07/27/2009 Farm Bureau Market Report

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Grain & Soybean Date: July 27, 2009 Soybeans Local Elevators: (July) EAST AR:  1001 to - - - (NC) Summ. 867 to 884 River Elevators: (July) MISS: 926 to 1021 ; AR & White 896 to 906 (NC) Summ. 870 to 907 Ark. Processor Bids: (July) - - - to - - -  (NC) 880 to 886 Memphis:  (July) 1026 1/4 to - - - (NC)  910 1/2 to 912 1/2 Riceland Foods:  (Oct/Nov) Stuttgart 880 ; Pendleton 884 ; West Memphis 907 Chicago Futures: Sept down 6 1/2 at  945   Nov  down  8 1/2  at  906 1/2   Jan down 8 1/2  at  913 3/4   Mar down 8 3/4  at  916 3/4   July down 9  at  924 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans closed mostly lower but managed to firm slightly during the day session. November futures continued to find support near $9. At the same time, prospects of record production could push the market through this support. Continued good crop weather could see adjustments in yield and production in the August report. Wheat Cash bid for July at Memphis  413 1/2 to 425 1/2; Bids to farmers at Local Elevators 379-391; River Elevators 357-418; Chicago Futures: Sept up  4 1/4  at  520 1/2    Dec up 4 1/4  at  547 3/4    Mar up  4  at  566    May up  4  at  578 1/4    July up  5 1/4  at  589 1/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for July at Memphis  533 to - - -; Bids to farmers at River Elevators 389-469; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for July at Memphis   314 1/4 to 327 1/4;   New crop at Memphis   314 1/4 to - - -; Bids to farmers at River Elevators  298 to 323 Chicago Futures: Sept up  6  at  322 1/4    Dec up  6 1/2  at  333 3/4    Mar up  6 1/2  at  347    July up  6 1/4  at  364 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat held support just above $5.10 and closed slightly higher but that may be temporary. Big U.S. and world stocks remain a problem. U.S. exports are about half of what they were a year ago. A good spring crop will just add to the pressure. Corn retraced overnight declines to close on a positive note. A good export inspections report seemed to outweigh good weather and concern about a 36 year low in the U.S. cattle herd. Recent gains in crude oil are a positive for ethanol, but use won’t increase significantly unless EPA raises the 10% limit on use in conventional fuel. Cotton & Rice  Date: July 27, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 17 at  5256   Greenwood up  17 at 5256 New York Futures: Oct down  8  at  5731    Dec down  8  at  5953    Mar down  6  at  6193    May down  6  at  6315    - - -   - - -  at  - - -  This week's LDP rate for cotton is  3.44 cents   The estimate for next week is  5.52 cents Cotton Comment Cotton retraced early declines to close slightly lower for the day. Upside potential will be limited until this year’s crop is set. For now, demand is limited and the market is dealing with substantial world stocks. The U.S. crop could be down with a big abandonment in Texas anticipated. Even with that, exports will have to pick up as domestic mill use continues to decline. For now, December futures look like they are locked in a 10 cent range between 55 cents and the recent high at 65 cents. Rice Long Grain Cash Bid for  Aug/Nov 1288/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Sept up  36 1/2  at  1377 1/2    Nov up  42  at  1399    Jan up  38 1/2  at  1413    Mar up  34  at  1428 1/2    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice was sharply high again today as the November contract moved to a new recent high of $14.01. The market is still working higher on thoughts the long grain crop will be significantly smaller this year. USDA reduced plantings in their June 30 report, but there are indications more medium grain rice was planted and less long grain. Technically, this market is reaching an overbought status and could be subject to a short term setback. Longer term recent gains suggest additional upside potential at some point. The next long term chart resistance does not come into play for another $1.80. Cattle & Hogs  Date: July 27, 2009 Cattle As reported by Federal-State Market News, receipts were 3076 head at sales in Ash Flat, Springdale and Ola.  