10/30/2009 Farm Bureau Market Report

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Grain & Soybean Date: October 30, 2009 Soybeans Local Elevators: (Oct) EAST AR:  942 to 978 (NC) Summ. 948 to - - - River Elevators: (Oct) MISS: 987 to 998 ; AR & White 952 to 962 (NC) Summ. 973 to 1007 Ark. Processor Bids: (Oct) 953 to 966  (NC) 979 to 985 Memphis:  (Oct) 988 to 999 (NC)  n/a to - - - Riceland Foods:  (Oct/Nov) Stuttgart 966 ; Pendleton 978 ; West Memphis 998 Chicago Futures: Nov down 7 1/2 at  978   Jan '10  down  10 1/2  at  976 1/2   Mar '10 down 12 1/2  at  975   Jul '10 down 13 1/2  at  972 1/2   Nov '10 down 12 1/2  at  962   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans closed lower as the market continued it’s up and down pattern of the past week. Outside markets are a major influence, while weather seems to be less of a factor. A stronger dollar and weaker equity markets kept pressure on soybeans throughout the session. Prospects of clearing weather and good 7 day outlook added to the negative undertone. November has support just above $9.50 and then at the recent low near $8.80. Corn was hit harder than soybeans, with declines of 13 to 15 cents. December touched a short term uptrend at $3.63. A close below that level would bring a move to $3.50 or perhaps lower. No one could question that weather has reduced potential yield. The question is how much. For now there would seem to be ample supplies to meet projected demand. Wheat Cash bid for October at Memphis  339 1/4 to 349 1/4; Bids to farmers at Local Elevators 407; River Elevators 464-487; Chicago Futures: Dec down  9 1/2  at  494 1/4    Mar '10 down 9 1/4  at  514    May '10 down  9 1/4  at  527    Jul '10 down  9 3/4  at  537 1/4    Sep '10 down  9 3/4  at  554 1/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for October at Memphis  636 to 646; Bids to farmers at River Elevators 557-632; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for October at Memphis   366 to - - -;   new crop at Memphis   333 3/4 to 373 3/4; Bids to farmers at River Elevators  341 to - - - Chicago Futures: Dec down  13 1/2  at  366    Mar '10 down  13 1/4  at  379 1/4    Jul '10 down  13  at  396 1/2    Dec '10 down  12 3/4  at  411 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures were lower. Profit taking on long positions was the driving force behind the decline. Soft red winter wheat plantings are delayed and the total acreage is certainly questionable at this point, but there is still adequate wheat available globally. Cotton & Rice  Date: October 30, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 7 at  6414   Greenwood up  7 at 6414 New York Futures: Dec up  7  at  6764    Mar '10 up  35  at  7089    May '10 up  43  at  7232    Jul '10 up  32  at  7366    - - -   - - -  at  - - -  This week's LDP rate for cotton is  .02 cents   The estimate for next week is  0 cents Cotton Comment Cotton traded lower for most of today’s session but recouped those losses to close slightly higher. Delayed harvest along with reduced production and poor quality should provide underlying support for the market. Yields in Arkansas and parts of the Midsouth will be reduced sharply. Quality will be a factor also. Demand remains somewhat stagnant as economic conditions have not improved significantly world wide. December futures remain in a 3 cent trading range with support at 66 cents. Rice Long Grain Cash Bid for  Oct/Nov 1341/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Nov up  28  at  1436    Jan '10 up  28  at  1469    Mar '10 up  27  at  1491    May '10 up  26 1/2  at  1514    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice gapped above yesterday’s high and then moved through previous resistance around $14.25. Improving demand has bolstered international market conditions. That was helped by India’s lifting of a long term import ban. That suggests they will be in the import mode at some point – probably later. Weather will impact U.S. production and quality - that could give futures an opportunity to test long resistance above $15.50. The market is hoping the next tender from Iraq will come to the U.S. Cattle & Hogs  Date: October 30, 2009 Cattle As reported by Federal-State Market News, receipts were 8,535 head at sales in Arkansas this week.  