11/03/2009 Farm Bureau Market Report

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Grain & Soybean Date: November 03, 2009 Soybeans Local Elevators: (Nov) EAST AR:  975 to 1009 (NC) Summ. 979 to - - - River Elevators: (Nov) MISS: 1016 to 1029 ; AR & White 983 to 993 (NC) Summ. 1005 to 1038 Ark. Processor Bids: (Nov) 982 to 997  (NC) 1013 to 1019 Memphis:  (Nov) 1025 1/2 to 1031 1/2 (NC)  n/a to - - - Riceland Foods:  (Nov) Stuttgart 997 ; Pendleton 1009 ; West Memphis 1029 Chicago Futures: Nov up 9 1/4 at  1006 3/4   Jan '10  up  12 1/2  at  1010 1/2   Mar '10 up 13 1/2  at  1013 1/2   Jul '10 up 14  at  1010 1/2   Nov '10 up 11 1/2  at  993   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans kept the recent upturn going despite early strength in the dollar. Harvest progress was behind expectations in yesterday’s report and helped key today’s rally. First of the month investment fund buying added to the positive undertone. November’s close above $10 put the market in position to test resistance at the recent high of $10.28. Support starts at $9.60. Corn closed above resistance at $3.88 and could challenge the recent high of $4.13 ½. Less progress than expected in the harvest provided some support as did fund investment. Good weather is forecast to last thru the weekend. Wheat Cash bid for November at Memphis  360 3/4 to 405 3/4; Bids to farmers at Local Elevators 430; River Elevators 486-510; Chicago Futures: Dec down  1  at  515 3/4    Mar '10 down 1  at  535 3/4    May '10 down  1/4  at  548 3/4    Jul '10 unchanged    at  559 1/2    Sep '10 unchanged    at  576 1/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for November at Memphis  679 to 693; Bids to farmers at River Elevators 582-657; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for November at Memphis   386 to 390;   new crop at Memphis   359 to 399; Bids to farmers at River Elevators  362 to 385 Chicago Futures: Dec up  7 3/4  at  390    Mar '10 up  7 3/4  at  403 1/2    Jul '10 up  8  at  421 1/2    Dec '10 up  9  at  437 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures ended unchanged to down a penny. The market continues to consolidate around the key $5 area. Winter wheat seeding should progress this week. USDA said yesterday that 79% of the crop had been planted, compared with a 5 year average of 90%. Cotton & Rice  Date: November 03, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 19 at  6395   Greenwood up  19 at 6395 New York Futures: Dec down  19  at  6745    Mar '10 down  27  at  7082    May '10 down  25  at  7208    Jul '10 down  26  at  7352    - - - down  - - -  at  - - -  This week's LDP rate for cotton is  02 cents   The estimate for next week is  0 cents Cotton Comment Cotton was slightly lower for the day with December remaining in the recent trading range of 66 to 69 cents. Harvest activities will increase with the improving weather, but production will be down from early USDA projections. U.S. supplies will be tighter than expected, but unless demand improves there will be ample cotton available. Rice Long Grain Cash Bid for  Nov 1396/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Nov up  8 1/2  at  1487 1/2    Jan '10 up  6 1/2  at  1511 1/2    Mar '10 up  9  at  1536 1/2    May '10 up  10 1/2  at  1561    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice futures ended the session a little higher boosting gains over the last week to almost $1.50. Improving international markets are a factor in this move as is the delayed harvest and the implications it has on production and quality. India’s lifting of their import ban suggests they will flip from exporter to importer at some point in the marketing year. January futures can potentially move to the next long term chart objective near $15.80. Cattle & Hogs  Date: November 03, 2009 Cattle As reported by Federal-State Market News, receipts were 576 head at sales in Heber Springs.  Compared with last week, feeder steers over 450 lbs. steady to $1 higher, weights under 450 lbs. $2-4 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 99.50 to - - -   500 to 550 lbs. 94 to - - -   600 to 650 lbs. 87.25 to - - -  Medium & Large Frame 2   400 to 450 lbs. 85 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 86 to - - -  Medium & Large Frame 2   400 to 450 lbs. 78.25 to - - - Slaughter Cows, Boners 39   to   43 Light Weight 25 to 30 Bulls, Yield Grade   1   1000   to   2100 lbs.   untested, low dressing $45.50-49.50   to   - - - Midwest Steers   were $2-1 higher   at   86   to   87 Panhandle Steers   n/a   at   - - -   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 105 to 112.50   600 to 640 lbs. 92.50 to 99.50 Heifers 500 to 540 lbs. 88 to 97.50   550 to 600 lbs. 87.50 to 92.25 Chicago Futures: Live Cattle: Dec down 50 at 8570   Feb '10 down 57 at 8702 Feeders: Nov down 45 at 9467   Jan '10 down 30 at 9527 Cattle Comment Cattle futures ended the day mostly lower. Further strength in corn is weighing on feeders. Weak packer operating margins are keeping a lid on fed cattle. Hogs Peoria: were $2     higher   at   30   to   32 Chicago Futures: Dec down 17 at 5755   Feb '10 down 7 at 6452 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures ended mixed. 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 03, 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. Retail and food service demand 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