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Arkansas Farm Bureau Daily Commodity Report

Grain & Soybean Date: September 2, 2010

Soybeans

Local Elevators:
(Sept) EAST AR:  966 to 993
(NC) Summ. 966 to 993
River Elevators:
(Sept) MISS: 990 to 1004 ; AR & White 966 to 974
(NC) Summ. 968 to 1002
Ark. Processor Bids: (Sept) 976 to 977  (NC) 976 to 977
Memphis:  (Sept) 1004 to 1009 (NC)  1004 to 1009
Riceland Foods:  (Sept) Stuttgart 976 ; Pendleton 993 ; West Memphis 1002

Chicago Futures:Novup3 1/2at 1009
 Jan up 3 1/2 at 1018 1/2
 Marup4 1/4 at 1025
 Mayup4 3/4 at 1029 1/4
 Nov 11up4 1/4 at 1005 1/2
 Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans closed slightly higher after moving to both sides of yesterday’s close. A poor export report pressured soybeans early, as did indications that southern harvest yields to date have been good. A weaker dollar and firmer equities and oil allowed for a late rebound. Prospects of increased plantings in South America may be a downward factor in the near future. Initial November support starts around $9.90.

Wheat
Cash bid for Sept at Memphis  613 3/4 to 703 3/4;
Bids to farmers at Local Elevators615-635;
River Elevators622-655;

Chicago Futures:Decup at 713 3/4 
 Marup4 3/4 at 737 3/4 
 Mayup 3 3/4 at 734 3/4 
 Julydown 3/4 at 715 
 Sept 11down 3/4 at 720 
 Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for September at Memphis  824 to - - -;
Bids to farmers at River Elevators746-807;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for September at Memphis   422 1/2 to 424 1/2;
 - - - at Memphis   - - - to - - -;
Bids to farmers at River Elevators 394 to 418

Chicago Futures:Decup 3/4 at 447 1/2 
 Marup at 460 3/4 
 Mayup at 467 1/4 
 Sept 11up 3/4 at 461 1/2 
 Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat posted solid gains and was the upside leader in the market today. July remains in a 40 to 50 cents trading range with support around $6.85. Russian President Putin indicated today that the grain export ban won’t be lifted until at least the next harvest, and then only if the crop is big enough to rebuild stockpiles.

Corn managed minor gains, supported by a strong export report. December continues to push as resistance just below $4.50, but again was unable to move that level. Prospects that this year’s yield will be below the USDA projection of 165 bushels per acre is keeping the market firm. Demand is expected to be exceptional, keeping stocks relatively low despite a possible crop of 13 billion bushels or more.



Cotton & Rice  Date: September 2, 2010


Cotton
Spot Price, Grade 41 Staple 34: Memphis up 74 at  9012
 Greenwood up  74 at 9012

New York Futures:Decup 208 at 8949 
 Marup 241 at 8795 
 Mayup 206 at 8744 
 Julyup 203 at 8755 
 Oct 11up 145 at 8197 
This week's LDP rate for cotton is 0 cents
 The estimate for next week is 0 cents
Cotton Comment
Cotton blasted through the long term chart resistance at the 2008 high of 91.38 cents in early trading. October futures were just short of 92 cents. An improving Chinese economy, a weaker U.S. dollar, and tightening of projected ending stocks have given the market new enthusiasm. Futures have spent little time above 80 cents in the past 15 years and have topped 90 cents just twice in that time frame – March 2008 and today. Technically, the market is heavily overbought and subject to a downward correct at almost any time. On the other hand, funds may or may not be ready to stop buying cotton.

Rice
Long Grain Cash Bid for Sept850/cwt to 963/cwt
 - - -- - - to - - -

Chicago Futures:Novup 9 1/2 at 1143 
 Janup 8 1/2 at 1169 
 Marup at 1195 1/2 
 Mayup at 1222 
 Julyup at 1249 1/2 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice stopped the downturn of the past two days and closed higher. Harvest activities are near a peak and the U.S. crop should be a good one. Demand appears to be improving. The international market is still firming with an apparent tightening of available stocks due to big sales by Vietnam.



Cattle & Hogs  Date: September 2, 2010

Cattle
As reported by Federal-State Market News, receipts were 4,309 head at sales in Charlotte, Ratcliff and Green Forest.  Compared with last week, feeder steers sold $2 to $4 lower .

Steers:
 Medium & Large Frame 1  400to450 lbs.122.75to- - -
 500to550 lbs.118.00to- - -
 600to650 lbs.110.50to- - -
 Medium & Large Frame 2  400to450 lbs.116.00to- - -

Heifers:
 Medium & Large Frame 1  500to550 lbs.106.75to- - -
 Medium & Large Frame 2  400to450 lbs.105.50to- - -

Slaughter Cows, Boners 47.00   to   54.00
Light Weight NA to - - -
Bulls, Yield Grade   1-2   1000   to   2100 lbs.   63.00   to   70.00
Midwest Steers   were $1 higher   at   97.00   to   - - -
Panhandle Steers   were $1 higher to steady   at   97.00   to   - - -

Oklahoma City Feeders
Steers550to600 lbs.108.00to117.00
 600to650 lbs.104.00to108.50
Heifers400to450 lbs.107.00to115.00
 500to550 lbs.108.00to113.00

Chicago Futures:
Live Cattle:Octup70at9845
 Febup77at10185
Feeders:Octup65at11550
 Janup97at11577

Cattle Comment
Cattle futures ended higher. Renewed fund buying and ideas that demand will pick up again after Labor Day helped boost futures.

Hogs
Peoria: were $3 lower to $1     higher   at   51.00   to   53.00

Chicago Futures:Octup147at7642
 Decup127at7415

Sheep
St. Paul NA   at   - - -   to   - - -

Hogs Comment
Hogs posted solid gains. A weaker U.S. dollar should help increase export interest particularly to Japan. Packer margins remain good and that should give the market a boost next week.



Poultry  Date: September 2, 2010

Eggs
New York: Ex. Lg. 128-132; Lg. 126-130; Med. 86-90;
Chicago: Ex. Lg. 132-140; Lg. 130-138; Med. 95-103;

Eastern Region Turkeys
Hens:8-16 lbs103.00
Toms:16-24 lbs102.50
 

Delmarva Broilers
U.S. Grade A
Price trend for whole broilers and fryers is steady. Offerings are light to moderate. Demand is moderate for the upcoming holiday and first of the month business. The market activity is slow to moderate. In the parts structure, movement is light to moderate for late week business. In production areas, live supplies are light to moderate. Weights are desirable to light. Market activity is slow for parts.

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