10/19/2009 Farm Bureau Market Report

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Grain & Soybean Date: October 19, 2009 Soybeans Local Elevators: (Oct) EAST AR:  976 to 1002 (NC) Summ. 1009 to 1019 River Elevators: (Oct) MISS: 973 to 983 ; AR & White 973 to 983 (NC) Summ. 999 to 1033 Ark. Processor Bids: (Oct) 985 to 989  (NC) 1009 to - - - Memphis:  (Oct) 1016 1/4 to 1021 1/4 (NC)  n/a to - - - Riceland Foods:  (Oct/Nov) Stuttgart 988 ; Pendleton 1002 ; West Memphis 1019 Chicago Futures: Nov up 18 3/4 at  996 1/4   Jan '10  up  18 1/2  at  1000 1/2   Mar '10 up 17 3/4  at  1003   Jul '10 up 14 3/4  at  997   Nov '10 up 16 3/4  at  990 3/4   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans turned sharply higher today as traders look ahead to another rainy week through the middle of the country. Gains in crude oil and a weaker dollar also provided support. USDA will release the latest crop progress report this afternoon, but we already know this is the latest harvest in thirty years. Upside objectives near $10.20 and $10.66 remain viable, while support starts at $9.65 to $9.80. Corn futures also posted sharp gains. The slow harvest is the biggest supportive factor. Private estimates suggest that 250 million bushels have been lost to frost—also supportive. December has resistance at the top of the chart gap at $3.96. Wheat Cash bid for October at Memphis  1016 1/4 to 1021 1/4; Bids to farmers at Local Elevators 429; River Elevators 491-514; Chicago Futures: Dec up  19  at  517 3/4    Mar '10 up 18 3/4  at  536 1/2    May '10 up  18  at  548    Jul '10 up  18 1/2  at  558 3/4    Sep '10 up  17 3/4  at  572 3/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for October at Memphis  386 1/4 to 391 1/4; Bids to farmers at River Elevators 593-668; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for October at Memphis   386 1/4 to 391 1/4;   new crop at Memphis   349 3/4 to 389 3/4; Bids to farmers at River Elevators  366 to 383 Chicago Futures: Dec up  14 1/4  at  386 1/4    Mar '10 up  14 1/4  at  398    Jul '10 up  14  at  414 1/2    Dec '10 up  12 1/2  at  425    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. Cotton & Rice  Date: October 19, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis down 174 at  6222   Greenwood down  174 at 6222 New York Futures: Dec down  174  at  6647    Mar '10 down  141  at  6897    May '10 down  83  at  7040    Jul '10 up  4  at  7192    - - -   - - -  at  - - -  This week's LDP rate for cotton is  2.56 cents   The estimate for next week is  .62 cents Cotton Comment December cotton charted a bearish outside day after again failing to challenge resistance near 70 cents. This could mean that the smaller crop and significant harvest delays and resulting quality issues have been factored into prices at this point. More wet weather is on the way, however. Weak demand is limiting the upside. Rice Long Grain Cash Bid for  Oct/Nov 1277/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Nov up  21 1/2  at  1387    Jan '10 up  21 1/2  at  1411 1/2    Mar '10 up  21  at  1433    May '10 up  20 1/2  at  1457    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice posted big gains. Combines were rolling this weekend, but more rain is in the forecast later this week. Given recent weather it would seem yield will be impacted along with quality. The international side of 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. Cattle & Hogs  Date: October 19, 2009 Cattle As reported by Federal-State Market News, receipts were 2,373 head at sales in Ash Flat & Springdale.  Compared with last week, feeder steers uneven mostly $1-2 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 104.25 to - - -   500 to 550 lbs. 93.25 to - - -   600 to 650 lbs. 87.75 to - - -  Medium & Large Frame 2   400 to 450 lbs. 96.50 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 87.75 to - - -  Medium & Large Frame 2   400 to 450 lbs. 79.25 to - - - Slaughter Cows, Boners 39   to   46 Light Weight 30 to 35 Bulls, Yield Grade   1   1000   to   2100 lbs.   51   to   57.50, high dressing 58.50-63 Midwest Steers   were $3 lower to $.50 higher   at   80   to   83.50 Panhandle Steers   were $3 lower to steady   at   80   to   84 Oklahoma City Feeders Steers 500 to 550 lbs. 104 to 113.50   n/a to - - - lbs. - - - to - - - Heifers 500 to 550 lbs. 87 to 89.50   n/a to - - - lbs. - - - to - - - Chicago Futures: Live Cattle: Dec up 65 at 8645   Feb up 45 at 8685 Feeders: Nov up 40 at 9552   Jan '10 up 7 at 9602 Cattle Comment Cattle futures were supported today by strong stock markets and the weaker dollar. December completed a 38% retracement today and now has upside objectives at the 50% retracement level of $87.13 and the 62% level of $87.98. Hogs Peoria: were     steady   at   27   to   29 Chicago Futures: Dec down 5 at 5405   Feb '09 up 2 at 6082 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs ended mixed. Prices continue to be under pressure from weak cash fundamentals. The weaker dollar is sparking optimism that export demand will improve. The market remains in a consolidation pattern just below $55. Poultry  Date: October 19, 2009 Eggs New York:  Ex. Lg. 101-105; Lg. 99-103; Med. 78-82; Chicago:  Ex. Lg. 88-96; Lg. 86-94; Med. 75-83; 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 following the weekend was fair to moderate with light trading. Supplies of all sizes were sufficient to satisfy current trade needs. In production areas, live supplies were moderate at desirable to slightly heavier 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