08/25/2009 Farm Bureau Market Report

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Grain & Soybean Date: August 25, 2009 Soybeans Local Elevators: (Aug) EAST AR:  n/a to - - - (NC) Summ. 972 to 991 River Elevators: (Aug) MISS: 1037 to 1054 ; AR & White 999 to 1024 (NC) Summ. 975 to 1014 Ark. Processor Bids: (Aug) 985 to - - -  (NC) 985 to - - - Memphis:  (Aug) 1014 to 1049 (NC)  1014 to 1019 Riceland Foods:  (NC) Stuttgart 985 ; Pendleton 991 ; West Memphis 1014 Chicago Futures: Sep up 11 at  1091   Nov  down  8 1/2  at  999   Jan '10 down 8 1/4  at  1001 1/4   Mar '10 down 9 3/4  at  997 1/4   May '10 down 12 3/4  at  988 3/4   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment While there is still concern about the stage of development overall ratings continue to improve and that keyed a reversal in soybeans. Only the lead September contract closed higher and that is tied to tight ending stocks and an overall later ’09 crop. November appears to be in the process of establishing a trading range between $9.40 and $10.15. The ’09 corn crop ratings improved 2% in the good to excellent category. This seems to confirm the potential for yields above this month’s 159.5 bushels estimate. Every bushel per acre adds more than 80 million bushels to the growing supply. December continues to trade between $3.40 and $3.11 ½. A close to either side of this range will suggest further movement in the direction of the breakout. Wheat Cash bid for August at Memphis  328 to 366; Bids to farmers at Local Elevators n/a; River Elevators 278-351; Chicago Futures: Sep down  3/4  at  471    Dec down 1/2  at  498 3/4    Mar '10 down  1/2  at  518 1/4    May '10 down  3/4  at  531    Jul '10 down  1/2  at  543 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for August at Memphis  557 to - - -; Bids to farmers at River Elevators 478-555; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for August at Memphis   316 1/2 to 318 1/2;   new crop at Memphis   n/a to - - -; Bids to farmers at River Elevators  294 to 317 Chicago Futures: Sep down  8  at  321 1/2    Dec down  8 3/4  at  326 3/4    Mar '10 down  8 3/4  at  340 1/2    Jul '10 down  9  at  358 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat failed to hold big early gains and ended the day slightly lower. Wheat appears to be undervalued relative to corn and beans but upside remains limited because of big U.S. and world supplies. Cotton & Rice  Date: August 25, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis down 95 at  5147   Greenwood down  95 at 5147 New York Futures: Oct down  95  at  5597    Dec down  92  at  5815    Mar '10 down  98  at  6059    May '10 down  101  at  6186    - - -   - - -  at  - - -  This week's LDP rate for cotton is  4.55 cents   The estimate for next week is  5.55 cents Cotton Comment Cotton hit 58 cents and then closed just above that key level. Inability to hold this support could see the market dip toward the late June low just below 55 cents. Poor overall demand and prospects of ending stocks remaining in the 6 million bale range will continue to pressure the market in the near term. Improving economic conditions should begin to gradually improve demand and work the market higher. Rice Long Grain Cash Bid for  Aug/Sep 1248/cwt  to  - - -   Oct/Nov 1233  to  1248/cwt Chicago Futures: Sep up  1 1/2  at  1322    Nov up  2  at  1348    Jan '10 up  3  at  1373    Mar '10 up  4 1/2  at  1397 1/2    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice remains locked in a narrow trading range, while ending the session slightly higher. A smaller long grain crop is expected to make stocks somewhat tighter as the marketing year progresses, but large international stocks could be a problem. With harvest activities moving along, buyers remain in a “wait and see” mode. November futures have moved to the 38% retracement area of $13.38 and slightly lower. Further pressure could move the market toward objectives at $13.11 and $12.85. Cattle & Hogs  Date: August 25, 2009 Cattle As reported by Federal-State Market News, receipts were 1,118 head at sales in Fort Smith & Heber Springs.  