11/02/2009 Farm Bureau Market Report

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Grain & Soybean Date: November 02, 2009 Soybeans Local Elevators: (Nov) EAST AR:  962 to 996 (NC) Summ. 966 to - - - River Elevators: (Nov) MISS: 1004 to 1016 ; AR & White 971 to 981 (NC) Summ. 994 to 1028 Ark. Processor Bids: (Nov) 973 to 986  (NC) 1000 to 1006 Memphis:  (Nov) 1013 to 1019 (NC)  n/a to - - - Riceland Foods:  (Nov) Stuttgart 984 ; Pendleton 996 ; West Memphis 1016 Chicago Futures: Nov up 19 1/2 at  997 1/2   Jan '10  up  21 1/2  at  998   Mar '10 up 25  at  1000   Jul '10 up 24  at  996 1/2   Nov '10 up 19 1/2  at  981 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans bounced around in the early going, before ending the session sharply higher. Positive outside markets provided underlying support as farmers have their best harvest opportunity of the fall. Weather is projected to be sunny through next weekend. That should allow for good progress in corn and beans in most areas of the county. This would tend to limit upside price but there remains concern about overall impact on yield and quality. Another test of resistance at $10.28 is possible. Support starts at $9.60. Corn rallied from a new recent low overnight to close near the high for the day. With only 25% or less of the crop harvested the market is concerned about quality and yield. Weather has taken the top off of a projected record yield. Even still production is expected to be near 13 billion bushels. A close above $3.88 would suggest a retest of resistance at the recent high of $4.13 ½. Support starts at $3.60. Wheat Cash bid for November at Memphis  361 3/4 to 391 3/4; Bids to farmers at Local Elevators 430; River Elevators 486-510; Chicago Futures: Dec up  22 1/2  at  516 3/4    Mar '10 up 22 3/4  at  536 3/4    May '10 up  22  at  549    Jul '10 up  22 1/4  at  559 1/2    Sep '10 up  22  at  576 1/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for November at Memphis  665 to 677; Bids to farmers at River Elevators 586-661; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for November at Memphis   382 1/4 to - - -;   new crop at Memphis   350 1/4 to 390 1/4; Bids to farmers at River Elevators  357 to 377 Chicago Futures: Dec up  16 1/4  at  382 1/4    Mar '10 up  16 1/2  at  395 3/4    Jul '10 up  17  at  413 1/2    Dec '10 up  17  at  428 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures posted solid gains. Weather concerns and the delayed planting in soft red winter wheat growing areas were supportive. A decline in the dollar index today was also supportive, as it makes U.S. wheat more competitive globally. Cotton & Rice  Date: November 02, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis unchanged  at  6414   Greenwood unchanged   at 6414 New York Futures: Dec unchanged    at  6764    Mar '10 up  20  at  7109    May '10 up  1  at  7233    Jul '10 up  12  at  7378    - - -   - - -  at  - - -  This week's LDP rate for cotton is  2 cents   The estimate for next week is  0 cents Cotton Comment Cotton trimmed big gains to close steady to slightly higher. December made a brief move to test resistance at 69 cents. This is the second move to that area. Eventually the market will move higher. The next objective on long term charts is 76.2 cents. This year’s mid-South crop has been decimated by weather and overall yields are likely to be well below current estimates. A smaller crop will be positive for price, but improving economic conditions will be needed also. Rice Long Grain Cash Bid for  Nov 1390/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Nov up  43  at  1479    Jan '10 up  36  at  1505    Mar '10 up  36 1/2  at  1527 1/2    May '10 up  36 1/2  at  1550 1/2    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice futures made a strong followthrough on last week’s extended gains. November closed out last week above previous resistance at $14.25. Today’s strong gain gave the market a big boost toward the next long term resistance at $15.80 on the weekly chart. Improving international conditions, including India’s revocation of their import ban, gave the market a solid boost. Weather harvest delays in the Southern U.S. rice crop added to the upward momentum. Potential for Iraqi business was also a positive factor. Cattle & Hogs  Date: November 02, 2009 Cattle As reported by Federal-State Market News, receipts were 1,389 head at sales in Ash Flat & Springdale.  Compared with last week, feeder steers uneven mostly weak to $4 lower, instances $6 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 106.50 to - - -   500 to 550 lbs. 94 to - - -   600 to 650 lbs. 89.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 98.50 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 92 to - - -  Medium & Large Frame 2   400 to 450 lbs. 80.75 to - - - Slaughter Cows, Boners 39   to   44 Light Weight 30 to 36 Bulls, Yield Grade   1   1000   to   2100 lbs.   49   to   55.50 Midwest Steers   were quoted   at   84   to   88 Panhandle Steers   were quoted   at   86   to   88 Oklahoma City Feeders Steers 500 to 550 lbs. 105.85 to 111.50   n/a to - - - lbs. - - - to - - - Heifers n/a to - - - lbs. - - - to - - -   n/a to - - - lbs. - - - to - - - Chicago Futures: Live Cattle: Dec up 55 at 8622   Feb '10 up 75 at 8760 Feeders: Nov up 32 at 9512   Jan '10 up 50 at 9557 Cattle Comment Cattle turned higher today on carryover strength from the stock market and further weakness in the dollar. Weak packer operating margins will keep a lid on prices. Hogs Peoria: were     steady   at   28   to   30 Chicago Futures: Dec up 102 at 5772   Feb '10 up 100 at 6460 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures posted strong gains. Packer margins are solid, but a seasonal increase in marketings will keep the supply pressure on the market. December has chart-gap resistance between $57.75 and $58.30. Poultry  Date: November 02, 2009 Eggs New York:  Ex. Lg. 121-125; Lg. 119-123; Med. 99-103; Chicago:  Ex. Lg. 111-119; Lg. 109-117; Med. 96-104; 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 following the weekend was fair to moderate for first of the month business. 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. All rights reserved Terms of Use