01/04/2010 Farm Bureau Market Report

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Grain & Soybean Date: January 04, 2010 Soybeans Local Elevators: (Jan) EAST AR:  1005 to 1024 (NC) Summ. 935 to 975 River Elevators: (Jan) MISS: 1037 to 1063 ; AR & White 1008 to 1038 (NC) Summ. 957 to 985 Ark. Processor Bids: (Jan) 1014 to 1030  (NC) 960 to 967 Memphis:  (Jan) 1061 1/2 to 1063 (NC)  990 to - - - Riceland Foods:  (Jan) Stuttgart 1039 ; Pendleton 1034 ; West Memphis 1064 Chicago Futures: Mar up 9 1/2 at  1058   May  up  8 3/4  at  1062 1/2   July up 7 3/4  at  1067   Sept up 6 3/4  at  1040   Nov up 5 3/4  at  1020   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans started 2010 with good gains as funds used a weak dollar and strong crude oil as a basis for establishing new positions. Gains were trimmed later in the session with January falling back to the recently broken uptrend. January has initial resistance between $10.70 and $10.75. New crop November lost most of the early gains with resistance developing just above $10.30. Wheat Cash bid for January at Memphis  497 3/4 to 516 3/4; Bids to farmers at Local Elevators 520-524; River Elevators 514-547; Chicago Futures: Mar up  16 1/4  at  557 3/4    May up 15 3/4  at  570 3/4    July up  15 3/4  at  581 3/4    Sept up  15  at  595 1/4    Dec up  14 3/4  at  617 3/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for January at Memphis  706 to - - -; Bids to farmers at River Elevators 605-680; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for January at Memphis   386 1/2 to 398 1/2;   New crop at Memphis   371 to 419; Bids to farmers at River Elevators  371 to 392 Chicago Futures: Mar up  4  at  418 1/2    May up  4 1/2  at  428 3/4    Sept up  3 1/2  at  441    Dec up  4 1/2  at  445 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Corn futures held small gains at the close, after trimming big early moves. March futures moved to a six month high before declining to settle below $4.20. Bad weather across the Midwest and unharvested ’09 corn are keeping the market firm. Support at $4.00 and then $3.80 are key points to watch. Wheat closed sharply higher as investors appear to think it is underpriced relative to soybeans and corn. However, U.S. wheat remains overpriced relative to competition and long term will need to decline in order to get export business. Cotton & Rice  Date: January 04, 2010 Cotton Spot Price, Grade 41 Staple 34: Memphis up 90 at  7200   Greenwood up  90 at 7200 New York Futures: Mar up  40  at  7600    May up  54  at  7713    July up  54  at  7752    Oct up  33  at  7645    Dec up  29  at  7650  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Like grains and soybeans, cotton trimmed early gains, but still closed higher for the day. Fundamentals are unchanged as the market looks to tightening stocks and improving economic conditions to boost overall demand. March futures moved to new recent highs with current resistance just under 77 cents. New crop December is moving in a sideways pattern with resistance at 78 cents and support around 75 cents. A close to either side would indicate further movement in the direction of the breakout. Rice Long Grain Cash Bid for  Jan/Feb 1383/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Mar up  24 1/2  at  1513 1/2    May up  24  at  1539    July up  25  at  1562    Sept up  22  at  1412    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice continued to firm with a second day of solid gains. 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: January 04, 2010 Cattle As reported by Federal-State Market News, receipts were - - head at sales in - - -.  Compared with last week, feeder steers - - - . Steers:  Medium & Large Frame - - -   - - - to - - - lbs. - - - to - - -   - - - to -- - lbs. -- - to - - -   -- -- to - -- lbs. - - - to - - -  Medium & Large Frame -- -   --- to --- lbs. - - - to - - - Heifers:  Medium & Large Frame - - -   - -- to - - - lbs. - - - to - - -  Medium & Large Frame - - -   -- - to - - - lbs. -- - to - - - Slaughter Cows, Boners - - -   to   - - - Light Weight - - - to - - Bulls, Yield Grade   - - -   - - -   to   - - - lbs.   - - -   to   - - - Midwest Steers   were   at   78   to   85 Panhandle Steers   were   at   84   to   85.50 Oklahoma City Feeders Steers 500 to 600 lbs. 107 to 111.50   650 to 700 lbs. 94.75 to 96.75 Heifers 475 to 500 lbs. 94.50 to 96   550 to 600 lbs. 88 to 93.75 Chicago Futures: Live Cattle: Feb down 80 at 8537   Apr down 72 at 8907 Feeders: Mar up 7 at 9632   May down 40 at 9835 Cattle Comment Live cattle futures made a huge downward reversal which leaves the charts looking very negative. Today’s high near $87 may be key resistance. Weak operating margins will limit packer interest. Hogs Peoria: were       at   38   to   40 Chicago Futures: Feb up 25 at 6585   Apr up 57 at 7045 Sheep St. Paul - - -   at   - - -   to   - - - Hogs Comment Weather is limiting hog movement and that helped boost futures. However, this may lead to small backlog when weather clears up. Last week 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: January 04, 2010 Eggs New York:  Ex. Lg. 118-122; Lg. 116-120; Med. 95-97; Chicago:  Ex. Lg. 108-116; Lg. 106-114; Med. 74-82; 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 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 2010 Arkansas Farm Bureau, Inc. All rights reserved Terms of Use