Compared with last week, feeder steers sold weaker to $3 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 112.50 to - - -   500 to 550 lbs. 101.50 to - - -   600 to 650 lbs. 97 to - - -  Medium & Large Frame 2   400 to 450 lbs. 87.25 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 95 to - - -  Medium & Large Frame 2   400 to 450 lbs. 87.25 to - - - Slaughter Cows, Boners 40   to   47 Light Weight 26 to 31 Bulls, Yield Grade   1   1000   to   2100 lbs.   54   to   60, high dressing 60-63 Midwest Steers   were $2.50-1.50 lower   at   81   to   82 Panhandle Steers   were $2.50-1.50 lower   at   81   to   82 Oklahoma City Feeders Steers 550 to 600 lbs. 105 to 111.35   650 to 700 lbs. 100.50 to 107.35 Heifers 500 to 550 lbs. 100 to 104.25   600 to 650 lbs. 92 to 95.50 Chicago Futures: Live Cattle: Oct down 5 at 8875   Dec up 25 at 8847 Feeders: Sep down 35 at 9997   Nov steady at 10045 Cattle Comment Cattle futures ended the day mixed with feeders mostly lower. In the cash market, packers remain on the sideline and aren’t expected to be active until late in the week. Feedlots and packers are $2 to $3 apart on bids and offers. Choice cutout values are at the highest level since May and packer margins are good. Hogs Peoria: were $1     higher   at   24   to   26 Chicago Futures: Oct up 147 at 4830   Dec up 110 at 4710 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures were sharply higher as the market appears to be in a bottoming mode. Profitable packer margins are a positive and should keep the market in an active mode. Poultry  Date: August 25, 2009 Eggs New York:  Ex. Lg. 94-98; Lg. 92-96; Med. 66-70; Chicago:  Ex. Lg. 83-91; Lg. 81-89; Med. 58-66; Eastern Region Turkeys Hens: 8-16 lbs. 80-82 Toms: 16-24 lbs. 79.5-82   Delmarva Broilers U.S. Grade A The market tone was steady. Supplies of all sizes were moderate to satisfy trade needs. 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

08/24/2009 Farm Bureau Market Report

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Grain & Soybean Date: August 24, 2009 Soybeans Local Elevators: (Aug) EAST AR:  - - - to - - - (NC) Summ. 981 to 1000 River Elevators: (Aug) MISS: 1035 to 1052 ; AR & White 997 to 1022 (NC) Summ. 983 to 1023 Ark. Processor Bids: (Aug) 994 to - -  (NC) 989 to 994 Memphis:  (Aug) 1029 1/2 to 1072 1/2 (NC)  1022 1/2 to 1025 1/2 Riceland Foods:  (Oct/Nov) Stuttgart 994 ; Pendleton 1000 ; West Memphis 1023 Chicago Futures: Sept up 57 at  1080   Nov  up  34 1/2  at  1007 1/2   Jan '10 up 33 3/4  at  1009 1/2   Mar '10 up 32 1/4  at  1007   July '10 up 30  at  1002 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans closed with solid gains again today as the market showed good followthrough on Friday’s rebound. The move is more amazing considering outside markets provided little support and today’s export report was somewhat negative. November closed well above $10 and near the day’s highs suggesting there may be further gains. Resistance kicks in at the recent high of $10.66 with support at $9.40. Wheat Cash bid for August at Memphis  326 3/4 to 366 3/4; Bids to farmers at Local Elevators - - -; River Elevators 279-352; Chicago Futures: Sept up  11 1/2  at  471 3/4    Dec up 12  at  499 1/4    Mar '10 up  12  at  518 3/4    May '10 up  12 1/2  at  531 3/4    July '10 up  12 1/4  at  544    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for August at Memphis  567 to 572; Bids to farmers at River Elevators 492-569; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for August at Memphis   325 1/2 to 329 1/2;   New crop at Memphis   - - - to - - -; Bids to farmers at River Elevators  303 to 326 Chicago Futures: Sept up  7 3/4  at  329 1/2    Dec up  9 1/4  at  335 1/2    Mar '10 up  9 3/4  at  349 1/4    July '10 up  9  at  367 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures were a very willing follower of the soybean rally. The market was oversold and due a rebound. Also, the market is beginning to focus on the ongoing drought in Argentina and what it will do to the crop there. Canadian wheat production is expected to be down more than 17%, but the world will still have excess wheat to deal with. Corn ended the session with solid gains despite excellent crop prospects and a weak export report. There does not seem to be much reason to suspect that this year’s corn crop isn’t getting bigger. Good moisture and