09/23/2009 Farm Bureau Market Report

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Grain & Soybean Date: September 23, 2009 Soybeans Local Elevators: (Sep) EAST AR:  902 to 918 (NC) Summ. 902 to 918 River Elevators: (Sep) MISS: 938 to 946 ; AR & White 901 to 911 (NC) Summ. 901 to 943 Ark. Processor Bids: (Sep) 912 to - - -  (NC) 912 to - - - Memphis:  (Sep) 940 1/2 to 958 1/2 (NC)  938 1/2 to 940 1/2 Riceland Foods:  (Sep) Stuttgart 912 ; Pendleton 918 ; West Memphis 943 Chicago Futures: Nov down 1 1/2 at  920 1/2   Jan '10  down  1 1/4  at  925   Mar '10 down 1 3/4  at  926   Jul '10 down 4 1/4  at  926 1/4   Nov '10 down 7 1/2  at  895 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans ended a bit lower but well off the day’s lows. 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 continued to climb higher today and December support at $3.00 looks solid for the time being. The market appears to have the huge crop already built in to current prices. 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. Wheat Cash bid for September at Memphis  590 to 604; Bids to farmers at Local Elevators 373; River Elevators 397-420; Chicago Futures: Dec up  4 1/4  at  460    Mar '10 up 4  at  479 1/2    May '10 up  4  at  492    Jul '10 up  4  at  503 1/4    Sep '10 up  3 1/2  at  517 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for September at Memphis  590 to 604; Bids to farmers at River Elevators 500-575; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for September at Memphis   342 1/4 to - - -;   new crop at Memphis   n/a to - - -; Bids to farmers at River Elevators  312 to 335 Chicago Futures: Dec up  4 1/2  at  330 1/4    Mar '10 up  4 1/4  at  343 1/4    Jul '10 up  3 3/4  at  360 3/4    Dec '10 up  4  at  380 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures showed surprising strength today. Not much fundamental justification for the move. The upside continues to be limited by weak demand—exports are down 40% for the marketing year. The market is, however, technically oversold and due a correction. Cotton & Rice  Date: September 23, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 55 at  6043   Greenwood up  55 at 6043 New York Futures: Oct up  54  at  6293    Dec up  55  at  6468    Mar '10 up  48  at  6659    May '10 up  43  at  6789    - - -   - - -  at  - - -  This week's LDP rate for cotton is  4.25 cents   The estimate for next week is  3.19 cents Cotton Comment Cotton moved higher again 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 1225/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Nov down  5  at  1320    Jan '10 down  4 1/2  at  1344 3/4    Mar '10 down  5  at  1368    May '10 down  5 1/2  at  1393    - - -   - - -  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. 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. The recent low of $13.10 is providing support. Cattle & Hogs  Date: September 23, 2009 Cattle As reported by Federal-State Market News, receipts were 1,391 head at sales in Conway & Pocahontas.  Compared with last week, feeder steers sold weak to $5 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 104.25 to - - -   500 to 550 lbs. 94 to - - -   600 to 650 lbs. 87.25 to - - -  Medium & Large Frame 2   400 to 450 lbs. 75 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 83.75 to - - -  Medium & Large Frame 2   400 to 450 lbs. 75 to - - - Slaughter Cows, Boners 41   to   46 Light Weight 25 to 35 Bulls, Yield Grade   1   1400   to   2300 lbs.   53.50   to   58 Midwest Steers   were quoted   at   82   to   - - - Panhandle Steers   were quoted   at   82   to   - - - Oklahoma City Feeders Steers 550 to 600 lbs. 96 to 104   600 to 650 lbs. 90 to 98 Heifers 500 to 550 lbs. 92 to 102   600 to 650 lbs. 93 to 98.85 Chicago Futures: Live Cattle: Oct up 117 at 8645   Dec up 140 at 8575 Feeders: Oct up 102 at 9787   Nov up 117 at 9795 Cattle Comment Cattle futures were sharply higher. There was little fundamental news to justify the rally, but the market had become oversold and due a correction. Optimism about the economy was a factor as well, as funds were active buyers today. October was back above $86 today, and will find resistance near $87. Hogs Peoria: were $1     lower   at   27   to   29 Chicago Futures: Oct up 105 at 5092   Dec up 130 at 5005 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures also posted strong gains today. Lower than expected pork stocks in this week’s report were supportive. October charted a bullish key reversal today. Chart resistance begins at the gap from $51.80 to $52.02. Poultry  Date: September 23, 2009 Eggs New York:  Ex. Lg. 97-101; Lg. 95-99; Med. 74-78; Chicago:  Ex. Lg. 84-92; Lg. 82-90; Med. 67-75; Eastern Region Turkeys Hens: 8-16 lbs. 73.5-82 Toms: 16-24 lbs. 73.5-82   Delmarva Broilers U.S. Grade A The market tone was barely steady to weak. Supplies of all sizes were more than sufficient to readily available 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