10/02/2009 Farm Bureau Market Report

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Grain & Soybean Date: October 02, 2009 Soybeans Local Elevators: (Oct) EAST AR:  865 to 887 (NC) Summ. 871 to - - - River Elevators: (Oct) MISS: 890 to 905 ; AR & White 861 to 871 (NC) Summ. 893 to 926 Ark. Processor Bids: (Oct) 871 to 883  (NC) 904 to - - - Memphis:  (Oct) 897 to 901 (NC)  897 to 901 Riceland Foods:  (Oct/Nov) Stuttgart 880 ; Pendleton 887 ; West Memphis 905 Chicago Futures: Nov down 33 at  885   Jan '10  down  32 1/4  at  892   Mar '10 down 29 1/2  at  895 1/2   Jul '10 down 25 1/2  at  896   Nov '10 down 16 3/4  at  886 3/4   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans were under increasing pressure today due to impressive yield reports. The October crop report will be released next Friday, and many are expecting USDA’s yield estimate to increase. At the same time, harvest delays may bring increased potential of quality problems. November gapped lower and shattered support at $9, support at $8.85 held for now.Corn continued lower today. The potential for a huge crop is real, 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  281 1/4 to 291 1/4; Bids to farmers at Local Elevators 356; River Elevators 396-445; Chicago Futures: Dec down  11 1/2  at  441 1/4    Mar '10 down 11 3/4  at  460 3/4    May '10 down  11 1/4  at  473 1/2    Jul '10 down  11 1/4  at  485 1/2    Sep '10 down  10 3/  at  500    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for October at Memphis  578 to 596; Bids to farmers at River Elevators 498-573; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for October at Memphis   328 1/2 to 335 1/2;   new crop at Memphis   302 1/4 to 332 1/4; Bids to farmers at River Elevators  312 to 330 Chicago Futures: Dec down  7  at  333 1/2    Mar '10 down  6 3/4  at  346 1/2    Jul '10 down  6 1/2  at  363 1/2    Dec '10 down  6 1/4  at  382 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat prices posted another day of losses closing below $4.50. Increased production estimates in other countries provided additional bearish news for wheat prices. Large supplies both in the U.S. and Internationally continue to pull wheat prices lower. New crop wheat bids continue to carry a weak basis of up to 85-cents under July in Memphis. Cotton & Rice  Date: October 02, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 218 at  5641   Greenwood up  218 at 5641 New York Futures: Oct down  58  at  5926    Dec down  68  at  6066    Mar '10 down  45  at  6311    May '10 down  47  at  6440    - - -   - - -  at  - - -  This week's LDP rate for cotton is  3.15 cents   The estimate for next week is  4.40 cents Cotton Comment Cotton ended lower, and the 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 1215  to  1300/cwt   - - - - - -  to  - - - Chicago Futures: Nov down  20  at  1310 1/2    Jan '10 down  19 1/2  at  1336    Mar '10 down  18  at  1361 1/2    May '10 down  18 1/2  at  1386 1/2    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Large losses were charted in rice, but the market stayed within a consolidation range above $13. 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 02, 2009 Cattle As reported by Federal-State Market News, receipts were 13,545 head at sales in Arkansas this week.  Compared with last week, feeder steers sold steady to $2 lower. Feeder heifers sold near steady . Steers:  Medium & Large Frame 1   400 to 450 lbs. 107 to - - -   500 to 550 lbs. 94.75 to - - -   600 to 650 lbs. 90 to - - -  Medium & Large Frame 2   400 to 450 lbs. 97.25 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 90 to - - -  Medium & Large Frame 2   400 to 450 lbs. 82.25 to - - - Slaughter Cows, Boners 38   to   45 Light Weight 27 to 34 Bulls, Yield Grade   1   1000   to   2100 lbs.   50   to   54.50, high dressing 55-59.50 Midwest Steers   n/a   at   - - -   to   - - - Panhandle Steers   n/a   at   - - -   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 96 to 114.50   600 to 650 lbs. 90 to 105.35 Heifers 500 to 550 lbs. 85 to 103.50   600 to 650 lbs. 82.50 to 98.50 Chicago Futures: Live Cattle: Oct down 115 at 8295   Dec down 97 at 8400 Feeders: Oct down 140 at 9355   Nov down 135 at 9357 Cattle Comment December live cattle prices fell sharply again today, closing just above contract lows. Continued weak fundamentals combined with a bearish employment report pressured prices lower. Hogs Peoria: were     steady   at   28   to   30 Chicago Futures: Oct down 17 at 4925   Dec down 7 at 4855 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog prices continue to have difficulty moving higher, but continue to trade in a rage between 48 and 52. Hog prices, like cattle fell as today’s after a bearish employment report, which continues to erode consumer confidence. Poultry  Date: October 02, 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. 80-83 Toms: 16-24 lbs. 80-83   Delmarva Broilers U.S. Grade A The market tone was about steady. Supplies of all sizes were light to moderate 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