09/28/2009 Farm Bureau Market Report

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Grain & Soybean Date: September 28, 2009 Soybeans Local Elevators: (Sep) EAST AR:  901 to 917 (NC) Summ. 901 to 917 River Elevators: (Sep) MISS: 937 to 950 ; AR & White 900 to 910 (NC) Summ. 898 to 942 Ark. Processor Bids: (Sep) 911 to - - -  (NC) 911 to - - - Memphis:  (Sep) 937 1/2 to 964 1/2 (NC)  935 1/2 to 937 1/2 Riceland Foods:  (Sep) Stuttgart 911 ; Pendleton 917 ; West Memphis 942 Chicago Futures: Nov down 6 1/2 at  919 1/2   Jan '10  down  6 1/2  at  924 1/2   Mar '10 down 8  at  924   Jul '10 down 11  at  921 1/2   Nov '10 down 12 3/4  at  893 3/4   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans turned lower this morning. Good weather almost assures a record soybean crop, perhaps larger than USDA’s September estimate. Strong demand is supporting the market. USDA announced today that China purchased another 225,000 tons. For the time being, support at $9 is holding strong. Corn posted gains again today. Active fund buying supported prices. There is still much of the crop in the field, and there are legitimate questions about the quality of what remains to be harvested. Resistance for December begins at $3.40. Wheat Cash bid for September at Memphis  292 3/4 to 305 3/4; Bids to farmers at Local Elevators 375; River Elevators 407-430; Chicago Futures: Dec up  6  at  455 3/4    Mar '10 up 5 1/2  at  475 1/4    May '10 up  5 1/2  at  490    Jul '10 up  4 1/2  at  505 1/4    Sep '10 up  4  at  520 1/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for September at Memphis  591 to 626; Bids to farmers at River Elevators 509-584; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for September at Memphis   348 3/4 to 349 3/4;   new crop at Memphis   306 1/4 to 336 1/4; Bids to farmers at River Elevators  328 to 346 Chicago Futures: Dec up  4 3/4  at  338 3/4    Mar '10 up  4 1/2  at  351 1/4    Jul '10 up  4 1/2  at  368 1/4    Dec '10 up  4 1/4  at  387 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures ended higher, recouping a portion of Friday’s huge losses. There wasn’t any fundamental reason for the selloff, just profit taking, suggesting that the funds aren’t committed to the long side of the wheat market. The huge world wheat crop and disappointing U.S. exports will keep a lid on the market. Cotton & Rice  Date: September 28, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 86 at  5865   Greenwood up  86 at 5865 New York Futures: Oct up  90  at  6150    Dec up  96  at  6290    Mar '10 up  106  at  6500    May '10 up  111  at  6630    - - -   - - -  at  - - -  This week's LDP rate for cotton is  3.15 cents   The estimate for next week is  3.92 cents Cotton Comment December cotton moved higher today instead of following through on Friday’s bearish reversal. Resistance just below 65.50 appears to be tough to break. 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 1226  to  1300/cwt   - - - - - -  to  - - - Chicago Futures: Nov up  12  at  1320 1/2    Jan '10 up  11 1/2  at  1345 1/2    Mar '10 up  11  at  1370    May '10 up  10 1/2  at  1394    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice posted solid gains. 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 28, 2009 Cattle As reported by Federal-State Market News, receipts were 2,339 head at sales in Springdale & Ola.  Compared with last week, feeder steers were mixed, steers steady to $2 higher, heifers weak to $3 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 109.25 to - - -   500 to 550 lbs. 102 to - - -   600 to 650 lbs. 93.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 98 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 91 to - - -  Medium & Large Frame 2   400 to 450 lbs. 83.25 to - - - Slaughter Cows, Boners 38   to   46 Light Weight 30 to 36 Bulls, Yield Grade   1   1000   to   2100 lbs.   50   to   56.50, high dressing 57-60.50 Midwest Steers   were $3.50 lower to steady   at   81   to   84.50 Panhandle Steers   were $1.50 lower to steady   at   84   to   84.50 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 up 5 at 8610   Dec up 42 at 8577 Feeders: Oct down 15 at 9645   Nov down 17 at 9655 Cattle Comment Live cattle futures mixed. October charted a bullish reversal, but 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 7 at 4987   Dec up 70 at 4972 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures ended lower after trading higher early. The Quarterly Hogs and Pigs report came in very near the average industry guess. Modest herd liquidation was reported in both market hogs and breeding stock. Poultry  Date: September 28, 2009 Eggs New York:  Ex. Lg. 99-103; Lg. 97-101; Med. 76-80; Chicago:  Ex. Lg. 86-94; Lg. 84-92; Med. 71-79; 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 sufficient to 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