12/10/2009 Farm Bureau Market Report

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Grain & Soybean Date: December 10, 2009 Soybeans Local Elevators: (Dec) EAST AR:  982 to 1001 (NC) Summ. 999 to - - - River Elevators: (Dec) MISS: 1013 to 1032 ; AR & White 985 to 996 (NC) Summ. 1006 to 1047 Ark. Processor Bids: (Dec) 990 to 995  (NC) 1007 to 1022 Memphis:  (Dec) 1022 to 1032 (NC)  979 1/2 to - - - Riceland Foods:  (Dec) Stuttgart 995 ; Pendleton 1001 ; West Memphis 1014 Chicago Futures: Jan '10 down 1 1/4 at  1027   Mar '10  down  2  at  1035 3/4   Jul '10 down 4 1/4  at  1047 3/4   Nov '10 down 1/2  at  1019 1/2   Jan '11 down 1/4  at  1027 3/4   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans were a little lower as the market anticipated a bigger adjustment in export projections. USDA increased the export estimate just 15 million bushels which in turn left projected ending stocks at 255 million bushels. Big on the radar screen were projections of 63 million metric tonnes of production in Brazil and 53 mmt in Argentina. Those are record levels and about 30% above last year’s weather ravaged crop. This will factor into soybean price at some point. Corn numbers were unchanged except for a 50 million bushel reduction in exports. That was twice pre-report expectations and would normally have pushed the market lower. However, with 9 million acres of corn unharvested the weather came back into play. High winds coupled with snow and ice are raising concerns about potential damage. March has developed strong support at $3.80 and could work toward resistance at $4.20. Wheat Cash bid for December at Memphis  467 to 499; Bids to farmers at Local Elevators 498-502; River Elevators 492-525; Chicago Futures: Dec up  2 3/4  at  517 3/4    Mar '10 up 1 3/4  at  537    May '10 up  1 3/4  at  550 1/4    Jul '10 up  1 3/4  at  560 1/4    Sep '10 up  1 1/4  at  574 1/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for December at Memphis  655 to - - -; Bids to farmers at River Elevators 561-636; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for December at Memphis   363 to 373;   new crop at Memphis   350 1/5 to 390 1/2; Bids to farmers at River Elevators  342 to 378 Chicago Futures: Dec up  9 1/4  at  377 1/4    Mar '10 up  9 1/2  at  393    Jul '10 up  9 1/2  at  413 3/4    Dec '10 up  8 3/4  at  428 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat turned a bit higher today. USDA did not cut the export projection this time, but weekly export sales of only 15 million bushels makes it look more and more likely. The next downside targets are $5.55 and $5.35. Cotton & Rice  Date: December 10, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis down 70 at  6897   Greenwood down  70 at 6897 New York Futures: Mar '10 down  70  at  7372    May '10 down  88  at  7486    Jul '10 down  109  at  7536    Oct '10 down  119  at  7584    - - -   - - -  at  - - -  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton declined as USDA raised production estimates by 90,000 bales. Further declines were noted in the mid-South but that was offset by increases in California, Texas and several southeast states. Biggest surprise was a 500,000 bale increase in projected exports which dropped ending stocks to 4.5 million bales. The market is testing support at the bottom of the current consolidation area. Longer term, the market will need to work higher to get sufficient acreage planted in 2010. Rice Long Grain Cash Bid for  Dec 1441/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Jan '10 up  8  at  1561    Mar '10 up  8  at  1589    May '10 up  6 1/2  at  1613 1/2    Jul '10 up  6  at  1636    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice firmed as USDA left numbers basically unchanged. Medium grain exports were increased by 1 million cwt, otherwise there were no changes. On the international side India’s crop was down about 15% from last year, however USDA projects no imports by India. General discussion is 2 to 3 mmt at some point. Time will tell. For now, it looks as though there is strong resistance just below $16. Cattle & Hogs  Date: December 10, 2009 Cattle As reported by Federal-State Market News, receipts were 843 head at sales in Ratcliff & Green Forest.  Compared with last week, feeder steers sold mostly weak to $4 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 109 to - - -   500 to 550 lbs. 98.75 to - - -   600 to 650 lbs. 90.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 94.50 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 91 to - - -  Medium & Large Frame 2   400 to 450 lbs. 79.75 to - - - Slaughter Cows, Boners 40   to   43 Light Weight 29 to 33 Bulls, Yield Grade   1   1000   to   2100 lbs.   55.50   to   56.50, high dressing 58-61 Midwest Steers   n/a   at   - - -   to   - - - Panhandle Steers   were $1 lower   at   79   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 down 10 at 7910   Feb '10 up 25 at 8217 Feeders: Jan '10 down 32 at 9072   Mar '10 down 27 at 9165 Cattle Comment Cattle futures ended mixed. The weakness continued in feeders after January broke through support just below $92 yesterday. The market could now work toward 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   35.5   to   36 Chicago Futures: Dec up 22 at 6362   Feb '10 up 35 at 6542 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures ended a bit higher today. However, pork demand should slow as we head into the holidays. Supplies could back up as a result of the weather. February has uptrending support around $62. Poultry  Date: December 10, 2009 Eggs New York:  Ex. Lg. 127-131; Lg. 125-129; Med. 100-104; 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 approaching the weekend was fair to moderate. 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