11/05/2009 Farm Bureau Market Report

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Grain & Soybean Date: November 05, 2009 Soybeans Local Elevators: (Nov) EAST AR:  936 to 970 (NC) Summ. 940 to - - - River Elevators: (Nov) MISS: 975 to 986 ; AR & White 948 to 958 (NC) Summ. 967 to 1000 Ark. Processor Bids: (Nov) 942 to 958  (NC) 974 to 980 Memphis:  (Nov) 982 to - - - (NC)  n/a to - - - Riceland Foods:  (Nov) Stuttgart 958 ; Pendleton 970 ; West Memphis 986 Chicago Futures: Jan '10 down 27 at  972   Mar '10  down  25 3/4  at  976 3/4   Jul '10 down 22 1/4  at  980   Sep '10 down 20 1/2  at  968 1/2   Nov '10 down 21 1/4  at  964 3/4   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans drifted lower throughout today’s session with the end result being big losses. January futures fell near the bottom of a 4 week trading range. A close below $9.62 would be technically negative and open the market to test support at the early October low just above $8.90. Good harvest weather should continue thru the weekend and perhaps longer. Corn was on the defensive like soybeans. However, December held above support at $3.60 to $3.70. Harvest is moving at a rapid pace but drying conditions are not good in the Northern tier of the Midwest. Yield reports are good but test weights are low in some areas. Private estimates are suggesting yield will be very close to USDA’s October estimate. Wheat Cash bid for November at Memphis  392 1/4 to 407 1/4; Bids to farmers at Local Elevators 426; River Elevators 483-506; Chicago Futures: Dec down  8 3/4  at  512 1/4    Mar '10 down 8 1/2  at  532 1/4    May '10 down  8 1/2  at  545 1/4    Jul '10 down  8 1/4  at  556 1/4    Sep '10 down  8 1/2  at  572 1/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for November at Memphis  654 to 690; Bids to farmers at River Elevators 557-632; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for November at Memphis   371 1/2 to 373 1/2;   new crop at Memphis   345 1/2 to 385 1/2; Bids to farmers at River Elevators  350 to 372 Chicago Futures: Dec up  7 1/2  at  376 1/2    Mar '10 up  7 1/4  at  390 1/4    Jul '10 up  7 1/4  at  408 1/2    Dec '10 up  6 3/4  at  424    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures were trading lower at midday. A disappointing export report for last week and word that Egypt opted for French and Russian wheat this week added to the downside pressure. The market continues to consolidate around the key $5 area. Cotton & Rice  Date: November 05, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis down 70 at  6391   Greenwood down  70 at 6391 New York Futures: Dec down  70  at  6741    Mar '10 down  56  at  7099    May '10 down  48  at  7233    Jul '10 down  46  at  7379    - - -   - - -  at  - - -  This week's LDP rate for cotton is  .02 cents   The estimate for next week is  0 cents Cotton Comment Cotton reversed yesterday’s gains and remains in a sideways pattern between 66 and 69 cents. Weather losses in production and quality will be quantified later, but suffice it to say they will be significant in much of the Mississippi Delta. USDA may make some adjustments in next week’s report; however the final report won’t come until later. While supplies will tighten, it will take increased economic improvement to increase demand and help boost values. Rice Long Grain Cash Bid for  Nov 1405/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Jan '10 down  1 1/2  at  1520 1/2    Mar '10 down  2  at  1545    May '10 down  2  at  1569    Jul '10 down  1  at  1594    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice futures were slightly lower, but the market maintained recent gains and appears to be more positive than corn or soybeans. International markets are firm with prospects of India importing rice helping boost the market. Big intervention stocks in Thailand remain a potential negative as their harvest gets underway. For now, the market will try to work toward long term chart resistance at $15.80. Cattle & Hogs  Date: November 05, 2009 Cattle As reported by Federal-State Market News, receipts were 3,334 head at sales in Charlotte & Green Forest.  Compared with last week, feeder steers sold firm to $3 higher, heifers steady to $1 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 107 to - - -   500 to 550 lbs. 98.25 to - - -   600 to 650 lbs. 92.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 100.50 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 88.75 to - - -  Medium & Large Frame 2   400 to 450 lbs. 82.50 to - - - Slaughter Cows, Boners 36   to   43 Light Weight 30 to 35 Bulls, Yield Grade   1   1000   to   2100 lbs.   47   to   56, high dressing 57-58 Midwest Steers   were $.50 higher   at   87.50   to   - - - Panhandle Steers   were quoted   at   87.50, few 87   to   - - - Oklahoma City Feeders Steers n/a to - - - lbs. - - - to - - -   n/a to - - - lbs. - - - to - - - Heifers n/a to - - - lbs. - - - to - - -   n/a to - - - lbs. - - - to - - - Chicago Futures: Live Cattle: Dec up 10 at 8635   Feb '10 down 15 at 8722 Feeders: Jan '10 up 47 at 9717   Mar '10 up 60 at 9730 Cattle Comment Cattle futures were mixed at midday. Stronger stock markets were supportive, but ideas that the beef market is topping are keeping a lid on prices. December live cattle are building support at the recent low of $85.25. Hogs Peoria: were $1     higher   at   31   to   33 Chicago Futures: Dec down 120 at 5660   Feb '10 down 85 at 6347 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Cattle futures were mixed at midday. Stronger stock markets were supportive, but ideas that the beef market is topping are keeping a lid on prices. December live cattle are building support at the recent low of $85.25. Poultry  Date: November 05, 2009 Eggs New York:  Ex. Lg. 121-125; Lg. 119-123; Med. 100-104; 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. Retail and food service demand was fair to moderate with light trading. 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