12/29/2009 Farm Bureau Market Report

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Grain & Soybean Date: December 29, 2009 Soybeans Local Elevators: (Dec) EAST AR:  993 to 1012 (NC) Summ. 1008 to - - - River Elevators: (Dec) MISS: 1022 to 1043 ; AR & White 995 to 1005 (NC) Summ. 1013 to 1053 Ark. Processor Bids: (Dec) 1001 to 1006  (NC) 1018 to 1028 Memphis:  (Dec) 1044 to 1045 (NC)  983 to 988 Riceland Foods:  (Dec) Stuttgart 1006 ; Pendleton 1025 ; West Memphis 1012 Chicago Futures: Jan '10 up 9 at  1038   Mar '10  up  9  at  1047   Jul '10 up 8 1/4  at  1057   Nov '10 up 8  at  1018   Jan '11 up 7 1/4  at  1025 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans continued to firm after reversing early declines to close higher. There seems to be a general feeling that index funds will be big buyers after the 1st of the year and this may have prompted short covering by the other funds. Needless to say this market remains extremely volatile and difficult to predict, but producers should begin to lock in 2010 price levels with November above $10. Corn closed narrowly mixed. Like soybeans, there seems to be little fresh news to move the market. Un-harvested corn remains a potential problem that could reduce overall ’09 production. September corn at $4.40 or higher looks like a good pricing opportunity. Wheat Cash bid for December at Memphis  481 to 502; Bids to farmers at Local Elevators 504-508; River Elevators 498-526; Chicago Futures: Mar '10 down  9 3/4  at  541    May '10 down 9 1/2  at  554 1/2    Jul '10 down  8 3/4  at  566 1/4    Sep '10 down  8 1/2  at  581    Dec '10 down  8 1/4  at  604 1/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for December at Memphis  748 to - - -; Bids to farmers at River Elevators 603-678; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for December at Memphis   385 to 386;   new crop at Memphis   369 3/4 to 417 3/4; Bids to farmers at River Elevators  365 to 387 Chicago Futures: Mar '10 up  1  at  417    Jul '10 up  3/4  at  435 1/2    Dec '10 up  1/2  at  445 1/4    Mar '10 down  3/4  at  454 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat failed to follow through on yesterday’s big gains and ended the session lower. There is little in the fundamentals to give wheat this upside momentum. However, it appears July has developed strong support at $5.40 and will trade between this point and the recent high around $6.20. A close below $5.40 would suggest a move to $4.90 or perhaps lower. Cotton & Rice  Date: December 29, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis down 75 at  7057   Greenwood down  75 at 7057 New York Futures: Mar '10 down  75  at  7507    May '10 down  70  at  7598    Jul '10 down  49  at  7676    Oct '10 down  42  at  7592    - - -   - - -  at  - - -  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton reversed recent gains and ended the session slightly lower. As suggested earlier, cotton will likely have to strengthen relative to soybeans and corn in order to pull more acres in 2010. Old crop March pushed to recent resistance near 76.5 cents before registering a minor selloff. New crop December remains well below resistance at 78 cents. Rice Long Grain Cash Bid for  Dec/Jan 1337/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Jan '10 down  13  at  1457    Mar '10 down  11 1/2  at  1488    May '10 down  11 1/2  at  1513    Jul '10 down  13  at  1535 1/2    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice was slightly lower as the market continues to seek direction after the recent big break. Questions remain about the final U.S. long grain production number. It appears there is ample rice to meet current needs. The international market may remain in turmoil for a while. Tenders from the Philippines boosted the market over the first couple of weeks in December. Enough so, that it prompted reports that India would utilize existing stocks instead of importing rice. For now, January futures appear to have resistance at the recent top just below $16, while attempting to build support around $14.50. Cattle & Hogs  Date: December 29, 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 - - - to - - - Bulls, Yield Grade   n/a   - - -   to   - - - lbs.   - - -   to   - - - Midwest Steers   were $3 higher to steady   at   81   to   82 Panhandle Steers   were $2 higher to $1.50 lower   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 55 at 8422   Feb '10 down 25 at 8512 Feeders: Jan '10 down 55 at 9497   Mar '10 down 22 at 9472 Cattle Comment Cattle futures were generally a little lower with only expiring December higher. That appears to be short traders rolling positions. February futures are trading in a narrow consolidation zone and need to close above $86 to put the market in a position mode. Bids and offers for live cattle remain a $ or so apart, with most bids in the $81-82 range. Hogs Peoria: were       at   n/a   to   - - - Chicago Futures: Feb '10 up 72 at 6542   Apr '10 up 72 at 7002 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs continued yesterday’s firm tone. Strong packer margins reflect improved demand anticipation following reduced holiday movement. Tomorrow’s quarterly pig crop report is expected to show further sow reduction but improved farrowing efficiency. Pig crop numbers are expected to be down 1%. Poultry  Date: December 29, 2009 Eggs New York:  Ex. Lg. 118-122; Lg. 116-120; Med. 95-97; Chicago:  Ex. Lg. 108-116; Lg. 106-114; Med. 77-85; Eastern Region Turkeys Hens: 8-16 lbs. 75-82 Toms: 16-24 lbs. 75-82   Delmarva Broilers U.S. Grade A The market tone was firm. Supplies of all sizes were in good balance to short of full trade needs with many plants running lighter schedules this week for the holiday. In production areas live supplies were moderate at mostly 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