12/04/2009 Farm Bureau Market Report

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Grain & Soybean Date: December 4, 2009 Soybeans Local Elevators: (Dec) EAST AR:  1001 to 1019 (NC) Summ. 1015 to - - - River Elevators: (Dec) MISS: 1028 to 1048 ; AR & White 1004 to 1014 (NC) Summ. 1027 to 1063 Ark. Processor Bids: (Dec) 1011 to 1014  (NC) 1031 to 1045 Memphis:  (Dec) 1040 to 1043 (NC)  1001 1/2 to - - - Riceland Foods:  (Dec) Stuttgart 1014 ; Pendleton 1019 ; West Memphis 1032 Chicago Futures: Jan '10 down 4 at  1043   Mar '10  down  4  at  1050 1/2   Jul '10 down 2 1/4  at  1064 3/4   Nov '10 down 5 1/2  at  1041 1/2   Jan '10 down 6  at  1050 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans traded a wide range as the market continues to consolidate after failing to followthrough on Tuesday’s move to a new recent high. A big sale to China limited losses. This sale came just as it looked as if export business had topped. In the long run outside will remain an influence but supply demand factors suggest more downside potential than upside. Corn closed lower with March below last week’s low. Support between $3.70 and $3.80 could be tested. A stronger $ added to the negative undertone. Wheat Cash bid for December at Memphis  478 to 517; Bids to farmers at Local Elevators 519-523; River Elevators 513-541; Chicago Futures: Dec down  13  at  536 3/4    Mar '10 down 13 1/2  at  558    May '10 down  13 1/2  at  570 3/4    Jul '10 down  13  at  581    Dec '10 down  13  at  617 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for December at Memphis  671 to - - -; Bids to farmers at River Elevators 552-627; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for December at Memphis   368 1/2 to - - -;   new crop at Memphis   346 1/2 to 386 1/2; Bids to farmers at River Elevators  344 to 374 Chicago Futures: Dec down  11 1/2  at  373 3/4    Mar '10 down  12 1/4  at  388 1/2    Jul '10 down  11 1/4  at  408 3/4    Dec '10 down  9 1/4  at  424 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat posted big losses again today. Wheat is plentiful worldwide and the recent rally has priced US wheat out of the market for most buyers. Exports are down approximately 30% from a year ago. March is testing trendline support which is currently just below today’s low of $5.57. Cotton & Rice  Date: December 4, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis down 42 at  6907   Greenwood down  42 at 6907 New York Futures: Dec down  34  at  7021    Mar '10 down  42  at  7382    May '10 down  51  at  7495    Jul '10 down  57  at  7577    - - -   - - -  at  - - -  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton moved a little lower despite continuing good economic news. Unemployment moved from 10.2% to 10% in the latest update. The impact was left in the $ which made a huge rebound moving above the critical 75 level. Profit taking in gold and other commodities resulted. Long term, cotton needs to improve relative to the grains complex to pull acres back into production. Rice Long Grain Cash Bid for  Dec 1451/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Jan '10 up  10  at  1571 1/2    Mar '10 up  1/2  at  1599    May '10 up  1 1/2  at  1623 1/2    Jul '10 up  2  at  1425    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice futures hit a new high and closed steady to firm. The international market remains positive with substantial export potential providing support. The next technical objectives start at $16.35 as the market continues to retrace the 2008 to 2009 downturn. Cattle & Hogs  Date: December 4, 2009 Cattle As reported by Federal-State Market News, receipts were 11,335 head at sales in Arkansas this week.  Compared with last week, feeder steers sold mostly firm to $5 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 112.75 to - - -   500 to 550 lbs. 102.25 to - - -   600 to 650 lbs. 90.25 to - - -  Medium & Large Frame 2   400 to 450 lbs. 102 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 93 to - - -  Medium & Large Frame 2   400 to 450 lbs. 82.75 to - - - Slaughter Cows, Boners 38   to   43 Light Weight 25 to 35 Bulls, Yield Grade   1   1000   to   2100 lbs.   47   to   55, high dressing 55.50-62 Midwest Steers   n/a   at   - - -   to   - - - Panhandle Steers   remained   at   83   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 100 to 118   600 to 650 lbs. 90.50 to 99.50 Heifers 500 to 550 lbs. 85 to 99.50   600 to 650 lbs. 81 to 92 Chicago Futures: Live Cattle: Dec up 2 at 810   Feb '10 up 3 at 832 Feeders: Jan '10 up 25 at 9335   Mar '10 up 62 at 9412 Cattle Comment Cattle futures ended higher, but stayed well within yesterday’s wide trading range. 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     steady   at   34   to   36 Chicago Futures: Dec up 190 at 6115   Feb '10 up 145 at 6675 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures ended higher, but stayed well within yesterday’s trading range as well. Futures already hold a wide premium to cash prices and that could limit the upside. February charted a downward reversal yesterday, indicating that the market could be topping. Longterm trendline support is down around $61. Poultry  Date: December 4, 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 entering the weekend was fair to moderate with trading usually limited to regular commitments. 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. 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