11/30/2009 Farm Bureau Market Report

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Grain & Soybean Date: November 30, 2009 Soybeans Local Elevators: (Nov) EAST AR:  1016 to 1037 (NC) Summ. 1018 to - - - River Elevators: (Nov) MISS: 1038 to 1066 ; AR & White 1019 to 1029 (NC) Summ. 1046 to 1081 Ark. Processor Bids: (Nov) 1025 to 1033  (NC) 1049 to 1063 Memphis:  (Nov) 1042 1/2 to 1057 1/2 (NC)  n/a to - - - Riceland Foods:  (Nov) Stuttgart 1032 ; Pendleton 1037 ; West Memphis 1050 Chicago Futures: Jan '10 up 7 1/2 at  1060 1/2   Mar '10  up  7 1/4  at  1066   May '10 up 8 1/2  at  1068 3/4   Jul '10 up 9  at  1074 1/2   Nov '10 up 4 1/4  at  1052   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans pushed to new recent highs before ending the day firm. Great demand, primarily exports to China, are a major factor in the current upturn. Domestic crush is also strong. The next question is whether funds will be big buyers the first of December, like they did in November. If that’s the case we could see a close above resistance at $10.68 with a potential retest of the June double top at $11.05. The market appears to be overpriced based on fundamentals and could be subject to a quick set back. Corn rallied from early weakness to move back above $4 and making the late October high of $4.13 ½ a potential target. Weather should allow for continued harvest activities, however high moisture levels are a problem. Most farmers are waiting for moisture levels to fall before harvesting, and elevators are limiting the amount of high moisture grain they will take. Wheat Cash bid for November at Memphis  473 to - - -; Bids to farmers at Local Elevators 548-552; River Elevators 542-575; Chicago Futures: Dec up  18 3/4  at  567 1/2    Mar '10 up 19  at  588 3/4    Jul '10 up  17  at  610 1/4    Sep '10 up  16 1/4  at  624 1/4    Dec '10 up  18 1/2  at  646 1/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for November at Memphis  692 to 719; Bids to farmers at River Elevators 605-680; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for November at Memphis   396 3/4 to 400 3/4;   new crop at Memphis   372 1/4 to 412 1/4; Bids to farmers at River Elevators  374 to 403 Chicago Futures: Dec up  5 1/2  at  402 3/4    Mar '10 up  4  at  417 1/2    Jul '10 up  3  at  435 3/4    Dec '10 up  3  at  448 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat posted sharp gains today, but there is little fundamental justification for the strength. Wheat is plentiful worldwide and the recent rally has priced US wheat out of the market for most buyers. December has resistance at the recent high of $5.81. Cotton & Rice  Date: November 30, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis down 59 at  6968   Greenwood down  59 at 6968 New York Futures: Dec up  101  at  7075    Mar '10 up  84  at  7468    May '10 up  88  at  7585    Dec '10 up  99  at  7741    - - -   - - -  at  - - -  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton rebounded from last Friday’s downturn closing near the day’s highs. December is only a week away from expiration making March the lead contract with resistance just under 76 cents. The next long term resistance is at 77, then 76 cents. With beans and corn at current levels, cotton will have to exceed these levels to entice acreage. Rice Long Grain Cash Bid for  Dec 1410/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Jan '10 down  9 1/2  at  1530 1/2    Mar '10 down  8 1/2  at  1558    May '10 down  6 1/2  at  1583 1/2    Jul '10 down  6 1/2  at  1608    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice futures remain in a consolidation pattern that has contained most trading for the month. The market has upside potential if the international situation remains volatile. The Phillipines have issued a number of big import tenders which have kept the international market on edge. In addition, India is expected to need to import rice at some point. However, they are expected to take a more subtle approach than the Phillipines. Thailand continues to control a large amount of intervention stocks which could be released into the market at some point. U.S. milled prices remain slightly above other offerings and as of yet little new business has resulted. Cattle & Hogs  Date: November 30, 2009 Cattle As reported by Federal-State Market News, receipts were n/a head at sales in - - -.  Compared with last week, feeder steers - - - . 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 $1.50 lower to $1 higher   at   81.50   to   84 Panhandle Steers   were $2 lower to $1 higher   at   82   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 steady at 8320   Feb '10 up 25 at 8572 Feeders: Jan '10 up 45 at 9295   Mar '10 up 60 at 9375 Cattle Comment Cattle futures were a bit higher today. Expectations for larger market ready cattle supplies and weaker beef demand continue to limit the upside potential of the market. Hogs Peoria: were     steady   at   30   to   32 Chicago Futures: Dec down 42 at 5860   Feb '10 down 45 at 6687 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures turned lower on profit-taking. Futures already hold a wide premium to cash prices and that could limit the upside. Friday’s high of $68.05 is the first level of resistance. Poultry  Date: November 30, 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. Demand was seasonally light to fair. 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