10/06/2009 Farm Bureau Market Report

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Grain & Soybean Date: October 6, 2009 Soybeans Local Elevators: (Oct) EAST AR:  890 to 912 (NC) Summ. 896 to - - - River Elevators: (Oct) MISS: 920 to 930 ; AR & White 889 to 899 (NC) Summ. 915 to 948 Ark. Processor Bids: (Oct) 896 to 908  (NC) 926 to - - - Memphis:  (Oct) 930 to - - - (NC)  n/a to - - - Riceland Foods:  (Oct/Nov) Stuttgart 905 ; Pendleton 912 ; West Memphis 930 Chicago Futures: Nov up 25 at  910   Jan '10  up  23 1/2  at  914 1/4   Mar '10 up 23 1/2  at  914 1/4   Jul '10 up 22  at  916 1/4   Nov '10 up 22 1/4  at  909 1/4   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment While outside markets provided support, the weather outlook was the major factor in today’s big jump. Prospects of frost across the Northern tier of the Midwest later this week was a big factor. Some models suggest frost could extend to Central Illinois, leaving a big portion of their late crop vulnerable. Friday’s report is expected to boost potential production, but it already appears the trade is discounting that report, since data was taken late last week. November futures closed above $9.00, putting it back in the recent trading range and keeping it above key support. Corn led the big move with December zooming above key resistance around $3.50. While a portion of the early gains were trimmed later in the session the overall chart appearance is now positive. The early August high near $3.75 becomes the next target. As for soybeans, the level of crop maturity makes the weather forecast a major factor. The level of harvest is behind normal and brings potential quality problems into the mix. Wheat Cash bid for October at Memphis  300 1/4 to 315 1/4; Bids to farmers at Local Elevators 374; River Elevators 434-469; Chicago Futures: Dec up  17 1/2  at  460 1/4    Mar '10 up 17  at  479 1/4    May '10 up  17 1/2  at  492    Jul '10 up  17 1/2  at  504    Sep '10 up  15 1/4  at  516 1/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for October at Memphis  622 to 640; Bids to farmers at River Elevators 543-618; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for October at Memphis   358 1/4 to - - -;   new crop at Memphis   324 to 364; Bids to farmers at River Elevators  337 to 354 Chicago Futures: Dec up  16 3/4  at  358 1/4    Mar '10 up  16 1/4  at  370 1/2    Jul '10 up  15 1/4  at  386 1/4    Dec '10 up  13 3/4  at  403 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat followed other markets higher. Wheat was oversold and due a corrective rebound. 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 6, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 139 at  5873   Greenwood up  139 at 5873 New York Futures: Dec up  139  at  6298    Mar '10 up  130  at  6535    May '10 up  131  at  6665    Jul '10 up  132  at  6773    - - -   - - -  at  - - -  This week's LDP rate for cotton is  4.40 cents   The estimate for next week is  5.12 cents Cotton Comment Cotton posted gains as well as the market holds above support just below 61 cents. Wet weather 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 1225/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Nov up  2  at  1315    Jan '10 up  2  at  1340 1/2    Mar '10 up  1  at  1365    May '10 up  1  at  1389    - - -   - - -  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 6, 2009 Cattle As reported by Federal-State Market News, receipts were 906 head at sales in Fort Smith.  Compared with last week, feeder steers sold steady to $2 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 110 to - - -   500 to 550 lbs. 96.50 to - - -   600 to 650 lbs. 89 to - - -  Medium & Large Frame 2   400 to 450 lbs. 97 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 95.25 to - - -  Medium & Large Frame 2   400 to 450 lbs. 86 to - - - Slaughter Cows, Boners 37   to   41.50 Light Weight n/a to - - - Bulls, Yield Grade   1   1000   to   2100 lbs.   52.50   to   56.50, high dressing 57-61 Midwest Steers   were steady to $3 lower   at   81   to   - - - Panhandle Steers   were $1-2 lower   at   81   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: Dec down 35 at 8355   Feb '10 down 7 at 8445 Feeders: Nov down 55 at 9275   Jan '10 down 45 at 9377 Cattle Comment Weak cash fundamentals continue to pressure cattle futures. Packers are currently losing about $25 per head due to poor demand. High unemployment and cheap pork are preventing retail prices from moving higher. Hogs Peoria: were     steady   at   28   to   30 Chicago Futures: Dec up 152 at 4912   Feb '10 up 147 at 5622 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 6, 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. 80-85 Toms: 16-24 lbs. 80-85   Delmarva Broilers U.S. Grade A The market tone was about steady. Demand was fair to moderate with trading usually limited to regular commitments. 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