Compared with last week, feeder steers sold uneven, mostly steady to $2 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 108.50 to - - -   500 to 550 lbs. 103 to - - -   600 to 650 lbs. 98 to - - -  Medium & Large Frame 2   400 to 450 lbs. 99.50 to - - - Heifers:  Medium & Large Frame 1   500 to 550 lbs. 94 to - - -  Medium & Large Frame 2   400 to 450 lbs. 89.50 to - - - Slaughter Cows, Boners 40   to   47 Light Weight 30 to 37 Bulls, Yield Grade   1   1000   to   2100 lbs.   55   to   59 Midwest Steers   were   at   82   to   84 Panhandle Steers   were steady to $1 higher   at   83   to   84 Oklahoma City Feeders Steers 450 to 500 lbs. 113.25 to 116   500 to 600 lbs. 100 to 105.50 Heifers 500 to 600 lbs. 100.50 to 104   600 to 700 lbs. 97 to 99.25 Chicago Futures: Live Cattle: Aug up 17 at 8470   Oct up 45 at 9020 Feeders: Aug down 15 at 10240   Sept steady 0 at 10235 Cattle Comment Cattle futures closed mixed after overcoming early weakness. Last Friday’s cattle on feed report showed the smallest July 1 inventory in 10 years. The report also revealed the smallest number of calves weighing 500 lbs. or less since its inception in 1973. While feeders traded mostly lower today, downside potential will be limited by a very tight supply. At the same time, market ready cattle inventories appeared to have peaked and that should be positive for the market down the road. Hogs Peoria: were     steady   at   35   to   37 Chicago Futures: Aug up 12 at 5917   Oct up 17 at 5475 Sheep St. Paul n/a   at   - - -   to   - - - Hogs Comment Hogs were mixed as overall demand remains soft. Packers pushed slaughter last week, but will remain cautious in the near term. Slaughter weights dropped off slightly but remain 5 lbs. above year ago levels. Poultry  Date: July 27, 2009 Eggs New York:  Ex. Lg. 107-111; Lg. 105-109; Med. 67-71; Chicago:  Ex. Lg. 101-109; Lg. 99-107; Med. 60-68; Eastern Region Turkeys Hens: 8-16 lbs. 81-83 Toms: 16-24 lbs. 79.5-83   Delmarva Broilers U.S. Grade A Trade sentiment was barely steady to mostly weak. Demand following the weekend was light with limited 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. 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Bi-Weekly Market Briefings for 07/24/2009

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ARKANSAS FARM BUREAU ELECTRONIC NEWSLETTER Bi-Weekly Market Briefings for 07-24-2009 -------------------------------------------------------------------------- http://www.arfb.com For corn, the July USDA reports have been negative, to say the least. Quarterly stocks exceeded expectations; usage slowed. The market was surprised earlier this month when the Supply/Demand Report placed ’09 plantings at 87.04 million acres — more than 3 million acres higher than March intentions and pre-report estimates. That same report, however, left yield at the trend line projection of 153.4 bushels per acre. The situation appears to be changing. Reports are now suggesting the Western Corn belt is a “garden spot,” and concerns about planting problems have evaporated. At this point, the crop is still behind normal development, but that probably won’t be the case for long. Many reports are suggesting it may be a record yield, more than 160 bushels per acre. That would add more than 500 million bushels to this year’s projected production of 12.3 billion bushels. Of course, all of this is good news for production, bad news for price. Over the past two weeks, December futures have consistently made new contract lows. Various chart features suggests market objectives between $2.10-$2.90; long-term charts indicate support in those same areas. December would have to close above $3.50 to confirm a bottom. Soybeans have been a little more stable than corn, with November futures consolidating above support at $8.81. Crop prospects have improved, but there are a lot of late beans this year, particularly in the Mid-South. Like other commodities, soybeans continue to respond to outside markets such as the dollar, equities and crude oil. However, we now face the possibility of the Commodity Futures Trading Commission imposing more stringent position limits on index funds. This has reduced buying enthusiasm for beans, and could put them on the other side of the market. Upside potential is limited, unless there is some unforeseen weather event, like early frost. If support at $8.80 is penetrated, the initial downside objective would be the March low of $7.84. Current resistance is this week’s high of $9.40. The wheat rally has little upside potential. Over the past two weeks, September futures made a small upward retracement that failed on several occasions to move above the $5.50 level. Big world stocks and slow export demand suggest the best this market can do is slide sideways. If corn and soybeans make another down leg then wheat could easily drop below the recent September futures low of $5.12. That could bring the December ’08 low of $4.55 into play. Recent cotton gains have stalled as the market found little fundamental support. December futures moved above the May high of 63.75 cents, but came to a halt as the market topped, just below 65 