Compared with last week, feeder steers were mixed, steers under 450 lbs. $1-2 higher, over 450 lbs. weak to $2 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 109.50 to - - -   500 to 550 lbs. 96 to - - -   600 to 650 lbs. 88.25 to - - -  Medium & Large Frame 2   400 to 450 lbs. 91.75 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 86.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 79.25 to - - - Slaughter Cows, Boners 37   to   44 Light Weight 27 to 34 Bulls, Yield Grade   1   1000   to   2100 lbs.   49   to   55.50, high dressing 56.50-58 Midwest Steers   n/a   at   - - -   to   - - - Panhandle Steers   n/a   at   - - -   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 94.50 to 99   600 to 650 lbs. 86.50 to 102 Heifers 500 to 550 lbs. 78 to 89   600 to 650 lbs. 79 to 91.50 Chicago Futures: Live Cattle: Dec down 60 at 8567   Feb '10 down 22 at 8685 Feeders: Nov up 20 at 9480   Jan '10 up 5 at 9507 Cattle Comment Cattle turned a bit lower on ideas that cutouts and cash cattle have topped. Heavy deliveries against the October contract also weighed on futures. Upside potential appears limited near term. Hogs Peoria: $1     higher   at   28   to   30 Chicago Futures: Dec down 50 at 5670   Feb '10 up 42 at 6360 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures were mixed. December fell back into yesterday’s chart gap after failing to move resistance at $57.75. News that China will limit their ban on U.S. imports was positive. Stronger stocks and a weaker dollar were also factors. Poultry  Date: October 30, 2009 Eggs New York:  Ex. Lg. 121-125; Lg. 119-123; Med. 99-103; Chicago:  Ex. Lg. 100-108; Lg. 98-106; Med. 85-93; Eastern Region Turkeys Hens: 8-16 lbs. 82-85 Toms: 16-24 lbs. 82-85   Delmarva Broilers U.S. Grade A The market tone was steady. Demand entering the weekend was fair to moderate with trading usually limited to regular commitments. Supplies of all sizes were sufficient to satisfy trade requirements. In production areas, live supplies were moderate at desirable 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

10/29/2009 Farm Bureau Market Report

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Grain & Soybean Date: October 29, 2009 Soybeans Local Elevators: (Oct) EAST AR:  950 to 986 (NC) Summ. 956 to - - - River Elevators: (Oct) MISS: 994 to 1006 ; AR & White 959 to 969 (NC) Summ. 984 to 1018 Ark. Processor Bids: (Oct) 961 to 1006  (NC) 989 to 995 Memphis:  (Oct) 995 1/2 to 1010 1/2 (NC)  n/a to - - - Riceland Foods:  (Oct/Nov) Stuttgart 974 ; Pendleton 986 ; West Memphis 1006 Chicago Futures: Nov up 17 at  985 1/2   Jan '10  up  16 1/2  at  987   Mar '10 up 16 1/4  at  987 1/2   Jul '10 up 17 3/4  at  986   Nov '10 up 18 1/4  at  974 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans showed good followthrough on yesterday’s late reversal, closing with solid gains for the day. A strong export report added to the positive undertone. A weaker $, stronger equities and crude oil brought funds back to the market. Continued rain and harvest delays added to the concern about this year’s overall crop. November could retest resistance at last week’s high near $10.25. Corn closed above old resistance at on weather projections for the next several days. Longer term it appears there will be a break in weather which could allow farmers to get back in the fields. December futures have resistance around $3.88 and then last week’s high near $4.10. Wheat Cash bid for October at Memphis  348 3/4 to 358 3/4; Bids to farmers at