11/23/2009 Farm Bureau Market Report

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Grain & Soybean Date: November 23, 2009 Soybeans Local Elevators: (Nov) EAST AR:  987 to 1018 (NC) Summ. 991 to - - - River Elevators: (Nov) MISS: 1027 to 1033 ; AR & White 1003 to 1018 (NC) Summ. 1027 to 1062 Ark. Processor Bids: (Nov) 996 to 1014  (NC) 1027 to 1044 Memphis:  (Nov) 1038 to 1039 (NC)  n/a to - - - Riceland Foods:  (Nov) Stuttgart 1018 ; Pendleton 1023 ; West Memphis 1036 Chicago Futures: Jan '10 down 4 at  1042   Mar '10  down  2 1/2  at  1047 3/4   May '10 down 1 1/4  at  1049 1/4   Jul '10 down 1  at  1052 1/2   Nov '10 down 3 1/2  at  1026   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans actually pushed above $10.50 but couldn’t hold above that level into the close. It is obvious the demand side of the equation is keeping soybeans firm. Supplies are sufficient despite the late harvest and quality issues. In addition to strong export interest from China, crushing plants are running near capacity as new crop supplies become available. Potential for heavy meal demand will drive that area for the time being. The next upside objective is August high of $10.68. Corn ended lower after December couldn’t hold early gains above $4. Corn is not seeing the same demand as soybeans as recent export sales have been rather weak. While weather is continuing to hamper harvest there doesn’t seem to be any real concerns, except the potential for mycotoxins. Wheat Cash bid for November at Memphis  457 1/4 to 487 1/4; Bids to farmers at Local Elevators 539-543; River Elevators 533-561; Chicago Futures: Dec down  2 1/2  at  557 1/4    Mar '10 down 2 1/4  at  578 1/2    May '10 down  1 1/4  at  591    Jul '10 down  2 1/4  at  600 1/2    Sep '10 down  3 1/4  at  614 1/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for November at Memphis  665 to 683; Bids to farmers at River Elevators 577-652; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for November at Memphis   382 1/4 to 389 1/4;   new crop at Memphis   357 1/2 to 397 1/2; Bids to farmers at River Elevators  358 to 377 Chicago Futures: Dec down  3 3/4  at  387 1/4    Mar '10 down  3 3/6  at  403 1/4    Jul '10 down  4 1/4  at  421 1/4    Dec '10 down  1  at  434 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures were lower again today. It is apparent that wheat can’t sustain upward momentum without help from the other markets. New crop July is still holding above chart-gap support at $5.96. Cotton & Rice  Date: November 23, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 24 at  6923   Greenwood up  24 at 6923 New York Futures: Dec down  3  at  7038    Mar '10 up  44  at  7448    May '10 up  9  at  7540    Jul '10 down  30  at  7596    - - -   - - -  at  - - -  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton made a big push higher early, but ended the day no better than mixed. December’s high of 72 cents today is now the first level of resistance. Smaller ’09 crop coupled with serious quality issues could be the basis for a solid upturn. There is little question it will take higher prices to pull acreage in 2010, if beans and corn remain near current levels. Rice Long Grain Cash Bid for  Nov 1398/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Jan '10 up  6  at  1523    Mar '10 up  6  at  1548    May '10 up  6  at  1571 1/2    Jul '10 up  6  at  1595    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice continued to move in an up and down pattern while consolidating just below the recent high of $15.44. However there is growing interest in this year’s crop as the market looks at typhoon damage in the Philippines and the prospect of India becoming an importer instead of an exporter. India could need to buy 1 to 3 million metric tonnes of rice. That could turn the market upside down. Although Thailand is holding huge intervention stocks, perhaps 6 million metric tonnes, or more; at this point they have held firm. If this continues, the market could have substantial upside. Technically, futures have resistance just under $16, from there you jump to retracement objectives of $16.35, $17.94, and $19.53. Those are the 38%, 50% and 62% retracement objectives of the decline from the ’08 high of $24.68 ½ to the ’09 low of $11.19. Cattle & Hogs  Date: November 23, 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   n/a   at   - - -   to   - - - Panhandle Steers   n/a   at   - - -   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 up 10 at 8405   Feb '10 up 40 at 8582 Feeders: Jan '10 up 20 at 9287   Mar '10 up 32 at 9390 Cattle Comment Live cattle futures posted modest gains. While the market remains technically weak, it is showing signs of a possible bottom. December futures would need to close above $86 to confirm a low, though. Early strength came again from the weaker dollar and a stronger stock market. Hogs Peoria: were $1     lower   at   31   to   32.50 Chicago Futures: Dec up 70 at 5830   Feb '10 up 115 at 6552 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Live cattle futures posted modest gains. While the market remains technically weak, it is showing signs of a possible bottom. December futures would need to close above $86 to confirm a low, though. Early strength came again from the weaker dollar and a stronger stock market. Poultry  Date: November 23, 2009 Eggs New York:  Ex. Lg. 127-131; Lg. 125-129; Med. 101-105; Chicago:  Ex. Lg. 121-129; Lg. 119-127; Med. 97-105; Eastern Region Turkeys Hens: 8-16 lbs. 86-88 Toms: 16-24 lbs. 86-88   Delmarva Broilers U.S. Grade A The market tone was steady. Pre-holiday demand was fair to moderate for upcoming Thanksgiving Day, and orders were limited to regular commitments. Supplies of all sizes were sufficient to satisfy trade needs. 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