12/16/2009 Farm Bureau Market Report

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Grain & Soybean Date: December 16, 2009 Soybeans Local Elevators: (Dec) EAST AR:  1015 to 1034 (NC) Summ. 1032 to - - - River Elevators: (Dec) MISS: 1044 to 1065 ; AR & White 1017 to 1027 (NC) Summ. 1035 to 1075 Ark. Processor Bids: (Dec) 1023 to 1028  (NC) 1040 to 1055 Memphis:  (Dec) 1065 1/2 to 1066 1/2 (NC)  989 1/2 to 994 1/2 Riceland Foods:  (Dec) Stuttgart 1029 ; Pendleton 1034 ; West Memphis 1047 Chicago Futures: Jan '10 up 4 1/2 at  1059 1/2   Mar '10  up  5  at  1067   May '10 up 6 1/4  at  1073   Nov '10 up 7 1/2  at  1029 1/2   Jan '11 up 7 1/2  at  1037 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans were higher today, although early gains were tempered by the close. Big gains in crude oil and gold futures sparked an early rally, and a downturn in the value of the dollar was also supportive. 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 also ended higher on strength from crude oil and gold. Exports continue to lag behind expectations, but ethanol use is strong. Harvest continues to lag with the recent snow event 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 in a broad trading range between $3.75 and $4.20. Wheat Cash bid for December at Memphis  467 1/4 to 502 1/4; Bids to farmers at Local Elevators 500-504; River Elevators 494-522; Chicago Futures: Mar '10 up  1/2  at  537 1/4    May '10 up 3/4  at  550 3/4    Jul '10 up  1 1/4  at  561 1/2    Sep '10 up  2 1/4  at  576    Dec '10 up  3  at  599 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for December at Memphis  711 to - - -; Bids to farmers at River Elevators 591-666; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for December at Memphis   380 1/4 to 381 1/4;   new crop at Memphis   365 1/2 to 405 1/2; Bids to farmers at River Elevators  358 to 380 Chicago Futures: Mar up  2 3/4  at  410 3/4    Jul '10 up  2 1/4  at  429 1/2    Sep '10 up  3 1/4  at  435 1/2    Dec '10 up  4 1/4  at  442 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat traded on both sides of even money today before ending a bit 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 16, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 137 at  7150   Greenwood up  137 at 7150 New York Futures: Mar '10 up  137  at  7625    May '10 up  119  at  7704    Jul '10 up  115  at  7734    Oct '10 up  84  at  7701    - - -   - - -  at  - - -  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton turned higher as the dollar turned lower. 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 1416/cwt  to  - - -   n/a - - -  to  - - - Chicago Futures: Jan '10 down  50  at  1536    Mar '10 down  50  at  1564 1/2    May '10 down  50  at  1585 1/2    Jul '10 down  50  at  1601 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 16, 2009 Cattle As reported by Federal-State Market News, receipts were 1,606 head at sales in Conway & Pocahontas.  Compared with last week, feeder steers sold weak to $3 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 106.75 to - - -   500 to 550 lbs. 93 to - - -   600 to 650 lbs. 88.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 88.25 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 83.25 to - - -  Medium & Large Frame 2   400 to 450 lbs. 75 to - - - Slaughter Cows, Boners 43   to   50 Light Weight 30 to 35 Bulls, Yield Grade   1   1400   to   2300 lbs.   54   to   61, high dressing 62-64 Midwest Steers   were quoted   at   81   to   - - - Panhandle Steers   were quoted   at   81   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 103.50 to 112   650 to 700 lbs. 94 to 96.50 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 2 at 8212   Feb '10 down 2 at 8490 Feeders: Jan '10 down 17 at 9285   Mar '10 down 5 at 9332 Cattle Comment Live cattle futures were mixed. 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 down 60 at 6682   Apr '10 down 22 at 7102 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs turned lower. 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 16, 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 fully steady. Supplies were adequate to closely 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