10/29/2009 Farm Bureau Market Report

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Grain & Soybean Date: October 29, 2009 Soybeans Local Elevators: (Oct) EAST AR:  950 to 986 (NC) Summ. 956 to - - - River Elevators: (Oct) MISS: 994 to 1006 ; AR & White 959 to 969 (NC) Summ. 984 to 1018 Ark. Processor Bids: (Oct) 961 to 1006  (NC) 989 to 995 Memphis:  (Oct) 995 1/2 to 1010 1/2 (NC)  n/a to - - - Riceland Foods:  (Oct/Nov) Stuttgart 974 ; Pendleton 986 ; West Memphis 1006 Chicago Futures: Nov up 17 at  985 1/2   Jan '10  up  16 1/2  at  987   Mar '10 up 16 1/4  at  987 1/2   Jul '10 up 17 3/4  at  986   Nov '10 up 18 1/4  at  974 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans showed good followthrough on yesterday’s late reversal, closing with solid gains for the day. A strong export report added to the positive undertone. A weaker $, stronger equities and crude oil brought funds back to the market. Continued rain and harvest delays added to the concern about this year’s overall crop. November could retest resistance at last week’s high near $10.25. Corn closed above old resistance at on weather projections for the next several days. Longer term it appears there will be a break in weather which could allow farmers to get back in the fields. December futures have resistance around $3.88 and then last week’s high near $4.10. Wheat Cash bid for October at Memphis  348 3/4 to 358 3/4; Bids to farmers at Local Elevators 417; River Elevators 474-497; Chicago Futures: Dec up  9  at  503 3/4    Mar '10 up 9 1/2  at  523 1/4    May '10 up  10  at  536 1/4    Jul '10 up  10 1/4  at  547    Sep '10 up  10 1/4  at  564    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for October at Memphis  660 to 669; Bids to farmers at River Elevators 580-655; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for October at Memphis   374 1/2 to 379 1/2;   new crop at Memphis   346 1/4 to 386 1/4; Bids to farmers at River Elevators  354 to 375 Chicago Futures: Dec up  10 1/2  at  379 1/2    Mar '10 up  11  at  392 1/2    Jul '10 up  10 1/2  at  409 1/2    Dec '10 up  11 1/4  at  424 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures followed other commodities higher. Soft red winter wheat plantings are in question, but there is still adequate wheat to meet needs. Weekly exports were again disappointing at 13.5 million bushels old and new crop combined. Cotton & Rice  Date: October 29, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 69 at  6407   Greenwood up  69 at 6407 New York Futures: Dec up  69  at  6757    Mar '10 up  81  at  7054    May '10 up  91  at  7189    Jul '10 up  110  at  7334    - - -   - - -  at  - - -  This week's LDP rate for cotton is  .62 cents   The estimate for next week is  .02 cents Cotton Comment Cotton bounced off support at the bottom of a 3 week consolidation area to close with good gains for the day. Outside markets were a factor in the upturn, as was continued bad weather. Yields in Arkansas and parts of the Midsouth will be reduced sharply. Quality will be a factor also. Demand remains somewhat stagnant as economic conditions have not improved significantly world wide. December futures remain in a 3 cent trading range with support at 66 cents. Rice Long Grain Cash Bid for  Oct/Nov 1313/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Nov up  16 1/2  at  1408    Jan '10 up  23  at  1441    Mar '10 up  23  at  1464    May '10 up  23 1/2  at  1487 1/2    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice closed higher after making another strong move above $14. Improving demand has bolstered international market conditions. That was helped by India’s lifting of a long term import ban. That suggests they will be in the import mode at some point – probably later. Weather will impact U.S. production and quality - that should give futures an opportunity to test resistance at $14.25. The market is hoping the next tender from Iraq will come to the U.S. Cattle & Hogs  Date: October 29, 2009 Cattle As reported by Federal-State Market News, receipts were 1,895 head at sales in Charlotte & Green Forest.  Compared with last week, feeder steers sold unevenly, mostly $1-2 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 107.50 to - - -   500 to 550 lbs. 96.25 to - - -   600 to 650 lbs. 93.75 to - - -  Medium & Large Frame 2   400 to 450 lbs. 101.25 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 87.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 83.25 to - - - Slaughter Cows, Boners 38   to   43.50 Light Weight 30 to 34.50 Bulls, Yield Grade   1   1000   to   2100 lbs.   45   to   57, high dressing 57.50-61 Midwest Steers   n/a   at   - - -   to   - - - Panhandle Steers   n/a   at   - - -   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 103.50 to 108   600 to 650 lbs. 85 to 92.50 Heifers 500 to 550 lbs. 83.50 to 90   550 to 600 lbs. 80 to 89 Chicago Futures: Live Cattle: Dec down 65 at 8627   Feb '10 down 35 at 8707 Feeders: Nov down 90 at 9460   Jan '10 down 90 at 9502 Cattle Comment Cattle turned a bit lower on ideas that cutouts and cash cattle have topped. Packer margins are very narrow and overall beef supplies good. Upside potential appears limited near term. Hogs Peoria: were     steady   at   27   to   29 Chicago Futures: Dec up 125 at 5720   Feb '10 up 95 at 6317 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures posted solid gains. News that China will limit their ban on U.S. imports was positive. Stronger stocks and a weaker dollar were also factors. Poultry  Date: October 29, 2009 Eggs New York:  Ex. Lg. 121-125; Lg. 119-123; Med. 99-103; 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 approaching the weekend was fair to moderate with trading usually limited to regular commitments. 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