10/30/2009 Farm Bureau Market Report

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Grain & Soybean Date: October 30, 2009 Soybeans Local Elevators: (Oct) EAST AR:  942 to 978 (NC) Summ. 948 to - - - River Elevators: (Oct) MISS: 987 to 998 ; AR & White 952 to 962 (NC) Summ. 973 to 1007 Ark. Processor Bids: (Oct) 953 to 966  (NC) 979 to 985 Memphis:  (Oct) 988 to 999 (NC)  n/a to - - - Riceland Foods:  (Oct/Nov) Stuttgart 966 ; Pendleton 978 ; West Memphis 998 Chicago Futures: Nov down 7 1/2 at  978   Jan '10  down  10 1/2  at  976 1/2   Mar '10 down 12 1/2  at  975   Jul '10 down 13 1/2  at  972 1/2   Nov '10 down 12 1/2  at  962   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans closed lower as the market continued it’s up and down pattern of the past week. Outside markets are a major influence, while weather seems to be less of a factor. A stronger dollar and weaker equity markets kept pressure on soybeans throughout the session. Prospects of clearing weather and good 7 day outlook added to the negative undertone. November has support just above $9.50 and then at the recent low near $8.80. Corn was hit harder than soybeans, with declines of 13 to 15 cents. December touched a short term uptrend at $3.63. A close below that level would bring a move to $3.50 or perhaps lower. No one could question that weather has reduced potential yield. The question is how much. For now there would seem to be ample supplies to meet projected demand. Wheat Cash bid for October at Memphis  339 1/4 to 349 1/4; Bids to farmers at Local Elevators 407; River Elevators 464-487; Chicago Futures: Dec down  9 1/2  at  494 1/4    Mar '10 down 9 1/4  at  514    May '10 down  9 1/4  at  527    Jul '10 down  9 3/4  at  537 1/4    Sep '10 down  9 3/4  at  554 1/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for October at Memphis  636 to 646; Bids to farmers at River Elevators 557-632; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for October at Memphis   366 to - - -;   new crop at Memphis   333 3/4 to 373 3/4; Bids to farmers at River Elevators  341 to - - - Chicago Futures: Dec down  13 1/2  at  366    Mar '10 down  13 1/4  at  379 1/4    Jul '10 down  13  at  396 1/2    Dec '10 down  12 3/4  at  411 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures were lower. Profit taking on long positions was the driving force behind the decline. Soft red winter wheat plantings are delayed and the total acreage is certainly questionable at this point, but there is still adequate wheat available globally. Cotton & Rice  Date: October 30, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 7 at  6414   Greenwood up  7 at 6414 New York Futures: Dec up  7  at  6764    Mar '10 up  35  at  7089    May '10 up  43  at  7232    Jul '10 up  32  at  7366    - - -   - - -  at  - - -  This week's LDP rate for cotton is  .02 cents   The estimate for next week is  0 cents Cotton Comment Cotton traded lower for most of today’s session but recouped those losses to close slightly higher. Delayed harvest along with reduced production and poor quality should provide underlying support for the market. 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 1341/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Nov up  28  at  1436    Jan '10 up  28  at  1469    Mar '10 up  27  at  1491    May '10 up  26 1/2  at  1514    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice gapped above yesterday’s high and then moved through previous resistance around $14.25. 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 could give futures an opportunity to test long resistance above $15.50. The market is hoping the next tender from Iraq will come to the U.S. Cattle & Hogs  Date: October 30, 2009 Cattle As reported by Federal-State Market News, receipts were 8,535 head at sales in Arkansas this week.  Compared with last week, feeder steers were mixed, steers under 450 lbs. $1-2 higher, over 450 lbs. weak to $2 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 109.50 to - - -   500 to 550 lbs. 96 to - - -   600 to 650 lbs. 88.25 to - - -  Medium & Large Frame 2   400 to 450 lbs. 91.75 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 86.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 79.25 to - - - Slaughter Cows, Boners 37   to   44 Light Weight 27 to 34 Bulls, Yield Grade   1   1000   to   2100 lbs.   49   to   55.50, high dressing 56.50-58 Midwest Steers   n/a   at   - - -   to   - - - Panhandle Steers   n/a   at   - - -   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 94.50 to 99   600 to 650 lbs. 86.50 to 102 Heifers 500 to 550 lbs. 78 to 89   600 to 650 lbs. 79 to 91.50 Chicago Futures: Live Cattle: Dec down 60 at 8567   Feb '10 down 22 at 8685 Feeders: Nov up 20 at 9480   Jan '10 up 5 at 9507 Cattle Comment Cattle turned a bit lower on ideas that cutouts and cash cattle have topped. Heavy deliveries against the October contract also weighed on futures. Upside potential appears limited near term. Hogs Peoria: $1     higher   at   28   to   30 Chicago Futures: Dec down 50 at 5670   Feb '10 up 42 at 6360 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures were mixed. December fell back into yesterday’s chart gap after failing to move resistance at $57.75. 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 30, 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. 82-85 Toms: 16-24 lbs. 82-85   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. 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