09/15/2009 Farm Bureau Market Report

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Grain & Soybean Date: September 15, 2009 Soybeans Local Elevators: (Sept) EAST AR:  933 to 949 (NC) Summ. 933 to 949 River Elevators: (Sept) MISS: 965 to 972 ; AR & White 933 to 943 (NC) Summ. 933 to 972 Ark. Processor Bids: (Sept) 943 to 945  (NC) 943 to 945 Memphis:  (Sept) 970 to - - (NC)  970 to - - - Riceland Foods:  (Oct/Nov) Stuttgart 943 ; Pendleton 949 ; West Memphis 972 Chicago Futures: Nov up 51 at  960   Jan '10  up  50 1/4  at  964   Mar '10 up 49 1/4  at  967 1/2   July '10 up 49 1/4  at  969 1/2   Nov '10 up 40 3/4  at  941 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans jumped on the mention of frost in long range weather forecasts for the Midwest. Obviously the market is very comfortable with a big crop. Their discomfort is with anything that might take the top off that crop. Following a late turnaround yesterday, the market pushed above key resistance at $9.40 and looks poised to perhaps test resistance between $9.90 and $10.17. This becomes another pricing opportunity with updated forecasts becoming very important. Stronger crude oil and a weaker dollar added support. Wheat Cash bid for September at Memphis  308 1/2 to 320 1/2; Bids to farmers at Local Elevators 383; River Elevators 405-428; Chicago Futures: Dec up  16 1/2  at  470 1/2    Mar '10 up 16 1/2  at  490 1/4    May '10 up  16 1/2  at  502 3/4    July '10 up  16 1/4  at  513 1/4    Sept '10 up  16 1/4  at  528 1/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for September at Memphis  624 to 628; Bids to farmers at River Elevators 529-604; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for September at Memphis   341 1/2 to 350 1/2;   New crop at Memphis   - - - to - - -; Bids to farmers at River Elevators  319 to 342 Chicago Futures: Dec up  28 3/4  at  346 1/2    Mar '10 up  28 1/2  at  359 3/4    July '10 up  28  at  377 1/2    Dec '10 up  25 1/4  at  394    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures have been trending lower for months now and are oversold. This market is due a corrective bounce, but there hasn’t been anything to spark buying interest. Today’s huge gains in corn and soybeans, however, may have done the trick. December charted a key reversal Friday, so this could be the beginning of an up-move. Corn led the rebound, showing improvement following last Friday’s report. It has been evident that a 13 billion bushel crop has been built into expectations, so anything that might reduce that is a positive for the market. December moved above recent resistance and is in position to test the $3.75 to $3.90 range. The recent high at $3.76 becomes the likely target. Cotton & Rice  Date: September 15, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 121 at  5767   Greenwood up  121 at 5767 New York Futures: Oct up  96  at  6142    Dec up  81  at  6302    Mar '10 up  75  at  6504    May '10 up  78  at  6661    - - -   - - -  at  - - -  This week's LDP rate for cotton is  5.45 cents   The estimate for next week is  4.77 cents Cotton Comment Cotton rode the wave in grains and moved higher for the third day in a row. December is now in position to test resistance just above 65 cents. The market could move higher despite a slightly larger crop estimate. USDA increase 08/09 ending stocks 100,000 bales from the August report. They also raised exports 300,000 bales effectively holding ending stocks at 5.6 million bales. Rice Long Grain Cash Bid for  Sept 1216  to  1278/cwt   Oct 1216  to  1278/cwt Chicago Futures: Nov up  15  at  1331 1/2    Jan '10 up  16  at  1356    Mar '10 up  16  at  1380    May '10 up  15  at  1404    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice appears to have weathered the storm at least for the time being. After several days of decline the market followed grains and crude oil higher and may test recent support at $13.40. USDA bumped overall production by 6.7 million cwt. In addition, slow exports in 08/09 resulted in an upward adjustment of 7.7 million cwt in ending stocks. So, available 08/09 long grain stocks were boosted to 190.8 million cwt, up 5.7 million cwt, as opposed to being lowered. Medium grain supply was raised 8.8 million cwt from August. Cattle & Hogs  Date: September 15, 2009 Cattle As reported by Federal-State Market News, receipts were 1397 head at sales in Fort Smith and Heber Springs.  Compared with last week, feeder steers sold weak to $3 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 105.75 to - - -   500 to 550 lbs. 97 to - - -   600 to 650 lbs. 94.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 94.75 to - - - Heifers:  Medium & Large Frame 1   500 to 550 lbs. 88.25 to - - -  Medium & Large Frame 2   400 to 450 lbs. 85.50 to - - - Slaughter Cows, Boners 43   to   47.50 Light Weight 29 to 33 Bulls, Yield Grade   1   1000   to   2100 lbs.   54   to   62 Midwest Steers   were steady to $2 lower   at   83   to   - - - Panhandle Steers   were steady to $2.50 lower   at   83   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 106.75 to 109.50   550 to 600 lbs. 105 to 110 Heifers 500 to 550 lbs. 97.50 to 104   550 to 600 lbs. 95.25 to 99.50 Chicago Futures: Live Cattle: Oct up 17 at 8722   Dec up 15 at 8682 Feeders: Oct down 50 at 9842   Nov down 65 at 9875 Cattle Comment Cattle futures were mixed. Sharp gains in corn pressured feeders. Live cattle futures were under pressure from their premium to cash. October is testing support in the $87 area. Hogs Peoria: were     steady   at   26   to   28 Chicago Futures: Oct up 247 at 5342   Dec up 287 at 5187 Sheep St. Paul n/a   at   - -   to   - - - Hogs Comment Hogs reclaimed yesterday’s losses and then some today. The market moved back above the trendline violated yesterday. October has resistance at $54. Poultry  Date: September 15, 2009 Eggs New York:  Ex. Lg. 96-100; Lg. 94-98; Med. 71-75; Chicago:  Ex. Lg. 83-91; Lg. 81-89; Med. 63-71; 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 about steady. Retail and food service demand was light to moderate with trading usually limited to regular commitments. Supplies of all sizes were sufficient to 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