11/25/2009 Farm Bureau Market Report

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Grain & Soybean Date: November 25, 2009 Due to the Thanksgiving Holiday the daily Farm Bureau market report will resume on Monday, November 30. Today's prices have been quoted prior to settlement. Soybeans Local Elevators: (Nov) EAST AR:  - - - to - - - (NC) Summ. - - - to - - - River Elevators: (Nov) MISS: - - - to - - - ; AR & White - - - to - - - (NC) Summ. - - - to - - - Ark. Processor Bids: (Nov) - - - to - - -  (NC) - - - to - - - Memphis:  (Nov) - - - to - - - (NC)  - - - to - - - Riceland Foods:  (Nov) Stuttgart - - -- ; Pendleton - - - ; West Memphis - - - Chicago Futures: Jan '10 up 8 1/2 at  1054 1/2   Mar '10  up  8 3/4  at  1060 3/4   May '10 up 9 1/2  at  1063 3/4   July '10 up 10 1/2  at  1069   Nov '10 up 13 3/4  at  1049 3/4   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans reversed overnight losses to firm in late trading. January futures moved above $10.50 and remain in position to test recent resistance just above $10.65. Outside markets and demand are providing a solid base for soybeans. The October crush while a little below expectations was almost 9% above the year ago level. While everything looks positive, keep in mind a big South American crop is anticipated and a downturn is anticipated. Some projections put beans at $8 or less for next year. Wheat Cash bid for November at Memphis  - - - to - - -; Bids to farmers at Local Elevators - - -; River Elevators - - -; Chicago Futures: Dec up  17 1/4  at  550 1/4    Mar '10 up 18  at  571 1/2    May '10 up  18  at  584 1/4    July '10 up  18  at  594 1/4    Sept '10 up  18 1/2  at  609    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for November at Memphis  - - - to - - -; Bids to farmers at River Elevators - - -; 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  - - - to - - - Chicago Futures: Dec up  16  at  392    Mar '10 up  16  at  408    July '10 up  16 3/4  at  427 1/4    Dec '10 up  15 3/4  at  441 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat was posting sharp gains at midday. A sharp downturn in the value of the dollar provided the justification for the move. However, wheat is plentiful worldwide and the recent rally has priced US wheat out of the market for most buyers. Corn led today’s upturn after a major selloff over the last week. With a third of the crop still in the field there remains concern about this year’s final production. Weather could limit harvest later this week. Cotton & Rice  Date: November 25, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis unchanged - - - at  - - -   Greenwood unchanged  - - - at - - - New York Futures: Dec down  45  at  7107    Mar '10 down  30  at  7522    May '10 down  16  at  7631    July '10 down  18  at  7686    - - -   - - -  at  - - -  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton was moderately lower in limited preholiday trade. 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  - - - - - -  to  - - -   - - - - - -  to  - - - Chicago Futures: Jan '10 up  21 1/2  at  1549    Mar '10 up  22 1/2  at  1575    May '10 up  22 1/2  at  1599 1/2    July '10 up  24  at  1623    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment January rice futures moved to a new high as the market continues to firm on international rice concerns, primarily India’s 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 25, 2009 Cattle As reported by Federal-State Market News, receipts were 644 head at sales in Conway and Pocahontas.  Compared with last week, feeder steers sold mostly steady on a light preholiday test . Steers:  Medium & Large Frame 1   400 to 450 lbs. 104.25 to - - -   500 to 550 lbs. 93.25 to - - -   - - - to - - - lbs. - - - to - - -  Medium & Large Frame 2   400 to 450 lbs. 86.75 to - - - Heifers:  Medium & Large Frame 1   500 to 550 lbs. 79.25 to - - -  Medium & Large Frame 2   400 to 450 lbs. 76 to - - - Slaughter Cows, Boners 36.50   to   41 Light Weight 25 to 30 Bulls, Yield Grade   1   1400   to   2300 lbs.   48   to   52.50 Midwest Steers   were steady to $1 higher   at   83   to   - - - Panhandle Steers   were $1 to $2 higher   at   84   to   - - - Oklahoma City Feeders Steers - - - to - - - lbs. - - - to - - -   - - - to - - - lbs. - - - to - - - Heifers - - - to - - - lbs. - - - to - - -   - - - to - - - lbs. - - - to - - - Chicago Futures: Live Cattle: Dec up 27 at 8367   Feb '10 up 25 at 8575 Feeders: Jan '10 up 7 at 9330   Mar '10 down 2 at 9427 Cattle Comment Cattle futures were mostly higher at midday, also thanks to a weaker dollar. The market is being held in check, though, by economic concerns. Hogs Peoria: were 50¢ to $2     higher   at   33   to   - - - Chicago Futures: Dec up 80 at 5942   Feb '10 up 165 at 6765 Sheep St. Paul n/a   at   - - -   to   - - - Hogs Comment Hog futures were showing double digit gains at midday. Sharp gains in cash values were supportive today, but futures already hold a wide premium to cash prices, so the upside could be limited. Poultry  Date: November 25, 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