12/31/2009 Farm Bureau Market Report

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Grain & Soybean Date: December 31, 2009 Soybeans Local Elevators: (Dec) EAST AR:  995 to 1014 (NC) Summ. 1010 to - - - River Elevators: (Dec) MISS: 1024 to 1055 ; AR & White 997 to 1007 (NC) Summ. 1015 to 1055 Ark. Processor Bids: (Dec) 1003 to 1008  (NC) 1020 to 1030 Memphis:  (Dec) 1045 3/4 to 1051 3/4 (NC)  979 1/4 to 984 1/4 Riceland Foods:  (Dec) Stuttgart 1008 ; Pendleton 1014 ; West Memphis 1027 Chicago Futures: Jan '10 up 3 1/2 at  1039 3/4   Mar '10  up  4  at  1048 1/2   Jul '10 up 4 1/2  at  1059 1/4   Nov '10 down 3/4  at  1014 1/4   Jan '11 up 1 1/4  at  1021 3/4   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans closed slightly higher after a late selloff trimmed early gains. Support came from another good export sales report which indicated a slower pace for sales to China. Current sales for the first 4 months of the market year are over 86% of the total USDA projection of 1.34 billion bushels. At some point big supplies will be available in South America and China’s purchases will shift from the U.S. Key resistance is seen at $10.50 to $10.75. Corn closed narrowly mixed with March holding near recent resistance at $4.20. December futures at $4.40 or higher will likely add corn acres in the Midwest. Wheat Cash bid for December at Memphis  481 1/2 to 501 1/2; Bids to farmers at Local Elevators 504-508; River Elevators 498-531; Chicago Futures: Mar '10 down  3 1/4  at  541 1/2    May '10 down 3 1/4  at  555    Jul '10 down  3 3/4  at  566    Sep '10 down  3 3/4  at  580 1/4    Dec '10 down  3 3/4  at  603    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for December at Memphis  744 to - - -; Bids to farmers at River Elevators 598-673; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for December at Memphis   382 1/2 to 383 1/2;   new crop at Memphis   367 1/2 to 415 1/2; Bids to farmers at River Elevators  362 to 395 Chicago Futures: Mar '10 up  3/4  at  414 1/2    Jul '10 up  3/4  at  433    Dec '10 up  1 1/4  at  440 3/4    Mar '10 up  1 1/4  at  449 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat was a little lower as slow export movement and big supplies continue to weigh on the market. Trading will remain within a wide range between $6.20 and $5.40. A close outside this range will mean further movement in the direction of the breakout. Cotton & Rice  Date: December 31, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 17 at  7110   Greenwood up  17 at 7110 New York Futures: Mar '10 up  17  at  7560    May '10 up  16  at  7659    Jul '10 down  12  at  7698    Oct '10 up  1  at  7612    - - -   - - -  at  - - -  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton continued to hold within recent trading ranges with old crop in position to test resistance just above 76 cents. Improving economic conditions should help boost cotton demand. Quality problems will limit supplies from the Midsouth and should help boost the market as we move forward. Rice Long Grain Cash Bid for  Jan/Feb 1359/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Jan '10 up  16 1/2  at  1456 1/2    Mar '10 up  17 1/2  at  1489    May '10 up  18  at  1515    Jul '10 up  17  at  1537    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice bounced back in late trading to close higher. January bounced off a shallow uptrend that offered support around $14.25. Inability to hold here would be negative with the next support around $13.60. Current resistance is just under $15. Fundamentals are unchanged with the Philippines having offered several big tenders to cover projected needs of over 2.2 million metric tonnes. India may still need to import rice, but it will be later and a lot more subtle than what we’ve seen from the Philippines. Cattle & Hogs  Date: December 31, 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: Feb '10 up 140 at 8600   Apr '10 up 112 at 8617 Feeders: Jan '10 up 72 at 9585   Mar '10 up 137 at 9625 Cattle Comment A strong upturn was seen in cattle futures following reports of cash sales in the $85 to $86 range in Texas and Oklahoma. February futures could move toward resistance just below $88. Hogs Peoria: were $1     higher   at   36   to   38 Chicago