12/18/2009 Farm Bureau Market Report

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Grain & Soybean Date: December 18, 2009 Soybeans Local Elevators: (Dec) EAST AR:  967 to 986 (NC) Summ. 982 to - - - River Elevators: (Dec) MISS: 997 to 1017 ; AR & White 967 to 979 (NC) Summ. 989 to 1027 Ark. Processor Bids: (Dec) 975 to 980  (NC) 995 to 1007 Memphis:  (Dec) 1014 to 1017 (NC)  953 1/2 to 958 1/2 Riceland Foods:  (Dec) Stuttgart 980 ; Pendleton 986 ; West Memphis 999 Chicago Futures: Jan '10 down 10 at  1012   Mar '10  down  10  at  1020   Jul '10 down 10 1/4  at  1031 1/2   Nov '10 down 5 1/2  at  993 1/2   Jan '11 down 5 1/4  at  1001 3/4   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans continued yesterday’s downturn with January breaking below key support at $10.20. New crop November registered the second consecutive close below $10. Technically, today’s lower closes suggest further declines with both old and new crop having support around $9.50. Fundamentals seem to have little to do with market movement, as funds trade in and out depending on the $, equities and crude oil. Corn firmed to close narrowly mixed. That was a positive as old and new crop contracts held within a 2 month trading range. A March contract move to $3.80 is not out of the question. Wheat Cash bid for December at Memphis  468 to 488; Bids to farmers at Local Elevators 491-495; River Elevators 484-518; Chicago Futures: Mar '10 up  9 1/2  at  528    May '10 up 9 1/4  at  541 1/4    Jul '10 up  9 1/4  at  552 1/2    Sep '10 up  9  at  568    Dec '10 up  9 1/4  at  591 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for December at Memphis  714 to - - -; Bids to farmers at River Elevators 570-645; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for December at Memphis   364 3/4 to 367 3/4;   new crop at Memphis   354 to 394; Bids to farmers at River Elevators  346 to 368 Chicago Futures: Mar '10 up  3/4  at  397 3/4    Jul '10 up  3/4  at  417 1/2    Sep '10 up  1 1/4  at  424    Dec '10 up  1/2  at  430 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat was widely mixed. Strength in the dollar was a bearish factor today, as slow demand is already weighing down the market. Upside potential remains limited, but for now July is expected to move between $5.55 and $6.20. Cotton & Rice  Date: December 18, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis down 46 at  7053   Greenwood down  46 at 7053 New York Futures: Mar '10 down  46  at  7528    May '10 down  12  at  7614    Jul '10 down  9  at  7647    Oct '10 up  11  at  7607    - - -   - - -  at  - - -  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton closed mixed with old crop holding above support and December retracing an early dip to close just above 76 cents. There are several reports indicating 2010 plantings could increase around a million acres. That is probably the case but in the Midsouth, cotton will need to gain relative to corn and beans. Rice Long Grain Cash Bid for  Dec 1314/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Jan '10 up  14 1/2  at  1494 1/2    Mar '10 up  15  at  1523    May '10 up  14 1/2  at  1546    Jul '10 up  15  at  1570    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice futures held above support at $14.60 and firmed into the close. This could become a wide trading range with resistance at this week’s high of $15.98 ½ and support around $14.70 to $14.60. The real question is “what will India do”? This year’s smaller crop prompted early suggestions that India would need to import rice. Be assured that if they do, it will be much more subtle than the Philippines current rush to cover needs. The international market has firmed with Philippines and expectations of sales to India. One of those props appears to have been jerked out from under the current market. Cattle & Hogs  Date: December 18, 2009 Cattle As reported by Federal-State Market News, receipts were 12,715 head at sales in Arkansas this week.  Compared with last week, feeder steers sold mostly steady, heifers steady to $2 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 108.75 to - - -   500 to 550 lbs. 101.25 to - - -   600 to 650 lbs. 90.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 94.75 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 92 to - - -  Medium & Large Frame 2   400 to 450 lbs. 81 to - - - Slaughter Cows, Boners 38   to   45 Light Weight 30 to 37 Bulls, Yield Grade   1   1000   to   2100 lbs.   50   to   59, high dressing 59-61 Midwest Steers   remained   at   81   to   - - - Panhandle Steers   were $3-$3.50 higher   at   82, few 82.50   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 98.50 to 114   600 to 650 lbs. 89.50 to 100.50 Heifers 500 to 550 lbs. 85 to 103   600 to 650 lbs. 79 to 94 Chicago Futures: Live Cattle: Dec '10 up 62 at 8205   Feb '10 up 30 at 8485 Feeders: Jan '10 up 75 at 9472   Mar '10 up 57 at 9475 Cattle Comment Cattle futures were higher today ahead of the cattle on feed report. 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   36   to   38 Chicago Futures: Feb '10 down 42 at 6412   Apr '10 down 60 at 6915 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs turned lower again today. 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 18, 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. 75-87 Toms: 16-24 lbs. 75-87   Delmarva Broilers U.S. Grade A The market tone was firm. Demand entering the weekend was fair to instances fairly good with most interest focused on holiday meat items. Supplies of all sizes were adequate to short of full trade needs as plants planned reduced schedules for next week. 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? 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