Local Elevators 417; River Elevators 474-497; Chicago Futures: Dec up  9  at  503 3/4    Mar '10 up 9 1/2  at  523 1/4    May '10 up  10  at  536 1/4    Jul '10 up  10 1/4  at  547    Sep '10 up  10 1/4  at  564    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for October at Memphis  660 to 669; Bids to farmers at River Elevators 580-655; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for October at Memphis   374 1/2 to 379 1/2;   new crop at Memphis   346 1/4 to 386 1/4; Bids to farmers at River Elevators  354 to 375 Chicago Futures: Dec up  10 1/2  at  379 1/2    Mar '10 up  11  at  392 1/2    Jul '10 up  10 1/2  at  409 1/2    Dec '10 up  11 1/4  at  424 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures followed other commodities higher. Soft red winter wheat plantings are in question, but there is still adequate wheat to meet needs. Weekly exports were again disappointing at 13.5 million bushels old and new crop combined. Cotton & Rice  Date: October 29, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 69 at  6407   Greenwood up  69 at 6407 New York Futures: Dec up  69  at  6757    Mar '10 up  81  at  7054    May '10 up  91  at  7189    Jul '10 up  110  at  7334    - - -   - - -  at  - - -  This week's LDP rate for cotton is  .62 cents   The estimate for next week is  .02 cents Cotton Comment Cotton bounced off support at the bottom of a 3 week consolidation area to close with good gains for the day. Outside markets were a factor in the upturn, as was continued bad weather. Yields in Arkansas and parts of the Midsouth will be reduced sharply. Quality will be a factor also. Demand remains somewhat stagnant as economic conditions have not improved significantly world wide. December futures remain in a 3 cent trading range with support at 66 cents. Rice Long Grain Cash Bid for  Oct/Nov 1313/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Nov up  16 1/2  at  1408    Jan '10 up  23  at  1441    Mar '10 up  23  at  1464    May '10 up  23 1/2  at  1487 1/2    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice closed higher after making another strong move above $14. Improving demand has bolstered international market conditions. That was helped by India’s lifting of a long term import ban. That suggests they will be in the import mode at some point – probably later. Weather will impact U.S. production and quality - that should give futures an opportunity to test resistance at $14.25. The market is hoping the next tender from Iraq will come to the U.S. Cattle & Hogs  Date: October 29, 2009 Cattle As reported by Federal-State Market News, receipts were 1,895 head at sales in Charlotte & Green Forest.  Compared with last week, feeder steers sold unevenly, mostly $1-2 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 107.50 to - - -   500 to 550 lbs. 96.25 to - - -   600 to 650 lbs. 93.75 to - - -  Medium & Large Frame 2   400 to 450 lbs. 101.25 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 87.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 83.25 to - - - Slaughter Cows, Boners 38   to   43.50 Light Weight 30 to 34.50 Bulls, Yield Grade   1   1000   to   2100 lbs.   45   to   57, high dressing 57.50-61 Midwest Steers   n/a   at   - - -   to   - - - Panhandle Steers   n/a   at   - - -   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 103.50 to 108   600 to 650 lbs. 85 to 92.50 Heifers 500 to 550 lbs. 83.50 to 90   550 to 600 lbs. 80 to 89 Chicago Futures: Live Cattle: Dec down 65 at 8627   Feb '10 down 35 at 8707 Feeders: Nov down 90 at 9460   Jan '10 down 90 at 9502 Cattle Comment Cattle turned a bit lower on ideas that cutouts and cash cattle have topped. Packer margins are very narrow and overall beef supplies good. Upside potential appears limited near term. Hogs Peoria: were     steady   at   27   to   29 Chicago Futures: Dec up 125 at 5720   Feb '10 up 95 at 6317 