cents. The Texas drought is still the major fundamental factor. By now, though, the market’s taken the dry weather into account. Trading will likely be confined to a range between 55-65 cents. Long-term, a smaller U.S. and world crop would give the market greater upside potential, but world economic conditions would also need to improve. Rice futures continue to climb as the market looks at substantially smaller production prospects for long grain. The July Supply/Demand Report had long-grain production at 151 million hundredweight, down almost 12 percent from last month. Ending stocks are projected at a very meager 11.8 million hundredweight. While that still looks somewhat positive, it’s based on solid exports of 73 million hundredweight, and movement this year has been challenging. Technically, September and November futures have moved to new recent highs and are in position to test resistance at the late-December high of $14.03. Thanks to tanking corn prices, cattle futures – especially for feeder cattle – have gained strength the past two weeks. In addition, placements have dropped sharply over the past few months, so supplies are expected to tighten soon. Stronger stocks and a weaker dollar have also been supportive. August is having a tough time staying above the $56 resistance that’s held the market since February. Hog futures have also been climbing recently. This week, cutout values rallied from a six-year low, but also saw a bit of a setback. Futures are trading at a premium to cash prices, and this week’s pullback suggests the market thinks the premium is too much. August has support at the recent contract low of $57.40. In dairy, the uniform price was $12.83 per hundredweight of milk at 3.5 percent butterfat for the month of June. That’s 38 cents lower than last month and $7.97 less than a year ago. Class I utilization was 61.19 percent, an increase of 4.01 percent from the previous month and a decrease of 9.06 percent from last June. Prices won’t show much improvement until milk production falls below year-ago levels. The normal seasonal decline in production, coupled with the strong autumn sales of dairy products will strengthen milk prices in the months ahead. But, production may need to fall 2-3 percent below year-ago levels to get the price high enough to stop the financial stress now being experienced by dairy producers. The National Milk Producers Federation recently completed the seventh round of herd liquidation, removing 101,000 cows. Also, the group recently closed bids for an eighth round, which will help to further reduce cow numbers and slow milk production. Contact: • Gene Martin (501) 228-1330, gene.martin@arfb.com . • Brandy Carroll (501) 228-1268, brandy.carroll@arfb.com . • Bruce Tencleve (501) 228-1856, bruce.tencleve@arfb.com . • Matt King (501) 228-1297, matt.king@arfb.com . -------------------------------------------------------------------------- We promised you your own bank, and here it is - www.farmbureaubank.com Created by members who understand your financial needs like no other bank can. Backed by the strength, stability and leadership of Farm Bureau. Go ahead. See what better banking is all about. Call 1-800-492-FARM Personal Bankers are available Monday - Friday, 7am to 7pm CST -------------------------------------------------------------------------- QUESTIONS OR COMMENTS? If you have any comments or questions about this e-newsletter please e-mail us at: mktrpt@arfb.com -------------------------------------------------------------------------- ---------------------------------------- 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

07/24/2009 Farm Bureau Market Report

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Grain & Soybean Date: July 24, 2009 Soybeans Local Elevators: (July) EAST AR:  1004 to - - - (NC) Summ. 892 to 909 River Elevators: (July) MISS: 952 to 1039 ; AR & White 922 to 932 (NC) Summ. 895 to 932 Ark. Processor Bids: (July) n/a to - - -  (NC) 905 to 911 Memphis:  (July) 1026 to - - - (NC)  915 to 919 Riceland Foods:  (Oct/Nov) Stuttgart 888 ; Pendleton 892 ; West Memphis 915 Chicago Futures: SEP down 10 at  951 1/2   NOV  down  17  at  915   JAN down 17  at  922 1/4   MAR down 18  at  925 1/2   JUL down 14  at  933 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans turned sharply lower on profit taking to end the week. Recent resistance at $9.38 looks solid for now. Key resistance is at $8.82. The market was concerned last week about the announcement that the Chinese government would be selling government stocks of soybeans, but the price was too high and they received no bids, keeping the market open for U.S. imports. Wheat Cash bid for