09/29/2009 Farm Bureau Market Report

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Grain & Soybean Date: September 29, 2009 Soybeans Local Elevators: (Sep) EAST AR:  898 to 914 (NC) Summ. 898 to 914 River Elevators: (Sep) MISS: 932 to 939 ; AR & White 896 to 906 (NC) Summ. 896 to 939 Ark. Processor Bids: (Sep) 908 to - - -  (NC) 908 to - - - Memphis:  (Sep) 933 to 947 (NC)  932 to 933 Riceland Foods:  (Sep) Stuttgart 908 ; Pendleton 914 ; West Memphis 939 Chicago Futures: Nov down 2 1/2 at  917   Jan '10  down  2  at  922 1/2   Mar '10 down 1 1/2  at  922 1/2   Jul '10 down 2 3/4  at  918 3/4   Nov '10 unchanged   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. Tomorrow’s quarterly stocks report is expected to confirm that we started the marketing year with tight stocks. For the time being, support at $9 is holding strong. Corn posted gains again today. There is still much of the crop in the field, and there are legitimate questions about the quality of what remains to be harvested. December has resistance at $3.47 ¾. Wheat Cash bid for September at Memphis  284 1/2 to 297 1/4; Bids to farmers at Local Elevators 366; River Elevators 406-456; Chicago Futures: Dec down  8 1/4  at  447 1/2    Mar '10 down 8  at  467 1/4    May '10 down  9  at  481    Jul '10 down  9 1/4  at  496    Sep '10 down  9 1/4  at  511    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for September at Memphis  600 to 613; Bids to farmers at River Elevators 513-588; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for September at Memphis   351 to 352;   new crop at Memphis   309 1/4 to 339 1/4; Bids to farmers at River Elevators  330 to 348 Chicago Futures: Dec up  2 1/4  at  341    Mar '10 up  2 3/4  at  354    Jul '10 up  2 3/4  at  371    Dec '10 up  2 1/4  at  389 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures set new lows for the down-move. December violated resistance around $4.50, which has been the bottom of the trading range that has contained the market for the past few weeks. The huge world wheat crop and disappointing U.S. exports will keep a lid on the market. Cotton & Rice  Date: September 29, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis down 145 at  5720   Greenwood down  145 at 5720 New York Futures: Oct down  145  at  6005    Dec down  145  at  6145    Mar '10 down  141  at  6359    May '10 down  141  at  6489    - - -   - - -  at  - - -  This week's LDP rate for cotton is  3.15 cents   The estimate for next week is  4.12 cents Cotton Comment December cotton charted another bearish outside day—the second this week. The recent uptrend was violated in the process. Recent weather in the mid-South will impact both yield and quality as harvest activities are pushed later. Overall crop ratings slipped this week, with good to excellent down a point to 49%, fair down a point to 30% and poor to very poor up two points to 21%. Rice Long Grain Cash Bid for  Sep/Oct 1236  to  1300/cwt   - - - - - -  to  - - - Chicago Futures: Nov up  10  at  1330 1/2    Jan '10 up  10 1/2  at  1356    Mar '10 up  10 1/2  at  1380 1/2    May '10 up  10  at  1404    - - -   - - -  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 29, 2009 Cattle As reported by Federal-State Market News, receipts were 1,516 head at sales in Fort Smith & Heber Springs.  Compared with last week, feeder steers sold steady to $3 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 109.75 to - - -   500 to 550 lbs. 99 to - - -   600 to 650 lbs. 90 to - - -  Medium & Large Frame 2   400 to 450 lbs. 97 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 94.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 84.25 to - - - Slaughter Cows, Boners 41   to   45 Light Weight 25 to 30 Bulls, Yield Grade   1   1000   to   2100 lbs.   53   to   55.50, high dressing 56-60 Midwest Steers   n/a   at   - - -   to   - - - Panhandle Steers   n/a   at   - - -   to   - - - Oklahoma City Feeders Steers 550 to 600 lbs. 106 to 112   600 to 650 lbs. 100 to 105.35 Heifers 500 to 550 lbs. 97.60 to 103.50   550 to 600 lbs. 95 to 101.75 Chicago Futures: Live Cattle: Oct down 45 at 8565   Dec down 17 at 8560 Feeders: Oct down 65 at 9580   Nov down 77 at 9577 Cattle Comment Live cattle futures ended lower. Weak beef demand and subsequently slow packer demand is weighing on the market. October is trending lower and would need to close above $87 to break out of the trend. Hogs Peoria: were $1     higher   at   28   to   30 Chicago Futures: Oct up 40 at 5027   Dec up 45 at 5017 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures traded in a narrow range before closing higher. Strength in wholesale pork prices supported futures. Poultry  Date: September 29, 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. Demand was light to moderate with limited trading approaching first of the month. Supplies of all sizes were moderate to heavy 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