12/01/2009 Farm Bureau Market Report

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Grain & Soybean Date: December 01, 2009 Soybeans Local Elevators: (Dec) EAST AR:  1018 to 1036 (NC) Summ. 1027 to - - - River Elevators: (Dec) MISS: 1040 to 1065 ; AR & White 1021 to 1031 (NC) Summ. 1045 to 1080 Ark. Processor Bids: (Dec) 1031 to 1032  (NC) 1048 to 1062 Memphis:  (Dec) 1059 1/2 to 1061 1/2 (NC)  1008 1/2 to - - - Riceland Foods:  (Dec) Stuttgart 1031 ; Pendleton 1036 ; West Memphis 1049 Chicago Futures: Jan '10 down 1 at  1059 1/2   Mar '10  unchanged    at  1066   Jul '10 up 1  at  1075 1/2   Nov '10 up 3 1/2  at  1048 1/2   Jan '10 down 2 1/4  at  1054 1/4   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans rallied in early dealings on active fund buying to kick off the month, but quickly retreated after nearby December closed a chart gap left in June. That 6 month high of $10.78 now becomes the first level of resistance. The market appears to be overpriced based on fundamentals and could be subject to a quick set back. December corn failed to hold above $4 and retreated from early highs. Active fund buying provided support early. 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 December at Memphis  489 to 554 1/2; Bids to farmers at Local Elevators 544-548; River Elevators 538-571; Chicago Futures: Dec down  5  at  562 1/2    Mar '10 down 4 3/4  at  584    May '10 down  4  at  596 1/2    Jul '10 down  4 1/2  at  605 3/4    Sep '10 down  4  at  620 1/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for December at Memphis  687 to 733; Bids to farmers at River Elevators 598-673; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for December at Memphis   399 3/4 to 401 1/2;   new crop at Memphis   368 1/2 to 408 1/2; Bids to farmers at River Elevators  368 to 400 Chicago Futures: Dec down  3  at  399 3/4    Mar '10 down  3  at  414 1/2    Jul '10 down  3  at  432 3/4    Dec '10 down  4  at  444 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat turned lower. Without carryover strength from other grains, wheat can’t sustain upward momentum. 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: December 01, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 120 at  6848   Greenwood up  120 at 6848 New York Futures: Dec down  110  at  6965    Mar '10 down  120  at  7348    May '10 down  117  at  7468    Jul '10 down  103  at  7549    - - -   - - -  at  - - -  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton was also lower. March has resistance just under 76 cents, and support beginning at Friday’s low of 72.80 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 1422/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Jan '10 up  12  at  1542 1/2    Mar '10 up  12 1/2  at  1570 1/2    Jul '10 up  11  at  1619    Sep '10 down    at  1428    - - - unchanged  - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice futures posted strong gains, but remain in a consolidation pattern that has contained trading for about a 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: December 01, 2009 Cattle As reported by Federal-State Market News, receipts were 1,584 head at sales in Fort Smith & Heber Springs.  Compared with last week, feeder steers sold $2-4 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 110.75 to - - -   500 to 550 lbs. 99.50 to - - -   600 to 650 lbs. 90.75 to - - -  Medium & Large Frame 2   400 to 450 lbs. 93.75 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 92.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 82.50 to - - - Slaughter Cows, Boners 37   to   42.50 Light Weight 26 to 32 Bulls, Yield Grade   1   1000   to   2100 lbs.   50   to   57.50, high dressing 58-62 Midwest Steers   were $1.50-1 lower   at   83   to   - - - Panhandle Steers   n/a   at   - - -   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 107.50 to 115.50   600 to 650 lbs. 88 to 97 Heifers 550 to 600 lbs. 86 to 91.25   n/a to - - - lbs. - - - to - - - Chicago Futures: Live Cattle: Dec down 65 at 8255   Feb '10 down 90 at 8482 Feeders: Jan '10 up 52 at 9347   Mar '10 steady at 9375 Cattle Comment Cattle futures ended mixed. Expectations for larger market ready cattle supplies and weaker beef demand continue to limit the upside potential of the market. Live December set a new contract low and February has nearby support at $84.60. Hogs Peoria: were $2     higher   at   32   to   34 Chicago Futures: Dec up 62 at 5922   Feb '10 up 7 at 6695 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures turned were higher today. 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 for February. Poultry  Date: December 01, 2009 Eggs New York:  Ex. Lg. 127-131; Lg. 125-129; Med. 101-105; Chicago:  Ex. Lg. 121-129; Lg. 119-127; Med. 97-101; Eastern Region Turkeys Hens: 8-16 lbs. 87-88 Toms: 16-24 lbs. 87-88   Delmarva Broilers U.S. Grade A The market tone was steady. Demand was light to fair with trading usually limited to regular commitments. Supplies of all sizes were sufficient to satisfy current 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