10/01/2009 Farm Bureau Market Report

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Grain & Soybean Date: October 01, 2009 Soybeans Local Elevators: (Oct) EAST AR:  897 to 920 (NC) Summ. 911 to - - - River Elevators: (Oct) MISS: 923 to 938 ; AR & White 894 to 904 (NC) Summ. 925 to 958 Ark. Processor Bids: (Oct) 902 to 916  (NC) 933 to 936 Memphis:  (Oct) 930 to 934 (NC)  n/a to - - - Riceland Foods:  (Oct) Stuttgart 910 ; Pendleton 917 ; West Memphis 935 Chicago Futures: Nov down 9 at  918   Jan '10  down  9 1/4  at  924 1/4   Mar '10 down 8 3/4  at  924 3/4   Jul '10 down 7 1/2  at  921 1/2   Nov '10 down 1/2  at  903 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans were pressured by the very real potential of a huge crop. At the same time harvest delays may bring increased potential of quality problems. The southern growing area, in particular, has been besieged by wet weather. For now a stronger dollar and big crop outlook pushed November toward support. The market remains in a consolidation pattern with support at $9.00 and resistance at $9.40. Corn lost ground after making another push at resistance just below $3.50. Yield potential is great but the threat of disease is increasing and that will reduce quality, as well as yield. A December close above $3.50 would open the market to the recent high near $3.75 or perhaps higher. Wheat Cash bid for October at Memphis  292 3/4 to 302 3/4; Bids to farmers at Local Elevators 367; River Elevators 407-457; Chicago Futures: Dec down  4 3/4  at  452 3/4    Mar '10 down 4 1/2  at  472 1/2    May '10 down  4 1/2  at  484 3/4    Jul '10 down  6 1/2  at  496 3/4    Sep '10 down  8  at  510 3/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for October at Memphis  590 to 608; Bids to farmers at River Elevators 511-586; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for October at Memphis   335 1/2 to 342 1/2;   new crop at Memphis   308 1/2 to 338 1/2; Bids to farmers at River Elevators  319 to 337 Chicago Futures: Dec down  3 1/2  at  340 1/2    Mar '10 down  3 1/2  at  353 1/2    Jul '10 down  3 1/2  at  370 1/4    Dec '10 down  3 3/4  at  389    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures posted losses today, but traded in a narrow trading range within yesterday’s range. 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: October 01, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis  n/a at  - - -   Greenwood   n/a at - - - New York Futures: Oct down  150  at  5984    Dec down  150  at  6134    Mar '10 down  144  at  6356    May '10 down  140  at  6487    - - -   - - -  at  - - -  This week's LDP rate for cotton is  3.15 cents   The estimate for next week is  4.40 cents Cotton Comment Cotton continued the up and down movement that has characterized the market this week – today was the down day of the process. Long story short – upside potential remains limited. December completed a potential double, or triple top with last week’s key reversal move. This suggests additional gains will be difficult unless weather and harvest delays create a tighter supply situation. Current December support is around 61 cents, but the market could move to the 50% retracement level 59.9 cents. Rice Long Grain Cash Bid for  Oct/Nov 1236  to  1300/cwt   - - - - - -  to  - - - Chicago Futures: Nov down  1  at  1330 1/2    Jan '10 down  1 1/2  at  1355 1/2    Mar '10 down  2  at  1379 1/2    May '10 unchanged    at  1405    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice futures continue to consolidate just above $13 mark. The market remains quiet with the undertone relative soft. Recent weather created not only harvest delays, but potential quality and yield problems. Long term the market needs new sales. Iraq could be an answer to that problem, as there are indications the U.S. could be a potential provider. Iraq will need to go for quality versus price, if that is going to be the case. Cattle & Hogs  Date: October 01, 2009 Cattle As reported by Federal-State Market News, receipts were 2,960 head at sales in Charlotte, Ratcliff & Green Forest.  Compared with last week, feeder steers sold firm to $3 higher, instances 4-6 higher on steer calves . Steers:  Medium & Large Frame 1   400 to 450 lbs. 108 to - - -   500 to 550 lbs. 97 to - - -   600 to 650 lbs. 94.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 101.25 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 88.75 to - - -  Medium & Large Frame 2   400 to 450 lbs. 101.25 to - - - Slaughter Cows, Boners 39   to   45 Light Weight 30 to 37 Bulls, Yield Grade   1   1000   to   2100 lbs.   50   to   58, high dressing 58-61 Midwest Steers   were $1 higher to steady   at   83   to   - - - Panhandle Steers   remained   at   82   to   - - - 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 down 150 at 8410   Dec down 115 at 8497 Feeders: Oct down 155 at 9495   Nov down 170 at 9492 Cattle Comment Live cattle futures plummeted lower today, moving to their lowest level all year. Weak meat values, losses in stocks and improvement in the value of the dollar were all negative factors. Hogs Peoria: were     steady   at   30   to   - - - Chicago Futures: Oct down 65 at 4942   Dec down 97 at 4862 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures moved lower but closed near the middle of the day’s trading range. Further weakness in cutout values sparked weakness, and losses in stocks and improvement in the value of the dollar added pressure as well. Poultry  Date: October 01, 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 n/a ---------------------------------------- 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. 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