10/08/2009 Farm Bureau Market Report

Click here to view this report online.

Grain & Soybean Date: October 08, 2009 Soybeans Local Elevators: (Oct) EAST AR:  916 to 934 (NC) Summ. 922 to - - - River Elevators: (Oct) MISS: 946 to 958 ; AR & White 915 to 925 (NC) Summ. 940 to 973 Ark. Processor Bids: (Oct) 925 to 934  (NC) 951 to - - - Memphis:  (Oct) 953 to 968 (NC)  n/a to - - - Riceland Foods:  (Oct/Nov) Stuttgart 931 ; Pendleton 934 ; West Memphis 956 Chicago Futures: Nov up 24 at  936   Jan '10  up  22 1/2  at  939 1/4   Mar '10 up 22  at  940 3/4   Jul '10 up 18 1/2  at  939 1/2   Nov '10 up 19 1/4  at  935 3/4   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans posted big gains today, a little unusual just a day ahead of the October crop report. Sharp gains in gold and crude oil coupled with sharp losses in the value of the dollar provided the impetus for the move. Crop concerns also continue to be a factor. Weather models are projecting temperatures in the mid 20’s as far south as central Iowa. That could catch a lot of immature beans. For tomorrow’s report, pre-report estimates place 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 are testing resistance around $9.40. Corn moved higher again today, but much more modestly than soybeans or wheat. 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. A retest of resistance at the August high of $3.76 is likely. Wheat Cash bid for October at Memphis  314 to 329; Bids to farmers at Local Elevators 390; River Elevators 450-475; Chicago Futures: Dec up  10 3/4  at  474    Mar '10 up 10 1/2  at  493 1/4    May '10 up  11 1/2  at  507    Jul '10 up  12 3/4  at  520    Sep '10 up  14  at  535    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for October at Memphis  632 to 646; Bids to farmers at River Elevators 554-629; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for October at Memphis   366 to - - -;   new crop at Memphis   330 to 370; Bids to farmers at River Elevators  346 to 363 Chicago Futures: Dec up  4 1/4  at  364    Mar '10 up  4  at  376 1/4    Jul '10 up  4 1/2  at  392 1/4    Dec '10 up  3 1/2  at  408 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat also moved higher reacting to outside markets. The weaker dollar, in particular, will help US wheat on the very competitive world market. Technically, December wheat is testing resistance at $4.80 and will need to close above there to confirm a bottom. Cotton & Rice  Date: October 08, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 115 at  5940   Greenwood up  115 at 5940 New York Futures: Dec up  115  at  6365    Mar '10 up  128  at  6625    May '10 up  125  at  6750    Jul '10 up  119  at  6856    - - -   - - -  at  - - -  This week's LDP rate for cotton is  4.40 cents   The estimate for next week is  4.66 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 1258  to  1300/cwt   - - - - - -  to  - - - Chicago Futures: Nov up  25 1/2  at  1348    Jan '10 up  25 1/2  at  1373 1/2    Mar '10 up  24 1/2  at  1398    May '10 up  24 1/2  at  1422    - - -   - - -  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 08, 2009 Cattle As reported by Federal-State Market News, receipts were 2,653 head at sales in Charlotte, Ratcliff & Green Forest.  Compared with last week, feeder steers sold mostly weak to $5 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 112 to - - -   500 to 550 lbs. 92 to - - -   600 to 650 lbs. 86.25 to - - -  Medium & Large Frame 2   400 to 450 lbs. 97 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 88.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 82 to - - - Slaughter Cows, Boners 38   to   44 Light Weight 27 to 34 Bulls, Yield Grade   1   1000   to   2100 lbs.   50.50   to   55, high dressing 56-57.50 Midwest Steers   remained   at   81.50   to   - - - Panhandle Steers   were steady to $.50 higher   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: Dec up 25 at 8432   Feb up 62 at 8545 Feeders: Nov up 62 at 9380   Jan up 25 at 9470 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 177 at 5352   Feb up 135 at 5995 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 08, 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 approaching the weekend 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