July at Memphis  411 1/4 to 421 1/4; Bids to farmers at Local Elevators 390-402; River Elevators 369-432; Chicago Futures: SEP down  15 1/2  at  516 1/4    DEC down 15 1/2  at  543 1/2    MAR down  15 1/2  at  562    MAY down  15 1/2  at  574 1/4    JUL down  15 1/4  at  584    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for July at Memphis  518 to 549; Bids to farmers at River Elevators 398-478; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for July at Memphis   308 1/4 to 320 1/4;   New Crop at Memphis   308 1/4 to - - -; Bids to farmers at River Elevators  303 to 328 Chicago Futures: SEP down  10 3/4  at  316 1/4    DEC down  11 1/2  at  327 1/4    MAR down  11 3/4  at  340 1/2    JUL down  11 1/2  at  358 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Corn futures moved lower today. Yesterday’s rally was probably just a corrective bounce. Now that the market is in better balance, prices started sliding lower again today. Rallies like the one seen yesterday should be seen as pricing opportunities. Wheat futures were also lower. The market broke out of a sideways to higher trading range yesterday, and now September looks poised to test support at the recent low of $5.12. Cotton & Rice  Date: July 24, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis down 211 at  5239   Greenwood down  211 at 5239 New York Futures: OCT down  211  at  5739    DEC down  211  at  5961    MAR down  212  at  6199    MAY down  204  at  6321    - - -   - - -  at  - - -  This week's LDP rate for cotton is  3.44 cents   The estimate for next week is  4.52 cents Cotton Comment Cotton posted sharp losses again today. Recent gains stopped just under 65 cents before reversing. This established a 10 cent trading range that is likely to hold through this year’s harvest. Big world stocks and reduced use reflect current economic conditions that will need to improve to give cotton any significant upside potential. Rice Long Grain Cash Bid for  Aug/Nov 1251/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: SEP up  3 1/2  at  1340    NOV up  4 1/2  at  1357    JAN up  4 1/2  at  1374 1/2    MAR up  10 1/2  at  1394 1/2    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice posted gains today after charting a key reversal yesterday. This may be an indication the market is topping just below the late ’08 highs that were around $14. A smaller U.S. long grain crop has been driving the market despite ample worldwide stocks. Smaller U.S. long grain plantings suggest tightening stocks, but the market must still keep an eye on ample world stocks and a slow pace in the export market. Cattle & Hogs  Date: July 24, 2009 Cattle As reported by Federal-State Market News, receipts were 11,180 head at sales in Arkansas this week.  Compared with last week, feeder steers sold unevenly. Heifers sold mostly steady to $2.00 . Steers:  Medium & Large Frame 1   400 to 450 lbs. 160 to - - -   500 to 550 lbs. 99 to - - -   600 to 650 lbs. 95 to - - -  Medium & Large Frame 2   400 to 450 lbs. 95 to - - - Heifers:  Medium & Large Frame 1   500 to 550 lbs. 92 to - - -  Medium & Large Frame 2   400 to 450 lbs. 89.50 to - - - Slaughter Cows, Boners 40   to   47 Light Weight 27 to 35 Bulls, Yield Grade   1   1000   to   2100 lbs.   53   to   58.50 Midwest Steers   n/a   at   - - -   to   - - - Panhandle Steers   steady   at   83   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 99 to 114   550 to 600 lbs. 100 to 112 Heifers 500 to 550 lbs. 91.50 to 106.50   550 to 600 lbs. 90.50 to 106.75 Chicago Futures: Live Cattle: AUG down 50 at 8452   OCT down 35 at 8975 Feeders: AUG up 17 at 10255   SEP up 25 at 10235 Cattle Comment Cattle futures ended mixed. Feeders got support from renewed weakness in the corn pit. August live futures have resistance around $86, which has held the market since February. Hogs Peoria: $1     higher   at   35   to   37 Chicago Futures: AUG down 190 at 5905   OCT down 182 at 5457 Sheep St. Paul n/a   at   - - -   to   - - - Hogs Comment Hog futures were under renewed pressure today from fund selling and ideas the pork market is topping. August has violated the recent up-trend and could work toward a retest of support at the contract low of $57.40. Poultry  Date: July 24, 2009 Eggs New York:  Ex. Lg. 107-111; Lg. 105-109; Med. 67-71; Chicago:  Ex. Lg. 86-94; Lg. 84-92; Med. 52-60; Eastern Region Turkeys Hens: 8-16 lbs. 81-83 Toms: 16-24 lbs. 79.5-83   Delmarva Broilers U.S. Grade A Trade sentiment was barely steady to instances weak. Demand entering the weekend was light to fair with trading usually limited to regular commitments. 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

07/23/2009 Farm Bureau Market Report

