01/05/2010 Farm Bureau Market Report

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Grain & Soybean Date: January 05, 2010 Soybeans Local Elevators: (Jan) EAST AR:  1024 to 1038 (NC) Summ. 938 to 978 River Elevators: (Jan) MISS: 1042 to 1071 ; AR & White 1027 to 1041 (NC) Summ. 960 to 988 Ark. Processor Bids: (Jan) 1017 to 1041  (NC) 963 to 970 Memphis:  (Jan) 1066 to 1071 (NC)  993 to 1008 Riceland Foods:  (Jan) Stuttgart 1041 ; Pendleton 1043 ; West Memphis 1066 Chicago Futures: Mar up 3 at  1061   May  up  2 1/4  at  1064 3/4   July up 1 1/2  at  1068 1/2   Sept up 1  at  1041   Nov up 3  at  1023   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans closed the day with small gains as the market traded to both sides of yesterday’s close. This was positive considering outside markets were generally negative. The dollar bounced back from early weakness which should have pressured the market. Fundamentals are basically unchanged with a good South American crop in the making. Wheat Cash bid for January at Memphis  493 to 523; Bids to farmers at Local Elevators 514-518; River Elevators 507-541; Chicago Futures: Mar down  4 3/4  at  553    May down 5 1/4  at  565 1/2    July down  6 1/4  at  575 1/2    Sept down  6 1/4  at  589    Dec down  6 1/2  at  611 1/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for January at Memphis  751 to - - -; Bids to farmers at River Elevators 607-682; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for January at Memphis   398 3/4 to - - -;   New crop at Memphis   371 3/4 to 419 3/4; Bids to farmers at River Elevators  372 to 394 Chicago Futures: Mar up  1/4  at  418 3/4    May up  1/4  at  429    Sept up  3/4  at  441 3/4    Dec unchanged  0  at  445 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Corn was slightly higher as there was little fresh news to give the market direction. Unharvested corn remains a factor, but it will be a while before actual losses are determined. A March close above $4.25 and/or September close above $4.47 would be positive. Wheat ended lower. 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 05, 2010 Cotton Spot Price, Grade 41 Staple 34: Memphis down 288 at  6912   Greenwood down  288 at 6912 New York Futures: Mar down  288  at  7312    May down  283  at  7430    July down  258  at  7494    Oct down  200  at  7445    Dec down  189  at  7461  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton plunged today, dropping almost the 300 point limit in nearby contracts. Futures responded to big holiday gains in the Chinese market yesterday and just as quickly gave it back. The downturn puts both old and new crop contracts near support at the bottom current consolidation patterns. December could move to the initial retracement objective around 73 cents. For old crop March, support starts around 71.7 cents. Rice Long Grain Cash Bid for  Jan/Feb 1379/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Mar down  4  at  1509 1/2    May down  4 1/2  at  1534 1/2    July down  4  at  1558    Sept unchanged  0  at  1412    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice was a little lower as the market failed to follow through on yesterday’s big 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 05, 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   n/a   at   - - -   to   - - - Panhandle Steers   n/a   at   - - -   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 102.50 to 113.50   550 to 600 lbs. 97 to 108.35 Heifers 500 to 550 lbs. 92.25 to 95.50   550 to 600 lbs. 88 to 94.10 Chicago Futures: Live Cattle: Feb up 95 at 8632   April up 67 at 8975 Feeders: March up 60 at 9692   May up 40 at 9875 Cattle Comment Cattle futures didn’t follow through on yesterday’s key reversal, but yesterday’s high near $87 could prove to be key resistance. A close below the low of $85.35 would open the market to further losses. Hogs Peoria: were     steady   at   38   to   40 Chicago Futures: Feb up 175 at 6760   April up 82 at 7127 Sheep St. Paul n/a   at   - - -   to   - - - Hogs Comment Hogs posted sharp gains today, with February in position to test resistance at the recent high of $68.05. Poultry  Date: January 05, 2010 Eggs New York:  Ex. Lg. 118-122; Lg. 116-120; Med. 91-95; Chicago:  Ex. Lg. 108-116; Lg. 106-114; Med. 74-82; Eastern Region Turkeys Hens: 8-16 lbs. 78.38 Toms: 16-24 lbs. 78.38   Delmarva Broilers U.S. Grade A The market tone was firm. Demand was fair to fairly good with limited trading. 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