Futures: Feb '10 down 2 at 6560   Apr '10 down 62 at 6987 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures were lower after USDA projected a higher than expected pig crop for the last quarter. It wasn’t a great deal above expectations, but it was higher than expected considering recent sow liquidation. Poultry  Date: December 31, 2009 Eggs New York:  Ex. Lg. 118-122; Lg. 116-120; Med. 95-97; Chicago:  Ex. Lg. 108-116; Lg. 106-114; Med. 77-85; Eastern Region Turkeys Hens: 8-16 lbs. 75-81 Toms: 16-24 lbs. 75-81   Delmarva Broilers U.S. Grade A The market tone was firm. Demand was fair to fairly good with holiday trading limited. Supplies of all sizes were close balanced to tight to satisfy trade needs. In production areas live supplies were moderate at 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

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December 31, 2009   Dear Agriculture, Today, as 2009 draws to a close, every dollar you give will go twice as far, thanks to a "friend of American Farmland Trust" who is matching every donation we receive dollar for dollar. If we raise $250,000 this winter, it will have the impact of half a million dollars. That means your donation of $50 dollars could help us secure the funding, policies or new programs needed to protect 100 acres of farmland! Take this last chance to give in 2009. We are the leading national organization dedicated to saving America’s farm and ranch land, promoting healthy farming practices and supporting farms and farmers. The environmental and social costs of farmland loss may be the highest price we could pay as a nation unless we work together to turn the tide of farmland loss, acre by acre. As the year draws to a close today, please take this last chance to make a tax-deductible donation in 2009 that will help us continue our 30-year legacy working at the forefront of the farmland protection movement and bringing together funding, programs and policies to save America’s farmland. We can’t do it without you. Take this last chance to give in 2009. Your gift will be matched dollar for dollar and will go twice as far to save the land that sustains us….acre by acre!

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12/30/2009 Farm Bureau Market Report

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Grain & Soybean Date: December 30, 2009 Soybeans Local Elevators: (Dec) EAST AR:  991 to 1006 (NC) Summ. 1006 to - - - River Elevators: (Dec) MISS: 1020 to 1051 ; AR & White 993 to 1003 (NC) Summ. 1011 to 1051 Ark. Processor Bids: (Dec) 999 to 1004  (NC) 1016 to 1026 Memphis:  (Dec) 1042 1/4 to - - - (NC)  980 to 985 Riceland Foods:  (Dec) Stuttgart 1004 ; Pendleton 1010 ; West Memphis 1023 Chicago Futures: Jan '10 down 1 3/4 at  1036 1/4   Mar '10  down  2 1/2  at  1044 1/2   Jul '10 down 2 1/4  at  1054 3/4   Nov '10 down 3  at  1015   Jan '11 down 3  at  1023   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans closed slightly lower as the market is sliding along the backside of the uptrend that was broken two weeks ago. There seems to be a general feeling that index funds will be big buyers after the 1st of the year and this may have prompted short covering by the other funds. Needless to say this market remains extremely volatile and difficult to predict, but producers should begin to lock in 2010 price levels with November above $10. Corn retraced a good portion of early losses to close slightly lower. Like soybeans, there seems to be little fresh news to move the market. Un-harvested corn remains a potential problem that could reduce overall ’09 production. September corn at $4.40 or higher looks like a good pricing opportunity. Wheat Cash bid for December at Memphis  484 3/4 to 515 3/4; Bids to farmers at Local Elevators 508-512; River Elevators 502-535; Chicago Futures: Mar '10 up  3 3/4  at  544 3/4    May '10 up 3 3/4  at  558 1/4    Jul '10 up  3 1/2  at  569 3/4    Sep '10 up  3  at  584    Dec '10 up  2 1/2  at  606 3/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for December at Memphis  741 to - - -; Bids to farmers at River Elevators 598-673; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for December at Memphis   380 3/4 to 382 3/4;   new crop at Memphis   367 1/4 