11/09/2009 Farm Bureau Market Report

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Grain & Soybean Date: November 9, 2009 Soybeans Local Elevators: (Nov) EAST AR:  912 to 953 (NC) Summ. 916 to - - - River Elevators: (Nov) MISS: 936 to 964 ; AR & White 921 to 933 (NC) Summ. 962 to 997 Ark. Processor Bids: (Nov) 934 to 946  (NC) 962 to 980 Memphis:  (Nov) 937 to 943 (NC)  n/a to - - - Riceland Foods:  (Nov) Stuttgart 941 ; Pendleton 953 ; West Memphis 964 Chicago Futures: Jan '10 up 17 at  972   Mar '10  up  17 3/4  at  978   Jul '10 up 22 1/4  at  987   Aug '10 up 22 3/4  at  986 1/2   Nov '10 up 25  at  978 3/4   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans moved sharply higher ahead of tomorrow’s report. Little of the move was related to fundamentals. Investors are headed back to the equities as the Dow moved back near its recent high. A new recent low in the dollar added to the strong under current. A big hunk of the soybean crop was harvested last week and could be nearly completed in a few days. The average trade guesstimate has soybean yields at or above USDA’s October estimate despite recent bad weather. So a big crop won’t be a surprise. For now the market has moved back into the sideways pattern that contained trading for over 4 weeks. January support is $9.60 and resistance at $10.25 to $10.30. Corn made the biggest move with gains of almost 20 cents in every contract. December resistance is seen at $4.00 and $4.13 1/2 . Support remains at $3.60. Tomorrow’s report is expected to show virtually the same as a month ago – the average yield estimate is for 163.2 bushels per acre down 1 bushel from October. Wheat Cash bid for November at Memphis  400 to 405; Bids to farmers at Local Elevators 435; River Elevators 497-520; Chicago Futures: Dec up  2 3/4  at  520    Mar '10 up 22 3/4  at  540    May '10 up  22 3/4  at  553 3/4    Jul '10 up  23 1/2  at  565 1/4    Sep '10 up  22 1/4  at  581    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for November at Memphis  627 to 657; Bids to farmers at River Elevators 566-641; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for November at Memphis   349 to - - -;   new crop at Memphis   357 to 397; Bids to farmers at River Elevators  336 to 366 Chicago Futures: Dec up  19  at  386    Mar '10 up  19 1/4  at  400 1/4    Jul '10 up  19 1/2  at  419    Dec '10 up  19 1/4  at  436 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat posted strong gains today in reaction to a sharp downturn in the value of the dollar. Traders are hoping the weaker dollar will spark demand for U.S. wheat around the globe. December continues to consolidate around $5. Cotton & Rice  Date: November 9, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 107 at  6411   Greenwood up  107 at 6411 New York Futures: Dec up  107  at  6761    Mar '10 up  112  at  7145    May '10 up  113  at  7295    Jul '10 up  105  at  7436    - - - up  - - -  at  - - -  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton rebounded off last Friday’s low and moved toward the top 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 tomorrow’s report; however the final report won’t come until later. While supplies will tighten, it will take increased economic improvement to increase demand and help boost values. Rice Long Grain Cash Bid for  Nov 1397/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Jan' 10 up  7  at  1522 1/2    Mar '10 up  6 1/2  at  1546 1/2    May '10 up  6  at  1571    Jul '10 up  6  at  1596    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice firmed as the market followed other gains higher. A weaker $, stronger crude oil and equities provided the spark for the market. January rice futures are in a consolidation phase but still appear to have an upward bias. 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 9, 2009 Cattle As reported by Federal-State Market News, receipts were 4,831 head at sales in Ash Flat & Springdale.  Compared with last week, feeder steers sold firm to $4 higher, instances $6-7 higher on some steers and bulls under 450 lbs . Steers:  Medium & Large Frame 1   400 to 450 lbs. 111.75 to - - -   500 to 550 lbs. 96.25 to - - -   600 to 650 lbs. 90.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 98.50 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 89.00 to - - -  Medium & Large Frame 2   400 to 450 lbs. 86.75 to - - - Slaughter Cows, Boners 37   to   44 Light Weight n/a to - - - Bulls, Yield Grade   1   1000   to   2100 lbs.   50   to   55.50, high dressing 55.50-57.50 Midwest Steers   were quoted   at   84   to   87.50 Panhandle Steers   were quoted   at   85   to   88 Oklahoma City Feeders Steers n/a to - - - lbs. - - - to - - -   n/a to - - - lbs. - - - to - - - Heifers n/a to - - - lbs. - - - to - - -   n/a to - - - lbs. - - - to - - - Chicago Futures: Live Cattle: Dec down 5 at 8495   Feb '10 up 10 at 8637 Feeders: Jan '10 down 37 at 9570   Mar '10 down 20 at 9630 Cattle Comment Cattle futures ended mixed. The weaker dollar was a positive, but ideas beef prices are topping kept a lid on the upside. December has resistance at $85.40. Hogs Peoria: were $1     higher   at   33   to   35 Chicago Futures: Dec up 10 at 5580   Feb '10 up 47 at 6332 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs ended a bit higher on weakness in the dollar, but technical weakness limited gains. December needs to close above $58.20 to negate last week’s bearish reversal. Poultry  Date: November 9, 2009 Eggs New York:  Ex. Lg. 121-125; Lg. 119-123; Med. 100-104; Chicago:  Ex. Lg. 111-119; Lg. 109-117; Med. 97-105; 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. Retail and food service demand following the weekend was fair to moderate with trading usually limited to regular commitments. 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