11/11/2009 Farm Bureau Market Report

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Grain & Soybean Date: November 11, 2009 The market report is shorter today in observance of the holiday. The next full report will be available on Thursday, November 12, 2009. Soybeans Local Elevators: (Nov) EAST AR:  n/a to - - - (NC) Summ. n/a to - - - River Elevators: (Nov) MISS: n/a to - - - ; AR & White n/a to - - - (NC) Summ. n/a to - - - Ark. Processor Bids: (Nov) n/a to - - -  (NC) n/a to - - - Memphis:  (Nov) n/a to - - - (NC)  n/a to - - - Riceland Foods:  (Nov) Stuttgart 931 ; Pendleton 943 ; West Memphis 934 Chicago Futures: Jan '10 up 4 at  972   Mar '10  up  5  at  979   Jul '10 up 6 1/2  at  989 1/2   Nov '10 up 5 1/4  at  985 1/4   Jan '10 up 4 3/4  at  991 1/4   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans held small gains as they held firm after yesterday's comments. 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 will continue to look at quality issues as harvest proceeds. Prospects of a big South American crop will limit upside. Corn reversed early gains and closed a little lower. Yesterday's USDA reported cut yield a little more than anticipated. Just under 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. December could retest resistance at the October high of $4.13 ½. Wheat Cash bid for November at Memphis  n/a to - - -; Bids to farmers at Local Elevators n/a; River Elevators n/a; Chicago Futures: Dec up  8 3/4  at  531 3/4    Mar '10 up 9  at  552    May '10 up  8 3/4  at  565    Jul '10 up  8 1/4  at  576 1/2    Sep '10 up  8 1/4  at  593 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for November at Memphis  n/a to - - -; Bids to farmers at River Elevators n/a; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for November at Memphis   - - - to - - -;   new crop at Memphis   - - - to - - -; Bids to farmers at River Elevators  n/a to - - - Chicago Futures: Dec down  1/4  at  394    Mar '10 up  1/4  at  409 1/4    Jul '10 up  1/4  at  427 3/4    Dec '10 down  1/4  at  442 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat ended higher, but there isn’t any fundamental justification for the recent strength in the market. 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. Fund buying is driving the market right now. Based upon historical data, wheat is a bit undervalued compared with corn and beans, and that is creating buying interest. December continues to consolidate around $5. Cotton & Rice  Date: November 11, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis  n/a at  - - -   Greenwood   n/a at - - - New York Futures: Dec down  175  at  6730    Mar '10 down  176  at  7108    May '10 down  180  at  7263    Jul '10 down  183  at  7396    - - - down  - - -  at  - - -  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment After moving to a new high, cotton closed sharply lower making a possible key reversal which could signal additional losses despite a 500,000 bale cut in ’09 production. That cutting 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 could test support at 66 cents. Rice Long Grain Cash Bid for  Nov 1388/cwt  to  - - -   n/a - - -  to  - - - Chicago Futures: Jan '10 down  22  at  1513    Mar '10 down  21  at  1537 1/2    May '10 down  19  at  1562 1/2    Jul '10 down  17 1/2  at  1587 1/2    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice reversed recent gains and closed sharply lower. USDA lowered ‘09 production slightly in yesterday's report. 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. International markets have firmed but could be near a top. Cattle & Hogs  Date: November 11, 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 quoted   at   84   to   - - - Panhandle Steers   were $1 lower to steady   at   84   to   85 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 95 at 8365   Feb '10 down 35 at 8592 Feeders: Jan '10 down 125 at 9347   Mar '10 down 172 at 9397 Cattle Comment Cattle futures continue to be under pressure from increasing live cattle supplies and weak beef demand. Historically, beef demand has been closely tied to employment levels, and unemployment continues to rise. December has dropped down to test support at the October low of $83.40. Hogs Peoria: were     steady   at   33   to   35 Chicago Futures: Dec down 2 at 5560   Feb '10 up 5 at 6317 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs were mixed today. Harvest activity is limiting marketings and supporting futures. Cash prices look toppy and futures are overbought, so a downward correction could come at any time. Poultry  Date: November 11, 2009 Eggs New York:  Ex. Lg. 121-125; Lg. 119-123; Med. 100-104; Chicago:  Ex. Lg. 111-119; Lg. 109-117; Med. 97-107; Eastern Region Turkeys Hens: 8-16 lbs. 82-85 Toms: 16-24 lbs. 82-87   Delmarva Broilers U.S. Grade A n/a ---------------------------------------- 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. 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