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures posted solid gains. News that China will limit their ban on U.S. imports was positive. Stronger stocks and a weaker dollar were also factors. Poultry  Date: October 29, 2009 Eggs New York:  Ex. Lg. 121-125; Lg. 119-123; Med. 99-103; Chicago:  Ex. Lg. 100-108; Lg. 98-106; Med. 85-93; Eastern Region Turkeys Hens: 8-16 lbs. 80-85 Toms: 16-24 lbs. 80-85   Delmarva Broilers U.S. Grade A The market tone was steady. Demand approaching the weekend was fair to moderate with trading usually limited to regular commitments. Supplies of all sizes were sufficient to satisfy current trade needs. In production areas live supplies were moderate; at mixed, but mostly desirable 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

Test Your Farm and Food Knowledge, Find a Farmer Friend, Extreme Sheepherding and More

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Welcome to the October edition of Farm Fresh News. In this issue, we challenge you to get out and make friends with a farmer; get a a glimpse of extreme sheep herding; test your knowledge on our farm and food quiz; get your farm fresh recipe, and more! Click here to view Farm Fresh News on the Web. What Is Extreme Sheep Herding? If you have ever seen a sheep dog rounding up a flock of wooly ewes, you know that these animals are spectacularly intelligent. But, how much control do the dogs really have? Watch this video to be dazzled by the artfully outrageous experiment conducted by a handful of sheep farmers in Wales.    So You Think You Are a Foodie. . . Take our quiz to find out if you know your local farm and local food connections. Are you the local food maven in your circle of friends? Our quiz has a unique blend of local food lore and the real dirt every fan of local food should know about farms and farmland. Farmers Can Get a Little Help from Friends We all want to know more about the farmers that are filling our plates each day. But rather than reading a news piece about the issues that farmers face or watching a documentary about the complexities of their livelihood wouldn’t it be great to hear directly from the farmer, right from their farm? Facebook pages, blogs and tweets are now helping farmers like a San Joaquin, California dairywoman tell their stories, and food consumers are getting a chance to learn more about the business and art behind feeding America. Local Flavor-Filled Recipe Cutler Cranberry Farm is one of Wisconsin's largest family owned and operated cranberry farms. The family enterprise has now grown to include the Cranberry Discovery Center, which is a learning center teaching the history of cranberry farming in Wisconsin. In addition to selling sweet, tart cranberries for mail order, and growing for the Ocean Spray Cooperative, they also sell cranberry mulch to help your garden grow. Cranberry Shortbread Bars 1 cup butter, softened 1/2 cup confectioners’ sugar 1 egg 1 1/2 cups all-purpose flour 1/2 cup flaked coconut 1/8 teaspoon salt 1/2 cup granulated sugar 1/2 cup packed brown sugar 3 tablespoons cornstarch 12 oz fresh or frozen cranberries 1 cup unsweetened apple juice 1 cup chopped walnuts 2 squares white baking chocolate, melted In a large bowl, cream the butter and confectioners’ sugar, then beat in egg. In a separate bowl, combine the flour, coconut and salt; gradually add to creamed mixture. Set aside 1 cup of mixture for topping; spread remaining mixture into greased 9x13 baking dish and bake at 425 for 10 minutes. Meanwhile, combine the sugars and cornstarch in a small saucepan, then stir in cranberries and apple juice and bring to a boil. Reduce heat and simmer for 5 minutes, stirring occasionally. Remove from heat and stir in walnuts. Spread cranberry mixture over crust, then sprinkle with reserved crumb mixture. Bake for 20-25 minutes or until golden brown. Drizzle with white chocolate, cut into bars and serve. Makes 2 dozen bars.

