10/07/2009 Farm Bureau Market Report

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Grain & Soybean Date: October 7, 2009 Soybeans Local Elevators: (Oct) EAST AR:  897 to 914 (NC) Summ. 898 to - - - River Elevators: (Oct) MISS: 922 to 932 ; AR & White 891 to 901 (NC) Summ. 918 to 951 Ark. Processor Bids: (Oct) 898 to 910  (NC) 929 to - - - Memphis:  (Oct) 932 to - - - (NC)  n/a to - - - Riceland Foods:  (Oct/Nov) Stuttgart 907 ; Pendleton 914 ; West Memphis 932 Chicago Futures: Nov up 2 at  912   Jan '10  up  2 1/2  at  916 3/4   Mar '10 up 4 1/2  at  918 3/4   Jul '10 up 4 3/4  at  921   Nov '10 up 7 1/4  at  916 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans traded in a narrow range before ending the session a little higher. Weather models are projecting temperatures in the mid 20’s as far south as central Iowa. That could catch a lot of immature beans. Pre-report estimates places the average yield at 42.9 bushels per acre with a crop of 3.3 billion bushels. For now the market is more concerned with what impact cold temperatures will have, since the crop is only 15% harvested. November beans could test resistance at $9.40. Corn managed to hold yesterday’s gains and closed firm ahead of Friday’s report. Like soybeans a late crop could be hit by cold temperatures. Pre-report estimates show an average yield of 162.7 bushels per acre with a 13 billion bushel crop. Strong demand is expected to utilize more than 13 billion bushels of corn in the 09/10 marketing year. Yesterday’s close above $3.50 was positive and could lead to a test of resistance at the August high of $3.76. Wheat Cash bid for October at Memphis  303 1/4 to 318 1/4; Bids to farmers at Local Elevators 377; River Elevators 437-462; Chicago Futures: Dec up  3  at  463 1/4    Mar '10 up 3 1/2  at  482 3/4    May '10 up  3 1/2  at  495 1/2    Jul '10 up  3 1/4  at  507 1/4    Sep '10 up  3 1/2  at  545 3/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for October at Memphis  625 to 637; Bids to farmers at River Elevators 339-356; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for October at Memphis   357 3/4 to 359 3/4;   new crop at Memphis   325 3/4 to 365 3/4; Bids to farmers at River Elevators  339 to 356 Chicago Futures: Dec up  1 1/2  at  359 3/4    Mar '10 up  1 3/4  at  372 1/4    Jul '10 up  1 1/2  at  387 3/4    Dec '10 up  1 3/4  at  405 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat continued to ride the coattails of corn and closed higher despite negative fundamental news. Russia boosted their grain crop estimate while Australia reported an almost 20% jump in exports last month. Technically, December wheat will need to close above $4.80 to confirm a bottom. Cotton & Rice  Date: October 7, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis down 48 at  5825   Greenwood down  48 at 5825 New York Futures: Oct down  48  at  6159    Dec down  48  at  6250    Mar '10 down  38  at  6497    May '10 down  40  at  6625    - - -   - - -  at  - - -  This week's LDP rate for cotton is  4.40 cents   The estimate for next week is  4.77 cents Cotton Comment Cotton is holding between support near 61 cents and resistance at 65.5 cents. Production estimates are expected to be trimmed at some point, as weather has impacted much of the mid-South and southeastern crops. However, it may not be enough to give the market much of a boost, unless economic conditions improve and consumer demand improves. Rice Long Grain Cash Bid for  Oct/Nov 1233  to  1300/cwt   - - - - - -  to  - - - Chicago Futures: Nov up  7 1/2  at  1322 1/2    Jan '10 up  7 1/2  at  1348    Mar '10 up  8 1/2  at  1373 1/2    May '10 up  8 1/2  at  1397 1/2    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice was higher again today as this year’s delayed harvest has provided some upward impetus. Current support is located near $13 and could be solid if weather doesn’t improve. Last month’s report hit the market with a number of negative adjustments including production, use and carryover. This week’s report will likely be little changed, although weather could trim production estimates at some point. Cattle & Hogs  Date: October 7, 2009 Cattle As reported by Federal-State Market News, receipts were n/a head at sales in n/a.  Compared with last week, feeder steers n/a . Steers:  Medium & Large Frame n/a   - - - to - - - lbs. - - - to - - -   - - - to - - - lbs. - - - to - - -   - - - to - - - lbs. - - - to - - -  Medium & Large Frame n/a   - - - to - - - lbs. - - - to - - - Heifers:  Medium & Large Frame n/a   - - - to - - - lbs. - - - to - - -  Medium & Large Frame n/a   - - - to - - - lbs. - - - to - - - Slaughter Cows, Boners n/a   to   - - - Light Weight n/a to - - - Bulls, Yield Grade   n/a   - - -   to   - - - lbs.   - - -   to   - - - Midwest Steers   were $.50 higher   at   81.50   to   - - - Panhandle Steers   were $.50 higher   at   81.50   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 104 to 110   600 to 650 lbs. 95.75 to 99.35 Heifers 500 to 530 lbs. 87 to 97.50   600 to 650 lbs. 90.25 to 93.35 Chicago Futures: Live Cattle: Dec up 52 at 8407   Feb '10 up 37 at 8482 Feeders: Nov up 42 at 9317   Jan '10 up 67 at 9445 Cattle Comment Cattle futures made modest gains except for the expiring October live cattle contract. There is no indication the market has bottomed as demand remains weak. Producers appear to have held back and some live weights are being reported at 1,400 to 1,500 pounds. Hogs Peoria: were     steady   at   28   to   30 Chicago Futures: Dec up 262 at 5175   Feb '10 up 237 at 5860 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures firmed on ideas price is low enough to attract increased demand. Hog weights appear to be moving a little lower, but remain above year ago levels. Poultry  Date: October 7, 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. 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