to 415 1/4; Bids to farmers at River Elevators  362 to 394 Chicago Futures: Mar '10 down  3 1/4  at  413 3/4    Jul '10 down  3 1/4  at  432 1/4    Sep '10 down  2 1/2  at  437 1/4    Dec '10 down  3 1/4  at  442    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat was higher despite stronger $ and weak exports. There is little in the fundamentals to give wheat this upside momentum. However, it appears July has developed strong support at $5.40 and will trade between this point and the recent high around $6.20. A close below $5.40 would suggest a move to $4.90 or perhaps lower. Cotton & Rice  Date: December 30, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 36 at  7093   Greenwood up  36 at 7093 New York Futures: Mar '10 up  36  at  7543    May '10 up  45  at  7643    Jul '10 up  34  at  7710    Oct '10 up  19  at  7611    - - -   - - -  at  - - -  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton firmed slightly with trading remaining within recent consolidation zones. As suggested earlier, cotton will likely have to strengthen relative to soybeans and corn in order to pull more acres in 2010. Old crop March pushed to recent resistance near 76.5 cents before registering a minor selloff. New crop December remains well below resistance at 78 cents. Rice Long Grain Cash Bid for  Dec/Jan 1320/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Jan '10 down  17  at  1440    Mar '10 down  16 1/2  at  1471 1/2    May '10 down  16  at  1497    Jul '10 down  15 1/2  at  1520    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice continued the slide that began yesterday with January moving back toward trendline support. A close below $14.20 would be very negative. Questions remain about the final U.S. long grain production number. It appears there is ample rice to meet current needs. The international market may remain in turmoil for a while. Tenders from the Philippines boosted the market over the first couple of weeks in December. Enough so, that it prompted reports that India would utilize existing stocks instead of importing rice. For now, January futures appear to have resistance at the recent top just below $16, while attempting to build support between $14.20 and $14.50. Cattle & Hogs  Date: December 30, 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 - - - to - - - Bulls, Yield Grade   n/a   - - -   to   - - - lbs.   - - -   to   - - - Midwest Steers   were $3-2 higher   at   84   to   - - - Panhandle Steers   were $3-3.50 higher   at   85   to   85.50 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 37 at 8460   Feb '10 down 7 at 8505 Feeders: Jan '10 up 15 at 9512   Mar '10 up 15 at 9487 Cattle Comment Cattle were narrowly mixed with futures beginning to look a little top heavy after making good gains several weeks ago and then consolidating in a narrow zone. February futures need to close above $86 to put the market in a positive mode. Bids and offers for live cattle remain a $ or so apart, with most bids around $82. Hogs Peoria: were     steady   at   35   to   37 Chicago Futures: Feb '10 up 20 at 8562   Apr '10 up 47 at 7050 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs continued yesterday’s firm tone. Strong packer margins reflect improved demand anticipation following reduced holiday movement. Tomorrow’s quarterly pig crop report is expected to show further sow reduction but improved farrowing efficiency. Pig crop numbers are expected to be down 1%. Poultry  Date: December 30, 2009 Eggs New York:  Ex. Lg. 118-122; Lg. 116-120; Med. 95-97; Chicago:  Ex. Lg. 108-116; Lg. 106-114; Med. 77-85; Eastern Region Turkeys Hens: 8-16 lbs. 75-81 Toms: 16-24 lbs. 75-81   Delmarva Broilers U.S. Grade A The market tone was firm. Supplies of all sizes were close balanced to tight and often moving at premium levels. In production areas live supplies were moderate at 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

12/29/2009 Farm Bureau Market Report