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10/28/2009 Farm Bureau Market Report

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Grain & Soybean Date: October 28, 2009 Soybeans Local Elevators: (Oct) EAST AR:  938 to 969 (NC) Summ. 944 to - - - River Elevators: (Oct) MISS: 977 to 989 ; AR & White 942 to 952 (NC) Summ. 967 to 1001 Ark. Processor Bids: (Oct) 944 to 957  (NC) 973 to 979 Memphis:  (Oct) 978 1/2 to 993 1/2 (NC)  n/a to - - - Riceland Foods:  (Oct/Nov) Stuttgart 957 ; Pendleton 969 ; West Memphis 989 Chicago Futures: Nov down 5 at  968 1/2   Jan '10  down  6  at  970 1/2   Mar '10 down 7 1/4  at  971 1/2   Jul '10 down 7  at  968 1/4   Nov '10 down 7  at  956 1/4   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans moved lower again today, but retraced a portion of the decline by the end of the session. The downturn carried below old trendline support, but the recovery left the close right on the trendline. Today’s low was also close to the 50% retracement of recent gains. Forecasts of more rain Thursday and Friday suggests further harvest delays and deterioration of this year’s crop. Key support remains the recent lows near $8.80. Corn ended the day slightly lower despite bearish outside market movement. The dollar has apparently made a temporary bottom and could be improving further in the near term. If that’s the case, the market will have to trade weather to move higher. Extended harvest delays appear possible with more rain in the forecast. December appears to have support in the $3.50 to $3.65 area. Rebound resistance starts around $3.88. Wheat Cash bid for October at Memphis  339 3/4 to 349 3/4; Bids to farmers at Local Elevators 407; River Elevators 464-487; Chicago Futures: Dec down  8 1/2  at  494 3/4    Mar '10 down 8 1/4  at  513 3/4    May '10 down  7 3/4  at  526 1/4    Jul '10 down  7 3/4  at  536 3/4    Sep '10 down  8 1/2  at  553 3/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for October at Memphis  641 to 650; Bids to farmers at River Elevators 563-638; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for October at Memphis   364 to 369;   new crop at Memphis   335 to 375; Bids to farmers at River Elevators  344 to 364 Chicago Futures: Dec down  1 3/4  at  369    Mar '10 down  1 1/2  at  381 1/2    Jul '10 down  1/2  at  399    Dec '10 down  1  at  413 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat closed lower and failed to show much retracement during the session. Big supplies and a very competitive export market are impacting the market more than the potential loss of soft red acres due to weather. December support starts around $4.80. Cotton & Rice  Date: October 28, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis down 142 at  6338   Greenwood down  142 at 6338 New York Futures: Dec down  17  at  6688    Mar '10 down  3  at  6973    May '10 down  9  at  7098    Jul '10 down  2  at  7224    - - -   - - -  at  - - -  This week's LDP rate for cotton is  .62 cents   The estimate for next week is  0 cents Cotton Comment Cotton closed a little lower after recouping a portion of early declines. December has been unable to break above 69 cents and is currently in a sideways pattern between that point and 66 cents. A smaller crop and poor quality should come into play at some point but the slow economic recovery here and abroad could limit overall demand. Rice Long Grain Cash Bid for  Oct/Nov 1296/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Nov up  41  at  1391 1/2    Jan '10 up  41 1/2  at  1418    Mar '10 up  41  at  1441    May '10 up  40 1/2  at  1464    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice made a strong upward move after failing to do so the last 3 trading days. The crop is 80% harvested in Arkansas and 85% nationwide. Weather has reduced potential yield and impacted quality, but perhaps less than we are seeing in cotton and soybeans. November futures have hit substantial resistance around $14.25, at least 3 times. This could be tested again after harvest is completed. Support starts at $13.40 and then around $13. Cattle & Hogs  Date: October 28, 2009 Cattle As reported by Federal-State Market News, receipts were 805 head at sales in Conway & Pocahontas.  