a stress free August would give credence to recent suggestions that big crops seem to get bigger. USDA projects strong demand for this year’s crop, but we could still see ending stocks increase. Overhead resistance is about 10 cents above today’s close- around $3.45. Cotton & Rice  Date: August 24, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 47 at  5242   Greenwood up  47 at 5242 New York Futures: Oct up  47  at  5692    Dec up  44  at  5907    Mar '10 up  45  at  6157    May '10 up  48  at  6287    - - -   - - -  at  - - -  This week's LDP rate for cotton is  4.55 cents   The estimate for next week is  5.62 cents Cotton Comment Cotton continued in a consolidation phase just above 58 cents. Demand remains very light. Export projections for 09/10 are about 75% of 08/09 and that could slip lower. Total use at 13.7 is just over this year’s projected production. Improving economic conditions world wide are needed to improve demand. Technically, the market has significant resistance at 65-66 cents with support at 58 to 59 cents. Rice Long Grain Cash Bid for  Aug-Nov 1236/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Sept up  8  at  1320 1/2    Nov up  8  at  1346    Jan '10 up  8  at  1370    Mar '10 up  7  at  1393    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice was slightly higher, but closed well off the overnight highs. A smaller long grain crop is expected to make stocks somewhat tighter as the marketing year progresses, but large international stocks could be a problem. With harvest activities moving along, buyers remain in a “wait and see” mode. November futures have moved to the 38% retracement area of $13.38 and slightly lower. Further pressure could move the market toward objectives at $13.11 and $12.85. Cattle & Hogs  Date: August 24, 2009 Cattle As reported by Federal-State Market News, receipts were 2279 head at sales in Ash Flat, Springdale and Ola.  Compared with last week, feeder steers sold steady to $1 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 113.75 to - - -   500 to 550 lbs. 105 to - - -   600 to 650 lbs. 99.25 to - - -  Medium & Large Frame 2   400 to 450 lbs. 106 to - - - Heifers:  Medium & Large Frame 1   500 to 550 lbs. 95 to - - -  Medium & Large Frame 2   400 to 450 lbs. 92.25 to - - - Slaughter Cows, Boners 42   to   47 Light Weight 32 to 36 Bulls, Yield Grade   1   1000   to   2100 lbs.   51   to   58 Midwest Steers   were 50¢ to $2.50 higher   at   83.50   to   - - - Panhandle Steers   were 50¢ to $2.50 higher   at   83.50   to   - - - Oklahoma City Feeders Steers - - - to - - - lbs. - - - to - - -   - - - to - - - lbs. - - - to - - - Heifers - - - to - -- lbs. - - - to - - -   - - - to - - - lbs. - - - to - - - Chicago Futures: Live Cattle: Oct up 20 at 8880   Dec up 7 at 8822 Feeders: Sept down 37 at 10032   Nov down 32 at 10045 Cattle Comment Cattle futures ended mixed. The monthly cattle on feed report showed July placements the highest in 3 years. Feedlot inventory is still the smallest in 6 years, but larger than the trade was anticipating. October has found support at $87.50 for the time being. Hogs Peoria: were     steady   at   23   to   25 Chicago Futures: Oct down 102 at 4682   Dec down 132 at 4600 Sheep St. Paul n/a   at   - - -   to   - - - Hogs Comment Hog futures turned lower after charting a corrective bounce last week. Pork values are at their lowest level in six years, and exports are down more than 20 percent from a year ago. Average weights are running high, suggesting that a backlog of market-ready hogs is building — bad news considering marketings always increase seasonally in the fall. Poultry  Date: August 24, 2009 Eggs New York:  Ex. Lg. 94-98; Lg. 92-96; Med. 66-70; Chicago:  Ex. Lg. 83-91; Lg. 81-89; Med. 58-66; Eastern Region Turkeys Hens: 8-16 lbs. 80-82 Toms: 16-24 lbs. 79.5-82   Delmarva Broilers U.S. Grade A The market tone was steady. Retail demand following the weekend was fair to moderate. Food service demand was fair. Supplies of all sizes were sufficient to satisfy current trade needs. 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

08/21/2009 Farm Bureau Market Report