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Grain & Soybean Date: July 23, 2009 Soybeans Local Elevators: (Jul) EAST AR:  1004 to - - - (NC) Summ. 895 to 909 River Elevators: (Jul) MISS: 952 to 1039 ; AR & White 922 to 932 (NC) Summ. 895 to 932 Ark. Processor Bids: (Jul) n/a to - - -  (NC) 905 to 911 Memphis:  (Jul) 1028 1/2 to - - - (NC)  932 to 936 Riceland Foods:  (NC) Stuttgart 905 ; Pendleton 909 ; West Memphis 932 Chicago Futures: Sep up 16 1/2 at  961 1/2   Nov  up  24  at  932   Jan '10 up 24 1/2  at  939 1/4   Mar '10 up 23 1/4  at  943 1/2   Jul '10 up 19  at  947 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans approached the top of the recent consolidation area in early trading. China’s failure to sell any of the soybeans offered at auction earlier this week has provided a boost to November futures. Recent resistance at last week’s high should remain intact. USDA is set to update corn plantings in seven states ahead of their August report. That prompted early speculation that corn plantings would be trimmed. USDA first did this last year when concern was raised about flood impacts on planting. Expecting a smaller acreage, the market was caught flat-footed when acreage actually was raised. Even if planting declines, good crop conditions suggest an excellent crop will be harvested. Rebounds such as this should be viewed as a pricing opportunity. Resistance at $3.49 appears to be the maximum this rally could attain. Wheat Cash bid for July at Memphis  424 3/4 to 431 3/4; Bids to farmers at Local Elevators 390-402; River Elevators 369-432; Chicago Futures: Sep up  9 3/4  at  531 3/4    Dec up 10  at  559    Mar '10 up  9 1/2  at  577 1/2    May '10 up  10 1/4  at  589 3/4    Jul '10 up  9 1/2  at  599 1/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for July at Memphis  542 to 560; Bids to farmers at River Elevators 398-478; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for July at Memphis   317 to 332;   new crop at Memphis   317 to 319; Bids to farmers at River Elevators  303 to 328 Chicago Futures: Sep up  19  at  327    Dec up  19 1/2  at  338 3/4    Mar '10 up  19 1/2  at  352 1/4    Jul '10 up  18 3/4  at  370    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures were reluctantly following corn and beans higher at mid-day. The market broke out of a sideways to higher trading range yesterday, and now September looks poised to test support at the recent low of $5.12. Disappointing export sales of only 12.6 million bushels kept a lid on prices. Cotton & Rice  Date: July 23, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 46 at  5450   Greenwood up  46 at 5450 New York Futures: Oct down  118  at  5786    Dec down  268  at  5851    Mar '10 down  559  at  5800    May '10 down  769  at  5700    - - - up  - - -  at  - - -  This week's LDP rate for cotton is  3.54 cents   The estimate for next week is  3.44 cents Cotton Comment Cotton rebounded early as traders took profits following the big downturn Tuesday. Recent gains stopped just under 65 cents before reversing yesterday. This established a 10 cent trading range that is likely to hold through this year’s harvest. Big world stocks and reduced use reflect current economic conditions that will need to improve to give cotton any significant upside potential. Rice Long Grain Cash Bid for  Aug-Nov 1248/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Sep down  7  at  1337 1/2    Nov down  6 1/2  at  1352 1/2    Jan '10 down  2  at  1370    Mar '10 down  4  at  1384    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice registered a potential key reversal as the market retraced a portion of recent gains. This may be an indication the market is topping just below the late ’08 highs that were around $14. A smaller U.S. long grain crop has been driving the market despite ample worldwide stocks. Smaller U.S. long grain plantings suggest tightening stocks, but the market must still keep an eye on ample world stocks and a slow pace in the export market. Cattle & Hogs  Date: July 23, 2009 Cattle As reported by Federal-State Market News, receipts were 2,296 head at sales in Charlotte, Green Forest, and Ratcliff.  Compared with last week, feeder steers sold mostly steady . Steers:  Medium & Large Frame 1   400 to 450 lbs. 107.75 to - - -   500 to 550 lbs. 103 to - - -   600 to 650 lbs. 101.25 to - - -  Medium & Large Frame 2   400 to 450 lbs. 97.75 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 97.