09/16/2009 Farm Bureau Market Report

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Grain & Soybean Date: September 16, 2009 This report reflects prices as of noon on Wednesday, September 16, 2009. Soybeans Local Elevators: (Sept) EAST AR:  to (NC) Summ. to River Elevators: (Sept) MISS: to  ; AR & White to (NC) Summ. to Ark. Processor Bids: (Sept)  to  (NC)  to Memphis:  (Sept)  to  (NC)   to Riceland Foods:  (Oct/Nov) Stuttgart  ; Pendleton  ; West Memphis Chicago Futures: Nov down 9 1/2 at  950 1/2   Jan '10  down  9  at  955   Mar '10 down 10 3/4  at  956 3/4   July '10 down 11  at  958 1/2   Nov '10 down 11 1/2  at  930   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment In early trading, soybeans gave back a portion of yesterday’s gains as weather forecasts reduce the frost potential. Actions the last two days show how sensitive the market will be over the next several weeks. The trade appears to be comfortable with a big crop and won’t hesitate to jump on the bandwagon if it appears it will be reduced. Broad trading parameters will see November moving between yesterday’s high near $9.75 and the recent low near $8.90. Wheat Cash bid for September at Memphis   to ; Bids to farmers at Local Elevators ; River Elevators ; Chicago Futures: Dec down  3 1/4  at  467 1/4    Mar '10 down 3 1/4  at  487    May '10 down  3 1/4  at  499 1/2    July '10 down  3  at  510 1/4    Sept '10 down  2 1/2  at  525 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for September at Memphis   to ; Bids to farmers at River Elevators ; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for September at Memphis    to ;   New crop at Memphis    to ; Bids to farmers at River Elevators  to Chicago Futures: Dec down  10 1/4  at  336 1/4    Mar '10 down  10 1/4  at  349 1/2    July '10 down  10 1/2  at  367    Dec '10 down  9 1/4  at  384 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat made a key reversal bottom yesterday, but is being swept lower by general pressure in the grain area. If yesterday was not a low in the market it should be close. Seasonal factors tend to be positive despite big supplies. Corn was pressured lower as big gains led to profit taking in today’s early trade. A big crop is expected and that will limit upside potential. Look for resistance around $3.50 and support near $3.00. Cotton & Rice  Date: September 16, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis   at     Greenwood    at  New York Futures: Oct up  70  at  6212    Dec up  50  at  6352    Mar '10 up  45  at  6549    May '10 up  40  at  6701    Dec '10 up  68  at  7031  This week's LDP rate for cotton is  5.45 cents   The estimate for next week is  4.51 cents Cotton Comment Cotton continues to show a little strength despite less than perfect export demand. Weather across the Midsouth is not helping a late crop that needs sun and warmer temperatures to finish out. Economic news is improving and that could provide improved demand on down the line. Resistance at 65.5 cents will be hard to overcome. Rice Long Grain Cash Bid for  Sept  to    Oct  to  Chicago Futures: Nov down  45  at  13270    Jan '10 down  45  at  13515    Mar '10 down  40  at  13760    May '10 down  40  at  14000    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice traded to both sides of yesterday’s close as the market took a look and see attitude following recent big declines. USDA surprised the market with major adjustments in stocks and ’09 production in last week’s report. Monday’s low just above $13 should be good support. Recent rainy weather is hampering an already late harvest and has offered a little support to the market. International concerns are unchanged with Vietnam getting much of the current business and Thailand maintaining big intervention stocks with a price that is well above current bids. Cattle & Hogs  Date: September 16, 2009 Cattle As reported by Federal-State Market News, receipts were 1425 head at sales in Conway and Pocahontas.  Compared with last week, feeder steers and bulls sold $1 to $4 lower, heifers sold weak to $3 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 104 to - -   500 to 550 lbs. 92 to - - -   600 to 650 lbs. 90.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 89 to - - - Heifers:  Medium & Large Frame 1   500 to 550 lbs. 86 to - - -  Medium & Large Frame 2   400 to 450 lbs. 78.50 to - - - Slaughter Cows, Boners 41   to   46 Light Weight 23 to 32 Bulls, Yield Grade   1   1400   to   2300 lbs.   55   to   61 Midwest Steers   were steady   at   83   to   - - - Panhandle Steers   were steady   at   83   to   - - - Oklahoma City Feeders Steers to lbs. to   to lbs. to Heifers to lbs. to   to lbs. to Chicago Futures: Live Cattle: Oct down 25 at 8697   Dec down 17 at 8665 Feeders: Oct down 27 at 9827   Nov up 2 at 9845 Cattle Comment Modest gains in livestock futures are being pressured at noon. October futures have been unable to move above resistance just below $88. Lack luster beef demand will limit upside potential and pressure cutout values. Hogs Peoria: were $1 lower to $3     higher   at   27   to   29 Chicago Futures: Oct down 97 at 5245   Dec down 42 at 5145 Sheep St. Paul n/a   at   - - -   to   - - - Hogs Comment Hog futures lost early momentum and had been unable to move through resistance near $54 at noon. Recent export demand could be waning after gains in pork cutout values. Poultry  Date: September 16, 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 limited trading. 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