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Grain & Soybean Date: August 21, 2009 Soybeans Local Elevators: (Aug) EAST AR:  n/a to - - - (NC) Summ. 946 to 965 River Elevators: (Aug) MISS: 996 to 1013 ; AR & White 958 to 983 (NC) Summ. 949 to 988 Ark. Processor Bids: (Aug) 959 to - - -  (NC) 954 to 959 Memphis:  (Aug) 995 to 1013 (NC)  988 to - - - Riceland Foods:  (NC) Stuttgart 959 ; Pendleton 965 ; West Memphis 988 Chicago Futures: Sep up 23 3/4 at  1023   Nov  up  16  at  973   Jan '10 up 16 1/4  at  975 3/4   Mar '10 up 15 1/4  at  974 3/4   Jul '10 up 12 1/2  at  972 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans got a boost from a weaker dollar and stronger equity markets. Strong demand in the form of Chinese buying has helped stem the recent downturn. A big Chinese purchase has been announced each day this week with a total of over 800,000 metric tons. The question is when China will stop buying, as the general feeling is they are front loading their soybean purchases. November could have significant resistance beginning around $9.90, with support around $9.40. Corn firmed but closed off the day’s highs. This year’s crop will be near record and will need strong demand to keep price at or near current levels. The key will be ethanol use, which means higher crude oil will be a positive for corn. Current support for December corn is $3.20 to $3.10, while resistance is $3.35 to $3.40. Wheat Cash bid for August at Memphis  315 1/4 to 355 1/4; Bids to farmers at Local Elevators n/a; River Elevators 267-340; Chicago Futures: Sep down  8 3/4  at  460 1/4    Dec down 9 1/4  at  487 1/4    Mar '10 down  8 3/4  at  506 3/4    May '10 down  8 1/2  at  519 1/4    Jul '10 down  8  at  531 3/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for August at Memphis  550 to 556; Bids to farmers at River Elevators 473-550; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for August at Memphis   317 3/4 to 321 3/4;   new crop at Memphis   n/a to - - -; Bids to farmers at River Elevators  296 to 319 Chicago Futures: Sep up  3 1/4  at  321 3/4    Dec up  2 1/4  at  326 1/4    Mar '10 up  2 1/4  at  339 1/2    Jul '10 up  3  at  358 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures remain under pressure from negative fundamentals. The spring wheat crop looks good, adding to the negative undertone. The trend remains lower and support at $4.55 could be back in the picture for December. Cotton & Rice  Date: August 21, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis down 17 at  5195   Greenwood down  17 at 5195 New York Futures: Oct down  17  at  5645    Dec down  12  at  5863    Mar '10 down  7  at  6112    May '10 down  9  at  6239    - - -   - - -  at  - - -  This week's LDP rate for cotton is  4.55 cents   The estimate for next week is  5.62 cents Cotton Comment Cotton again failed to muster much upside movement. Early gains gave way to a slightly lower close. Demand remains very light. Export projections for 09/10 are about 75% of 08/09 and that could slip lower. Total use at 13.7 is just over this year’s projected production. Improving economic conditions world wide are needed to improve demand. Technically, the market has significant resistance at 65-66 cents with support at 58 to 59 cents. Rice Long Grain Cash Bid for  Aug-Nov 1227/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Sep down  6 1/2  at  1312 1/2    Nov down  6  at  1338    Jan '10 down  4  at  1362    Mar '10 down  4 1/2  at  1386    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice futures traded a narrow range before closing slightly lower. This year’s crop size is still questionable. But beginning harvest activities, particularly in Texas and Louisiana, are likely to pressure a market that has had little active buying demand. Buyers remain on the sideline in a “wait and see” mode. November futures have completed a 38% retracement of June to August gains. Downside retracement objectives at $13.11 and $12.85 could come into play. Cattle & Hogs  Date: August 21, 2009 Cattle As reported by Federal-State Market News, receipts were 6,715 head at sales in Arkansas this week.  Compared with last week, feeder steers sold steady to $1 higher, heifers sold mostly steady . Steers:  Medium & Large Frame 1   400 to 450 lbs. 116 to - - -   500 to 550 lbs. 102.50 to - - -   600 to 650 lbs. 98 to - - -  Medium & Large Frame 2   400 to 450 lbs. 98.50 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 101.