10/05/2009 Farm Bureau Market Report

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Grain & Soybean Date: October 05, 2009 Soybeans Local Elevators: (Oct) EAST AR:  865 to 887 (NC) Summ. 870 to - - - River Elevators: (Oct) MISS: 890 to 905 ; AR & White 861 to 871 (NC) Summ. 891 to 924 Ark. Processor Bids: (Oct) 871 to 883  (NC) 903 to Memphis:  (Oct) 901 to 905 (NC)  n/a to - - - Riceland Foods:  (Oct/Nov) Stuttgart 880 ; Pendleton 887 ; West Memphis 905 Chicago Futures: Nov unchanged at  885   Jan '10  down  1 1/4  at  890 3/4   Mar '10 down 4 1/2  at  890 3/4   Jul '10 down 1 3/4  at  894 1/4   Nov '10 down 1/4  at  887   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans moved to the positive side at mid-day with November challenging $9.00. Inability to move to and above that level, left the market struggling as traders quickly moved out of long positions. Prospects of a big crop remain a factor in the trade. Weather may temper yield prospects as harvest moves at a slow pace in some areas. A 4.35 billion bushel crop should be sufficient to meet projected needs. Ending stocks could be above 200 million bushels at the end of the 09/10 marketing year. A close below $8.80 would signal a move to the next support at $7.90. Corn closed with solid gains but failed to hold a move above resistance near $3.50. A close above this point would signal a harvest low and open the market to the early August high of $3.76. Low test weight and small kernel size are putting a cap on potential yield. The crop will be a larger one, but perhaps a little less than some private estimates suggest. Wheat Cash bid for October at Memphis  282 3/4 to 297 3/4; Bids to farmers at Local Elevators 357; River Elevators 397-441; Chicago Futures: Dec up  1 1/2  at  442 3/4    Mar '10 up 1 1/2  at  462 1/4    May '10 up  1  at  474 1/2    Jul '10 up  1  at  486 1/2    Sep '10 up  1  at  501    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for October at Memphis  592 to 610; Bids to farmers at River Elevators 513-588; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for October at Memphis   341 1/2 to 346 1/2;   new crop at Memphis   309 1/2 to 349 1/2; Bids to farmers at River Elevators  320 to 337 Chicago Futures: Dec up  8  at  341 1/2    Mar '10 up  7 3/4  at  354 1/4    Jul '10 up  7 1/4  at  371    Dec '10 up  7  at  389 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat ended about a penny higher after charting big losses Friday. Increased production estimates in other countries continue to pressure 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 05, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 93 at  5736   Greenwood up  93 at 5736 New York Futures: Dec up  139  at  6065    Mar '10 up  94  at  6405    May '10 up  94  at  6534    Jul '10 up  106  at  6641    - - -   - - -  at  - - -  This week's LDP rate for cotton is  4.40 cents   The estimate for next week is  5.32 cents Cotton Comment Cotton reversed late week losses and close higher today as the market maintained support just below 61 cents. Weather in the form of rain is creating havoc with this year’s crop. Quality and yield are both suffering. This week’s supply demand report should show some adjustments in supply, but probably not enough to boost the market significantly. December has strong resistance just above 65 cents. Rice Long Grain Cash Bid for  Oct/Nov 1218/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Nov up  2 1/2  at  1313    Jan '10 up  2 1/2  at  1338 1/2    Mar '10 up  2 1/2  at  1364    May '10 up  1 1/2  at  1338    - - -   - - -  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. Harvest delays continue with weekend rains adding to the negative problems. Quality and yield are suffering as a result of the recent rain. This could result in some adjustments in Friday’s report. Longer term, long grain production should be near or below last year. International factors include a 15 to 20% smaller crop in India. However, big Thai stocks are a potential factor as we move through the marketing year. Cattle & Hogs  Date: October 05, 2009 Cattle As reported by Federal-State Market News, receipts were 3,663 head at sales in Ash Flat, Springdale & Ola.  Compared with last week, feeder steers calves sold steady, yearling $1-3 lower. Heifers sold weak to $3 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 109.50 to - - -   500 to 550 lbs. 95.25 to - - -   600 to 650 lbs. 88.75 to - - -  Medium & Large Frame 2   400 to 450 lbs. 98.50 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 88.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 82.25 to - - - Slaughter Cows, Boners 39   to   45 Light Weight 30 to 35 Bulls, Yield Grade   1   1000   to   2100 lbs.   48   to   56.50, high dressing 56.50-60.50 Midwest Steers   were quoted   at   81   to   84 Panhandle Steers   were quoted   at   82   to   83 Oklahoma City Feeders Steers 500 to 550 lbs. 104 to 110   550 to 600 lbs. 97.35 to 107 Heifers n/a to - - - lbs. - - - to - - -   n/ to - - - lbs. - - - to - - - Chicago Futures: Live Cattle: Dec down 10 at 8390   Feb steady at 8452 Feeders: Nov down 27 at 9330   Jan down 45 at 9422 Cattle Comment December live cattle prices fell sharply again today. So far, prices are holding above the contract low of $81.25, but not by much. Continued weak fundamentals pressured prices lower. Hogs Peoria: were     steady   at   28   to   30 Chicago Futures: Dec down 95 at 4760   Feb down 112 at 5475 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 range between 48 and 52. Hog prices continue to be under pressure from weak cash fundamentals. Poultry  Date: October 05, 2009 Eggs New York:  Ex. Lg. 99-103; Lg. 97-101; Med. 76-80; Chicago:  Ex. Lg. 86-94; Lg. 84-92; Med. 72-80; Eastern Region Turkeys Hens: 8-16 lbs. 80-83 Toms: 16-24 lb. 80-83   Delmarva Broilers U.S. Grade A The market tone was about steady to steady. Supplies of all sizes were 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