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Grain & Soybean Date: December 29, 2009 Soybeans Local Elevators: (Dec) EAST AR:  993 to 1012 (NC) Summ. 1008 to - - - River Elevators: (Dec) MISS: 1022 to 1043 ; AR & White 995 to 1005 (NC) Summ. 1013 to 1053 Ark. Processor Bids: (Dec) 1001 to 1006  (NC) 1018 to 1028 Memphis:  (Dec) 1044 to 1045 (NC)  983 to 988 Riceland Foods:  (Dec) Stuttgart 1006 ; Pendleton 1025 ; West Memphis 1012 Chicago Futures: Jan '10 up 9 at  1038   Mar '10  up  9  at  1047   Jul '10 up 8 1/4  at  1057   Nov '10 up 8  at  1018   Jan '11 up 7 1/4  at  1025 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans continued to firm after reversing early declines to close higher. There seems to be a general feeling that index funds will be big buyers after the 1st of the year and this may have prompted short covering by the other funds. Needless to say this market remains extremely volatile and difficult to predict, but producers should begin to lock in 2010 price levels with November above $10. Corn closed narrowly mixed. Like soybeans, there seems to be little fresh news to move the market. Un-harvested corn remains a potential problem that could reduce overall ’09 production. September corn at $4.40 or higher looks like a good pricing opportunity. Wheat Cash bid for December at Memphis  481 to 502; Bids to farmers at Local Elevators 504-508; River Elevators 498-526; Chicago Futures: Mar '10 down  9 3/4  at  541    May '10 down 9 1/2  at  554 1/2    Jul '10 down  8 3/4  at  566 1/4    Sep '10 down  8 1/2  at  581    Dec '10 down  8 1/4  at  604 1/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for December at Memphis  748 to - - -; Bids to farmers at River Elevators 603-678; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for December at Memphis   385 to 386;   new crop at Memphis   369 3/4 to 417 3/4; Bids to farmers at River Elevators  365 to 387 Chicago Futures: Mar '10 up  1  at  417    Jul '10 up  3/4  at  435 1/2    Dec '10 up  1/2  at  445 1/4    Mar '10 down  3/4  at  454 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat failed to follow through on yesterday’s big gains and ended the session lower. There is little in the fundamentals to give wheat this upside momentum. However, it appears July has developed strong support at $5.40 and will trade between this point and the recent high around $6.20. A close below $5.40 would suggest a move to $4.90 or perhaps lower. Cotton & Rice  Date: December 29, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis down 75 at  7057   Greenwood down  75 at 7057 New York Futures: Mar '10 down  75  at  7507    May '10 down  70  at  7598    Jul '10 down  49  at  7676    Oct '10 down  42  at  7592    - - -   - - -  at  - - -  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton reversed recent gains and ended the session slightly lower. As suggested earlier, cotton will likely have to strengthen relative to soybeans and corn in order to pull more acres in 2010. Old crop March pushed to recent resistance near 76.5 cents before registering a minor selloff. New crop December remains well below resistance at 78 cents. Rice Long Grain Cash Bid for  Dec/Jan 1337/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Jan '10 down  13  at  1457    Mar '10 down  11 1/2  at  1488    May '10 down  11 1/2  at  1513    Jul '10 down  13  at  1535 1/2    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice was slightly lower as the market continues to seek direction after the recent big break. Questions remain about the final U.S. long grain production number. It appears there is ample rice to meet current needs. The international market may remain in turmoil for a while. Tenders from the Philippines boosted the market over the first couple of weeks in December. Enough so, that it prompted reports that India would utilize existing stocks instead of importing rice. For now, January futures appear to have resistance at the recent top just below $16, while attempting to build support around $14.50. Cattle & Hogs  Date: December 29, 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 - - - to - - - Bulls, Yield Grade   n/a   - - -   to   - - - lbs.   - - -   to   - - - Midwest Steers   were $3 higher to steady   at   81   to   82 Panhandle Steers   were $2 higher to $1.50 lower   at   82   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 55 at 8422   Feb '10 down 25 at 8512 Feeders: Jan '10 down 55 at 9497   Mar '10 down 22 at 9472 Cattle Comment Cattle futures were generally a little lower with only expiring December higher. That appears to be short traders rolling positions. February futures are trading in a narrow consolidation zone and need to close above $86 to put the market in a position mode. Bids and offers for live cattle remain a $ or so apart, with most bids in the $81-82 range. Hogs Peoria: were       at   n/a   to   - - - Chicago Futures: Feb '10 up 72 at 6542   Apr '10 up 72 at 7002 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs continued yesterday’s firm tone. Strong packer margins reflect improved demand anticipation following reduced holiday movement. Tomorrow’s quarterly pig crop report is expected to show further sow reduction but improved farrowing efficiency. Pig crop numbers are expected to be down 1%. Poultry  Date: December 29, 2009 Eggs New York:  Ex. Lg. 118-122; Lg. 116-120; Med. 95-97; Chicago:  Ex. Lg. 108-116; Lg. 106-114; Med. 77-85; Eastern Region Turkeys Hens: 8-16 lbs. 75-82 Toms: 16-24 lbs. 75-82   Delmarva Broilers U.S. Grade A The market tone was firm. Supplies of all sizes were in good balance to short of full trade needs with many plants running lighter schedules this week for the holiday. In production areas live supplies were moderate at 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

12/28/2009 Farm Bureau Market Report

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Grain & Soybean Date: December 28, 2009 Soybeans Local Elevators: (Dec) EAST AR:  984 to 1003 (NC) Summ. 999 to - - - River Elevators: (Dec) MISS: 1013 to 1034 ; AR & White 986 to 996 (NC) Summ. 1006 to 1044 Ark. Processor Bids: (Dec) 992 to 997  (NC) 1009 to 1019 Memphis:  (Dec) 1036 to - - - (NC)  975 to 980 Riceland Foods:  (Dec) Stuttgart 997 ; Pendleton 1003 ; West Memphis 1016 Chicago Futures: Jan '10 up 29 1/2 at  1029   Mar '10  up  30  at  1038   Jul '10 up 29 1/4  at  1048 1/4   Nov '10 up 20 3/4  at  1010   Jan '11 up 20 3/4  at  1018 1/4   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans started the last week of ’09 on a strong note. January futures retraced a good portion of recent declines and climbed back above old support at $10.20. There seems to be little fundamental reason for the increase as the outlook for production in South America is excellent. U.S. sales are near 85% of the USDA projection for the year and are likely to be much less vigorous in the coming months. There seems to be a general feeling that index funds will be big buyers after the 1st of the year and this may have prompted short covering by the other funds. Needless to say this market remains extremely volatile and difficult to predict, but producers should begin to lock in 2010 price levels with November above $10. Corn made strong gains with March moving back near resistance at $4.20. Like soybeans, there seems to be little fresh news to move the market. Unharvested corn remains a potential problem that could reduce overall ’09 production. September corn at $4.40 or higher looks like a good pricing opportunity. Wheat Cash bid for December at Memphis  490 3/4 to 511 3/4; Bids to farmers at Local Elevators 513-517; River Elevators 507-540; Chicago Futures: Mar '10 up  26 1/4  at  550 3/4    May '10 up 26  at  564    Jul '10 up  25 1/4  at  575    Sep '10 up  25 1/4  at  589 1/2    Dec '10 up  24  at  612 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for December at Memphis  746 to - - -; Bids to farmers at River Elevators 601-676; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for December at Memphis   384 to - - -;   new crop at Memphis   370 to 418; Bids to farmers at River Elevators  364 to 386 Chicago Futures: Mar '10 up  7 1/2  at  416    Jul '10 up  6 1/2  at  434 3/4    Sep '10 up  6  at  440    Dec '10 up  5 1/2  at  445 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat jumped out of the consolidation area that developed the last two weeks and registered big gains. There is little in the fundamentals to give wheat this upside momentum. However, it appears July has developed strong support at $5.40 and will trade between this point and the recent high around $6.20. A close below $5.40 would suggest a move to $4.90 or perhaps lower. Cotton & Rice  Date: December 28, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 217 at  7135   