09/17/2009 Farm Bureau Market Report

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Grain & Soybean Date: September 17, 2009 Soybeans Local Elevators: (Sept) EAST AR:  926 to 942 (NC) Summ. 926 to 942 River Elevators: (Sept) MISS: 965 to 969 ; AR & White 926 to 944 (NC) Summ. 926 to 969 Ark. Processor Bids: (Sept) 936 to 940  (NC) 936 to 944 Memphis:  (Sept) 971 to 981 (NC)  971 to 973 Riceland Foods:  (Oct/Nov) Stuttgart 944 ; Pendleton 950 ; West Memphis 975 Chicago Futures: Nov up 2 1/2 at  953   Jan '10  up  1 1/4  at  956 1/4   Mar '10 down 1 1/4  at  955 1/2   July '10 down 6 1/2  at  952   Nov '10 down 12  at  918   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans rallied late to close mixed, after more moderate forecasts pressured the market most of the session. It is somewhat surprising that soybeans have held most of Tuesday’s gains after weather models showed a decreasing chance of frost later this month. It appears that funds are reluctant to roll out of long positions taken earlier in the week. Further weakness in the dollar remains a positive factor as November held above key support at $9.40. Wheat Cash bid for September at Memphis  301 3/4 to 311 3/4; Bids to farmers at Local Elevators 376; River Elevators 398-421; Chicago Futures: Dec down  5 1/2  at  461 3/4    Mar '10 down 5 1/2  at  481 1/2    May '10 down  5 1/2  at  494    July '10 down  4 1/2  at  505 3/4    Sept '10 down  4 1/2  at  521    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for September at Memphis  588 to 596; Bids to farmers at River Elevators 498-573; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for September at Memphis   331 to 333;   New crop at Memphis   - - - to - - -; Bids to farmers at River Elevators  324 to 327 Chicago Futures: Dec down  7 1/4  at  329    Mar '10 down  7 1/4  at  342 1/4    July '10 down  6 3/4  at  360 1/4    Dec '10 down  6  at  378 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat was under pressure today from carryover weakness from corn and beans. Weekly exports of 16.5 million bushels were within trade expectations, but were a disappointment none the less. Exports are down almost 40% when compared with this time last year. Technically, the market appears to be near a bottom, and season factors should help the market build upward momentum. Corn worked lower again today. December futures continue to retreat from Tuesday’s big move but held above $3.25 at day’s end. Tuesday’s $3.47 high is now resistance, while support remains just above $3. Export sales for the week were positive and limited downside pressure. Cotton & Rice  Date: September 17, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis  - - - at  - - -   Greenwood   - - - at - - - New York Futures: Oct up  54  at  6266    Dec up  66  at  6418    Mar '10 up  70  at  6619    May '10 up  62  at  6763    Dec '10 up  23  at  7054  This week's LDP rate for cotton is  5.45 cents   The estimate for next week is  4.25 cents Cotton Comment Cotton was higher again today and 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 new 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/Oct 1216  to  1278/cwt   Nov 1233/cwt  to  - - - Chicago Futures: Nov up  1  at  1328    Jan '10 unchanged    at  1351 1/2    Mar '10 down  1/2  at  1375 1/2    May '10 unchanged    at  1400    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice closed narrowly mixed in a light trade. 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 17, 2009 Cattle As reported by Federal-State Market News, receipts were 2622 head at sales in Charlotte, Ratcliff and Green Forest.  Compared with last week, feeder steers sold weak to $5 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 108 to - - -   500 to 550 lbs. 101.25 to - - -   600 to 650 lbs. 99.75 to - - -  Medium & Large Frame 2   400 to 450 lbs. 97.25 to - - - Heifers:  Medium & Large Frame 1   500 to 550 lbs. 88.50 to - - -  Medium & Large Frame 2   500 to 550 lbs. 88.50 to - - - Slaughter Cows, Boners 40   to   45 Light Weight 30 to 32 Bulls, Yield Grade   1-2   1000   to   2100 lbs.   52   to   58 Midwest Steers   were $1.50 higher   at   84.50   to   - - - Panhandle Steers   were $1.50 higher   at   84.50   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 106 to 111   550 to 600 lbs. 103 to 110.50 Heifers 500 to 550 lbs. 100 to 102.50   550 to 600 lbs. 98.50 to 101 Chicago Futures: Live Cattle: Oct down 120 at 8577   Dec down 130 at 8535 Feeders: Oct down 175 at 9670   Nov down 155 at 9700 Cattle Comment Cattle futures were under pressure again today. 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     steady   at   27   to   29 Chicago Futures: Oct down 27 at 5217   Dec up 57 at 5202 Sheep St. Paul n/a   at   - - -   to   - - - Hogs Comment Hog futures were mixed today. Renewed weakness in the pork market and slowing exports pressured the market. October is testing the recent uptrend. Poultry  Date: September 17, 2009 Eggs New York:  Ex. Lg. 96-100; Lg. 94-98; Med. 73-77; 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 approaching the weekend. Supplies of all sizes were available 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