11/04/2009 Farm Bureau Market Report

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Grain & Soybean Date: November 4, 2009 Soybeans Local Elevators: (Nov) EAST AR:  963 to 997 (NC) Summ. 967 to - - - River Elevators: (Nov) MISS: 1005 to 1014 ; AR & White 972 to 982 (NC) Summ. 994 to 1027 Ark. Processor Bids: (Nov) 971 to 985  (NC) 1001 to 1007 Memphis:  (Nov) 1009 to 1014 (NC)  n/a to - - - Riceland Foods:  (Nov) Stuttgart 985 ; Pendleton 997 ; West Memphis 1013 Chicago Futures: Nov down 11 1/4 at  995 1/2   Jan '10  down  11 1/2  at  999   Mar '10 down 11  at  1002 1/2   Jul '10 down 8 1/4  at  1002 1/4   Nov '10 down 7  at  986   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment SoybSoybeans failed to hold early gains, closed lower for the day with November dropping below $10. Early gains were based on a weaker dollar and strong equities markets. Continued reports of good yields and good harvest weather pressured the market. Several private crop estimates still show big bean and corn crops, suggesting the October estimate was low or there has been less weather damage than thought. For now January futures remain locked in a sideways pattern between $10.30 and $9.60. Corn pushed near $4 before reversing to close lower for the day. Like soybeans, yields remain good and private estimates are just a little below the October numbers. Weather outlook is mixed with some projections indicating rain across the Midwest early next week. December corn has trendline support around $3.70. Wheat Cash bid for November at Memphis  401 to 421; Bids to farmers at Local Elevators 435; River Elevators 491-515; Chicago Futures: Dec up  5 1/4  at  521    Mar '10 up 5  at  540 3/4    May '10 up  5  at  553 3/4    Jul '10 up  5  at  564 1/2    Sep '10 up  4 1/2  at  580 3/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for November at Memphis  668 to 682; Bids to farmers at River Elevators 571-646; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for November at Memphis   379 to 384;   new crop at Memphis   352 1/2 to 392 1/2; Bids to farmers at River Elevators  356 to 379 Chicago Futures: Dec down  6  at  384    Mar '10 down  6  at  397 1/2    Jul '10 down  5 3/4  at  415 3/4    Dec '10 down  7  at  430 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures continue to be closely linked with the value of the dollar. Losses in the dollar today resulted in gains in wheat futures. The market continues to consolidate around the key $5 area. Winter wheat seeding should progress this week. USDA said Monday afternoon that 79% of the crop had been planted, compared with a 5 year average of 90%. Cotton & Rice  Date: November 4, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 65 at  6461   Greenwood up  65 at 6461 New York Futures: Dec up  66  at  6811    Mar '10 up  73  at  7155    May '10 up  73  at  7281    Jul '10 up  73  at  7425    - - -   - - -  at  - - -  This week's LDP rate for cotton is  .02 cents   The estimate for next week is  0 cents Cotton Comment Cotton remained locked in a sideways trading pattern between 66 and 69 cents. Today’s higher close left the market in position to test resistance at 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 1407/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Jan '10 up  10 1/2  at  1522    Mar '10 up  10 1/2  at  1547    May '10 up  10  at  1571    Jul '10 up  9 1/2  at  1595    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice futures moved higher again today. 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 4, 2009 Cattle As reported by Federal-State Market News, receipts were 1,471 head at sales in Conway & Pocahontas.  Compared with last week, feeder steers sold unevenly, steers under 450 lbs. mostly $2-3 lower, over 450 lbs. steady to $2 higher. Feeder heifers sold near steady . Steers:  Medium & Large Frame 1   400 to 450 lbs. 104 to - - -   500 to 550 lbs. 95.75 to - - -   600 to 650 lbs. 87 to - - -  Medium & Large Frame 2   400 to 450 lbs. 84 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 89.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 74.50 to - - - Slaughter Cows, Boners 37   to   43 Light Weight 25 to 30 Bulls, Yield Grade   1   1400   to   2300 lbs.   50   to   55, high dressing 56 Midwest Steers   were $1 higher to steady   at   87   to   - - - 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 550 to 600 lbs. 87.50 to 92.25   600 to 640 lbs. 80 to 86.75 Chicago Futures: Live Cattle: Dec up 55 at 8625   Feb '10 up 35 at 8737 Feeders: Nov up 70 at 9537   Jan '10 up 142 at 9670 Cattle Comment Cattle futures ended the day on a positive note on stronger stocks and a weaker dollar. Improving meat prices were also a factor. December live cattle are building support at the recent low of $85.25. Hogs Peoria: were     steady   at   30   to   32 Chicago Futures: Dec up 25 at 5780   Feb '10 down 20 at 6432 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Cattle futures ended the day on a positive note on stronger stocks and a weaker dollar. Improving meat prices were also a factor. December live cattle are building support at the recent low of $85.25. Poultry  Date: November 4, 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 about steady to steady. Supplies of all sizes were at least adequate 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