12/15/2009 Farm Bureau Market Report

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Grain & Soybean Date: December 15, 2009 Soybeans Local Elevators: (Dec) EAST AR:  1010 to 1029 (NC) Summ. 1027 to - - - River Elevators: (Dec) MISS: 1039 to 1050 ; AR & White 1012 to 1022 (NC) Summ. 1033 to 1065 Ark. Processor Bids: (Dec) 1018 to 1023  (NC) 1035 to 1050 Memphis:  (Dec) 1063 to 1064 (NC)  982 to - - - Riceland Foods:  (Dec) Stuttgart 1023 ; Pendleton 1029 ; West Memphis 1042 Chicago Futures: Jan '10 unchanged at  1055   Mar '10  up  1/4  at  1062   May '10 up 1/2  at  1066 3/4   Nov '10 up 6 1/4  at  1022   Jan '11 up 6 1/4  at  1030   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans managed early gains despite a strong $. However, by the end of the session futures were mixed with contracts mostly lower. Another big sale to China has bought almost half of their projected annual needs in the first 4 months of the marketing year and don’t appear to wavering despite prospects of a big South American crop. Current January support is around $10.20 with resistance at $10.70-$10.75. Corn held its ground despite the stronger $. Exports continue to lag behind expectations, but ethanol use is strong. Harvest continues to lag with the recent snow even keeping many producers out of the field. Just under a billion bushels of corn remains in the field and subject to harsh conditions which will impact final yield and quality March futures remain a broad trading range between $3.75 and $4.20. Wheat Cash bid for December at Memphis  466 3/4 to 500 3/4; Bids to farmers at Local Elevators 498-502; River Elevators 492-520; Chicago Futures: Mar down  6 3/4  at  536 3/4    May '10 down 6 3/4  at  550    Jul '10 down  6 1/2  at  560 1/4    Sep '10 down  7 1/2  at  573 3/4    Dec '10 down  8 1/4  at  596 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for December at Memphis  690 to - - -; Bids to farmers at River Elevators 586-661; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for December at Memphis   377 1/2 to 379 1/2;   new crop at Memphis   362 1/4 to 402 1/4; Bids to farmers at River Elevators  355 to 383 Chicago Futures: Mar '10 down  1  at  407 1/2    Jul '10 down  1 1/4  at  427 1/4    Sep '10 down  1 3/4  at  432 1/4    Dec '10 down  2 1/2  at  438    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat turned lower today, but selling pressure was light. 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 15, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis down 89 at  7013   Greenwood down  89 at 7013 New York Futures: Mar '10 down  89  at  7488    May '10 down  88  at  7585    Jul '10 down  81  at  7619    Oct '10 down  83  at  7617    - - -   - - -  at  - - -  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton couldn’t hold yesterday’s gains as the dollar made a strong upward move. However, 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 1466/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Jan '10 down  12  at  1586    Mar '10 down  12  at  1614 1/2    May '10 down  10  at  1635 1/2    Jul '10 down  13 1/2  at  1651 1/2    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice futures retraced a portion of recent gains but overall conditions are unchanged. 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 15, 2009 Cattle As reported by Federal-State Market News, receipts were 1,302 head at sales in Fort Smith & Heber Springs.  Compared with last week, feeder steers sold steady to $2 higher, heifers sold near steady . Steers:  Medium & Large Frame 1   400 to 450 lbs. 109.75 to - - -   500 to 550 lbs. 102.50 to - - -   600 to 650 lbs. 87.75 to - - -  Medium & Large Frame 2   400 to 450 lbs. 93.75 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 90 to - - -  Medium & Large Frame 2   400 to 450 lbs. 80 to - - - Slaughter Cows, Boners 41   to   47 Light Weight 26 to 31 Bulls, Yield Grade   1   1000   to   2100 lbs.   52   to   54, high dressing 60-63 Midwest Steers   n/a   at   - - -   to   - - - Panhandle Steers   n/a   at   - - -   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 103.50 to 112   550 to 600 lbs. 95.50 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 105 at 8210   Feb '10 up 97 at 8492 Feeders: Jan '10 up 112 at 9302   Mar '10 up 100 at 9337 Cattle Comment Live cattle futures were stronger again today. 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     steady   at   35   to   37 Chicago Futures: Feb '10 up 155 at 6742   Apr '10 up 92 at 7125 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 15, 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. 84-88 Toms: 16-24 lbs. 84-88   Delmarva Broilers U.S. Grade A The market tone was steady to fully steady. Demand was at least moderate for early week trading. Supplies of all sizes were balanced to well cleared 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