09/25/2009 Farm Bureau Market Report

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Grain & Soybean Date: September 25, 2009 Soybeans Local Elevators: (Sep) EAST AR:  907 to 923 (NC) Summ. 907 to 923 River Elevators: (Sep) MISS: 948 to 956 ; AR & White 907 to 922 (NC) Summ. 907 to 948 Ark. Processor Bids: (Sep) 917 to - - -  (NC) 917 to - - - Memphis:  (Sep) 948 to 1006 (NC)  942 to 944 Riceland Foods:  (Sep) Stuttgart 917 ; Pendleton 923 ; West Memphis 948 Chicago Futures: Nov up 6 1/2 at  926   Jan '10  up  6 1/2  at  931   Mar '10 up 5 1/2  at  932   Jul '10 up 4  at  932 1/2   Nov '10 up 5 1/2  at  906 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans ended the week on a positive note. Strong export sales are supporting the market despite the potential for a record harvest. Exports are currently 88% greater than last year at this time. Good weather almost assures a record soybean crop, perhaps larger than USDA’s September estimate. For the time being, support at $9 is holding strong. Corn turned lower, but 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  285 3/4 to 299 3/4; Bids to farmers at Local Elevators 371; River Elevators 400-423; Chicago Futures: Dec down  23 1/4  at  449 3/4    Mar '10 down 23  at  569 3/4    May '10 down  22 1/4  at  484 1/2    Jul '10 down  18 1/2  at  500 3/4    Sep '10 down  18  at  516 1/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for September at Memphis  n/a to - - -; Bids to farmers at River Elevators 500-575; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for September at Memphis   344 to 346;   new crop at Memphis   302 1/4 to 332 1/4; Bids to farmers at River Elevators  324 to 342 Chicago Futures: Dec down  2 1/2  at  334    Mar '10 down  3  at  346 3/4    Jul '10 down  3 1/4  at  363 3/4    Dec '10 down  3  at  383    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures posted sharp losses. Old crop December posted a bearish key reversal and broke out the bottom of the recent trading range that had held the market for the past few weeks. The upside continues to be limited by weak demand—exports are down 40% for the marketing year. Cotton & Rice  Date: September 25, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis down 277 at  5779   Greenwood down  277 at 5779 New York Futures: Oct down  246  at  6060    Dec down  287  at  6194    Mar '10 down  269  at  6394    May '10 down  266  at  6519    - - -   - - -  at  - - -  This week's LDP rate for cotton is  3.15 cents   The estimate for next week is  2.97 cents Cotton Comment December cotton charted a bearish key reversal today after failing to push above the recent high just below 65.50 cents. Today’s action appears to be technical in nature. 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 1214/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Nov up  2 1/2  at  1308 1/2    Jan '10 up  3 1/2  at  1334    Mar '10 up  3 1/2  at  1359    May '10 up  3 1/2  at  1383 1/2    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice ended a bit higher after a roller-coaster week. 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 25, 2009 Cattle As reported by Federal-State Market News, receipts were 14,230 head at sales in Arkansas this week.  Compared with last week, feeder steers sold steady to $2 lower. Feeder heifers $1-5 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 110 to - - -   500 to 550 lbs. 96.25 to - - -   600 to 650 lbs. 89.75 to - - -  Medium & Large Frame 2   400 to 450 lbs. 97 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 90 to - - -  Medium & Large Frame 2   400 to 450 lbs. 83.25 to - - - Slaughter Cows, Boners 38.50   to   45.50 Light Weight 27 to 35 Bulls, Yield Grade   1   1000   to   2100 lbs.   51.60   to   56, high dressing 56.50-61 Midwest Steers   were $2.50 higher   at   84.50   to   - - - Panhandle Steers   were $2.50 higher   at   84.50   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 98 to 110   600 to 650 lbs. 95 to 106.75 Heifers 500 to 550 lbs. 85 to 102   600 to 650 lbs. 86 to 98.85 Chicago Futures: Live Cattle: Oct down 5 at 8605   Dec up 7 at 8535 Feeders: Oct down 52 at 9660   Nov down 55 at 9672 Cattle Comment Live cattle futures were little-changed today. October has resistance at $86.50 that is limiting the upside. Recent strength in corn has taken its toll on feeders. Hogs Peoria: were     steady   at   27   to   29 Chicago Futures: Oct down 27 at 4995   Dec down 32 at 4902 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures ended lower as traders bided their time ahead of this afternoon’s inventory report. The market is expecting the breeding herd to be about 3% smaller than a year ago at this time. Poultry  Date: September 25, 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. Supplies of all sizes were more than sufficient 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