09/10/2009 Farm Bureau Market Report

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Grain & Soybean Date: September 10, 2009 Soybeans Local Elevators: (Sep) EAST AR:  900 to 916 (NC) Summ. 900 to 916 River Elevators: (Sep) MISS: 931 to 939 ; AR & White 900 to 921 (NC) Summ. 899 to 939 Ark. Processor Bids: (Sep) 900 to 912  (NC) 910 to 912 Memphis:  (Sep) 931 1/2 to 938 1/2 (NC)  931 1/2 to 938 1/2 Riceland Foods:  (NC) Stuttgart 910 ; Pendleton 916 ; West Memphis 939 Chicago Futures: Nov down 2 at  926 1/2   Jan '10  down  2 1/4  at  933 1/2   Mar '10 down 2 1/4  at  938 3/4   Jul '10 down 4 1/2  at  941 3/4   Nov '10 down 4  at  910 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans traded a fairly narrow range before closing mixed. Expiring September ended the day higher while most new crop contracts were a little lower. After Tuesday’s big upturn the market has been somewhat subdued with interest focusing on the report. The average trade estimate places the crop at 3.25 bushels, an increase of abut 50 million bushels, over the August report. Yield estimates average 42.4 bushels per acre. November resistance is $9.40 with initial downside support around $8.80. Corn firmed again as December futures held above the $3 level. The average pre-report estimate is for a record yield of 161.4 bushels per acre and a crop of just over 12.9 billion bushels. That would add about 250 million bushels to the August report. Resistance for December is previous support just above $3.20. Support is $2.90 to the recent low of $3.02. There is downside risk to $2.65. Wheat Cash bid for September at Memphis  298 3/4 to 309 3/4; Bids to farmers at Local Elevators 372; River Elevators 394-417; Chicago Futures: Dec up  2 1/2  at  458 3/4    Mar '10 up 2 1/2  at  478 1/2    May '10 up  2 1/2  at  491    Jul '10 up  2 1/4  at  502 1/4    Sep '10 up  1 1/2  at  516 3/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for September at Memphis  572 to - - -; Bids to farmers at River Elevators 464-548; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for September at Memphis   306 1/4 to 310 1/4;   new crop at Memphis   n/a to - - -; Bids to farmers at River Elevators  282 to 305 Chicago Futures: Dec up  5 1/2  at  315 1/4    Mar '10 up  5 1/2  at  328 3/4    Jul '10 up  5 1/4  at  346 1/2    Dec '10 up  5  at  365 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat turned a bit higher today. This market is oversold and due a correction. Seasonally, the market rebounds after harvest, peaking in October or November, so we should be close to having the oversupply issue fully factored in to prices. Cotton & Rice  Date: September 10, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 21 at  5499   Greenwood up  21 at 5499 New York Futures: Oct up  21  at  5899    Dec up  15  at  6092    Mar '10 up  15  at  6340    May '10 up  12  at  6507    - - -   - - -  at  - - -  This week's LDP rate for cotton is  5.94 cents   The estimate for next week is  5.45 cents Cotton Comment Cotton was steady with December closing a few points higher, just off 61 cents. Tomorrow’s report will likely shed some light on this year’s production. Harvested acreage and yield could be adjusted. Overall expectations will hinge on economic conditions in the U.S. and world wide. Until consumption picks up and China increases imports, upside potential for cotton is limited. Current December trading range is 57 cents to 65.5 cents. Rice Long Grain Cash Bid for  Sep/Oct 1295  to  1307/cwt   Nov 1307/cwt  to  - - - Chicago Futures: Nov down  3  at  1402    Jan '10 down  2 1/2  at  1426    Mar '10 down  2  at  1450    May '10 unchanged    at  1473 1/2    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice was a little lower going into tomorrow’s report but November held above $14. Long grain production is expected to be adjusted. Overall numbers should reflect a likely tightening of stocks through this marketing year. On a broader prospective, big Thai stocks will continue to overhang the market. November has resistance at the recent high near $14.25. Support starts around $13.40. Cattle & Hogs  Date: September 10, 2009 Cattle As reported by Federal-State Market News, receipts were 1,589 head at sales in Charlotte & Ratcliff.  Compared with last week, feeder steers sold unevenly, steers about steady, heifers steady to $3 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 110 to - - -   500 to 550 lbs. 99.25 to - - -   600 to 650 lbs. 94.25 to - - -  Medium & Large Frame 2   400 to 450 lbs. 98 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 91.75 to - - -  Medium & Large Frame 2   400 to 450 lbs. 85.75 to - - - Slaughter Cows, Boners 38   to   44 Light Weight n/a to - - - Bulls, Yield Grade   1-2   1000   to   2100 lbs.   54   to   55 Midwest Steers   were $1 higher to steady   at   83   to   - - - Panhandle Steers   were $1 higher to steady   at   83   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 32 at 8722   Dec down 27 at 8715 Feeders: Oct down 45 at 9977   Nov down 67 at 10035 Cattle Comment Cattle futures turned lower. Futures’ premium to cash and the lack of cash trade so far this week weighed on prices. Firmer corn prices took their toll on feeder futures. 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 0-$1     higher   at   26   to   28 Chicago Futures: Oct up 97 at 5242   Dec up 105 at 5070 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs were higher again today. USDA announced today that they would buy more pork for government food programs, giving futures a boost. 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 10, 2009 Eggs New York:  Ex. Lg. 96-100; Lg. 94-98; 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 limited trading. Supplies of all sizes were adequate to fully adequate 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