Greenwood up  217 at 7135 New York Futures: Mar '10 up  217  at  7582    May '10 up  213  at  7668    Jul '10 up  193  at  7725    Oct '10 up  140  at  7634    - - - up  - - -  at  - - -  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton rallied to close with strong gains and appears to be aligned with soybeans and corn. As suggested earlier, cotton will likely have to strengthen relative to soybeans and corn in order to pull more acres in 2010. Old crop March pushed to recent resistance near 76.5 cents before registering a minor selloff. New crop December remains well below resistance at 78 cents. Rice Long Grain Cash Bid for  Dec/Jan 1350/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Jan '10 up  2 1/2  at  1470    Mar '10 up  2 1/2  at  1499 1/2    May '10 up  5  at  1524 1/2    Jul '10 up  5  at  1548 1/2    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice was slightly higher as the market is attempting to hold above old support at $14.50. Questions remain about the final U.S. long grain production number. It appears there is ample rice to meet current needs. The international market may remain in turmoil for a while. Tenders from the Philippines boosted the market over the first couple of weeks in December. Enough so, that it prompted reports that India would utilize existing stocks instead of importing rice. For now, January futures appear to have resistance at the recent top just below $16, while attempting to build support around $14.50. Cattle & Hogs  Date: December 28, 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 - - - to - - - Bulls, Yield Grade   n/a   - - -   to   - - - lbs.   - - -   to   - - - Midwest Steers   were quoted   at   78   to   82 Panhandle Steers   were quoted   at   80   to   83.50 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 60 at 8367   Feb '10 up 62 at 8537 Feeders: Jan '10 up 90 at 9552   Mar '10 up 112 at 9495 Cattle Comment Cattle made good gains today as packers are trying to cover a full slaughter schedule. Weather has slowed weight gains and reduced available stocks. However, beef demand is uncertain and weak operating margins may limit buying. Feeder futures could work toward resistance at $97.50. Hogs Peoria:     steady   at   39   to   40 Chicago Futures: Feb '10 up 90 at 6470   Apr '10 up 95 at 6930 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs were higher for the day as the market bounced off late week support near $64. Good packer margins should encourage buying despite the fact most of this week’s needs are covered. Poultry  Date: December 28, 2009 Eggs New York:  Ex. Lg. 118-120; Lg. 116-120; Med. 95-97; Chicago:  Ex. Lg. 108-116; Lg. 106-114; Med. 77-85; Eastern Region Turkeys Hens: 8-16 lbs. 75-83 Toms: 16-24 lbs. 75-83   Delmarva Broilers U.S. Grade A The market tone was firm. Demand following the holiday weekend was moderate to fairly good with most assessing needs and monitoring market conditions. Supplies of all sizes were balanced to short with many plants running another week of reduced schedules as New Years approaches. In production areas, live supplies were moderate at 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

12/23/2009 Farm Bureau Market Report

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Grain & Soybean Date: December 23, 2009 Soybeans Local Elevators: (Dec) EAST AR:  956 to 975 (NC) Summ. 971 to - - - River Elevators: (Dec) MISS: 986 to 1006 ; AR & White 958 to 968 (NC) Summ. 978 to 1016 Ark. Processor Bids: (Dec) 964 to 969  (NC) 991 to - - - Memphis:  (Dec) 1008 1/4 to - - - (NC)  946 1/2 to 956 1/2 Riceland Foods:  (Dec) Stuttgart n/a ; Pendleton n/a ; West Memphis n/a Chicago Futures: Jan '10 up 10 1/4 at  1001 1/4   Mar '10  up  10 1/2  at  1009   Jul '10 up 11 1/4  at  1019 3/4   Nov '10 up 12 1/2  at  986 1/2   Jan '11 up 12 1/2  at  994 3/4   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans rebounded after 3 days of sharp losses. A large November crush figure and a weaker $ contribute to the rebound. The crush number of 168.6 million bushels was up 15% from a year ago but just slightly above trade expectations. A day bounce doesn’t necessarily mean the downturn is over. Yesterday’s low of $9.84 ½ will be minor support, but we could still see