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 90.75 to - - - Slaughter Cows, Boners 41   to   47 Light Weight 28 to 36 Bulls, Yield Grade   1   1000   to   2100 lbs.   53   to   59, high dressing 60.50-64 Midwest Steers   were $1-3 higher   at   81   to   83 Panhandle Steers   were $1-3 higher   at   81   to   83 Oklahoma City Feeders Steers 500 to 550 lbs. 101 to 116.50   600 to 650 lbs. 99 to 111.75 Heifers 500 to 550 lbs. 92 to 106.50   600 to 650 lbs. 87.50 to 104.25 Chicago Futures: Live Cattle: Oct down 22 at 8860   Dec down 45 at 8815 Feeders: Sep down 40 at 10070   Nov down 52 at 10077 Cattle Comment Cattle futures were mostly lower today. A tight supply situation is supporting the market. Beef prices, however, are being kept in check by weakness in the pork market. October has found support at $87.50 for the time being. Hogs Peoria: were     steady   at   23   to   25 Chicago Futures: Oct up 92 at 4785   Dec up 117 at 4732 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures appear to be enjoying a technical bounce. The market had become oversold and due a rebound. However, pork values are at their lowest level in six years, and exports are down more than 20 percent from a year ago. Average weights are running high, suggesting that a backlog of market-ready hogs is building — bad news considering marketings always increase seasonally in the fall. Poultry  Date: August 21, 2009 Eggs New York:  Ex. Lg. 94-98; Lg. 92-96; Med. 66-70; Chicago:  Ex. Lg. 83-91; Lg. 81-89; Med. 58-66; Eastern Region Turkeys Hens: 8-16 lbs. 80-82 Toms: 16-24 lbs. 79.5-82   Delmarva Broilers U.S. Grade A The market tone was steady. Supplies of all sizes were sufficient to satisfy current trade needs. 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

Bi-Weekly Market Briefings for 08/21/2009

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ARKANSAS FARM BUREAU ELECTRONIC NEWSLETTER Bi-Weekly Market Briefings for 08-21-2009 -------------------------------------------------------------------------- http://www.arfb.com After making a new recent high, soybeans made a major daily reversal that signaled a temporary top. The market continued lower over the next several sessions, then moved into a consolidation phase, with support starting near $9.40. A shallow uptrend is offering additional support and is coming into play between $9.15–$9.20. For now conflicting fundamentals — a huge and still-growing 2009 crop versus strong Chinese demand — could keep the market in a sideways pattern. However, this current Chinese demand could mean less buying down the road, as they appear to be front-end loading their needs. Outside markets remain a major influence, so watch the equities, the dollar and crude oil. Corn bounced off a new recent low, suggesting the market is stabilizing. In recent days, corn has been less volatile than soybeans, despite facing a near-record crop that could get larger as we approach harvest. The market has spiked under $3.20 on several occasions, but has yet to close below that level. Should that happen, corn could head toward long-term chart support at $2.90. USDA estimates 4.2 billion bushels will be used for ethanol, and 5.3 billion bushels will be used for feed. Both of these are suspect. That ethanol figure would be an increase of 550 million bushels over this year’s usage. The feed number is a 50-million-bushel increase over last year, and all segments of the livestock industry are currently contracting. Compared to soybeans, corn is still a major discount. Wheat remains in a strong downtrend. After a brief period of consolidation, December wheat has continued lower. Conservative closes below $5 suggest support at $4.55 or lower may come into play. High expectations for spring wheat yield are simply adding to the supply dilemma, keeping U.S. exports just over half of what they were last year. After a brief push above 65 cents, cotton failed. Right now, cotton isn’t trading fundamentals; it’s being influenced strongly by crude oil and the equity markets. Investment funds helped push December above 65 cents, but the market turned and fell quickly, primarily on the