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 86.75 to - - - Slaughter Cows, Boners 43   to   48 Light Weight 30 to 38 Bulls, Yield Grade   1   1000   to   2100 lbs.   54   to   61, high dressing 61-63.50 Midwest Steers   were $1 lower   at   83   to   - - - Panhandle Steers   were $1 lower   at   83   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: Aug steady at 8502   Oct up 30 at 9010 Feeders: Aug down 75 at 10237   Sep down 65 at 10210 Cattle Comment Cattle futures were posting gains at mid-day. Tomorrow’s inventory report is expected to be bullish for prices, showing reduced cattle numbers. August is testing resistance around $86, which has held the market since February. Hogs Peoria: were     steady   at   34   to   36 Chicago Futures: Aug down 115 at 6095   Oct down 92 at 5640 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures were under renewed pressure today from fund selling and ideas the pork market is topping. August has violated the recent up-trend and could work toward a retest of support at the contract low of $57.40. Poultry  Date: July 23, 2009 Eggs New York:  Ex. Lg. 107-111; Lg. 105-109; Med. 67-71; Chicago:  Ex. Lg. 86-94; Lg. 84-92; Med. 52-60; Eastern Region Turkeys Hens: 8-16 lbs. 81-83 Toms: 16-24 lbs. 79.5-83   Delmarva Broilers U.S. Grade A Trade sentiment was about steady to barely steady. Demand approaching the weekend was light to fair with limited trading. Supplies of all sizes were fully sufficient for trade needs. In production areas, live supplies were moderate at 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

07/22/2009 Farm Bureau Market Report

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Grain & Soybean Date: July 22, 2009 Soybeans Local Elevators: (JUL) EAST AR:  999 to - - - (NC) Summ. 868 to 885 River Elevators: (JUL) MISS: 928 to 1044 ; AR & White 898 to 908 (NC) Summ. 871 to 908 Ark. Processor Bids: (JUL) - - - to - - -  (NC) 881 to 882 Memphis:  (JUL) 1028 1/2 to - - - (NC)  908 to 910 Riceland Foods:  (NC) Stuttgart 881 ; Pendleton 885 ; West Memphis 908 Chicago Futures: SEP up 3 1/2 at  945   NOV  up  3  at  908   JAN '10 up 2 1/2  at  914 3/4   MAR '10 up 3 1/4  at  920 1/4   JUL '10 up 3 1/2  at  928 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans managed to end the day on the positive side. Small gains were registered at the close as the market moved to both sides of yesterday’s close. Good weather is the major topic as the trade looks for fundamental news. While much of the crop was planted late it appears conditions have made that a mute point. Record soybean plantings and potential for record yields assures the market will have plenty of soybeans. Ultimately, this market may have to work lower. November has key support around $8.80. A move below that level will likely result in a move to support around $7.90 or perhaps even lower. Corn retraced a portion of early declines but the market still closed the day lower. Prospects of a record yield (160.4 bushels/acre in 2004) could push prospective stocks to over 2 billion bushels unless demand improves significantly. That would most likely mean a big increase in use for ethanol. There are sufficient ethanol plants either on line, or under construction to make it happen, if it is profitable. December futures made a new low today. Support at $2.93 could be tested. Wheat Cash bid for July at Memphis  414 to 422; Bids to farmers at Local Elevators 380 - 392; River Elevators 361 - 422; Chicago Futures: SEP down  12 3/4  at  522    DEC down 12 1/4  at  549    MAR '10 down  12  at  568    MAY '10 down  11 1/2  at  579 1/2    JUL '10 down  10 1/2  at  589 3/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for July at Memphis  508 to 525; Bids to farmers at River Elevators 362 - 442; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for July at Memphis   297 to 313;   New Crop at Memphis   297 to 300; Bids to farmers at River Elevators  285 to 310 Chicago Futures: SEP down  3 1/2  at  308    DEC down  2 3/4  at  319 1/4    MAR '10 down  3  at  332 3/4    JUL '10 down  3  at  351 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures broke out of the recent trading range and September looks poised to test support at the recent low of $5.12. The CFTC said yesterday that the failure of wheat cash prices to converge with futures prices is “unacceptable”. Today’s sell-off could be the index funds’ reaction to that statement. Cotton & Rice  Date: July 22, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis down 291 at  5404   Greenwood down  291 at 5404 New York Futures: OCT down  100  at  5901    DEC down  79  at  6116    MAR '10 down  64  at  6356    MAY '10 down  76  at  6466    - - -   - - -  at  - - -  This week's LDP rate for cotton is  3.54 cents   The estimate for next week is  3.04 cents Cotton Comment Cotton was lower as the market continues its downward retracement that began with