11/10/2009 Farm Bureau Market Report

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Grain & Soybean Date: November 10, 2009 Soybeans Local Elevators: (Nov) EAST AR:  908 to 944 (NC) Summ. 912 to - - - River Elevators: (Nov) MISS: 927 to 938 ; AR & White 917 to 927 (NC) Summ. 958 to 990 Ark. Processor Bids: (Nov) 930 to 934  (NC) 958 to 976 Memphis:  (Nov) 929 to 938 (NC)  n/a to - - - Riceland Foods:  (Nov) Stuttgart 932 ; Pendleton 944 ; West Memphis 938 Chicago Futures: Jan '10 down 4 at  968   Mar '10  down  4  at  974   Jul '10 down 4  at  983   Aug '10 down 3 1/2  at  983   Nov '10 down 1 1/4  at  980   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment As expected by the trade USDA raised the projected soybean yield almost a bushel per acre to 43.3 bushels per acre. Production is estimated at 3.31 billion bushels with ending stocks raised to 270 million bushels, almost double 08/09. The market was a little negative with a late rally leaving beans mixed. Only distant 2010 contracts closed higher. The late rebound was positive as the market bucked a bigger crop and generally negative outside markets. Corn rallied from mild declines to close firm after USDA cut yield a little more than anticipated. Just under a 100 million bushels was taken off the October estimate. USDA didn’t account for quality problems that will be a factor in the Northern areas of the Midwest and across much of the south. The strong December close could bring a retest of resistance at the October high of $4.13 ½. Wheat Cash bid for November at Memphis  403 to 408; Bids to farmers at Local Elevators 438; River Elevators 500-523; Chicago Futures: Dec up  3  at  523    Mar '10 up 5 3/4  at  543    May '10 up  3  at  556 1/4    Jul '10 up  3  at  568 1/4    Sep '10 up  4 1/4  at  585 1/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for November at Memphis  633 to 642; Bids to farmers at River Elevators 571-646; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for November at Memphis   357 1/2 to 365 1/2;   new crop at Memphis   365 to 405; Bids to farmers at River Elevators  344 to 365 Chicago Futures: Dec up  8 1/2  at  394 1/2    Mar '10 up  8 3/4  at  409    Jul '10 up  8 1/2  at  427 1/2    Dec '10 up  6 1/4  at  443    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat ended higher despite a negative report. U.S. wheat carryout is expected to be 885 million bushels—a 10 year high. Export sales are expected to drop 14% from a year earlier, but overall sales this marketing year suggest that drop could be even larger. December continues to consolidate around $5. Cotton & Rice  Date: November 10, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 144 at  6555   Greenwood up  144 at 6555 New York Futures: Dec up  144  at  6905    Mar '10 up  139  at  7284    May '10 up  148  at  7443    Jul '10 up  143  at  9579    - - - up  - - -  at  - - -  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton closed sharply higher, bolstered by a 500,000 bale cut in ’09. That was carried through to ending stocks which were reduced a like amount to 4.9 million bales. Arkansas's yield was reduced 144 pounds an acre with the production estimate down 150,000 bales. Further adjustments are likely. December futures closed at its highest level at 69.05 cents and just under the mid October high of 69.49 cents. A test of the 62% retracement objective of 70.49 cents then the summer ’08 high of 76.2 cents is possible. Rice Long Grain Cash Bid for  Nov 1410/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Jan '10 up  12 1/2  at  1535    Mar '10 up  12  at  1558 1/2    May '10 up  10 1/2  at  1581 1/2    Jul '10 up  9  at  1605    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment A slight cut in ’09 rice production provided enough spark to move January futures to a new high. This kept the uptrend of recent weeks alive and could allow an eventual move to the next upside objective of $15.80. No changes in use were indicated and ending stocks were reduced by the production decline. Most of the rice harvest is completed but could still see some adjustments. Cattle & Hogs  Date: November 10, 2009 Cattle As reported by Federal-State Market News, receipts were 702 head at sales in Heber Springs.  Compared with last week, feeder steers sold weak to $2 lower. Feeder heifers under 550 lbs $2-4 lower, over 550 lbs steady to $1 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 104 to - - -   500 to 550 lbs. 92 to - - -   600 to 650 lbs. 86.75 to - - -  Medium & Large Frame 2   400 to 450 lbs. 85 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 85 to - - -  Medium & Large Frame 2   400 to 450 lbs. 75 to - - - Slaughter Cows, Boners 36.50   to   40.50 Light Weight 20 to 25 Bulls, Yield Grade   1   1000   to   2100 lbs.   47   to   51.50 Midwest Steers   n/a   at   - - -   to   - - - Panhandle Steers   were steady to $3 lower   at   85   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: Dec down 35 at 8460   Feb '10 down 10 at 8627 Feeders: Nov down 37 at 9387   Jan '10 down 97 at 9472 Cattle Comment Cattle futures closed mostly lower. December found support today at $84.60. Increasing supplies of market ready cattle are keeping a lid on prices. Hogs Peoria: were     steady   at   33   to   35 Chicago Futures: Dec down 17 at 5562   Feb '10 down 20 at 6312 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs ended lower. December needs to close above $58.20 to negate last week’s bearish reversal. Poultry  Date: November 10, 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. 82-85   Delmarva Broilers U.S. Grade A The market tone was steady. Retail and food service demand was fair to moderate. Supplies of all sizes were sufficient 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