Compared with last week, feeder steers sold unevenly, steers mostly firm to $3 higher, heifers $1-4 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 111 to - - -   500 to 550 lbs. 93.50 to - - -   600 to 650 lbs. 88 to - - -  Medium & Large Frame 2   400 to 450 lbs. 87 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 85.75 to - - -  Medium & Large Frame 2   400 to 450 lbs. 77 to - - - Slaughter Cows, Boners 38   to   43.50 Light Weight 27 to 32 Bulls, Yield Grade   1   1400   to   2300 lbs.   53   to   55, high dressing 56-59 Midwest Steers   were $3-2 higher   at   87   to   - - - Panhandle Steers   were $2 higher   at   87   to   88 Oklahoma City Feeders Steers 500 to 550 lbs. 103.25 to 108.75   600 to 650 lbs. 95.60 to 102 Heifers 500 to 550 lbs. 81 to 89   n/a to - - - lbs. - - - to - - - Chicago Futures: Live Cattle: Dec down 17 at 8692   Feb '10 down 25 at 8742 Feeders: Nov down 35 at 9550   Jan '10 down 42 at 9592 Cattle Comment Cattle closed mostly lower for the day. Beef cutout values continue to improve as overall showlist numbers have declined. However packer margins are very narrow and overall beef supplies are good. Upside potential appears limited near term. Hogs Peoria: were     steady   at   27   to   29 Chicago Futures: Dec up 52 at 5595   Feb '10 up 52 at 6222 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures showed followthrough on yesterday’s strong gains. This suggests further gains but razor thin packer margins will limit gains unless demand increases. Poultry  Date: October 28, 2009 Eggs New York:  Ex. Lg. 119-123; Lg. 117-121; Med. 97-101; Chicago:  Ex. Lg. 100-108; Lg. 98-106; Med. 85-93; Eastern Region Turkeys Hens: 8-16 lbs. 80-85 Toms: 16-24 lbs. 80-85   Delmarva Broilers U.S. Grade A The market tone was steady. Demand was fair to moderate with trading usually limited to regular commitments. Supplies of all sizes were balanced to satisfy current trade needs. In production areas live supplies were moderate; at mixed, but mostly desirable 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

10/27/2009 Farm Bureau Market Report

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Grain & Soybean Date: October 27, 2009 Soybeans Local Elevators: (Oct) EAST AR:  943 to 974 (NC) Summ. 949 to - - - River Elevators: (Oct) MISS: 982 to 994 ; AR & White 947 to 957 (NC) Summ. 973 to 1007 Ark. Processor Bids: (Oct) 949 to 962  (NC) 985 to - - - Memphis:  (Oct) 993 1/2 to 998 1/2 (NC)  n/a to - - - Riceland Foods:  (Oct/Nov) Stuttgart 962 ; Pendleton 974 ; West Memphis 994 Chicago Futures: Nov down 13 at  973 1/2   Jan '10  down  12 1/4  at  976 1/2   Mar '10 down 9 3/4  at  978 1/2   Jul '10 down 4 3/4  at  975 1/4   Nov '10 down 4 1/4  at  963 1/4   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans moved lower throughout today’s session despite a slower than expected harvest pace. Soybeans were 44% harvested versus a normal pace of 80% and expectations of 50% or more. The selloff was a continuation of weakness that began Friday and coincides with a stronger dollar and declines in the equity markets. Funds are taking profits after seeing the market advance over $1.50 the previous 3 weeks. Today’s selloff touched an old uptrend near $9.70. Further declines would suggest a possible move to old support near $8.80. Corn led today’s slide. Like soybeans, harvest at 20% is well of the norm of 58% and it was below expectations as only 3% of the crop was harvested last week. At this point the market appears satisfied that potential crop damage has been accounted for. December pushed near support between $3.68 and $3.55. Old resistance at $3.46 should be good support. Wheat Cash bid for October at Memphis  343 1/4 to 358 1/4; Bids to farmers at Local Elevators 415; River Elevators 471-495; Chicago Futures: Dec down  23 3/4  at  503 1/4    Mar '10 down 24 1/4  at  522    May '10 down  23 3/4  at  534    Jul '10 down  22 1/2  at  544 1/2    Sep '10 down  21 1/4  at  562 1/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for October at Memphis  644 to 653; Bids to farmers at River Elevators 566-625; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for October at Memphis   365 3/4 to 370 3/4;   new crop at Memphis   335 3/4 to 