near limit declines yesterday. December futures moved to just under 65 cents before reversing yesterday. This establishes a 10 cent trading range that is likely to hold through this year’s harvest. Big world stocks and reduced use reflect current economic conditions that will need to improve to give cotton any significant upside potential. Rice Long Grain Cash Bid for  JUL - NOV 1255/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: SEP up  11 1/2  at  1344 1/2    NOV up  13  at  1359    JAN '10 up  13 1/2  at  1372    MAR '10 up  15 1/2  at  1388    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice is still moving higher as both September and November futures appear ready to test resistance at late ’08 highs that were around $14. A smaller U.S. long grain crop appears to be driving the market despite ample worldwide stocks. Smaller U.S. long grain plantings suggest tightening stocks, but the market must still keep an eye on ample world stocks and a slow pace in the export market. Cattle & Hogs  Date: July 22, 2009 Cattle As reported by Federal-State Market News, receipts were 727 head at sales in Conway & Pocahontas.  Compared with last week, feeder steers sold steady to instances $2 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 108.75 to - - -   500 to 550 lbs. 102.50 to - - -   600 to 650 lbs. 96.25 to - - -  Medium & Large Frame 2   400 to 450 lbs. 94 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 92.75 to - - -  Medium & Large Frame 2   400 to 450 lbs. 86.25 to - - - Slaughter Cows, Boners 43.50   to   47.50 Light Weight 27 to 32 Bulls, Yield Grade   1   1400   to   2300 lbs.   53   to   59.50, high dressing 61.50 Midwest Steers   were steady to $2 higher   at   84   to   - - - Panhandle Steers   were $1.50 - $2 lower   at   82   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: AUG down 100 at 8502   OCT down 132 at 8980 Feeders: AUG down 12 at 10312   SEP down 50 at 10275 Cattle Comment Cattle futures ended lower, despite higher product values. Futures’ premium to cash is limiting the upside. August is testing resistance around $86, which has held the market since February. Hogs Peoria: were     steady   at   34   to   36 Chicago Futures: AUG down 40 at 6210   OCT down 82 at 5732 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures ended a bit lower due to futures’ premium to cash. August has violated the recent up-trend and could work toward a retest of support at the contract low of $57.40. Poultry  Date: July 22, 2009 Eggs New York:  Ex. Lg. 105-109; Lg. 103-107; Med. 64-70; Chicago:  Ex. Lg. 86-94; Lg. 84-92; Med. 52-60; Eastern Region Turkeys Hens: 8-16 lbs. 81-83 Toms: 16-24 lbs. 81-83   Delmarva Broilers U.S. Grade A Trade sentiment was about steady to barely steady. Demand was light to fair with limited trading. Supplies of all sizes were fully sufficient for trade needs. In production areas, live supplies were moderate at 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

07/20/2009 Farm Bureau Market Report

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Grain & Soybean Date: July 20, 2009 Soybeans Local Elevators: (Jul) EAST AR:  1049 to - - - (NC) Summ. 883 to 898 River Elevators: (Jul) MISS: 943 to 1063 ; AR & White 913 to 923 (NC) Summ. 884 to 921 Ark. Processor Bids: (Jul) n/a to - - -  (NC) 894 to 895 Memphis:  (Jul) 1073 to - - - (NC)  928 to - - - Riceland Foods:  (Oct/Nov) Stuttgart 896 ; Pendleton 900 ; West Memphis 923 Chicago Futures: Sep up 12 at  960 1/2   Nov  down  1/2  at  923   Jan '10 down 1 1/4  at  930   Mar '10 down 1 1/4  at  934 3/4   Jul '10 up 4  at  939 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans closed mixed with old crop contracts higher. Outside markets were generally supportive. There remains substantial fundamental pressure with good weather across the Midwest providing good yield expectations. Indications China will release corn and bean stocks for domestic use also clouds the demand side of the equations. Inability to hold support at recent lows just above $8.80 would signal further declines for November. A close above week’s high of $9.38 is needed to extend gains. Corn was able to close a little higher again today. Further declines appear likely with an excellent conditions report expected this afternoon. Funds may see this as a buying point, but it appears that could be the only positive factor in the market. Good yield prospects are being enhanced by weather and talk of an average yield of 160 bushels per acre is being mentioned. Wheat Cash bid for July at Memphis  431 1/4 to 437 3/4; Bids to farmers at Local Elevators 400-422; River Elevators 381-442; Chicago Futures: Sep up  1/2  at  542 1/4    Dec up 