09/30/2009 Farm Bureau Market Report

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Grain & Soybean Date: September 30, 2009 Soybeans Local Elevators: (Sep) EAST AR:  906 to 922 (NC) Summ. 906 to 922 River Elevators: (Sep) MISS: 932 to 947 ; AR & White 901 to 911 (NC) Summ. 901 to 947 Ark. Processor Bids: (Sep) 916 to 918  (NC) 916 to 918 Memphis:  (Sep) 943 to 957 (NC)  942 to 943 Riceland Foods:  (Sep) Stuttgart 916 ; Pendleton 922 ; West Memphis 947 Chicago Futures: Nov up 10 at  927   Jan '10  up  11  at  933 1/2   Mar '10 up 11  at  933 1/2   Jul '10 up 10 1/4  at  929   Nov '10 up 10 1/4  at  904   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans initially reacted negatively to the quarterly stocks report, as the total of 138 million bushels carried over into the new marketing year was a bit higher than the average trade guess of 110 million. The number, however, is still relatively tight. For the time being, support at $9 is holding strong. Corn ended the day on a positive note. The quarterly stocks report showed a total carryout of 1.764 billion bushels. That is up from last year, but 45 million bushels below the average trade guess. 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 remains stuck in the trading range that has contained the market since early July. Wheat Cash bid for September at Memphis  297 1/2 to 307 1/2; Bids to farmers at Local Elevators 373; River Elevators 413-463; Chicago Futures: Dec up  10  at  457 1/2    Mar '10 up 9 3/4  at  477    May '10 up  8 1/4  at  489 1/4    Jul '10 up  7 1/4  at  503 1/4    Sep '10 up  7 3/4  at  518 3/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for September at Memphis  596 to 614; Bids to farmers at River Elevators 518-593; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for September at Memphis   344 to 349;   new crop at Memphis   311 3/4 to 341 3/4; Bids to farmers at River Elevators  328 to 346 Chicago Futures: Dec up  3  at  344    Mar '10 up  2 3/4  at  356 3/4    Jul '10 up  2 3/4  at  373 3/4    Dec '10 up  3 1/4  at  392 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures set new lows for the down-move early in the day before closing higher. Wheat stocks were pegged at 357 million bushels larger than a year ago one quarter in to the marketing year. Technically, December looks as if it is trying to confirm a bottom. The big question is whether or not large stocks have been fully factored into prices. Cotton & Rice  Date: September 30, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 139 at  5859   Greenwood up  139 at 5859 New York Futures: Oct up  129  at  6134    Dec up  139  at  6284    Mar '10 up  141  at  6500    May '10 up  138  at  6627    - - -   - - -  at  - - -  This week's LDP rate for cotton is  3.15 cents   The estimate for next week is  4.39 cents Cotton Comment December cotton moved higher after trading lower early in the day. 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 1237  to  1300/cwt   - - - - - -  to  - - - Chicago Futures: Nov up  1  at  1331 1/2    Jan '10 up  1  at  1357    Mar '10 up  1  at  1381 1/2    May '10 up  1  at  1405    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice posted small 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. Little has changed on the export market. Government intervention in Thailand continues to support prices there in light of weak demand internationally. November has resistance at the recent high of $13.63. Cattle & Hogs  Date: September 30, 2009 Cattle As reported by Federal-State Market News, receipts were 1,617 head at sales in Conway & Pochahontas.  Compared with last week, feeder steers were uneven, but near steady . Steers:  Medium & Large Frame 1   400 to 450 lbs. 104 to - - -   500 to 550 lbs. 94 to - - -   600 to 650 lbs. 81 to - - -  Medium & Large Frame 2   400 to 450 lbs. 84 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 86 to - - -  Medium & Large Frame 2   400 to 450 lbs. 76.50 to - - - Slaughter Cows, Boners 40   to   45 Light Weight 25 to 28 Bulls, Yield Grade   1   1400   to   2300 lbs.   51.50   to   58 Midwest Steers   were quoted   at   82   to   83 Panhandle Steers   were quoted   at   82   to   - - - Oklahoma City Feeders Steers 550 to 600 lbs. 97.50 to 105.75   600 to 650 lbs. 93 to 102.25 Heifers 500 to 550 lbs. 97.60 to 103.50   550 to 600 lbs. 95 to 101.75 Chicago Futures: Live Cattle: Oct down 5 at 8560   Dec up 52 at 8612 Feeders: Oct up 70 at 9650   Nov up 85 at 9662 Cattle Comment Live cattle futures ended mostly higher. Weakness in the hog pit limited gains, as did weakness in stocks. The weaker dollar, however, sparked optimism about improving demand. October is trending lower and would need to close above $87 to break out of the trend. Hogs Peoria: were     steady   at   28   to   30 Chicago Futures: Oct down 20 at 5007   Dec down 57 at 4960 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures turned sharply lower. Yesterday’s $1.41 decline in cutout values sparked the selloff. Poultry  Date: September 30, 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 about steady to barely steady. Demand was light to moderate with trading usually limited to regular commitments. 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