12/03/2009 Farm Bureau Market Report

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Grain & Soybean Date: December 03, 2009 Soybeans Local Elevators: (Dec) EAST AR:  1005 to 1023 (NC) Summ. 1019 to - - - River Elevators: (Dec) MISS: 1032 to 1052 ; AR & White 1008 to 1018 (NC) Summ. 1031 to 1067 Ark. Processor Bids: (Dec) 1015 to 1018  (NC) 1035 to 1049 Memphis:  (Dec) 10.47 to - - - (NC)  10.07 1/2 to - - - Riceland Foods:  (Dec) Stuttgart 1018 ; Pendleton 1023 ; West Memphis 1036 Chicago Futures: Jan '10 up 13 at  1047   Mar '10  up  13 1/2  at  1054 1/2   July '10 up 14 3/4  at  1067   Aug '10 up 14 1/4  at  1063 3/4   Nov '10 up 15 1/2  at  1047   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans posted gains, recouping big losses charted yesterday. The recent 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. Export business, particularly from China, has supported the market, but an expected record large crop from South America will probably curtail demand for U.S. supplies. Wheat Cash bid for December at Memphis  486 1/2 to 531 1/2; Bids to farmers at Local Elevators 532-536; River Elevators 526-559; Chicago Futures: Dec down  4 3/4  at  549 3/4    Mar '10 down 4 1/2  at  571 1/2    May '10 down  4 1/4  at  584 1/4    July '10 down  4 1/4  at  594    Sept '10 down  4 3/4  at  607 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for December at Memphis  691 to - - -; Bids to farmers at River Elevators 575-650; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for December at Memphis   380 3/4 to 381 3/4;   New crop at Memphis   356 3/4 to 396 3/4; Bids to farmers at River Elevators  357 to 381 Chicago Futures: Dec down  6 1/2  at  385 1/4    Mar '10 down  5 3/4  at  400 3/4    July '10 down  5 1/4  at  420    Dec '10 down  4 1/4  at  433 3/4    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. Corn was lower as the funds took profits on long positions. The market can't seem to sustain upward momentum above $4. 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. Cotton & Rice  Date: December 03, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 67 at  6949   Greenwood up  67 at 6949 New York Futures: Dec up  87  at  7055    Mar '10 up  67  at  7424    May '10 up  63  at  7546    July '10 up  72  at  7634    - - -   - - -  at  - - -  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton turned higher today. March has resistance just under 76 cents, and support beginning at Friday’s low of 72.80 cents. With beans and corn at current price levels, cotton will have to exceed these levels to entice acreage. Rice Long Grain Cash Bid for  Dec 1450/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Jan up  29 1/2  at  1570 1/2    Mar up  29 1/2  at  1598 1/2    May up  27 1/2  at  1622    July up  26 1/2  at  1645 1/2    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice futures posted big gains today. The market has upside potential if the international situation remains volatile. The Philippines have issued a number of big import tenders which have kept the international market on edge. India has tendered for rice, but so far the amount is relatively small. 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 03, 2009 Cattle As reported by Federal-State Market News, receipts were 3659 head at sales in Charlotte, Ratcliff and Green Forest.  Compared with last week, feeder steers sold firm to $5 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 108.50 to - - -   500 to 550 lbs. 95.50 to - - -   600 to 650 lbs. 91.75 to - - -  Medium & Large Frame 2   400 to 450 lbs. 97 to - - - Heifers:  Medium & Large Frame 1   500 to 550 lbs. 85.25 to - - -  Medium & Large Frame 2   400 to 450 lbs. 83.75 to - - - Slaughter Cows, Boners 37   to   42 Light Weight 29 to 32 Bulls, Yield Grade   1   1000   to   2100 lbs.   49   to   54 Midwest Steers   were steady   at   82   to   - - - Panhandle Steers   were steady to $1 lower   at   83   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 107.50 to 115.50   550 to 600 lbs. 102.25 to 111.25 Heifers 500 to 550 lbs. 90 to 99.50   550 to 600 lbs. 86 to 93.75 Chicago Futures: Live Cattle: Dec down 130 at 8080   Feb '10 down 137 at 8290 Feeders: Jan '10 down 85 at 9310   Mar '10 down 97 at 9350 Cattle Comment Cattle futures were mostly lower. These charts have taken on a very bearish appearance, with some contracts setting new contract lows. Sharp losses in beef prices and indications of ample cattle supplies for the time being coupled to hold overhead pressure on prices. Hogs Peoria: were $1 lower to $3     higher   at   34   to   36 Chicago Futures: Dec down 42 at 5925   Feb '10 down 135 at 6530 Sheep St. Paul n/a   at   - - -   to   - - - Hogs Comment Hog futures were lower, mostly on profit taking on long positions. Futures already hold a wide premium to cash prices and that could limit the upside. Poultry  Date: December 03, 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 - 90.5 Toms: 16-24 lbs. 86 - 90.5   Delmarva Broilers U.S. Grade A The market tone was steady. Demand approaching the weekend was fair to moderate. Supplies of all sizes were no more than adequate 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