09/18/2009 Farm Bureau Market Report

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Grain & Soybean Date: September 18, 2009 Soybeans Local Elevators: (Sep) EAST AR:  914 to 930 (NC) Summ. 914 to 930 River Elevators: (Sep) MISS: 953 to 957 ; AR & White 914 to 932 (NC) Summ. 914 to 957 Ark. Processor Bids: (Sep) 924 to 929  (NC) 924 to 932 Memphis:  (Sep) 959 to 969 (NC)  959 to 961 Riceland Foods:  (Sep/Oct) Stuttgart 932 ; Pendleton 938 ; West Memphis 963 Chicago Futures: Nov down 12 at  941   Jan '10  down  11  at  945 1/4   Mar '10 down 9  at  946 1/2   July '10 down 7 1/2  at  944 1/2   Nov '10 down 14  at  904   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans lost momentum late in the session and closed lower for the day. Nearby contracts held gains at noon, but backed off in late trading. Early week frost warnings are long gone, but the market has held fairly well with November remaining above key support at $9.40. Weather across the Midwest was pretty good this week and helped push the crop toward maturity. Excellent export demand provided support. Wheat Cash bid for September at Memphis  297 1/4 to 307 1/4; Bids to farmers at Local Elevators 372; River Elevators 393-416; Chicago Futures: Dec down  4 1/2  at  457 1/4    Mar '10 down 4 3/4  at  476 3/4    May '10 down  4 1/2  at  489 1/2    July '10 down  4 1/4  at  501 1/2    Sept '10 down  4 1/4  at  516 3/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for September at Memphis  568 to 582; Bids to farmers at River Elevators 479-554; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for September at Memphis   320 to 322;   new crop at Memphis   - - - to - - -; Bids to farmers at River Elevators  293 to 316 Chicago Futures: Dec down  11  at  318    Mar '10 down  10 3/4  at  331 1/2    July '10 down  11 1/4  at  349    Dec '10 down  11 1/2  at  367 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat continues to be under pressure despite being technically oversold and due a corrective rebound. The upside continues to be limited by weak demand—exports are down 40% for the marketing year. Corn continued to move lower with December closing just under key support at $3.20. Good weather may add more bushels to this year’s yield and that could push carryover toward 2 billion bushels. It will be hard for corn to stay above $3 if that becomes reality. Cotton & Rice  Date: September 18, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 42 at  6035   Greenwood up  42 at 6035 New York Futures: Oct up  52  at  6318    Dec up  42  at  6460    Mar '10 up  5  at  6624    May '10 down  11  at  6752    Dec '10 down  32  at  7022  This week's LDP rate for cotton is  5.45 cents   The estimate for next week is  4.25 cents Cotton Comment Cotton continued to move higher as current weather conditions threaten the Midsouth and Southeast crop. December continues to inch toward recent resistance with a high just under 65 cents. This is 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/Oct 1216  to  1278/cwt   Nov 1252/cwt  to  - - - Chicago Futures: Nov up  18 1/2  at  1346 1/2    Jan '10 up  19  at  1370 1/2    Mar '10 up  19  at  1394 1/2    May '10 up  19 1/2  at  1419 1/2    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment November rice futures came within 2 cents of closing last Friday’s report gap. The market improved again today. 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 18, 2009 Cattle As reported by Federal-State Market News, receipts were 11,080 head at sales in Arkansas this week.  Compared with last week, feeder steers sold mostly steady to $2 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 109.75 to - - -   500 to 550 lbs. 98.25 to - - -   600 to 650 lbs. 92 to - - -  Medium & Large Frame 2   400 to 450 lbs. 92.25 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 95 to - - -  Medium & Large Frame 2   400 to 450 lbs. 84.25 to - - - Slaughter Cows, Boners 40   to   45.50 Light Weight 26 to 36 Bulls, Yield Grade   1   1000   to   2100 lbs.   52   to   56, high dressing 60-62 Midwest Steers   were 50¢ lower   at   84   to   - - - Panhandle Steers   were $1.50 lower   at   83   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 101 to 114   550 to 600 lbs. 97 to 110.50 Heifers 500 to 550 lbs. 90 to 104   550 to 600 lbs. 90 to 101 Chicago Futures: Live Cattle: Oct down 22 at 8555   Dec down 45 at 8490 Feeders: Oct up 32 at 9702   Nov up 42 at 9742 Cattle Comment Cattle futures ended mixed. Lower corn prices gave feeders a boost. Lack luster beef demand will limit upside potential and pressure cutout values. Hogs Peoria: were 50¢ to $3     higher   at   29.50   to   30 Chicago Futures: Oct down 137 at 5080   Dec down 172 at 5030 Sheep St. Paul sheep shorn slaugther lambs   at   n/a   to   - - - Hogs Comment Hog futures were sharply lower. Renewed weakness in the pork market and slowing exports pressured the market. October violated the recent uptrend but found some support at the chart gap to $50.55. Poultry  Date: September 18, 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. 78-83.5 Toms: 16-24 lbs. 78-82   Delmarva Broilers U.S. Grade A The market tone was about steady to barely steady. Retail and food service demand was light to moderate with limited trading. Supplies of all sizes were more than 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