09/22/2009 Farm Bureau Market Report

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Grain & Soybean Date: September 22, 2009 Soybeans Local Elevators: (Sep) EAST AR:  903 to 919 (NC) Summ. 903 to 919 River Elevators: (Sep) MISS: 937 to 944 ; AR & White 903 to 913 (NC) Summ. 903 to 944 Ark. Processor Bids: (Sep) 913 to - - -  (NC) 913 to - - - Memphis:  (Sep) 940 to 947 (NC)  940 to - - - Riceland Foods:  (Sep) Stuttgart 913 ; Pendleton 919 ; West Memphis 944 Chicago Futures: Nov up 8 1/2 at  922   Jan '10  up  7 1/4  at  926 1/4   Mar '10 up 5 1/2  at  927 3/4   Jul '10 up 4  at  930 1/2   Nov '10 up 6 1/2  at  903   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans rebounded on a weaker dollar and higher crude oil. This could be the pattern for the near term. Good weather almost assures a record soybean crop, perhaps larger than USDA’s September estimate. Strong Chinese buying has been a positive and should continue for the time being. Longer term, the sheer size of this crop could push futures through key support at $8.80 and toward support just below $8. Corn led today’s rebound with outside support being a major factor. Stronger crude oil boosts ethanol potential and that is adding to overall corn use. The market appears to be very comfortable with a 13 billion bushel crop. That will continue as long as the ethanol outlook remains good. December support at $3.00 remains solid for the time being. Wheat Cash bid for September at Memphis  285 3/4 to 305 3/4; Bids to farmers at Local Elevators 370; River Elevators 393-416; Chicago Futures: Dec down  1/4  at  455 3/4    Mar '10 down 1/4  at  475 1/2    May '10 down  1/4  at  488    Jul '10 down  1/4  at  499 1/4    Sep '10 down  3/4  at  514    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for September at Memphis  555 to 585; Bids to farmers at River Elevators 493-568; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for September at Memphis   332 3/4 to 333 3/4;   new crop at Memphis   n/a to - - -; Bids to farmers at River Elevators  308 to 331 Chicago Futures: Dec up  9 3/4  at  325 3/4    Mar '10 up  9 3/4  at  339    Jul '10 up  10  at  357    Dec '10 up  10 1/4  at  376 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. It is possible that the most bearish scenario has now been factored into prices. Argentina is expected to cut back acreage due to drought and the Australian crop estimate is expected to be cut also due to drought. Cotton & Rice  Date: September 22, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 153 at  5988   Greenwood up  153 at 5988 New York Futures: Oct up  120  at  6239    Dec up  153  at  6413    Mar '10 up  164  at  6611    May '10 up  171  at  6746    - - -   - - -  at  - - -  This week's LDP rate for cotton is  4.25 cents   The estimate for next week is  3.17 cents Cotton Comment Cotton retraced a good portion of yesterday’s decline to close higher today. Overall trade remains in a wide range – 57 to 65.5 cents – that has contained the market for the last 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/Nov 1230/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Nov down  21  at  1325    Jan '10 down  21 1/2  at  1349    Mar '10 down  21  at  1373    May '10 down  19  at  1398 1/2    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice was lower for the day as the market dropped near recent support. 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 22, 2009 Cattle As reported by Federal-State Market News, receipts were 2,083 head at sales in Fort Smith & Heber Springs.  Compared with last week, feeder steers sold weak to $4 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 105.25 to - - -   500 to 550 lbs. 96 to - - -   600 to 650 lbs. 90.25 to - - -  Medium & Large Frame 2   400 to 450 lbs. 93 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 91.25 to - - -  Medium & Large Frame 2   400 to 450 lbs. 85 to - - - Slaughter Cows, Boners 42   to   47 Light Weight 27 to 31 Bulls, Yield Grade   1   1000   to   2100 lbs.   53   to   59, high dressing 59-60 Midwest Steers   n/a   at   - - -   to   - - - Panhandle Steers   n/a   at   - - -   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 95 to 106.50   600 to 650 lbs. 97.25 to 100.50 Heifers 500 to 550 lbs. 92 to 102   600 to 650 lbs. 93 to 98.85 Chicago Futures: Live Cattle: Oct up 30 at 8527   Dec down 17 at 8435 Feeders: Oct up 12 at 9685   Nov up 7 at 9677 Cattle Comment Cattle futures were mixed today. The weaker dollar and stronger crude oil gave the market a boost. Hogs Peoria: were     steady   at   28   to   30 Chicago Futures: Oct down 27 at 4987   Dec down 62 at 4875 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures were lower again today. Deferred contracts were leading the charge today on expectations for a bearish inventory report later this week. The weaker dollar and stronger crude oil were supportive. Poultry  Date: September 22, 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 to weak. Retail and food service demand was light to moderate. 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