946 Chicago Futures: Nov down 8 at  928 1/2   Jan '10  down  7 1/2  at  935 3/4   Mar '10 down 6 1/4  at  941   Jul '10 down 3 3/4  at  946 1/4   Nov '10 down 2  at  906 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans failed to push through resistance near $9.40 and ended the day a little lower. Even a weaker dollar couldn’t ignite the trade, as prospects for a record crop will remain a factor. Most private analysts project yield at 42 to 44 bushels per acre. However, a relatively new concern that uses satellite imagery has projected yield at 39.9 bushels per acre. USDA placed yield at 41.2 bushels in last month’s report. Corn was able to hold on to small gains as the market showed some evening up of positions ahead of Friday’s report. Private estimates suggest a new record yield topping the current 160.4 bushels per acre. Projections range as high as 170, but the firm using satellite imagery projects yield at a meager 152.8 bushels per acre. Depending on who is correct, the market can go either way. Further losses are likely on the record yield side with $2.90 and $2.65 being the initial downside objectives. Wheat Cash bid for September at Memphis  286 1/4 to 306 1/4; Bids to farmers at Local Elevators 385; River Elevators 392-415; Chicago Futures: Dec down  2 3/4  at  456 1/4    Mar '10 down 2 3/4  at  476    May '10 down  2 3/4  at  488 1/2    Jul '10 down  3  at  500    Sep '10 down  3 1/4  at  515 1/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for September at Memphis  562 to - - -; Bids to farmers at River Elevators 455-539; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for September at Memphis   300 3/4 to - - -;   new crop at Memphis   n/a to - - -; Bids to farmers at River Elevators  276 to 299 Chicago Futures: Dec up  2 1/4  at  309 3/4    Mar '10 up  2 1/4  at  323 1/4    Jul '10 up  2 1/4  at  341 1/4    Dec '10 up  2 3/4  at  360 1/2    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 09, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis down 125 at  5478   Greenwood down  125 at 5478 New York Futures: Oct unchanged    at  5878    Dec up  1  at  6077    Mar '10 up  15  at  6325    May '10 up  26  at  6495    - - -   - - -  at  - - -  This week's LDP rate for cotton is  5.94 cents   The estimate for next week is  5.56 cents Cotton Comment Cotton was steady to slightly higher as the market held gains after moving above recent resistance. 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. A weaker dollar will be a positive factor. Rice Long Grain Cash Bid for  Sep/Oct 1295  to  1310/cwt   Nov 1310/cwt  to  - - - Chicago Futures: Nov up  10  at  1405    Jan '10 up  10 1/2  at  1428 1/2    Mar '10 up  10  at  1452    May '10 up  7 1/2  at  1494    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice futures reversed yesterday’s decline and remains in position to test resistance at $14.25. 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, despite the weaker undertone that has developed in the international trade where Thai stocks remain a factor. Cattle & Hogs  Date: September 09, 2009 Cattle As reported by Federal-State Market News, receipts were 1,069 head at sales in Conway & Pocahontas.  Compared with last week, feeder steers sold steady to $3 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 105.25 to - - -   500 to 550 lbs. 95 to - - -   600 to 650 lbs. 83.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 86.25 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 90.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 81.75 to - - - Slaughter Cows, Boners 39   to   44 Light Weight 25 to 29 Bulls, Yield Grade   1   1400   to   2300 lbs.   53   to   58 Midwest Steers   were $1-2 lower   at   82   to   83 Panhandle Steers   were $1-2 higher   at   82   to   83 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 8755   Dec up 55 at 8742 Feeders: Oct up 105 at 10022   Nov up 115 at 10102 Cattle Comment Cattle futures were firm again today. 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 could head toward the 38% retracement objective above $88.30. Hogs Peoria: were $2     higher   at   25   to   27 Chicago Futures: Oct up 47 at 5145   Dec up 70 at 4965 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 09, 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 with trading usually limited to regular commitments. Supplies of all sizes were light 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