expectation that annual exports will do good to reach 10 million bales. Economic conditions are still hurting demand. Likewise, domestic mill use will be just 3.5 million bales. Rice gapped lower following this month’s Supply/Demand Report. November futures quickly retraced a portion of the June–August gains, hitting the 38-percent retracement objective of $13.38. While the market has stabilized, further drops to retracement objectives at $13.11 and $12.85 are possible. With the Texas and Louisiana harvest underway, the market could come under renewed pressure. In addition, fresh demand is almost non-existent, as buyers are in a “wait-and-see” mode. In dairy: cheese prices recently increased two cents on both blocks and barrels, but futures were mixed ahead of July’s Milk Production Report. Butter fell back to $1.20, and butter futures continued to decline. Nonfat dry milk and whey futures were mostly steady. Contrary to preliminary reports, U.S. milk production still hasn’t slipped into negative territory. A recent USDA report raised June production by 34 million pounds, pushing it from -.18 percent to +.03 percent. In addition, while the market was expecting declines in July output, USDA reported an estimated production of 16 billion pounds last month, up .03 percent from a year ago. That means production has shown positive year-over-year growth every month since June 2004. Producers are still culling cows. Last month, U.S. cow numbers declined by 37,000, to 9.190 million head. However, that’s being offset by gains in productivity. Production per cow was 56.2 pounds per day last month, up .9 pounds (+1.6 percent) from a year ago. Cattle futures are trying to recoup a portion of recent losses. A tight supply situation — one that will get even tighter this fall — is providing support for packer bids and futures. Currently, feedlot utilization is estimated to be 58 percent of capacity. Beef prices, however, are being kept in check by weakness in the pork market. October has found support at $87.50 for the time being. A close below that would open a dollar or two additional downside risk. Hogs continue to struggle under the weight of negative fundamentals. Pork values are at their lowest level in six years, and exports are down more than 20 percent from a year ago. Average weights are running high, suggesting that a backlog of market-ready hogs is building — bad news considering marketings always increase seasonally in the fall. Futures are oversold, however, so a technical correction is likely. Resistance begins at the chart gap to $47.30 for October. 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

08/20/2009 Farm Bureau Market Report

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Grain & Soybean Date: August 20, 2009 Soybeans Local Elevators: (Aug) EAST AR:  n/a to - - - (NC) Summ. 928 to 944 River Elevators: (Aug) MISS: 980 to 997 ; AR & White 942 to 967 (NC) Summ. 928 to 967 Ark. Processor Bids: (Aug) 943 to - - -  (NC) 938 to - - - Memphis:  (Aug) 979 to 997 (NC)  972 to - - - Riceland Foods:  (NC) Stuttgart 938 ; Pendleton 944 ; West Memphis 967 Chicago Futures: Sep up 2 1/4 at  999 1/4   Nov  down  1  at  957   Jan '10 down 3 1/2  at    Mar '10 down 5 1/4  at  959 1/2   Jul '10 down 7  at  960   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans were mostly lower with only lead September higher. A fairly tight trading range held within a consolidation area above support at $9.40 for the November contract. Overall the crop is in good shape but continues to lag behind normal in maturation. That will keep the market on edge for the time being. A close below $9.40 would encounter trendline support around $9.20. Corn was slightly lower, like soybeans. There is no question the corn crop will be a near record. The question is whether use will be anywhere near the USDA estimate, which indicates use will increase over 550 million bushels in 09/10. Much of this is in ethanol use. USDA has reduced feed use slightly, at the same time the livestock industry is facing major contradictions. Key support between $3.10 and $3.20 will be tested. Wheat Cash bid for August at Memphis  323 to 364; Bids to farmers at Local Elevators 305-309; River Elevators 276-349; Chicago Futures: Sep