12/14/2009 Farm Bureau Market Report

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Grain & Soybean Date: December 14, 2009 Soybeans Local Elevators: (Dec) EAST AR:  1009 to 1025 (NC) Summ. 1027 to - - - River Elevators: (Dec) MISS: 1041 to 1050 ; AR & White 1013 to 1024 (NC) Summ. 1035 to 1067 Ark. Processor Bids: (Dec) 1018 to 1023  (NC) 1035 to 1050 Memphis:  (Dec) 1063 to - - - (NC)  988 1/4 to - - - Riceland Foods:  (Dec) Stuttgart 1023 ; Pendleton 1029 ; West Memphis 1042 Chicago Futures: Jan '10 up 20 at  1055   Mar '10  up  18 3/4  at  1061 3/4   Jul '10 up 16  at  1069 1/2   Nov '10 up 10 1/4  at  1028 1/4   Jan '11 up 9 3/4  at  1036 1/4   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans jumped from the bottom of the recent trading range to near the top. January futures are in position to test recent resistance following another strong export inspection report and a larger than expected crush figure for November. USDA has projected a 2% increase in this year’s crush, but November was more than 15% above last year for the same time. Coupled with a weaker $ the most the market was up more than 20 cents per bushel in old crop contracts. New crop was not quite as strong. Corn firmed with March remaining above $4 and in position to test resistance around $4.20. Exports continue to lag expectations, while that is offset with concern about potential weather damage to a near billion bushels of corn that remains unharvested. Wheat Cash bid for December at Memphis  473 1/2 to 507 1/2; Bids to farmers at Local Elevators 502-507; River Elevators 499-532; Chicago Futures: Dec up  5 3/4  at  525    Mar '10 up 6  at  543 1/2    May '10 up  6  at  556 3/4    Jul '10 up  6 1/2  at  566 3/4    Sep '10 up  7  at  581 1/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for December at Memphis  694 to - - -; Bids to farmers at River Elevators 588-663; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for December at Memphis   378 1/2 to 382 1/2;   new crop at Memphis   364 to 404; Bids to farmers at River Elevators  357 to 384 Chicago Futures: Dec up  2 3/4  at  392    Mar '10 up  4  at  408 1/2    Jul '10 up  3 1/2  at  428 1/2    Dec '10 up  2 1/4  at  440 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat held above recent support and followed beans higher. Upside potential remains limited, but for now July is expected to move between $5.55 and $6.20. Slow export demand will limit upside potential. Cotton & Rice  Date: December 14, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 205 at  7102   Greenwood up  205 at 7102 New York Futures: Mar '10 up  146  at  7577    May '10 up  122  at  7673    Jul '10 up  119  at  7700    Dec '10 up  85  at  7729    - - -   - - -  at  - - -  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton finished up strong with March closing above the recent high. New crop December firmed but was about 75 points below the recent high of 78.25 cents. Tightening U.S. and world stocks and improving economic conditions are signaling the need for more cotton in 2010. Firm to stronger corn and beans means cotton will have to move higher to get more acreage in the U.S. Rice Long Grain Cash Bid for  Dec 1478/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Jan '10 up  32  at  1598    Mar '10 up  32  at  1626 1/2    May '10 up  27 1/2  at  1645 1/2    Jul '10 up  25  at  1665    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice was sharply higher as the market pushed above recent resistance. A strong international market situation is keeping U.S. futures on edge. Large tenders by the Philippines and expectations of future purchases by India have boosted the international market in recent weeks. There seems to be ample rice supplies available, but there is talk of a potential move similar to 2008. Big Thai intervention stocks would seem to limit that possibility, but stranger things have happened. Weekly futures charts have retracement objectives of $16.35, $17.94, and $19.53. That’s based on the April ’08 high and the March ’09 low – a move from $24.68 to $11.19. Cattle & Hogs  Date: December 14, 2009 Cattle As reported by Federal-State Market News, receipts were 1,999 head at sales in Springdale & Ola.  Compared with last week, feeder steers sold $1-4 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 108.50 to - - -   500 to 550 lbs. 105.50 to - - -   600 to 650 lbs. 88.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 100.75 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 91 to - - -  Medium & Large Frame 2   400 to 450 lbs. 83.25 to - - - Slaughter Cows, Boners 40   to   46 Light Weight 32 to 39 Bulls, Yield Grade   1   1000   to   2100 lbs.   52.50   to   59, high dressing 61-66 Midwest Steers   were quoted   at   78   to   83 Panhandle Steers   were quoted   at   78   to   80 Oklahoma City Feeders Steers 500 to 550 lbs. 104 to 110.50   550 to 600 lbs. 97 to 104.50 Heifers 500 to 550 lbs. 87.50 to 94.25   600 to 650 lbs. 86.25 to 89.75 Chicago Futures: Live Cattle: Dec up 90 at 8105   Feb '10 up 67 at 8395 Feeders: Jan '10 up 32 at 9190   Mar '10 steady at 9237 Cattle Comment Live cattle futures continued to firm after strong gains on Friday. Holiday shortened slaughter opportunities will limit feedlots ability to push the market higher. Technically, resistance is seen just under 85 cents. Improving beef cutout values suggest the market has bottomed, but it may take a while for it to show significant improvement. January feeders could test resistance between $93.50 and $94.50. Hogs Peoria: were $1     higher   at   35   to   37 Chicago Futures: Dec up 57 at 6457   Feb '10 up 45 at 6587 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs improved on continued bad weather in the Midwest. February futures will need to move above recent resistance just above $68 to keep the current uptrend intact. Concern about export movement could limit upside potential. Poultry  Date: December 14, 2009 Eggs New York:  Ex. Lg. 127-131; Lg. 125-129; Med. 100-104; Chicago:  Ex. Lg. 121-129; Lg. 119-127; Med. 90-98; 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 following the weekend was fair to moderate. Supplies of all sizes were balanced 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