01/06/2010 Farm Bureau Market Report

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Grain & Soybean Date: January 06, 2010 Soybeans Local Elevators: (Jan) EAST AR:  1022 to 1036 (NC) Summ. 940 to 980 River Elevators: (Jan) MISS: 1040 to 1071 ; AR & White 1025 to 1039 (NC) Summ. 962 to 995 Ark. Processor Bids: (Jan) 1015 to 1036  (NC) 965 to 972 Memphis:  (Jan) 1077 to - - - (NC)  1004 3/4 to 1009 3/4 Riceland Foods:  (Jan) Stuttgart - - - ; Pendleton - - - ; West Memphis - - - Chicago Futures: Mar down 2 at  1059   May  down  1 3/4  at  1063   July down 1 3/4  at  1066 3/4   Sept unchanged 0  at  1041   Nov up 1 3/4  at  1024 3/4   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans were slightly lower for the day as a big South American crop limited upside potential. Even a weaker dollar and stronger crude oil were not enough to generate any substantial upward momentum. For now, the market seems content to hold just below major resistance, $10.70 for January and March and $10.55 for November. Wheat Cash bid for January at Memphis  507 1/4 to 537 1/4; Bids to farmers at Local Elevators 528-532; River Elevators 521-555; Chicago Futures: Mar up  14 1/4  at  567 1/4    May up 14 1/4  at  579 3/4    July up  14  at  589 1/2    Sept up  13 3/4  at  602 3/4    Dec up  13 3/4  at  625    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for January at Memphis  757 to - - -; Bids to farmers at River Elevators 613-688; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for January at Memphis   405 3/4 to 409 3/4;   New crop at Memphis   374 3/4 to 429 3/4; Bids to farmers at River Elevators  382 to 404 Chicago Futures: Mar up  3  at  421 3/4    May up  3  at  432    Sept up  3  at  444 3/4    Dec up  3 1/2  at  448 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Corn was higher again, with weather providing support. Next week’s report may or may not answer the question regarding the size of the ’09 crop. Approximately 4 million acres will not be harvested until spring. Actual crop losses are expected to be 50 to 100 million bushels. In addition, low test weighs and quality problems will need to be factored in. March is testing major support between $4.20 and $4.25 and could move higher with a close above this level. Wheat ended higher today supported by fund buying. 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 06, 2010 Cotton Spot Price, Grade 41 Staple 34: Memphis up 43 at  6955   Greenwood up  43 at 6955 New York Futures: Mar up  43  at  7355    May up  43  at  7473    July up  31  at  7525    Oct up  32  at  7477    Dec up  25  at  7486  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton firmed slightly after suffering huge losses yesterday. The market responded to big holiday week gains in China with a big upturn on Monday. Today, there was not much new to give the market direction. However, the market held key support. In ability to move toward recent resistance would be bearish. Rice Long Grain Cash Bid for  Jan/Feb - - -  to  - - -   - - - - - -  to  - - - Chicago Futures: Mar unchanged  0  at  1509 1/2    May up  1  at  1535 1/2    July down  1/2  at  1557 1/2    Sept down  12 1/2  at  1399 1/2    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice was narrowly mixed with little fresh news to give the market direction. 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 06, 2010 Cattle As reported by Federal-State Market News, receipts were 919 head at sales in Conway and Pocahontas.  Compared with last week, feeder steers sold steady to $2 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 107 to - - -   500 to 550 lbs. 95.50 to - - -   600 to 650 lbs. 91 to - - -  Medium & Large Frame 2   400 to 450 lbs. 88 to - - - Heifers:  Medium & Large Frame 1   500 to 550 lbs. 82 to - - -  Medium & Large Frame 2   400 to 450 lbs. 78 to - - - Slaughter Cows, Boners 42   to   47.50 Light Weight 28 to 33 Bulls, Yield Grade   1   1400   to   2300 lbs.   56   to   65 Midwest Steers   were   at   83   to   - - - Panhandle Steers   were   at   83   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. 91 to 94   550 to 600 lbs. 90.50 to 92.35 Chicago Futures: Live Cattle: Feb down 37 at 8595   April down 10 at 8965 Feeders: Mar down 17 at 9675   May down 7 at 9867 Cattle Comment Cattle futures ended lower but traded well within yesterday’s wide trading range. The recent high near $87 could prove to be key resistance. A close below $85.35 would open the market to further losses. Hogs Peoria: were steady to $4     higher   at   40   to   42 Chicago Futures: Feb down 102 at 6657   April down 57 at 7075 Sheep St. Paul n/a   at   - - -   to   - - - Hogs Comment Hogs turned lower, and this week’s highs between $67.80 and $67.85 could prove to be tough resistance. Profit taking on recent gains sparked today’s selling. Poultry  Date: January 06, 2010 Eggs New York:  Ex. Lg. 118-122; Lg. 116-120; Med. 88-92; 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 for mid week trading. Supplies of all sizes were close balanced to short for current 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