10/23/2009 Farm Bureau Market Report

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Grain & Soybean Date: October 23, 2009 Soybeans Local Elevators: (Oct) EAST AR:  983 to 1012 (NC) Summ. 992 to - - - River Elevators: (Oct) MISS: 1018 to 1029 ; AR & White 980 to 990 (NC) Summ. 1005 to 1039 Ark. Processor Bids: (Oct) 992 to 1001  (NC) 1016 to - - - Memphis:  (Oct) 1026 to 1031 (NC)  n/a to - - - Riceland Foods:  (Oct/Nov) Stuttgart 1001 ; Pendleton 1012 ; West Memphis 1029 Chicago Futures: Nov up 1/2 at  1006   Jan '10  up  1/2  at  1007 1/2   Mar '10 unchanged   at  1006 3/4   Jul '10 down 1 1/4  at  997   Nov '10 down 6 1/2  at  981 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Corn and Soybean prices continue to find support in weather reports across the South and Midwest; however bearish news from outside markets is taking its toll on prices. Corn was unable to hold gains above $4, while soybeans hold firm above $10. Rising dollar and declining energy prices dominated trade news winning out over continued concerns over weather. Corn and Soybeans will continue to face pressure as the markets remain technically oversold, and if financial markets remain weak, prices will likely have difficulty moving higher. The big wild card right now is what will crop quality look like this year?? Wheat Cash bid for October at Memphis  387 3/4 to 402 3/4; Bids to farmers at Local Elevators 459; River Elevators 516-539; Chicago Futures: Dec down  4  at  547 3/4    Mar '10 down 2 1/2  at  566 3/4    May '10 up  1  at  579    Jul '10 up  1 1/4  at  589 1/4    Sep '10 up  4 1/4  at  600    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for October at Memphis  692 to 701; Bids to farmers at River Elevators 614-673; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for October at Memphis   392 3/4 to 399 3/4;   new crop at Memphis   356 3/4 to 396 3/4; Bids to farmers at River Elevators  373 to 390 Chicago Futures: Dec down  5 3/4  at  397 3/4    Mar '10 down  5 1/2  at  409 1/4    Jul '10 down  5 1/2  at  424 3/4    Dec '10 down  5 1/4  at  429 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat prices fell slightly today due to weakness in the soybean and corn markets. The U.S. wheat balance sheet continues to show ample supplies, combine that with weak export sales and it’s hard to believe wheat prices are still above $5.50. Wheat prices will continue to look to soybeans and corn for direction in coming weeks. Cotton & Rice  Date: October 23, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis down 67 at  6388   Greenwood down  67 at 6388 New York Futures: Dec down  117  at  6738    Mar '10 down  81  at  6987    May '10 down  74  at  7119    Jul '10 down  73  at  7230    - - -   - - -  at  - - -  This week's LDP rate for cotton is  .62 cents   The estimate for next week is  0 cents Cotton Comment Cotton prices fell sharply on Friday. Strengthening U.S. dollar combined with weakening financial markets added bullish pressure to the market. In addition to market news we are also seeing some profit taking, after prices rode most of the week. Cotton prices will be supported in the near term, by weather forecast, which will further decay an already poor cotton crop. Rice Long Grain Cash Bid for  Oct/Nov 1248  to  1320/cwt   - - - - - -  to  - - - Chicago Futures: Nov down  11 1/2  at  1343    Jan '10 down  11  at  1369    Mar '10 down  11  at  1393    May '10 down  11 1/2  at  1417 1/2    n/a up  - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice prices closed the day down again today. Weak demand continues to plague the market. Current weather situation in the Delta should help support prices in the near term; however, support will be limited as USDA continues to show rising rice stocks in the U.S. Cattle & Hogs  Date: October 23, 2009 Cattle As reported by Federal-State Market News, receipts were 11,365 head at sales in Arkansas this week.  Compared with last week, feeder steers sold firm to $4 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 108 to - - -   500 to 550 lbs. 97 to - - -   600 to 650 lbs. 91 to - - -  Medium & Large Frame 2   400 to 450 lbs. 95 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 87 to - - -  Medium & Large Frame 2   400 to 450 lbs. 78.50 to - - - Slaughter Cows, Boners 38   to   45 Light Weight 28 to 35 Bulls, Yield Grade   1   1000   to   2100 lbs.   50   to   55, high dressing 56-57.50 Midwest Steers   were $1.50-1 higher   at   86.50   to   - - - Panhandle Steers   - - -   at   - - -   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 94 to 116   600 to 650 lbs. 83 to 99 Heifers 500 to 550 lbs. 83 to 100   600 to 650 lbs. 80 to 92.50 Chicago Futures: Live Cattle: Dec up 2 at 8740   Feb '10 steady at 8775 Feeders: Nov down 92 at 9547   Jan '10 down 87 at 9580 Cattle Comment Cattle prices rose slightly today. Firm cash prices continue to support cattle prices. Hogs Peoria: were     steady   at   29.50   to   30 Chicago Futures: Dec down 70 at 5302   Feb '10 down 27 at 6045 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog prices fell today. Ample supplies combined with a strengthening dollar are weighing on hog prices. Poultry  Date: October 23, 2009 Eggs New York:  Ex. Lg. 111-115; Lg. 109-113; Med. 89-93; 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 entering the weekend was fair to moderate with trading usually limited to regular commitments. Supplies of all sizes were sufficient to satisfy trade requirements. In production areas, live supplies were moderate at 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. 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