12/30/2009 Farm Bureau Market Report

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Grain & Soybean Date: December 30, 2009 Soybeans Local Elevators: (Dec) EAST AR:  991 to 1006 (NC) Summ. 1006 to - - - River Elevators: (Dec) MISS: 1020 to 1051 ; AR & White 993 to 1003 (NC) Summ. 1011 to 1051 Ark. Processor Bids: (Dec) 999 to 1004  (NC) 1016 to 1026 Memphis:  (Dec) 1042 1/4 to - - - (NC)  980 to 985 Riceland Foods:  (Dec) Stuttgart 1004 ; Pendleton 1010 ; West Memphis 1023 Chicago Futures: Jan '10 down 1 3/4 at  1036 1/4   Mar '10  down  2 1/2  at  1044 1/2   Jul '10 down 2 1/4  at  1054 3/4   Nov '10 down 3  at  1015   Jan '11 down 3  at  1023   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans closed slightly lower as the market is sliding along the backside of the uptrend that was broken two weeks ago. 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 retraced a good portion of early losses to close slightly lower. 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  484 3/4 to 515 3/4; Bids to farmers at Local Elevators 508-512; River Elevators 502-535; Chicago Futures: Mar '10 up  3 3/4  at  544 3/4    May '10 up 3 3/4  at  558 1/4    Jul '10 up  3 1/2  at  569 3/4    Sep '10 up  3  at  584    Dec '10 up  2 1/2  at  606 3/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for December at Memphis  741 to - - -; Bids to farmers at River Elevators 598-673; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for December at Memphis   380 3/4 to 382 3/4;   new crop at Memphis   367 1/4 to 415 1/4; Bids to farmers at River Elevators  362 to 394 Chicago Futures: Mar '10 down  3 1/4  at  413 3/4    Jul '10 down  3 1/4  at  432 1/4    Sep '10 down  2 1/2  at  437 1/4    Dec '10 down  3 1/4  at  442    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat was higher despite stronger $ and weak exports. 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 30, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 36 at  7093   Greenwood up  36 at 7093 New York Futures: Mar '10 up  36  at  7543    May '10 up  45  at  7643    Jul '10 up  34  at  7710    Oct '10 up  19  at  7611    - - -   - - -  at  - - -  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton firmed slightly with trading remaining within recent consolidation zones. 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 1320/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Jan '10 down  17  at  1440    Mar '10 down  16 1/2  at  1471 1/2    May '10 down  16  at  1497    Jul '10 down  15 1/2  at  1520    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice continued the slide that began yesterday with January moving back toward trendline support. A close below $14.20 would be very negative. 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 between $14.20 and $14.50. Cattle & Hogs  Date: December 30, 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 $3-2 higher   at   84   to   - - - Panhandle Steers   were $3-3.50 higher   at   85   to   85.50 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 37 at 8460   Feb '10 down 7 at 8505 Feeders: Jan '10 up 15 at 9512   Mar '10 up 15 at 9487 Cattle Comment Cattle were narrowly mixed with futures beginning to look a little top heavy after making good gains several weeks ago and then consolidating in a narrow zone. February futures need to close above $86 to put the market in a positive mode. Bids and offers for live cattle remain a $ or so apart, with most bids around $82. Hogs Peoria: were     steady   at   35   to   37 Chicago Futures: Feb '10 up 20 at 8562   Apr '10 up 47 at 7050 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 30, 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. 75-81 Toms: 16-24 lbs. 75-81   Delmarva Broilers U.S. Grade A The market tone was firm. Supplies of all sizes were close balanced to tight and often moving at premium levels. 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