12/21/2009 Farm Bureau Market Report

Click here to view this report online.

Grain & Soybean Date: December 21, 2009 Soybeans Local Elevators: (Dec) EAST AR:  956 to 975 (NC) Summ. 971 to - - - River Elevators: (Dec) MISS: 986 to 1006 ; AR & White 958 to 968 (NC) Summ. 978 to 1016 Ark. Processor Bids: (Dec) 964 to 969  (NC) 981 to 996 Memphis:  (Dec) 1000 to 1006 (NC)  941 1/2 to 946 1/2 Riceland Foods:  (Dec) Stuttgart 969 ; Pendleton 975 ; West Memphis 988 Chicago Futures: Jan '10 down 11 at  1001   Mar '10  down  11 1/2  at  1008 1/2   Jul '10 down 12 3/4  at  1018 3/4   Nov '10 down 12  at  981 1/2   Jan '11 down 12  at  989 3/4   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans slid lower after failing to hold early gains. Stronger equities were neutralized by further strength in the dollar. Technically, soybeans fell below key support last week and today’s move pushed January toward the next support around $9.50. Export demand remains good with China continuing to purchase U.S. soybeans for this marketing year. The biggest concern is when they will move to South American soybeans and whether they will cancel any of their recent purchases. Corn was slightly higher as trading remained in the recent consolidation area. March futures settled at $4 and remains above trendline support. Concern about unharvested corn is providing support. Resistance remains around $4.20, with support between $3.80 and $3.70. Wheat Cash bid for December at Memphis  459 1/2 to 480 1/2; Bids to farmers at Local Elevators 482-486; River Elevators 476-509; Chicago Futures: Mar '10 down  8 1/2  at  519 1/2    May '10 down 8 1/4  at  533    Jul '10 down  8 1/4  at  544 1/4    Sep '10 down  9 1/4  at  558 3/4    Dec '11 down  8  at  583 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for December at Memphis  718 to - - -; Bids to farmers at River Elevators 573-648; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for December at Memphis   360 to 369;   new crop at Memphis   355 1/2 to 403 1/2; Bids to farmers at River Elevators  348 to 370 Chicago Futures: Mar '10 up  2 1/4  at  400    May '10 up  2 1/4  at  410 3/4    Jul '10 up  2 1/4  at  419 3/4    Sep '10 up  1 1/2  at  425 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat is sharply lower again today. Export demand is disappointing at best and world stocks are more than adequate. July has support in the $5.30 area. Cotton & Rice  Date: December 21, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis down 32 at  7021   Greenwood down  32 at 7021 New York Futures: Mar '10 down  32  at  7496    May '10 down  29  at  7585    Jul '10 down  16  at  7631    Oct '10 down  22  at  7585    - - -   - - -  at  - - -  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton was a little lower after failing to hold early gains. December is trying to maintain support near 76 cents but that may be difficult. 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 1355/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Jan '10 down  19 1/2  at  1475    Mar '10 down  19  at  1504    May '10 down  18 1/2  at  1527 1/2    Jul '10 down  20  at  1550    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice was pressured again today with January struggling to hold the $14.60 to $14.70 support. That is the bottom of the current trading range with resistance just under $16. 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 21, 2009 Cattle As reported by Federal-State Market News, receipts were 3,603 head at sales in Ash Flat, Springdale & Ola.  Compared with last week, feeder steers sold unevenly, averaging mostly steady to $2 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 113.50 to - - -   500 to 550 lbs. 101.25 to - - -   600 to 650 lbs. 89.75 to - - -  Medium & Large Frame 2   400 to 450 lbs. 102.50 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 92.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 82.25 to - - - Slaughter Cows, Boners 40   to   45.50 Light Weight 32 to 37 Bulls, Yield Grade   1   1000   to   2100 lbs.   50   to   58.50, high dressing 59-63 Midwest Steers   remained   at   81   to   - - - Panhandle Steers   were $1 lower to steady   at   81   to   82 Oklahoma City Feeders Steers n/a to - - - lbs. - - - to - - -   n/a to - - - lbs. - - - to - - - Heifers n/a to - - - lbs. - - - to - - -   n/a to - - - lbs. - - - to - - - Chicago Futures: Live Cattle: Dec up 17 at 8222   Feb '10 up 72 at 8557 Feeders: Jan '10 down 17 at 9455   Mar '10 down 12 at 9462 Cattle Comment Cattle futures ended mixed. A smaller than expected feedlot inventory in the monthly cattle on feed report was supportive for live cattle. Improving beef cutout values suggest the market has bottomed, but it may take a while for it to show significant improvement. Hogs Peoria: were     steady   at   37.50   to   38 Chicago Futures: Feb '10 down 90 at 6422   Apr '10 down 65 at 6850 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs turned lower again today. February has initial support at $64.10. Concern about export movement could limit upside potential. Poultry  Date: December 21, 2009 Eggs New York:  Ex. Lg. 124-128; Lg. 122-126; Med. 98-102; Chicago:  Ex. Lg. 117-125; Lg. 115-123; Med. 84-92; 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 following 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. 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