375 3/4; Bids to farmers at River Elevators  346 to 366 Chicago Futures: Dec down  7 1/4  at  370 3/4    Mar '10 down  7  at  383    Jul '10 down  7  at  399 1/2    Dec '10 down  2 1/4  at  412 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat continued the big selloff that started with Friday’s big reversal decline. While there is growing concern about this year’s soft red plantings the market is satisfied that overall world supplies are adequate. The competitive market situation suggests export sales will be limited at recent future levels. Cotton & Rice  Date: October 27, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 89 at  6480   Greenwood up  89 at 6480 New York Futures: Dec down  36  at  6705    Mar '10 down  25  at  6976    May '10 down  17  at  7107    Jul '10 down  7  at  7226    - - -   - - -  at  - - -  This week's LDP rate for cotton is  .62 cents   The estimate for next week is  0 cents Cotton Comment Cotton closed a little lower after recouping a portion of early declines. December has been unable to break above 69 cents and is currently in a sideways pattern between that point and 66 cents. A smaller crop and poor quality should come into play at some point but the slow economic recovery here and abroad could limit overall demand. Rice Long Grain Cash Bid for  Oct/Nov 1256/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Nov up  9  at  1350 1/2    Jan '10 up  9 1/2  at  1376 1/2    Mar '10 up  8 1/2  at  1400    May '10 up  7  at  1423 1/2    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice ended the day slightly higher as the market adjusts to a slow harvest pace. The crop is 80% harvested in Arkansas and 85% nationwide. Weather has reduced potential yield and impacted quality, but perhaps less than we are seeing in cotton and soybeans. November futures have hit substantial resistance around $14.25, at least 3 times. This could be tested again after harvest is completed. Support starts at $13.40 and then around $13. Cattle & Hogs  Date: October 27, 2009 Cattle As reported by Federal-State Market News, receipts were 649 head at sales in Heber Springs.  Compared with last week, feeder steers sold steady to instances $1 higher, heifers firm to $2 higher with advance on weights under 500 lbs . Steers:  Medium & Large Frame 1   400 to 450 lbs. 105.25 to - - -   500 to 550 lbs. 91 to - - -   600 to 650 lbs. 86.75 to - - -  Medium & Large Frame 2   400 to 450 lbs. 88 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 88.25 to - - -  Medium & Large Frame 2   400 to 450 lbs. 75.50 to - - - Slaughter Cows, Boners 38   to   42 Light Weight 25 to 28 Bulls, Yield Grade   1   1000   to   2100 lbs.   51.50   to   53, Midwest Steers   were $2 higher to $1 lower   at   84   to   85 Panhandle Steers   were $.50 higher to $1.50 lower   at   84   to   85 Oklahoma City Feeders Steers 500 to 550 lbs. 103.25 to 108.75   600 to 650 lbs. 95.60 to 102 Heifers 500 to 550 lbs. 81 to 89   600 to 650 lbs. 78.25 to 88.50 Chicago Futures: Live Cattle: Dec down 5 at 8710   Feb '10 up 30 at 8767 Feeders: Nov down 2 at 9585   Jan '10 up 35 at 9635 Cattle Comment Cattle closed steady to mostly higher although gains were limited. Beef cutout values continue to improve as overall showlist numbers have declined. However packer margins are very narrow and overall beef supplies good. Upside potential appears limited near term. Hogs Peoria: were $1     lower   at   27   to   29 Chicago Futures: Dec up 197 at 5542   Feb '10 up 87 at 6170 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures moved out of a two week consolidation area to close higher. This suggests further gains but razor thin packer margins will limit gains unless demand increases. Poultry  Date: October 27, 2009 Eggs New York:  Ex. Lg. 116-120; Lg. 114-118; Med. 94-98; Chicago:  Ex. Lg. 100-108; Lg. 98-106; Med. 85-93; Eastern Region Turkeys Hens: 8-16 lbs. 80-85 Toms: 16-24 lbs. 80-85   Delmarva Broilers U.S. Grade A The market tone was steady. Demand was fair to moderate with light trading. Supplies of all sizes were sufficient to satisfy current trade needs. In production areas live supplies were moderate; at mixed, but mostly desirable 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