12/11/2009 Farm Bureau Market Report

Click here to view this report online.

Grain & Soybean Date: December 11, 2009 The market report will be shorter today due to the Farm Bureau Center closing early. The next full report will be available on Monday, December 14, 2009. Soybeans Local Elevators: (Dec) EAST AR:  n/a to - - - (NC) Summ. n/a to - - - River Elevators: (Dec) MISS: n/a to - - - ; AR & White n/a to - - - (NC) Summ. n/a to - - - Ark. Processor Bids: (Dec) n/a to - - -  (NC) n/a to - - - Memphis:  (Dec) n/a to - - - (NC)  n/a to - - - Riceland Foods:  (Dec) Stuttgart n/a ; Pendleton n/a ; West Memphis n/a Chicago Futures: Jan '10 up 8 at  1035   Mar '10  up  7 1/4  at  1043   May '10 up 6 1/2  at  1049   Nov '10 up 1 1/2  at  1018   Jan '11 up 1 1/4  at  1026 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans were mixed with old crop beans higher. The dollar has moved to the highest level since early October and is testing key resistance near 76.6. This could pressure exports which have kept the market in a positive mode. China remains a strong buyer having purchased over 19 mmt of a projected annual total of 41 mmt. A big South American crop could add to the market concern by early February. Corn bounced back from a lower export projection yesterday as weather concerns gave the market a boost. A stronger dollar held the market in check in early going but potential damage to almost 9 million acres of unharvested corn became the overriding factor by the closing bell. Wheat Cash bid for December at Memphis  n/a to - - -; Bids to farmers at Local Elevators n/a; River Elevators n/a; Chicago Futures: Dec up  1 1/2  at  519 1/4    Mar '10 up 1/2  at  537 1/2    May '10 up  1/2  at  550 3/4    Jul '10 unchanged    at  560 1/4    Sep '10 unchanged    at  574 1/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for December at Memphis  n/a to - - -; Bids to farmers at River Elevators n/a; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for December at Memphis   n/a to - - -;   new crop at Memphis   n/a to - - -; Bids to farmers at River Elevators  n/a to - - - Chicago Futures: Dec up  12  at  389 1/4    Mar '10 up  11 1/2  at  404 1/2    Jul '10 up  11 1/4  at  425    Dec '10 up  9 1/2  at  438 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat was mixed. The fundamental picture for wheat is bearish, and a close below $5.30 for March would confirm a top. Cotton & Rice  Date: December 11, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis  n/a at  - - -   Greenwood   n/a at - - - New York Futures: Mar '10 down  82  at  7290    May '10 down  56  at  7430    Jul '10 unchanged    at  7430    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 USDA boosted their cotton export projection by 500,000 bales in report. That was tempered by a slight increase in the production estimate. Nevertheless stocks are projected to tighten and it appears economic improvement will boost world mill usage. In the long run cotton will need to improve versus soybeans and corn to entice acreage in 2010. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: Jan '10 up  5  at  1566    Mar '10 up  5 1/2  at  1594 1/2    May '10 up  4 1/2  at  1618    Jul '10 up  4  at  1640    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice continues to trade in a consolidation pattern with resistance just below $16. USDA made a minor adjustment in medium grain exports and ending stocks. The international market remains in a stew, as the Philippines have made a number of big tenders over the last several weeks. Most of that business is expected to go to Vietnam or perhaps Thailand. USDA projects a 15% smaller crop in India, but doesn’t anticipate any imports. That is contrary to much of the international scuttlebutt which suggests imports of 2 to 3 mmt. That prompted increasing price levels in recent weeks. Cattle & Hogs  Date: December 11, 2009 Cattle As reported by Federal-State Market News, receipts were 10,705 head at sales in Arkansas this week.  Compared with last week, feeder steers sold mostly weak to $5 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 109.25 to - - -   500 to 550 lbs. 99.75 to - - -   600 to 650 lbs. 90.25 to - - -  Medium & Large Frame 2   400 to 450 lbs. 97 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 86.25 to - - -  Medium & Large Frame 2   400 to 450 lbs. 78.50 to - - - Slaughter Cows, Boners 40   to   46.50 Light Weight 26 to 30 Bulls, Yield Grade   1   1000   to   2100 lbs.   50   to   58.50, high dressing 58.50-69 Midwest Steers   n/a   at   - - -   to   - - - Panhandle Steers   n/a   at   - - -   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 98.50 to 114   600 to 650 lbs. 93 to 102.50 Heifers 500 to 550 lbs. 82.50 to 98.25   600 to 650 lbs. 80 to 91 Chicago Futures: Live Cattle: Dec up 105 at 8015   Feb '10 up 110 at 8327 Feeders: Jan '10 up 85 at 9157   Mar '10 up 72 at 9237 Cattle Comment Live cattle futures posted strong gains today. December’s close above $80 was a good step toward confirming the sell-off is over for the time being. Feeders were higher on carryover strength, but the market could still work toward support around $88.60. The only supporting factor is weather. Showlists are increasing and beef cutout values and packer margins are declining. Hogs Peoria: were     steady   at   35.5   to   36 Chicago Futures: Dec up 37 at 6400   Feb '10 steady at 6542 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures ended mixed. 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 11, 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 entering the weekend was fair to moderate with trading usually limited to regular commitments. Supplies of all sizes were balanced to satisfy current trade requirements. 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