up  3  at  469    Dec up 3  at  496 1/2    Mar '10 up  2 3/4  at  515 1/2    May '10 up  3  at  527 3/4    Jul '10 up  3 1/2  at  539 3/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for August at Memphis  545 to 552; Bids to farmers at River Elevators 469-546; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for August at Memphis   314 1/2 to 318 1/2;   new crop at Memphis   n/a to - - -; Bids to farmers at River Elevators  292 to 315 Chicago Futures: Sep down  1 1/2  at  318 1/2    Dec down  3 1/2  at  324    Mar '10 down  4  at  337 1/4    Jul '10 down  3 3/4  at  355 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures traded in a narrow range before closing a bit higher. Supply concerns are pressuring the market. The downside could be limited in the short term, though, because the market is oversold and because wheat is undervalued when compared with soybeans. Cotton & Rice  Date: August 20, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis down 24 at  5212   Greenwood down  24 at 5212 New York Futures: Oct down  24  at  5662    Dec down  28  at  5875    Mar '10 down  25  at  6119    May '10 down  33  at  6248    - - -   - - -  at  - - -  This week's LDP rate for cotton is  2.82 cents   The estimate for next week is  4.55 cents Cotton Comment Cotton was lower for the day as demand remains light. Export projections for 09/10 are about 75% of 08/09 and that could slip lower. Total use at 13.7 is just over this year’s projected production. Improving economic conditions world wide are needed to improve demand. Technically, the market has significant resistance at 65-66 cents with support at 58 to 59 cents. Rice Long Grain Cash Bid for  Aug-Nov 1234/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Sep up  1/2  at  1319    Nov unchanged    at  1344    Jan '10 up  2  at  1366    Mar '10 up  3 1/2  at  1390 1/2    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice futures were unchanged to slightly higher. This year’s crop size is still questionable. But beginning harvest activities, particularly in Texas and Louisiana, are likely to pressure a market that has had little active buying demand. Buyers remain on the sideline in a “wait and see” mode. November futures have completed a 38% retracement of June to August gains. Downside retracement objectives at $13.11 and $12.85 could come into play. Cattle & Hogs  Date: August 20, 2009 Cattle As reported by Federal-State Market News, receipts were 1,056 head at sales in Green Foreset & Ratcliff.  Compared with last week, feeder steers sold firm to $4 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 112.25 to - - -   500 to 550 lbs. 105.25 to - - -   600 to 650 lbs. 107.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. n/a to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 101 to - - -  Medium & Large Frame 2   400 to 450 lbs. 95.50 to - - - Slaughter Cows, Boners 38   to   46 Light Weight 30 to 38 Bulls, Yield Grade   1   1000   to   2100 lbs.   56.50   to   61, high dressing 61-65 Midwest Steers   were steady to $1 higher   at   80   to   81 Panhandle Steers   remained   at   80   to   81 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: Oct up 15 at 8882   Dec up 27 at 8860 Feeders: Sep down 5 at 10110   Nov down 10 at 10130 Cattle Comment Cattle futures ended mixed. Beef values are under pressure from weakness in the pork market, and that is keeping a lid on prices. October has found support at $87.50 for the time being. A close below that level would open $1-$2 additional downside risk. Hogs Peoria: were $1     higher   at   23   to   25 Chicago Futures: Oct up 117 at 4692   Dec up 152 at 4615 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs turned higher today. This market is technically oversold and due a corrective bounce. Ideas that cash hogs are stabilizing were also supportive, but supply-side concerns will probably limit the upside through fall. Poultry  Date: August 20, 2009 Eggs New York:  Ex. Lg. 94-98; Lg. 92-96; Med. 66-70; Chicago:  Ex. Lg. 83-91; Lg. 81-89; Med. 58-66; Eastern Region Turkeys Hens: 8-16 lbs. 80-82 Toms: 16-24 lbs. 79.5-82   Delmarva Broilers U.S. Grade A The market tone was steady. Supplies of all sizes were balanced to satisfy trade needs. 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

