10/27/2009 Farm Bureau Market Report

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Grain & Soybean Date: October 27, 2009 Soybeans Local Elevators: (Oct) EAST AR:  943 to 974 (NC) Summ. 949 to - - - River Elevators: (Oct) MISS: 982 to 994 ; AR & White 947 to 957 (NC) Summ. 973 to 1007 Ark. Processor Bids: (Oct) 949 to 962  (NC) 985 to - - - Memphis:  (Oct) 993 1/2 to 998 1/2 (NC)  n/a to - - - Riceland Foods:  (Oct/Nov) Stuttgart 962 ; Pendleton 974 ; West Memphis 994 Chicago Futures: Nov down 13 at  973 1/2   Jan '10  down  12 1/4  at  976 1/2   Mar '10 down 9 3/4  at  978 1/2   Jul '10 down 4 3/4  at  975 1/4   Nov '10 down 4 1/4  at  963 1/4   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans moved lower throughout today’s session despite a slower than expected harvest pace. Soybeans were 44% harvested versus a normal pace of 80% and expectations of 50% or more. The selloff was a continuation of weakness that began Friday and coincides with a stronger dollar and declines in the equity markets. Funds are taking profits after seeing the market advance over $1.50 the previous 3 weeks. Today’s selloff touched an old uptrend near $9.70. Further declines would suggest a possible move to old support near $8.80. Corn led today’s slide. Like soybeans, harvest at 20% is well of the norm of 58% and it was below expectations as only 3% of the crop was harvested last week. At this point the market appears satisfied that potential crop damage has been accounted for. December pushed near support between $3.68 and $3.55. Old resistance at $3.46 should be good support. Wheat Cash bid for October at Memphis  343 1/4 to 358 1/4; Bids to farmers at Local Elevators 415; River Elevators 471-495; Chicago Futures: Dec down  23 3/4  at  503 1/4    Mar '10 down 24 1/4  at  522    May '10 down  23 3/4  at  534    Jul '10 down  22 1/2  at  544 1/2    Sep '10 down  21 1/4  at  562 1/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for October at Memphis  644 to 653; Bids to farmers at River Elevators 566-625; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for October at Memphis   365 3/4 to 370 3/4;   new crop at Memphis   335 3/4 to 375 3/4; Bids to farmers at River Elevators  346 to 366 Chicago Futures: Dec down  7 1/4  at  370 3/4    Mar '10 down  7  at  383    Jul '10 down  7  at  399 1/2    Dec '10 down  2 1/4  at  412 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat continued the big selloff that started with Friday’s big reversal decline. While there is growing concern about this year’s soft red plantings the market is satisfied that overall world supplies are adequate. The competitive market situation suggests export sales will be limited at recent future levels. Cotton & Rice  Date: October 27, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 89 at  6480   Greenwood up  89 at 6480 New York Futures: Dec down  36  at  6705    Mar '10 down  25  at  6976    May '10 down  17  at  7107    Jul '10 down  7  at  7226    - - -   - - -  at  - - -  This week's LDP rate for cotton is  .62 cents   The estimate for next week is  0 cents Cotton Comment Cotton closed a little lower after recouping a portion of early declines. December has been unable to break above 69 cents and is currently in a sideways pattern between that point and 66 cents. A smaller crop and poor quality should come into play at some point but the slow economic recovery here and abroad could limit overall demand. Rice Long Grain Cash Bid for  Oct/Nov 1256/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Nov up  9  at  1350 1/2    Jan '10 up  9 1/2  at  1376 1/2    Mar '10 up  8 1/2  at  1400    May '10 up  7  at  1423 1/2    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice ended the day slightly higher as the market adjusts to a slow harvest pace. The crop is 80% harvested in Arkansas and 85% nationwide. Weather has reduced potential yield and impacted quality, but perhaps less than we are seeing in cotton and soybeans. November futures have hit substantial resistance around $14.25, at least 3 times. This could be tested again after harvest is completed. Support starts at $13.40 and then around $13. Cattle & Hogs  Date: October 27, 2009 Cattle As reported by Federal-State Market News, receipts were 649 head at sales in Heber Springs.  Compared with last week, feeder steers sold steady to instances $1 higher, heifers firm to $2 higher with advance on weights under 500 lbs . Steers:  Medium & Large Frame 1   400 to 450 lbs. 105.25 to - - -   500 to 550 lbs. 91 to - - -   600 to 650 lbs. 86.75 to - - -  Medium & Large Frame 2   400 to 450 lbs. 88 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 88.25 to - - -  Medium & Large Frame 2   400 to 450 lbs. 75.50 to - - - Slaughter Cows, Boners 38   to   42 Light Weight 25 to 28 Bulls, Yield Grade   1   1000   to   2100 lbs.   51.50   to   53, Midwest Steers   were $2 higher to $1 lower   at   84   to   85 Panhandle Steers   were $.50 higher to $1.50 lower   at   84   to   85 Oklahoma City Feeders Steers 500 to 550 lbs. 103.25 to 108.75   600 to 650 lbs. 95.60 to 102 Heifers 500 to 550 lbs. 81 to 89   600 to 650 lbs. 78.25 to 88.50 Chicago Futures: Live Cattle: Dec down 5 at 8710   Feb '10 up 30 at 8767 Feeders: Nov down 2 at 9585   Jan '10 up 35 at 9635 Cattle Comment Cattle closed steady to mostly higher although gains were limited. Beef cutout values continue to improve as overall showlist numbers have declined. However packer margins are very narrow and overall beef supplies good. Upside potential appears limited near term. Hogs Peoria: were $1     lower   at   27   to   29 Chicago Futures: Dec up 197 at 5542   Feb '10 up 87 at 6170 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures moved out of a two week consolidation area to close higher. This suggests further gains but razor thin packer margins will limit gains unless demand increases. Poultry  Date: October 27, 2009 Eggs New York:  Ex. Lg. 116-120; Lg. 114-118; Med. 94-98; 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 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 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