11/13/2009 Farm Bureau Market Report

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Grain & Soybean Date: November 13, 2009 Soybeans Local Elevators: (Nov) EAST AR:  927 to 953 (NC) Summ. 931 to - - - River Elevators: (Nov) MISS: 944 to 952 ; AR & White 932 to 943 (NC) Summ. 974 to 1007 Ark. Processor Bids: (Nov) 941 to 949  (NC) 975 to 995 Memphis:  (Nov) 962 to 967 (NC)  n/a to - - - Riceland Foods:  (Nov) Stuttgart 941 ; Pendleton 944 ; West Memphis 953 Chicago Futures: Jan '10 down 3 at  987   Mar '10  down  3 1/2  at  992 1/4   May '10 down 3  at  995 3/4   Jul '10 down 1 1/2  at  1002 1/4   Nov '10 down 2  at  997 1/4   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans posted sharp gains early as funds were active buyers, but buying interest waned by the end of the day. The case for soybeans going above $10 is weak without significant damage to the South American crop. After a disastrous crop last year, Argentina was projected to raise a huge crop this year. Dry conditions will start to shrink that crop, if they don’t get rain soon. Corn was about even for the day. However, outside market movement was still a factor. Quality concerns will keep the market edgy, but upside potential appears limited. The October high of $4.13 ½ looks like a high water mark, at least in the short term. Wheat Cash bid for November at Memphis  419 to 439; Bids to farmers at Local Elevators 454; River Elevators 515-543; Chicago Futures: Dec up  7 1/4  at  539    Mar '10 up 7 1/2  at  559 3/4    May '10 up  7 1/2  at  572 3/4    Jul '10 up  7  at  583 1/2    Sep '10 up  5 3/4  at  599 1/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for November at Memphis  644 to 660; Bids to farmers at River Elevators 555-630; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for November at Memphis   365 1/2 to 372 1/2;   new crop at Memphis   360 1/4 to 400 1/4; Bids to farmers at River Elevators  340 to 361 Chicago Futures: Dec unchanged    at  390 1/2    Mar '10 unchanged    at  405 3/4    Jul '10 unchanged    at  423 3/4    Dec '10 down  1 3/4  at  437    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat actually held onto the day’s gains and closed higher, but there is little fundamental justification for market strength. 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 13, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 118 at  6410   Greenwood up  118 at 6410 New York Futures: Dec up  68  at  6710    Mar '10 up  102  at  7133    May '10 up  90  at  7284    Jul '10 up  77  at  7404    - - -   - - -  at  - - -  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton ended a bit higher after negative chart action the past couple of days. The market continues to hold within the recent trading range between 66 and 70 cents. Eventually this year’s smaller crop coupled with stronger demand will move the market higher. Rice Long Grain Cash Bid for  Nov 1361/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Jan '10 up  12 1/2  at  1486    Mar '10 up  13  at  1510    May '10 up  13 1/2  at  1534    Jul '10 up  13  at  1558 1/2    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment January rice gapped higher, back above support at $14.50. While international factors have firmed, recent gains in the futures put U.S. rice out of the reach of most purchasers. Vietnam has little rice to sell at this time but isn’t far from harvest. Thailand has big old crop intervention stocks with a new crop near. India will likely need to import rice, but that may be later instead of sooner. The Philippines will need rice because of recent typhoon damage, but is likely to be looking for cheaper rice. Cattle & Hogs  Date: November 13, 2009 Cattle As reported by Federal-State Market News, receipts were 14,010 head at sales in Arkansas this week.  Compared with last week, feeder steers sold weak to $4 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 103.25 to - - -   500 to 550 lbs. 94.50 to - - -   600 to 650 lbs. 85.25 to - - -  Medium & Large Frame 2   400 to 450 lbs. 90.50 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 89.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 90.50 to - - - Slaughter Cows, Boners 34   to   41 Light Weight 24 to 30 Bulls, Yield Grade   1   1000   to   2100 lbs.   46   to   53, high dressing 54-58.50 Midwest Steers   n/a   at   - - -   to   - - - Panhandle Steers   n/a   at   - - -   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 96 to 118   600 to 650 lbs. 87 to 99.50 Heifers 500 to 550 lbs. 85 to 99   600 to 650 lbs. 81 to 93 Chicago Futures: Live Cattle: Dec up 47 at 8332   Feb '10 up 32 at 8415 Feeders: Nov up 20 at 9315   Jan '10 up 7 at 9257 Cattle Comment Cattle futures ended higher, but the upside appears limited. Historically, beef demand has been closely tied to employment levels, and unemployment continues to rise. December fell to a new contract low today. Support on the weekly chart begins below $82. Hogs Peoria: were     steady   at   33   to   35 Chicago Futures: Dec up 55 at 5500   Feb '10 up 50 at 6185 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs ended higher today, but the market has left a clear island top. Uptrending support drawn off the August low is now around $58.50. Cash prices look toppy and futures are overbought, and a downward correction was due. Poultry  Date: November 13, 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. 82-85.5 Toms: 16-24 lbs. 82-87   Delmarva Broilers U.S. Grade A The market tone was steady. Supplies of all sizes were sufficient to satisfy trade requirements. 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