09/21/2009 Farm Bureau Market Report

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Grain & Soybean Date: September 21, 2009 Soybeans Local Elevators: (Sep) EAST AR:  895 to 911 (NC) Summ. 895 to 911 River Elevators: (Sep) MISS: 929 to 936 ; AR & White 894 to 904 (NC) Summ. 894 to 936 Ark. Processor Bids: (Sep) 902 to 905  (NC) 902 to 905 Memphis:  (Sep) 931 1/2 to 943 1/2 (NC)  931 1/2 to 933 1/2 Riceland Foods:  (Sep/Oct) Stuttgart 905 ; Pendleton 911 ; West Memphis 936 Chicago Futures: Nov down 27 1/2 at  913 1/2   Jan '10  down  26 1/4  at  919   Mar '10 down 24 1/4  at  922 1/4   Jul '10 down 18  at  926 1/2   Nov '10 down 7 1/2  at  896 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Lower crude oil and a stronger dollar provided downward impetus to soybeans. After rocking back on their heels following last week’s changing weather forecasts, soybeans caught a broadside and slid lower. November quickly penetrated trendline and flat support around $9.40. Recent support at $8.92 and then longer term support at $8.82 appear vulnerable. Longer term, weather forecasts now favor this crop making it without frost damage in the Midwest. Rain and disease may take a toll in the South. Corn traded more competitively than soybeans and closed with small declines. December briefly penetrated support between $3.10 and $3.15 before rebounding. However, long term this year’s potential crop could push toward support at $2.90, or eventually lower. Wheat Cash bid for September at Memphis  296 to 306; Bids to farmers at Local Elevators 370; River Elevators 393-411; Chicago Futures: Dec down  1 1/4  at  456    Mar '10 down 1  at  475 3/4    May '10 down  1 1/4  at  488 1/4    Jul '10 down  2  at  499 1/5    Sep '10 down  2  at  514 3/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for September at Memphis  546 to 573; Bids to farmers at River Elevators 475-550; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for September at Memphis   321 to 323;   new crop at Memphis   n/a to - - -; Bids to farmers at River Elevators  296 to 319 Chicago Futures: Dec down  2  at  316    Mar '10 down  2 1/4  at  329 1/4    Jul '10 down  2  at  347    Dec '10 down  1 1/2  at  366    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. It will be difficult for this market to gain any upward momentum without help from corn and beans. Cotton & Rice  Date: September 21, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis down 200 at  5835   Greenwood down  200 at 5835 New York Futures: Oct down  199  at  6119    Dec down  200  at  6260    Mar '10 down  177  at  6447    May '10 down  177  at  6575    - - -   - - -  at  - - -  This week's LDP rate for cotton is  4.25 cents   The estimate for next week is  2.72 cents Cotton Comment Cotton ran out of steam and reversed recent gains to close sharply lower. Overall trade remains in a wide range – 57 to 65.5 cents – that has contained the market for the last the three months. Recent weather in the mid-South will impact both yield and quality as harvest activities are pushed later. A smaller crop will lower ending stocks expectations and combined with improving economic conditions should give the market a boost at some point later in the 09/10 marketing year. Rice Long Grain Cash Bid for  Sep/Oct 1251  to  - - -   - - - - - -  to  - - - Chicago Futures: Nov down  1/2  at  1346    Jan '10 unchanged    at  1370 1/2    Mar '10 down  1/2  at  1394    May '10 down  2  at  1417 1/2    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice traded a wide range in the overnight session before finally closing narrowly mixed. Traders continued to show concern about the mid-South crop where rains have further delayed a late crop. This will result in both yield and quality loss and should trim future estimates of ending stocks for 09/10. The international market remains unchanged with Vietnam garnering a majority of current sales. Thai intervention stocks continue to grow and this could be a major market factor at some point. Cattle & Hogs  Date: September 21, 2009 Cattle As reported by Federal-State Market News, receipts were 2,986 head at sales in Ash Flat, Springdale & Ola.  Compared with last week, feeder steers sold weak to 43 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 109 to - - -   500 to 550 lbs. 86.50 to - - -   600 to 650 lbs. 84.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 102.50 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 93.75 to - - -  Medium & Large Frame 2   400 to 450 lbs. 86.50 to - - - Slaughter Cows, Boners 40   to   46 Light Weight 31 to 37 Bulls, Yield Grade   1   1000   to   2100 lbs.   51   to   57, high dressing 58-62.50 Midwest Steers   were $2 lower to $2 higher   at   82   to   86 Panhandle Steers   were $.50-2 higher   at   83.50   to   85 Oklahoma City Feeders Steers 550 to 600 lbs. 96.50 to 102.25   650 to 700 lbs. 97.60 to 100 Heifers 550 to 600 lbs. 87 to 93   n/a to - - - lbs. - - - to - - - Chicago Futures: Live Cattle: Oct down 57 at 8497   Dec down 37 at 8452 Feeders: Oct down 30 at 9672   Nov down 72 at 9670 Cattle Comment Cattle futures were under pressure today from Friday’s cattle on feed report. The total inventory was larger than expected due to a 2% increase in placements over last August. Hogs Peoria: were     steady   at   28   to   30 Chicago Futures: Oct down 65 at 5015   Dec down 92 at 4937 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures were sharply lower. Deferred contracts were leading the charge today on expectations for a bearish inventory report later this week. Poultry  Date: September 21, 2009 Eggs New York:  Ex. Lg. 96-100; Lg. 94-98; Med. 73-77; Chicago:  Ex. Lg. 84-92; Lg. 82-90; Med. 67-75; 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 barely steady. Retail and food service demand was light to moderate following the weekend. 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