10/28/2009 Farm Bureau Market Report

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Grain & Soybean Date: October 28, 2009 Soybeans Local Elevators: (Oct) EAST AR:  938 to 969 (NC) Summ. 944 to - - - River Elevators: (Oct) MISS: 977 to 989 ; AR & White 942 to 952 (NC) Summ. 967 to 1001 Ark. Processor Bids: (Oct) 944 to 957  (NC) 973 to 979 Memphis:  (Oct) 978 1/2 to 993 1/2 (NC)  n/a to - - - Riceland Foods:  (Oct/Nov) Stuttgart 957 ; Pendleton 969 ; West Memphis 989 Chicago Futures: Nov down 5 at  968 1/2   Jan '10  down  6  at  970 1/2   Mar '10 down 7 1/4  at  971 1/2   Jul '10 down 7  at  968 1/4   Nov '10 down 7  at  956 1/4   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans moved lower again today, but retraced a portion of the decline by the end of the session. The downturn carried below old trendline support, but the recovery left the close right on the trendline. Today’s low was also close to the 50% retracement of recent gains. Forecasts of more rain Thursday and Friday suggests further harvest delays and deterioration of this year’s crop. Key support remains the recent lows near $8.80. Corn ended the day slightly lower despite bearish outside market movement. The dollar has apparently made a temporary bottom and could be improving further in the near term. If that’s the case, the market will have to trade weather to move higher. Extended harvest delays appear possible with more rain in the forecast. December appears to have support in the $3.50 to $3.65 area. Rebound resistance starts around $3.88. Wheat Cash bid for October at Memphis  339 3/4 to 349 3/4; Bids to farmers at Local Elevators 407; River Elevators 464-487; Chicago Futures: Dec down  8 1/2  at  494 3/4    Mar '10 down 8 1/4  at  513 3/4    May '10 down  7 3/4  at  526 1/4    Jul '10 down  7 3/4  at  536 3/4    Sep '10 down  8 1/2  at  553 3/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for October at Memphis  641 to 650; Bids to farmers at River Elevators 563-638; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for October at Memphis   364 to 369;   new crop at Memphis   335 to 375; Bids to farmers at River Elevators  344 to 364 Chicago Futures: Dec down  1 3/4  at  369    Mar '10 down  1 1/2  at  381 1/2    Jul '10 down  1/2  at  399    Dec '10 down  1  at  413 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat closed lower and failed to show much retracement during the session. Big supplies and a very competitive export market are impacting the market more than the potential loss of soft red acres due to weather. December support starts around $4.80. Cotton & Rice  Date: October 28, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis down 142 at  6338   Greenwood down  142 at 6338 New York Futures: Dec down  17  at  6688    Mar '10 down  3  at  6973    May '10 down  9  at  7098    Jul '10 down  2  at  7224    - - -   - - -  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 1296/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Nov up  41  at  1391 1/2    Jan '10 up  41 1/2  at  1418    Mar '10 up  41  at  1441    May '10 up  40 1/2  at  1464    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice made a strong upward move after failing to do so the last 3 trading days. 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 28, 2009 Cattle As reported by Federal-State Market News, receipts were 805 head at sales in Conway & Pocahontas.  Compared with last week, feeder steers sold unevenly, steers mostly firm to $3 higher, heifers $1-4 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 111 to - - -   500 to 550 lbs. 93.50 to - - -   600 to 650 lbs. 88 to - - -  Medium & Large Frame 2   400 to 450 lbs. 87 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 85.75 to - - -  Medium & Large Frame 2   400 to 450 lbs. 77 to - - - Slaughter Cows, Boners 38   to   43.50 Light Weight 27 to 32 Bulls, Yield Grade   1   1400   to   2300 lbs.   53   to   55, high dressing 56-59 Midwest Steers   were $3-2 higher   at   87   to   - - - Panhandle Steers   were $2 higher   at   87   to   88 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   n/a to - - - lbs. - - - to - - - Chicago Futures: Live Cattle: Dec down 17 at 8692   Feb '10 down 25 at 8742 Feeders: Nov down 35 at 9550   Jan '10 down 42 at 9592 Cattle Comment Cattle closed mostly lower for the day. Beef cutout values continue to improve as overall showlist numbers have declined. However packer margins are very narrow and overall beef supplies are good. Upside potential appears limited near term. Hogs Peoria: were     steady   at   27   to   29 Chicago Futures: Dec up 52 at 5595   Feb '10 up 52 at 6222 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures showed followthrough on yesterday’s strong gains. This suggests further gains but razor thin packer margins will limit gains unless demand increases. Poultry  Date: October 28, 2009 Eggs New York:  Ex. Lg. 119-123; Lg. 117-121; Med. 97-101; 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 trading usually limited to regular commitments. Supplies of all sizes were balanced 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