12/08/2009 Farm Bureau Market Report

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Grain & Soybean Date: December 8, 2009 Soybeans Local Elevators: (Dec) EAST AR:  1002 to 1020 (NC) Summ. 1016 to - - - River Elevators: (Dec) MISS: 1028 to 1049 ; AR & White 1002 to 1012 (NC) Summ. 1022 to 1064 Ark. Processor Bids: (Dec) 1010 to 1015  (NC) 1032 to 1046 Memphis:  (Dec) 1037 to 1040 (NC)  997 to - - - Riceland Foods:  (Dec) Stuttgart 1015 ; Pendleton 1020 ; West Memphis 1033 Chicago Futures: Jan '10 down 9 at  1044   Mar '10  down  8 1/4  at  1052 3/4   Jul '10 down 8  at  1067 3/4   Nov '10 down 9 1/2  at  1037   Jan '10 down 10  at  1045 3/4   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans reversed yesterday’s move and closed lower. A stronger dollar and weaker equities provided selling pressure. January remained in a fairly wide consolidation zone with resistance in the $10.70 to $10.77 range. Corn was steady to a little higher ahead of Thursday’s report. Exports remain below expectations, but the second half of the marketing year should be better as other supplies will be smaller. South American estimates have been reduced as have others. USDA will likely hold their estimates for the time being. March futures are near key support between $3.75 and $3.70. Wheat Cash bid for December at Memphis  469 3/4 to 504 3/4; Bids to farmers at Local Elevators 501-505; River Elevators 495-528; Chicago Futures: Dec down  7 1/4  at  519 1/4    Mar '10 down 8 1/4  at  539 3/4    May '10 down  8 1/4  at  552 3/4    Jul '10 down  8 1/4  at  563 1/4    Sep '10 down  6 3/4  at  577 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for December at Memphis  652 to - - -; Bids to farmers at River Elevators 546-623; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for December at Memphis   359 to 361;   new crop at Memphis   343 to 383; Bids to farmers at River Elevators  334 to 370 Chicago Futures: Dec up  3/4  at  369 1/2    Mar '10 up  1 1/4  at  385    Jul '10 up  1 1/2  at  405 3/4    Dec '10 up  1  at  420 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat was sharply lower again as the market continues to give back recent gains. The next downside targets are $5.55 and $5.35. Slow exports and big U.S. and world supplies will weigh on the market, essentially offsetting this year’s smaller plantings. Cotton & Rice  Date: December 8, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis down 48 at  6946   Greenwood down  48 at 6946 New York Futures: Dec down  53  at  7030    Mar '10 down  48  at  7421    May '10 down  37  at  7542    Jul '10 down  19  at  7613    - - -   - - -  at  - - -  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton was lower in nearby contracts as the market continues to consolidate just below recent highs – 72 cents for old crop March and 78 cents for December. Look for USDA to make downward adjustments in ’09 production numbers, which will in turn show smaller ending stocks. In the long run, cotton will need to be competitive with soybeans to pull acreage back in to production. Rice Long Grain Cash Bid for  Dec 1409/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Jan '10 down  30 1/2  at  1529 1/2    Mar '10 down  31  at  1557    May '10 down  28 1/2  at  1583    Jul '10 down  27 1/2  at  1607    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice was lower again today as the market retraces gains of late last week. Big tenders by the Philippines boosted the international market last week. U.S. millers need to pick up some new sales to keep mills operating. The stronger international market has kept U.S. futures firm, while mills are having difficulty moving rice at current values. Cattle & Hogs  Date: December 8, 2009 Cattle As reported by Federal-State Market News, receipts were 1,343 head at sales in Fort Smith & Heber Springs.  Compared with last week, feeder steers sold steady to $2 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 109 to - - -   500 to 550 lbs. 99.75 to - - -   600 to 650 lbs. 88.25 to - - -  Medium & Large Frame 2   400 to 450 lbs. 92.75 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 89.75 to - - -  Medium & Large Frame 2   400 to 450 lbs. 83.75 to - - - Slaughter Cows, Boners 38   to   43 Light Weight 28 to 33 Bulls, Yield Grade   1   1000   to   2100 lbs.   54   to   58.50, high dressing 59-63.50 Midwest Steers   n/a   at   - - -   to   - - - Panhandle Steers   n/a   at   - - -   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 108.50 to 114.60   600 to 650 lbs. 92.50 to 98.50 Heifers 550 to 600 lbs. 86.50 to 96   600 to 650 lbs. 82.50 to 86.50 Chicago Futures: Live Cattle: Dec down 25 at 8087   Feb '09 down 17 at 8312 Feeders: Jan '10 down 80 at 9205   Mar '10 down 80 at 9315 Cattle Comment Live cattle were a little lower, but above last week’s low, while feeders are testing support just below $92. A close below this level would suggest a potential move to the next support around $88.60. The only supporting factor is weather. Showlists are increasing and beef cutout values continue to decline as are packer margins. Hogs Peoria: were     steady   at   36   to   - - - Chicago Futures: Dec up 47 at 6267   Feb '10 down 142 at 6512 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures appear technically weak with the February contract gapping lower and closing below last week’s low. A close below $64.35 would suggest further declines. Cash hogs are steady to higher based on good packer margins and concern about the current weather outlook. Poultry  Date: December 8, 2009 Eggs New York:  Ex. Lg. 127-131; Lg. 125-129; Med. 101-105; Chicago:  Ex. Lg. 121-129; Lg. 119-127; Med. 94-102; Eastern Region Turkeys Hens: 8-16 lbs. 84-89 Toms: 16-24 lbs. 84-89   Delmarva Broilers U.S. Grade A The market tone was steady. Demand 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