10/09/2009 Farm Bureau Market Report

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Grain & Soybean Date: October 9, 2009 Soybeans Local Elevators: (Oct) EAST AR:  944 to 964 (NC) Summ. 950 to - - - River Elevators: (Oct) MISS: 974 to 986 ; AR & White 943 to 953 (NC) Summ. 968 to 1001 Ark. Processor Bids: (Oct) 953 to 956  (NC) 979 to - - - Memphis:  (Oct) 981 to 996 (NC)  n/a to - - - Riceland Foods:  (Oct/Nov) Stuttgart 956 ; Pendleton 966 ; West Memphis 984 Chicago Futures: Nov up 28 at  964   Jan '10  up  27 3/4  at  967   Mar '10 up 27 1/4  at  968   Jul '10 up 24 1/4  at  963 3/4   Nov '10 up 13 1/4  at  949   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans closed the day up sharply across the board. Today’s USDA report showed soybeans up slightly, 5 million bushels, additionally ending stocks were only increased to 230 million bushels. Both these factors added some much needed bullish news to go along with the weather concerns already factored into prices. Soybean prices broke through resistance at $9.60, with next resistance at around $10. Soybeans have support at $9.60 and $9.20. Corn prices closed the day down slightly. This morning's USDA report pegged this year's crop at just over 13 billion bushels, the second highest on record, however continued concern about potential freeze and additional rain continues to support corn prices. This year average corn yield is forecast at a record 164.2 bu/acre. Corn prices have support at $3.55, a close below this level could signal corn prices will begin to close the gap left after Monday’s price jump. The next support level for corn is $3.40. Wheat Cash bid for October at Memphis  308 to 323; Bids to farmers at Local Elevators 386; River Elevators 446-471; Chicago Futures: Dec down  6  at  468    Mar '10 down 5 3/4  at  487 3/4    May '10 down  5 1/4  at  501 3/4    Jul '10 down  3 3/4  at  516 1/4    Sep '10 down  3 3/4  at  531 1/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for October at Memphis  629 to 642; Bids to farmers at River Elevators 550-625; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for October at Memphis   364 1/4 to 369 1/4;   new crop at Memphis   328 to 368; Bids to farmers at River Elevators  344 to 361 Chicago Futures: Dec down  1 3/4  at  362 1/4    Mar '10 down  1 3/4  at  374 1/2    Jul '10 down  1 3/4  at  390 1/2    Dec '10 down  3 1/2  at  405 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat prices were unable to maintain this week's rally and fell slightly today. Today’s USDA report added additional bearish news, as wheat stocks were increased to 888 million bushels. Wheat supplies are abundant around the world, and U.S. wheat export are reflective of that as exports were reduced an additional 50 million bushels in October. Wheat prices continue to have difficulty maintaining a rally and may again test lows around $4.40. Cotton & Rice  Date: October 9, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis down 63 at  5877   Greenwood down  63 at 5877 New York Futures: Dec down  63  at  6302    Mar '10 down  62  at  6563    May '10 down  66  at  6684    Jul '10 down  44  at  6812    - - -   - - -  at  - - -  This week's LDP rate for cotton is  4.66 cents   The estimate for next week is  3.42 cents Cotton Comment Cotton continues to trade between support near 61 cents and resistance at 65.5 cents. Today’s USDA report reduced 2009/10 production by 440,000 bales; however smaller than expected domestic use in 2008/09 offset most of the decrease by increasing the beginning stocks. Rice Long Grain Cash Bid for  Oct/Nov 1250  to  1300/cwt   - - - - - -  to  - - - Chicago Futures: Nov down  8  at  1340    Jan '10 down  8  at  1365 1/2    Mar '10 down  7 1/2  at  1390 1/2    May '10 down  6 1/2  at  1415 1/2    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice price closed the day lower, after today’s USDA report increased ending stocks. Despite weather conditions over the last few weeks, the USDA continues to increase rice production. At some point yields and acres will be adjusted to account for actual conditions. Rice prices have support around 13.30. Cattle & Hogs  Date: October 9, 2009 Cattle As reported by Federal-State Market News, receipts were 9,225 head at sales in Arkansas this week.  Compared with last week, feeder steers sold mostly weak to $4 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. 101 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 89.25 to - - -  Medium & Large Frame 2   400 to 450 lbs. 82.75 to - - - Slaughter Cows, Boners 39   to   45 Light Weight 30 to 37 Bulls, Yield Grade   1   1000   to   2100 lbs.   49   to   54, high dressing 58 Midwest Steers   were $.50 lower to $.50 higher   at   81   to   82 Panhandle Steers   were $1 higher   at   81   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 96.50 to 110   600 to 650 lbs. 88.75 to 99.35 Heifers 500 to 550 lbs. 83.50 to 87.50   600 to 650 lbs. 80 to 93.35 Chicago Futures: Live Cattle: Dec up 62 at 8495   Feb up 35 at 8580 Feeders: Nov up 60 at 8492   Jan up 32 at 9502 Cattle Comment Cattle prices continued their weekly rally today; however 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 down 75 at 5277   Feb down 95 at 5900 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 9, 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 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