3/4  at  568 3/4    Mar '10 up  1  at  587 1/4    May '10 up  1  at  598 1/4    Jul '10 up  1 1/4  at  607 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for July at Memphis  496 to - - -; Bids to farmers at River Elevators 389-470; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for July at Memphis   316 1/4 to 341 1/4;   new crop at Memphis   315 1/4 to 316 1/4; Bids to farmers at River Elevators  301 to 326 Chicago Futures: Sep up  1  at  323 1/4    Dec up  2 1/4  at  333 3/4    Mar '10 up  2 1/4  at  347 1/2    Jul '10 up  2  at  366 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures were a bit lower. It will be difficult for this market to build any upward momentum with current fundamentals, but much of the bearish news has already been factored in to prices, so the downside could be limited as well. September has support at the recent low of $5.12. Cotton & Rice  Date: July 20, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 216 at  5926   Greenwood up  216 at 5926 New York Futures: Oct up  91  at  6301    Dec up  80  at  6486    Mar '10 up  72  at  6689    May '10 up  71  at  6802    - - -   - - -  at  - - -  This week's LDP rate for cotton is  3.54 cents   The estimate for next week is  2.82 cents Cotton Comment Cotton continued to firm with December trading to almost 65 cents. A smaller ’09 crop is in the making. Drought in Texas and a late Midsouth crop suggest a higher abandonment and potentially lower yield on harvested acreage. Longer term, this suggests higher price levels. There is substantial resistance around 64 cents on the weekly chart. That represents a 50% retracement of the 08/09 declines. With October trading about 2 cents lower, this could give December a chance to move as high as 66 cents at some point. Rice Long Grain Cash Bid for  Aug/Sep/Oct 1246 1/2  to  - - -   n/a - - -  to  - - - Chicago Futures: Sep up  39 1/2  at  1336 1/2    Nov up  36 1/2  at  1347 1/2    Jan '10 up  34 1/2  at  1359 1/2    Mar '10 up  28  at  1372 1/2    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice closed higher with nearby contracts testing recent resistance. The recent supply demand report has begun to lose its impact as traders have noted that the cash market failed to follow futures higher. While U.S. rough rice exports have lagged year ago levels, they have begun to catch up. Milled rice sales remain slow. A small ’09 crop is in the works because of smaller long grain plantings. The crop is in good shape and while generally a little late is expected to produce good yields. Major support starts at $11.91. Cattle & Hogs  Date: July 20, 2009 Cattle As reported by Federal-State Market News, receipts were n/a head at sales in n/a.  Compared with last week, feeder steers n/a . Steers:  Medium & Large Frame n/a   - - - to - - - lbs. - - - to - - -   - - - to - - - lbs. - - - to - - -   - - - to - - - lbs. - - - to - - -  Medium & Large Frame n/a   - - - to - - - lbs. - - - to - - - Heifers:  Medium & Large Frame n/a   - - - to - - - lbs. - - - to - - -  Medium & Large Frame n/a   - - - to - - - lbs. - - - to - - - Slaughter Cows, Boners n/a   to   - - - Light Weight n/a to - - - Bulls, Yield Grade   n/a   - - -   to   - - - lbs.   - - -   to   - - - Midwest Steers   were $1-2 higher   at   82   to   84 Panhandle Steers   were $2.50-2 higher   at   83.50   to   84 Oklahoma City Feeders Steers 550 to 600 lbs. 103.50 to 112   650 to 700 lbs. 103.75 to 107.50 Heifers 550 to 600 lbs. 98 to 102.50   600 to 650 lbs. 98 to 101 Chicago Futures: Live Cattle: Aug up 42 at 8680   Oct down 7 at 9187 Feeders: Aug down 12 at 10447   Sep down 22 at 10450 Cattle Comment Cattle futures were mixed. Stronger crude oil and a weaker dollar were both supportive, but futures' premium to cash is limiting the upside. August is testing resistance around $86, which has held the market since February. Hogs Peoria: were     steady   at   34   to   36 Chicago Futures: Aug down 2 at 6465   Oct down 7 at 6047 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures were under pressure today from futures' premium to cash. Further gains in pork prices were supportive. The recent rally has formed a short-term uptrend in August, with support currently near $64. Poultry  Date: July 20, 2009 Eggs New York:  Ex. Lg. 99-103; Lg. 97-101; Med. 64-70; Chicago:  Ex. Lg. 86-94; Lg. 84-92; Med. 52-60; Eastern Region Turkeys Hens: 8-16 lbs. 82-84 Toms: 16-24 lbs. 82-84   Delmarva Broilers U.S. Grade A Trade sentiment was mixed, but overall no better than steady. Demand following the weekend was fair with limited trading. Supplies of all sizes were at least sufficient to satisfy 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