Protecting our Health, Protecting Farmers, Winners of the Farmers Market Contest, Clean Energy Summits and More

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	August 20, 2009 Welcome to the August issue of E-news. Read on to find examples and news from around the country on farmland protection programs and policy; projects, which promote local food and protect local farms; and good ideas on how to support farm operations through smart climate policy; and more! The Road Ahead: Clean Energy Legislation in the Senate We are hosting Agriculture and Clean Energy Summits across the country to talk about the economic opportunities for agriculture and to prepare for the Senate’s upcoming work on this developing legislation. Clean Energy legislation can put into motion new mechanisms for limiting pollution while also providing a greener economy in which environmental stewardship is a valued commodity. Rural America in particular has much to gain from clean energy legislation as it holds opportunities for farmers to secure new streams of income by powering U.S. homes with wind power and sequestering carbon through techniques such as no-till production. Protecting our Health, Protecting our Farmers On July 30th the House passed the Food Safety Enhancement Act of 2009. The Act is intended to strengthen the safety of the nation’s food by granting the Food and Drug Administration greater authority over food inspection and recalls. President Obama has praised the legislation and it now moves to the Senate for further debate. We agree that safe and healthy food is important and should be a high priority for members of congress; however we also are concerned about ensuring that our nation's farms and ranches, especially smaller scale local growers, are treated fairly. While some protections were included for local farmers, according to National Sustainable Agriculture Coalition, several areas must be strengthened. And the Winners Are. . . Viereck Farms selling tomatoes - Collingswood Farmers' Market Just shy of 30,000 voters turned out for the inaugural America’s Favorite Farmers Markets contest to voice their support for 842 local farmers markets across the nation. Our winners Davis Farmers Market in California, Williamsburg Farmers Market in Virginia and Collingswood Farmers Market in New Jersey—are gearing up for the final event that includes a free “No Farms No Food” grocery tote give away. Be sure to check out the top twenty list in each of the categories to see who got the most votes in the 2009 contest. Farmers markets represent one of the great ways that consumers can support their local farmers, farmland, communities, and regional economies.  Around the Country American Farmland Trust board member, Betsy Fink, will demonstrate best practices on her farm in Wilton, Connecticut, through the Millstone Farm On-Farm Workshop on August 31st.  A Climate Conference in North Dakota shows that the state has much to gain from clean energy legislation. [Audio Clip] California’s Ag Vision is engaging leaders and experts in agriculture and related fields to address economic, food safety, environmental and other pressing issues confronting growers and the agricultural sector. A website was launched in the Chesapeake Bay region, designed to increase government transparency and expand public participation in President Obama’s Executive Order on Chesapeake Bay Protection and Restoration. Win a trip to the Farm Aid concert in Missouri by submitting your best farm and food photographs to Farm Aid's photo contest. Have a good idea of how to design a revolutionary way to connect farms and food? Now is your chance to share it through a farmers market design contest sponsored by GOOD, The Architect’s Newspaper, The Urban & Environmental Policy Institute, and The Los Angeles Good Food Network. USDA’s Natural Resources Conservation Service announced continuous sign-up for the revamped Conservation Stewardship Program (CSP) with the first sign-up period cutoff scheduled for September 30. CSP encourages farmers and foresters to maintain existing conservation activities and adopt additional practices on their operations.
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