10/26/2009 Farm Bureau Market Report

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Grain & Soybean Date: October 26, 2009 Soybeans Local Elevators: (Oct) EAST AR:  956 to 993 (NC) Summ. 962 to - - - River Elevators: (Oct) MISS: 997 to 1015 ; AR & White 960 to 970 (NC) Summ. 986 to 1020 Ark. Processor Bids: (Oct) 962 to 981  (NC) 997 to - - - Memphis:  (Oct) 1006 1/2 to 1014 1/2 (NC)  N/A to - - - Riceland Foods:  (Oct/Nov) Stuttgart 981 ; Pendleton 993 ; West Memphis 1010 Chicago Futures: Nov down 19 1/2 at  986 1/2   Jan '10  down  18 3/4  at  988 3/4   Mar '10 down 18 1/2  at  988 1/2   Jul '10 down 17  at  980   Nov '10 down 14  at  967 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans reversed early gains as outside markets moved to the negative side. Strong improvement in the dollar and weakness in equities and crude oil provided much of the impetus for the downturn. Harvest delays continue to be a problem and weather is creating severe damage in the lower delta, particularly in Arkansas. Good conditions in South America add to the potential bearish near term situation. A close below $9.63 would push the market toward support just above $8.80. Corn, like soybeans, reversed to move sharply lower. Key support at $3.76 and then $3.68 appear vulnerable if outside markets continue today’s trend. Harvest delays remain a problem but there is growing concern that recent price gains are hurting demand. Wheat Cash bid for October at Memphis  367 to 382; Bids to farmers at Local Elevators 459; River Elevators 494-517; Chicago Futures: Dec down  20 3/4  at  527    Mar '10 down 20 1/2  at  546 1/4    May '10 down  21 1/4  at  557 3/4    Jul '10 down  22 1/4  at  567    Sep '10 down  16 1/2  at  583 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for October at Memphis  657 to 666; Bids to farmers at River Elevators 579-654; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for October at Memphis   373 to 380;   new crop at Memphis   340 to 380; Bids to farmers at River Elevators  353 to 373 Chicago Futures: Dec down  19 3/4  at  378    Mar '10 down  19 1/4  at  390    Jul '10 down  18 1/4  at  406 1/2    Dec '10 down  15 1/4  at  415 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat followed corn and beans lower. While there is concern about soft red plantings for this year, overall supplies of wheat remain abundant. The upper limit of this market may have been set with last Friday’s move to $5.75 on December futures, and $6.11 ½ on July. At least that appears to be the case for the near term. Cotton & Rice  Date: October 26, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 3 at  6391   Greenwood up  3 at 6391 New York Futures: Dec up  3  at  6741    Mar '10 up  14  at  7001    May '10 up  5  at  7124    Jul '10 up  3  at  7233    - - -   - - -  at  - - -  This week's LDP rate for cotton is  .62 cents   The estimate for next week is  0 cents Cotton Comment COTTON was also trading a little lower at midday as the market failed to move above resistance just below 69 cents. There is no question that yield and quality in the mid-South are suffering. Little cotton has been picked and long range forecasts indicate another week of the same thing. This means less cotton but there are ample supplies available in the U.S. and world wide. Longer term the market will move higher but the negative implication of outside markets can’t be overlooked. Rice Long Grain Cash Bid for  Oct/Nov 1247/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Nov down  1 1/2  at  1341 1/2    Jan '10 down  2  at  1367    Mar '10 down  1 1/2  at  1391 1/2    May '10 down  1  at  1416 1/2    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice continued under pressure with early gains being wiped out by midday. Slow harvest activities have left yield and quality in question. Weather doesn’t appear to be promising for harvest activities this week. USDA may not make adjustments in their production number until later in the year, but there would seem to be less rice than currently projected. On the international side Vietnam prices have firmed on potential export business, while Thai values are limiting their activity. Big intervention stocks may yet be a problem. Cattle & Hogs  Date: October 26, 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 firm to $5 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 110.75 to - - -   500 to 550 lbs. 100 to - - -   600 to 650 lbs. 91.75 to - - -  Medium & Large Frame 2   400 to 450 lbs. 99.50 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 92.25 to - - -  Medium & Large Frame 2   400 to 450 lbs. 82.75 to - - - Slaughter Cows, Boners 39   to   44.50 Light Weight 28 to 34 Bulls, Yield Grade   1   1000   to   2100 lbs.   47   to   55.50, high dressing 56.50-62 Midwest Steers   $3 lower to $.50 higher   at   82   to   86 Panhandle Steers   were $1-2 higher   at   83.50   to   86.50 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 down 25 at 8715   Feb '10 down 37 at 8737 Feeders: Nov up 40 at 9587   Jan '10 up 20 at 9600 Cattle Comment Cattle futures were mixed with live cattle lower. Live cattle futures appear to be topping after making strong gains over the last several weeks. On the other hand feeder futures, while showing some weakness today, look as if a major bottom was made earlier this month. The wholesale beef market started the week on a positive note with choice cutouts just below $140. Slaughter weights are well above year ago levels. Hogs Peoria: were     steady   at   28   to   30 Chicago Futures: Dec up 42 at 5345   Feb '10 up 37 at 6082 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures continue to move in a consolidation pattern that has developed over the last 3 weeks. Packer margins remain razor thin and a big weekend kill leaves a lot of pork to work through. Poultry  Date: October 26, 2009 Eggs New York:  Ex. Lg. 112-116; Lg. 110-114; Med. 90-94; Chicago:  Ex. Lg. 100-108; Lg. 98-106; Med. 85-93; 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 trading usually limited to regular commitments. Supplies of all size 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. 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. 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