09/24/2009 Farm Bureau Market Report

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Grain & Soybean Date: September 24, 2009 Soybeans Local Elevators: (Sep) EAST AR:  901 to 917 (NC) Summ. 901 to 917 River Elevators: (Sep) MISS: 942 to 945 ; AR & White 901 to 905 (NC) Summ. 900 to 942 Ark. Processor Bids: (Sep) 911 to - - -  (NC) 911 to - - - Memphis:  (Sep) 941 1/2 to 999 1/2 (NC)  935 1/2 to 937 1/2 Riceland Foods:  (Sep/Oct/Nov) Stuttgart 911 ; Pendleton 917 ; West Memphis 942 Chicago Futures: Nov down 1 at  919 1/2   Jan '10  down  1/2  at  924 1/2   Mar '10 up 1/2  at  926 1/2   Jul '10 up 2 1/4  at  928 1/2   Nov '10 up 7 1/2  at  901   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans ended mixed. Strong weekly export sales of 42.3 million bushels bring the marketing year total to 88% greater than last year at this time. China was by far the biggest buyer again this week. Good weather almost assures a record soybean crop, perhaps larger than USDA’s September estimate. 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. Crude oil has lost ground this week, but strength in corn has continued. There is still much of the crop in the field, and there are legitimate questions about the quality of what remains to be harvested. Wheat Cash bid for September at Memphis  309 to 323; Bids to farmers at Local Elevators 389; River Elevators 418-441; Chicago Futures: Dec up  13  at  473    Mar '10 up 13 1/4  at  492 3/4    May '10 up  14 3/4  at  506 3/4    Jul '10 up  16  at  519 1/4    Sep '10 up  16 3/4  at  534 1/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for September at Memphis  601 to 610; Bids to farmers at River Elevators 507-582; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for September at Memphis   348 1/2 to - - -;   new crop at Memphis   305 1/2 to 335 1/2; Bids to farmers at River Elevators  326 to 344 Chicago Futures: Dec up  6 1/4  at  336 1/2    Dec '10 up  6 1/2  at  349 3/4    Jul '10 up  6 1/4  at  367    Dec '10 up  5 3/4  at  386    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. New crop July gapped higher but failed at resistance at $5.20. Cotton & Rice  Date: September 24, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 13 at  6056   Greenwood up  13 at 6056 New York Futures: Oct up  13  at  6306    Dec up  13  at  6481    Mar '10 up  4  at  6663    May '10 down  4  at  6785    - - -   - - -  at  - - -  This week's LDP rate for cotton is  4.25 cents   The estimate for next week is  3.15 cents Cotton Comment Cotton was higher today, but December still is being limited by resistance just below 65.50. 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  14  at  1306    Jan '10 down  14  at  1330 1/2    Mar '10 down  12 1/2  at  1355 1/2    May '10 down  13  at  1380    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  medium grain rice is  0¢ Rice Comment Rice posted double-digit losses today. Global demand remains slow, and that is limiting futures. 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. Cattle & Hogs  Date: September 24, 2009 Cattle As reported by Federal-State Market News, receipts were 3,007 head at sales in Charlotte, Ratcliff & Green Forest.  Compared with last week, feeder steers sold weak to $5 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 103.50 to - - -   500 to 550 lbs. 96 to - -   600 to 650 lbs. 88.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 96.25 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 88.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 81.50 to - - - Slaughter Cows, Boners 40   to   46 Light Weight 30 to 37 Bulls, Yield Grade   1   1000   to   2100 lbs.   50   to   57, high dressing 57-61.50 Midwest Steers   remained   at   82   to   - - - Panhandle Steers   remained   at   82   to   - - - Oklahoma City Feeders Steers n/a to - - - lbs. - - - to - - -   n/a to - - - lbs. - - - to - - - Heifers n/a to - - - lbs. - - - to - - -   n/a to - - - lbs. - - - to - - - Chicago Futures: Live Cattle: Oct down 35 at 8610   Dec down 47 at 8527 Feeders: Oct down 75 at 9712   Nov down 67 at 9727 Cattle Comment Cattle futures ended mostly lower on negative action in outside markets and weakness in cash. October closed above previous resistance at $86, which now becomes support. Hogs Peoria: were     steady   at   27   to   29 Chicago Futures: Oct down 70 at 5022   Dec down 70 at 4935 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures were a bit lower on weakness in outside markets. October charted a bullish key reversal yesterday but needs to climb above yesterday’s high of $51.40 to build upward momentum. Poultry  Date: September 24, 2009 Eggs New York:  Ex. Lg. 99-103; Lg. 97-101; Med. 76-80; 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. Demand approaching the weekend was light and unaggressive with trading usually limited to regular commitments. Supplies of all sizes were adequate to available to satisfy current trade needs. In production areas live supplies were moderate at desirable to heavy 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