11/24/2009 Farm Bureau Market Report

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Grain & Soybean Date: November 24, 2009 Soybeans Local Elevators: (Nov) EAST AR:  991 to 1022 (NC) Summ. 995 to - - - River Elevators: (Nov) MISS: 1031 to 1046 ; AR & White 1007 to 1022 (NC) Summ. 1031 to 1066 Ark. Processor Bids: (Nov) 1000 to 1018  (NC) 1031 to 1048 Memphis:  (Nov) 1043 to - - - (NC)  - - - to - - - Riceland Foods:  (Nov) Stuttgart 1022 ; Pendleton 1027 ; West Memphis 1040 Chicago Futures: Jan '10 up 4 at  1046   Mar '10  up  4 1/4  at  1052   May '10 up 5  at  1054 1/4   July '10 up 6  at  1058 1/2   Nov '10 up 10  at  1036   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans reversed yesterday’s move and closed higher despite weaker crude oil. Index funds continue to support the soybean market along with strong export demand. China is buying beans at an incredible rate with no indication they will slow down in the near term. Technically, yesterday’s high above $10.65 is key resistance. Support starts at $10.20. Wheat Cash bid for November at Memphis  514 to 518; Bids to farmers at Local Elevators 439-463; River Elevators 546 1/4; Chicago Futures: Dec down  24 1/4  at  533    Mar '10 down 25  at  553 1/2    May '10 down  24 3/4  at  566 1/4    July '10 down  24 1/4  at  576 1/4    Sept '10 down  23 3/4  at  590 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for November at Memphis  645 to 671; Bids to farmers at River Elevators 557-632; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for November at Memphis   371 to 375;   New crop at Memphis   348 1/4 to 388 1/4; Bids to farmers at River Elevators  347 to 376 Chicago Futures: Dec down  11 1/4  at  376    Mar '10 down  11 1/4  at  392    July '10 down  10 3/4  at  410 1/2    Dec '10 down  8 1/2  at  426    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures gapped lower on the open and then kept on falling. Bounce-back in the dollar was bearish for futures, but negative fundamentals have been known for some time. Fund selling was the impetus for today’s move. Corn closed lower and is technically weak after breaking trendline support in the overnight session. Corn harvest continues at a slow pace with 14% added to the total last week. Almost 1/3 of the crop remains in the field. While fundamentals would appear supportive, December is likely to test old support near $3.60. Cotton & Rice  Date: November 24, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 104 at  7027   Greenwood up  104 at 7027 New York Futures: Dec up  114  at  7152    Mar '10 up  104  at  7552    May '10 up  107  at  7647    July '10 up  108  at  7704    - - -   - - -  at  - - -  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton bounced back from yesterday’s late downturn to close with solid gains and in position to test yesterday’s high at 72 cents. With the Midsouth harvest nearing completion some yields are better than thought, but some are significantly lower. USDA will likely reduce the ’09 crop in subsequent reports. Quality will also be a problem. Stocks could fall below current projections of 4.9 million bales. Cotton futures will have to move higher to entice acreage away from soybeans and corn unless those prices decline. Rice Long Grain Cash Bid for  Nov 1400/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Jan '10 up  4 1/2  at  1527 1/2    Mar '10 up  4 1/2  at  1552 1/2    May '10 up  5 1/2  at  1577    July '10 up  4  at  1599    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice futures continue to edge higher while consolidating just below the recent high of $15.44. On the international scene, the market has firmed with suggestions that India will need to import rice. At the same time, typhoons will keep the Philippines in the market. In some quarters it has been suggested that this could push the market sharply higher. On the other hand, Thailand has huge intervention stocks available with a new crop harvest near. This could limit upside potential. Technically, rice futures have long term retracement objectives starting at $16.35. Cattle & Hogs  Date: November 24, 2009 Cattle As reported by Federal-State Market News, receipts were 663 head at sales in Fort Smith.  Compared with last week, feeder steers were not reported last week . Steers:  Medium & Large Frame 1   400 to 450 lbs. 113.75 to - - -   500 to 550 lbs. 99 to - - -   600 to 650 lbs. 93.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 99.50 to - - - Heifers:  Medium & Large Frame 1   500 to 550 lbs. 85.25 to - - -  Medium & Large Frame 2   400 to 450 lbs. 84.25 to - - - Slaughter Cows, Boners 35   to   39.50 Light Weight - - - to - - - Bulls, Yield Grade   1   1000   to   2100 lbs.   - - -   to   - - - Midwest Steers   were   at   82   to   83 Panhandle Steers   were   at   82   to   83 Oklahoma City Feeders Steers 500 to 550 lbs. 107 to 116   550 to 600 lbs. 102 to 109 Heifers 500 to 550 lbs. 89 to 92.25   550 to 600 lbs. 86 to 90.50 Chicago Futures: Live Cattle: Dec down 65 at 8340   Feb '10 down 32 at 8550 Feeders: Jan '10 up 35 at 9322   Mar '10 up 40 at 9430 Cattle Comment Cattle futures were mixed. 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. Hogs Peoria: were     steady   at   31   to   32.50 Chicago Futures: Dec up 32 at 5862   Feb '10 up 47 at 6600 Sheep St. Paul n/a   at   - - -   to   - - - Hogs Comment Hog futures continued to climb higher. Firm cash prices and surprisingly strong exports are supporting the market. Poultry  Date: November 24, 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 seasonally fair to moderate with most interest focus on holiday items. 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