10/15/2009 Farm Bureau Market Report

Click here to view this report online.

Grain & Soybean Date: October 15, 2009 Soybeans Local Elevators: (Oct) EAST AR:  963 to 989 (NC) Summ. 969 to - - - River Elevators: (Oct) MISS: 993 to 1008 ; AR & White 962 to 972 (NC) Summ. 987 to 1021 Ark. Processor Bids: (Oct) 972 to 976  (NC) 996 to - - - Memphis:  (Oct) 1003 to 1013 (NC)  n/a to - - - Riceland Foods:  (Oct/Nov) Stuttgart 975 ; Pendleton 989 ; West Memphis 1006 Chicago Futures: Nov down 11 at  983   Jan '10  down  10 1/4  at  987 3/4   Mar '10 down 8 3/4  at  990 1/4   Jul '10 down 3 1/2  at  987 1/2   Nov '10 down 2 1/4  at  978 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans turned lower with November leading the way with the biggest losses. This could be just a corrective move, but it could also mean that traders have harvest delays and freeze damage mostly accounted for by recent gains. Gains in crude oil and equities and a weaker dollar keep the funds interested in buying grains. Upside objectives near $10.20 and $10.66 remain viable, while support starts at $9.65 to $9.80. Corn futures were also lower, and the same question applies. Is this just a correction, or is the crop situation fully factored in to prices? Support is located between $3.75 and $3.50. Wheat Cash bid for October at Memphis  345 to 360; Bids to farmers at Local Elevators 418; River Elevators 479-502; Chicago Futures: Dec down  8  at  505    Mar '10 down 8 1/4  at  523 3/4    May '10 down  8 1/4  at  536 1/2    Jul '10 down  8 1/4  at  547 1/2    Sep '10 down  9  at  561 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for October at Memphis  648 to 657; Bids to farmers at River Elevators 570-645; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for October at Memphis   377 to 378;   new crop at Memphis   337 to 377; Bids to farmers at River Elevators  355 to 372 Chicago Futures: Dec down  10  at  373    Mar '10 down  10  at  385    Jul '10 down  9  at  401 1/4    Dec '10 down  6 1/2  at  413 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat was a willing follower today. The market is oversold and wheat is heavily discounted against other commodities based upon historical relationships, but bearish fundamentals mean the upside is limited. December’s close above $5 opens the market to test resistance around $5.15. Cotton & Rice  Date: October 15, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 56 at  6339   Greenwood up  56 at 6339 New York Futures: Dec up  56  at  6764    Mar '10 up  62  at  6987    May '10 up  74  at  7074    Jul '10 up  79  at  7144    - - -   - - -  at  - - -  This week's LDP rate for cotton is  4.66 cents   The estimate for next week is  2.56 cents Cotton Comment Cotton moved higher again today. This week’s move above resistance at 65.5 was technically positive and suggests a possible move toward the 62% retracement objective of 70.5 cents on the weekly chart. Last week’s report lowered the ’09 production number, domestic use and ending stocks. It didn’t take into account the probable losses that have been lost to weather over the first half of October. While demand hasn’t improved stocks will tighten. Delays in harvest are going to result in further deterioration of this year’s crop. Rice Long Grain Cash Bid for  Oct/Nov 975  to  1006/cwt   - - - - - -  to  - - - Chicago Futures: Nov down  24 1/2  at  1379 1/2    Mar '10 down  25  at  1427    May '10 down  24 1/2  at  1452    Jul '10 down  27 1/2  at  1474    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice was also sharply lower. This again could be a corrective pull back or it could be an indication the late harvest has been factored into prices at the current levels. On the international side the market remains somewhat subdued. It should be noted that the recent Iraq tender went to sources other than the U.S. as they favored lowered prices over quality. Last week’s USDA report raised production estimates in almost all areas except Arkansas. Arkansas's yield was unchanged, given recent weather it would seem yield will be impacted along with quality. Cattle & Hogs  Date: October 15, 2009 Cattle As reported by Federal-State Market News, receipts were 1,347 head at sales in Charlotte, Ratcliff & Green Forest.  Compared with last week, feeder steers sold mostly steady to $2 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 110.50 to - - -   500 to 550 lbs. 91 to - - -   600 to 650 lbs. 89 to - - -  Medium & Large Frame 2   400 to 450 lbs. 93.50 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 85.25 to - - -  Medium & Large Frame 2   400 to 450 lbs. 82.50 to - - - Slaughter Cows, Boners 38   to   44 Light Weight n/a to - - - Bulls, Yield Grade   1   1000   to   2100 lbs.   50   to   56, high dressing 56-59 Midwest Steers   were steady to $1 higher   at   81   to   82 Panhandle Steers   were quoted   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 up 7 at 8565   Feb '10 up 15 at 8605 Feeders: Nov up 45 at 9460   Jan '10 up 45 at 9542 Cattle Comment Cattle futures turned higher reacting to the weaker dollar and signs of economic improvement. December broke above the downtrend that has held the market since late July. The 38% retracement level just above $86.25 is the first upside objective. Hogs Peoria: were     steady   at   27   to   29 Chicago Futures: Dec up 22 at 5447   Feb '10 up 45 at 6070 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog prices continue to have difficulty moving higher, but continue to consolidate in a range between 48 and 52. Hog prices continue to be under pressure from weak cash fundamentals. The weaker dollar is sparking optimism that export demand will improve. Poultry  Date: October 15, 2009 Eggs New York:  Ex. Lg. 101-105; Lg. 99-103; Med. 78-82; 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 steady. Demand was fair to moderate approaching the weekend. Supplies of all sizes were moderate to satisfy current trade needs. In production areas live supplies were moderate; at mixed, but mostly desirable 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