12/31/2009 Farm Bureau Market Report

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Grain & Soybean Date: December 31, 2009 Soybeans Local Elevators: (Dec) EAST AR:  995 to 1014 (NC) Summ. 1010 to - - - River Elevators: (Dec) MISS: 1024 to 1055 ; AR & White 997 to 1007 (NC) Summ. 1015 to 1055 Ark. Processor Bids: (Dec) 1003 to 1008  (NC) 1020 to 1030 Memphis:  (Dec) 1045 3/4 to 1051 3/4 (NC)  979 1/4 to 984 1/4 Riceland Foods:  (Dec) Stuttgart 1008 ; Pendleton 1014 ; West Memphis 1027 Chicago Futures: Jan '10 up 3 1/2 at  1039 3/4   Mar '10  up  4  at  1048 1/2   Jul '10 up 4 1/2  at  1059 1/4   Nov '10 down 3/4  at  1014 1/4   Jan '11 up 1 1/4  at  1021 3/4   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans closed slightly higher after a late selloff trimmed early gains. Support came from another good export sales report which indicated a slower pace for sales to China. Current sales for the first 4 months of the market year are over 86% of the total USDA projection of 1.34 billion bushels. At some point big supplies will be available in South America and China’s purchases will shift from the U.S. Key resistance is seen at $10.50 to $10.75. Corn closed narrowly mixed with March holding near recent resistance at $4.20. December futures at $4.40 or higher will likely add corn acres in the Midwest. Wheat Cash bid for December at Memphis  481 1/2 to 501 1/2; Bids to farmers at Local Elevators 504-508; River Elevators 498-531; Chicago Futures: Mar '10 down  3 1/4  at  541 1/2    May '10 down 3 1/4  at  555    Jul '10 down  3 3/4  at  566    Sep '10 down  3 3/4  at  580 1/4    Dec '10 down  3 3/4  at  603    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for December at Memphis  744 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   382 1/2 to 383 1/2;   new crop at Memphis   367 1/2 to 415 1/2; Bids to farmers at River Elevators  362 to 395 Chicago Futures: Mar '10 up  3/4  at  414 1/2    Jul '10 up  3/4  at  433    Dec '10 up  1 1/4  at  440 3/4    Mar '10 up  1 1/4  at  449 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat was a little lower as slow export movement and big supplies continue to weigh on the market. Trading will remain within a wide range between $6.20 and $5.40. A close outside this range will mean further movement in the direction of the breakout. Cotton & Rice  Date: December 31, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 17 at  7110   Greenwood up  17 at 7110 New York Futures: Mar '10 up  17  at  7560    May '10 up  16  at  7659    Jul '10 down  12  at  7698    Oct '10 up  1  at  7612    - - -   - - -  at  - - -  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton continued to hold within recent trading ranges with old crop in position to test resistance just above 76 cents. Improving economic conditions should help boost cotton demand. Quality problems will limit supplies from the Midsouth and should help boost the market as we move forward. Rice Long Grain Cash Bid for  Jan/Feb 1359/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Jan '10 up  16 1/2  at  1456 1/2    Mar '10 up  17 1/2  at  1489    May '10 up  18  at  1515    Jul '10 up  17  at  1537    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice bounced back in late trading to close higher. January bounced off a shallow uptrend that offered support around $14.25. Inability to hold here would be negative with the next support around $13.60. Current resistance is just under $15. Fundamentals are unchanged with the Philippines having offered several big tenders to cover projected needs of over 2.2 million metric tonnes. India may still need to import rice, but it will be later and a lot more subtle than what we’ve seen from the Philippines. Cattle & Hogs  Date: December 31, 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   n/a   at   - - -   to   - - - Panhandle Steers   n/a   at   - - -   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: Feb '10 up 140 at 8600   Apr '10 up 112 at 8617 Feeders: Jan '10 up 72 at 9585   Mar '10 up 137 at 9625 Cattle Comment A strong upturn was seen in cattle futures following reports of cash sales in the $85 to $86 range in Texas and Oklahoma. February futures could move toward resistance just below $88. Hogs Peoria: were $1     higher   at   36   to   38 Chicago Futures: Feb '10 down 2 at 6560   Apr '10 down 62 at 6987 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures were lower after USDA projected a higher than expected pig crop for the last quarter. It wasn’t a great deal above expectations, but it was higher than expected considering recent sow liquidation. Poultry  Date: December 31, 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. Demand was fair to fairly good with holiday trading limited. Supplies of all sizes were close balanced to tight to satisfy trade needs. 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