a move toward the $9.60 November close. Corn was higher with March moving back above the pivotal $4 point. Overall the market remained in a 10 week trading range between $4.20 and $3.70. Another major weather event could mean the 5% unharvested corn will remain in the field for a while. Some are suggesting yield losses of up to 10% or 50 to 60 million bushels. Wheat Cash bid for December at Memphis  469 to 490; Bids to farmers at Local Elevators 492-496; River Elevators 486-519; Chicago Futures: Mar '10 up  6  at  529    May '10 up 6 1/4  at  542 1/2    Jul '10 up  6 1/4  at  554    Sep '10 up  6 1/4  at  568 1/2    Dec '10 up  5 3/4  at  592 3/4    Today's Arkansas LDP rate for wheat is: Grain Sorghum Cash bid for December at Memphis  726 to - - -; Bids to farmers at River Elevators 582-657; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for December at Memphis   372 3/4 to - - -;   new crop at Memphis   361 to 409; Bids to farmers at River Elevators  353 to 375 Chicago Futures: Mar '10 up  6  at  404 3/4    May '10 up  6  at  415 1/4    Jul '10 up  6 1/4  at  425    Dec '10 up  6  at  437 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat was up a little for the day with new crop July trying to support around $5.40. The recent build improvement in the $ hasn’t helped wheat. Demand was poor even at the weakest level of the $. Upside potential appears limited. Cotton & Rice  Date: December 23, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 10 at  6915   Greenwood up  10 at 6915 New York Futures: Mar '10 up  10  at  7390    May '10 up  10  at  7481    Jul '10 up  4  at  7540    Oct '10 unchanged    at  7501    - - -   - - -  at  - - -  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton managed a mixed close with old crop holding support just above 73 cents. New crop December seems to be working toward 74 cents and old support in that area. Improving economic activity worldwide is needed to boost use back to recent levels. If that happens, additional cotton will be needed in 2010. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: Jan '10 up  39  at  1479 1/2    Mar '10 up  39  at  1508 1/2    May '10 up  38  at  1532    Jul '10 up  36  at  1554    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice was a big gainer today as the market attempted to retrace a portion of the $1.75 decline of the last 2 weeks. Funds appear to have jumped in and out of the market based on reports from India. A small increase in expectations for their crop seemed to have suggested little need to import rice. However, in the long term, they will likely need to purchase rice, but it will be in a more subtle way than the Philippines, who have dropped big tenders each week. Support around $14.25 should be solid. A move back to the recent high near $16 is a possibility, but it will take renewed buying interest. Cattle & Hogs  Date: December 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   were $2-1.50 higher   at   83   to   83.50 Panhandle Steers   were $2 higher   at   82   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 132 at 8327   Feb '10 up 70 at 8537 Feeders: Jan '10 up 102 at 9545   Mar '10 up 92 at 9517 Cattle Comment Live cattle futures reversed yesterday’s declines to close on a firm note and keep the market in a short term uptrend. February futures need to close above 486 to keep the upturn intact. Bad weather prospects will provide underlying support as we enter the Christmas holiday season. Hogs Peoria: were $1     lower   at   36.50   to   37 Chicago Futures: Feb '10 up 92 at 6567   Apr '10 up 105 at 7012 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures showed followthrough on yesterday’s rebound keeping the market within the bounds of a 4 week consolidation formation. Strong packer margins will keep cash bids firm. Poultry  Date: December 23, 2009 Eggs New York:  Ex. Lg. 119-123; Lg. 117-121; Med. 94-98; Chicago:  Ex. Lg. 117-125; Lg. 115-123; Med. 84-92; Eastern Region Turkeys Hens: 8-16 lbs. 75-85 Toms: 16-24 lbs. 75-85   Delmarva Broilers U.S. Grade A The market tone was firm. Supplies were balanced to short of full trade needs as plants are working reduced schedules for the holiday week. 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