11/06/2009 Farm Bureau Market Report

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Grain & Soybean Date: November 06, 2009 Soybeans Local Elevators: (Nov) EAST AR:  903 to 953 (NC) Summ. 907 to - - - River Elevators: (Nov) MISS: 950 to 964 ; AR & White 931 to 941 (NC) Summ. 950 to 983 Ark. Processor Bids: (Nov) 923 to 941  (NC) 957 to 963 Memphis:  (Nov) 945 to 961 (NC)  n/a to - - - Riceland Foods:  (Nov) Stuttgart n/a ; Pendleton n/a ; West Memphis n/a Chicago Futures: Jan '10 down 19 at  948   Mar '10  down  16 1/2  at  960 1/4   Jul '10 down 15 1/4  at  964 3/4   Aug '10 down 14 3/4  at  963 3/4   Nov '10 down 11  at  953 3/4   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans closed sharply lower for the third day in a row. January closed below previous support at $9.62 opening the market to a possible retest of support at the early October low of $8.85. Continued good harvest weather and private production forecasts provided the downward impetus as funds remained on the sideline. Corn declined again but held above support around $3.60. Harvest issues have become less of a factor as producers begin to make significant headway. Tuesday’s report is expected to show minor adjustments as most private firms believe the crop was bigger than indicated in the October report. Therefore weather losses, in most of their opinions, will leave the crop near the October projection. A December close below $3.60 and perhaps $3.48 would be bearish short term. Wheat Cash bid for November at Memphis  377 1/4 to 392 1/4; Bids to farmers at Local Elevators 412; River Elevators 469-492; Chicago Futures: Dec down  15  at  497 1/4    Mar '10 down 15  at  517 1/4    May '10 down  14 3/4  at  530 1/2    Jul '10 down  14 1/2  at  541 3/4    Sep '10 down  13 1/2  at  558 3/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for November at Memphis  636 to 638; Bids to farmers at River Elevators 541-616; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for November at Memphis   347 to 356;   new crop at Memphis   337 3/4 to 377 3/4; Bids to farmers at River Elevators  341 to 357 Chicago Futures: Dec down  9 1/2  at  367    Mar '10 down  9 1/4  at  381    Jul '10 down  9  at  399 1/2    Dec '10 down  6 1/2  at  417 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat was lower, but the market seems comfortable above $5. Soft red winter wheat planting likely made big strides this week. Cotton & Rice  Date: November 06, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis down 87 at  6304   Greenwood down  87 at 6304 New York Futures: Dec down  87  at  6654    Mar '10 down  66  at  7033    May '10 down  51  at  7182    Jul '10 down  48  at  7331    - - -   - - -  at  - - -  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton worked lower and of a 4 week trading range 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  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: Jan '10 down  5  at  1515 1/2    Mar '10 down  5  at  1540    May '10 down  4  at  1565    Jul '10 down  4  at  1590    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice trimmed recent gains again today but continues to maintain a positive position relative to grains and 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 06, 2009 Cattle As reported by Federal-State Market News, receipts were 12,120 head at sales in Arkansas this week.  Compared with last week, feeder steers sold firm to $3 higher. Feeder heifers sold firm to $4 higher, most advance on calves . Steers:  Medium & Large Frame 1   400 to 450 lbs. 111.50 to - - -   500 to 550 lbs. 98.50 to - - -   600 to 650 lbs. 90.25 to - - -  Medium & Large Frame 2   400 to 450 lbs. 94.75 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 94 to - - -  Medium & Large Frame 2   400 to 450 lbs. 79.25 to - - - Slaughter Cows, Boners 36   to   43 Light Weight 27 to 33 Bulls, Yield Grade   1   1000   to   2100 lbs.   27   to   33 Midwest Steers   n/a   at   - - -   to   - - - Panhandle Steers   n/a   at   - - -   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 96.50 to 112.50   600 to 650 lbs. 87 to 100.50 Heifers 500 to 550 lbs. 85 to 98   600 to 650 lbs. 80 to 94 Chicago Futures: Live Cattle: Dec down 135 at 8500   Feb '10 down 95 at 8627 Feeders: Jan '10 down 110 at 9607   Mar '10 down 80 at 9650 Cattle Comment Cattle futures were lower on negative employment news. Ideas beef prices are topping are also negative. Hogs Peoria: were $1     higher   at   32   to   34 Chicago Futures: Dec down 90 at 5570   Feb '10 down 62 at 6285 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs were also lower, but losses were limited by continued strength in cash hog and pork product values. Poultry  Date: November 06, 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. 82-87   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