12/23/2009 Farm Bureau Market Report

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Grain & Soybean Date: December 23, 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) 991 to - - - Memphis:  (Dec) 1008 1/4 to - - - (NC)  946 1/2 to 956 1/2 Riceland Foods:  (Dec) Stuttgart n/a ; Pendleton n/a ; West Memphis n/a Chicago Futures: Jan '10 up 10 1/4 at  1001 1/4   Mar '10  up  10 1/2  at  1009   Jul '10 up 11 1/4  at  1019 3/4   Nov '10 up 12 1/2  at  986 1/2   Jan '11 up 12 1/2  at  994 3/4   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans rebounded after 3 days of sharp losses. A large November crush figure and a weaker $ contribute to the rebound. The crush number of 168.6 million bushels was up 15% from a year ago but just slightly above trade expectations. A day bounce doesn’t necessarily mean the downturn is over. Yesterday’s low of $9.84 ½ will be minor support, but we could still see a move toward the $9.60 November close. Corn was higher with March moving back above the pivotal $4 point. Overall the market remained in a 10 week trading range between $4.20 and $3.70. Another major weather event could mean the 5% unharvested corn will remain in the field for a while. Some are suggesting yield losses of up to 10% or 50 to 60 million bushels. Wheat Cash bid for December at Memphis  469 to 490; Bids to farmers at Local Elevators 492-496; River Elevators 486-519; Chicago Futures: Mar '10 up  6  at  529    May '10 up 6 1/4  at  542 1/2    Jul '10 up  6 1/4  at  554    Sep '10 up  6 1/4  at  568 1/2    Dec '10 up  5 3/4  at  592 3/4    Today's Arkansas LDP rate for wheat is: Grain Sorghum Cash bid for December at Memphis  726 to - - -; Bids to farmers at River Elevators 582-657; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for December at Memphis   372 3/4 to - - -;   new crop at Memphis   361 to 409; Bids to farmers at River Elevators  353 to 375 Chicago Futures: Mar '10 up  6  at  404 3/4    May '10 up  6  at  415 1/4    Jul '10 up  6 1/4  at  425    Dec '10 up  6  at  437 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat was up a little for the day with new crop July trying to support around $5.40. The recent build improvement in the $ hasn’t helped wheat. Demand was poor even at the weakest level of the $. Upside potential appears limited. Cotton & Rice  Date: December 23, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 10 at  6915   Greenwood up  10 at 6915 New York Futures: Mar '10 up  10  at  7390    May '10 up  10  at  7481    Jul '10 up  4  at  7540    Oct '10 unchanged    at  7501    - - -   - - -  at  - - -  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton managed a mixed close with old crop holding support just above 73 cents. New crop December seems to be working toward 74 cents and old support in that area. Improving economic activity worldwide is needed to boost use back to recent levels. If that happens, additional cotton will be needed in 2010. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: Jan '10 up  39  at  1479 1/2    Mar '10 up  39  at  1508 1/2    May '10 up  38  at  1532    Jul '10 up  36  at  1554    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice was a big gainer today as the market attempted to retrace a portion of the $1.75 decline of the last 2 weeks. Funds appear to have jumped in and out of the market based on reports from India. A small increase in expectations for their crop seemed to have suggested little need to import rice. However, in the long term, they will likely need to purchase rice, but it will be in a more subtle way than the Philippines, who have dropped big tenders each week. Support around $14.25 should be solid. A move back to the recent high near $16 is a possibility, but it will take renewed buying interest. Cattle & Hogs  Date: December 23, 2009 Cattle As reported by Federal-State Market News, receipts were n/a head at sales in n/a.  Compared with last week, feeder steers n/a . Steers:  Medium & Large Frame n/a   - - - to - - - lbs. - - - to - - -   - - - to - - - lbs. - - - to - - -   - - - to - - - lbs. - - - to - - -  Medium & Large Frame n/a   - - - to - - - lbs. - - - to - - - Heifers:  Medium & Large Frame n/a   - - - to - - - lbs. - - - to - - -  Medium & Large Frame n/a   - - - to - - - lbs. - - - to - - - Slaughter Cows, Boners n/a   to   - - - Light Weight n/a to - - - Bulls, Yield Grade   n/a   - - -   to   - - - lbs.     to   - - - Midwest Steers   were $2-1.50 higher   at   83   to   83.50 Panhandle Steers   were $2 higher   at   82   to   - - - 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 132 at 8327   Feb '10 up 70 at 8537 Feeders: Jan '10 up 102 at 9545   Mar '10 up 92 at 9517 Cattle Comment Live cattle futures reversed yesterday’s declines to close on a firm note and keep the market in a short term uptrend. February futures need to close above 486 to keep the upturn intact. Bad weather prospects will provide underlying support as we enter the Christmas holiday season. Hogs Peoria: were $1     lower   at   36.50   to   37 Chicago Futures: Feb '10 up 92 at 6567   Apr '10 up 105 at 7012 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures showed followthrough on yesterday’s rebound keeping the market within the bounds of a 4 week consolidation formation. Strong packer margins will keep cash bids firm. Poultry  Date: December 23, 2009 Eggs New York:  Ex. Lg. 119-123; Lg. 117-121; Med. 94-98; Chicago:  Ex. Lg. 117-125; Lg. 115-123; Med. 84-92; Eastern Region Turkeys Hens: 8-16 lbs. 75-85 Toms: 16-24 lbs. 75-85   Delmarva Broilers U.S. Grade A The market tone was firm. Supplies were balanced to short of full trade needs as plants are working reduced schedules for the holiday 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? 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