01/07/2010 Farm Bureau Market Report

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Grain & Soybean Date: January 07, 2010 Soybeans Local Elevators: (Jan) EAST AR:  989 to 1003 (NC) Summ. 915 to 960 River Elevators: (Jan) MISS: 1009 to 1045 ; AR & White 992 to 1008 (NC) Summ. 942 to 973 Ark. Processor Bids: (Jan) 997 to 1006  (NC) 940 to 953 Memphis:  (Jan) 1045 to - - - (NC)  979 3/4 to - - - Riceland Foods:  (Jan) Stuttgart 1006 ; Pendleton 1003 ; West Memphis 1036 Chicago Futures: Mar down 33 at  1026   May  down  32  at  1031   July down 31 1/4  at  1035 1/2   Sept down 26  at  115   Nov down 25  at  999 3/4   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans mad a sharp pullback after Chinese interest rate hikes prompted strength in the dollar. March futures moved near key support around $10.25, while November closed right on $10. Further declines could be bearish for the market. However, funds and outside market movement will remain a major factor. Wheat Cash bid for January at Memphis  497 3/4 to 527 3/4; Bids to farmers at Local Elevators 518-522; River Elevators 517-545; Chicago Futures: Mar down  9 1/2  at  557 3/4    May down 9 3/4  at  570    July down  9 1/2  at  580    Sept down  9  at  593 3/4    Dec down  9 1/4  at  615 3/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for January at Memphis  746 to - - -; Bids to farmers at River Elevators 604-679; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for January at Memphis   407 1/2 to - - -;   New crop at Memphis   370 to 425; Bids to farmers at River Elevators  381 to 403 Chicago Futures: Mar down  4 1/4  at  417 1/2    May down  4  at  428    Sept down  4 3/4  at  440    Dec down  5 1/4  at  443 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment 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. Corn declined slightly today, but remained firm relative to soybeans. March again failed to move above $4.25 but held fairly close to that level at day’s end. The extreme weather conditions are a positive for corn since it means more livestock feed will be consumed. Cotton & Rice  Date: January 07, 2010 Cotton Spot Price, Grade 41 Staple 34: Memphis down 66 at  6889   Greenwood down  66 at 6889 New York Futures: Mar down  66  at  7289    May down  66  at  7407    July down  63  at  7462    Oct down  52  at  7425    Dec down  34  at  7452  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton closed lower and at the lowest point in almost 2 months. Higher Chinese interest rates could slow recovery and impact their textile industry. That in turn will impact their import demand. The question is whether the current price ratio corn to cotton or soybeans to cotton will allow for additional U.S. acreage in 2010. Rice Long Grain Cash Bid for  Jan/Feb 1371/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Mar down  8 1/2  at  1501    May down  8 1/2  at  1527    July down  7  at  1550 1/2    Sept down  4 1/2  at  1395    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice, like other grains and soybeans, were pressured by outside factors. Small across the board declines were registered in today’s trading. There was 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 07, 2010 Cattle As reported by Federal-State Market News, receipts were 762 head at sales in Charlotte.  Compared with last week, feeder steers information is unavailable . Steers:  Medium & Large Frame 1   400 to 450 lbs. 102.75 to - - -   550 to 600 lbs. 90 to - - -   600 to 650 lbs. 94.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. - - - to - - - Heifers:  Medium & Large Frame 1   500 to 550 lbs. 86 to - - -  Medium & Large Frame 2   400 to 450 lbs. 74.50 to - - - Slaughter Cows, Boners 41   to   45 Light Weight - - - to - - - Bulls, Yield Grade   1-2   1000   to   2100 lbs.   52.50   to   56 Midwest Steers   were $1 higher   at   84   to   - - - Panhandle Steers   were $1 higher   at   84   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 100 to 103   550 to 600 lbs. 99 to 104 Heifers 500 to 550 lbs. 90.50 to 94.75   550 to 600 lbs. 90 to 93 Chicago Futures: Live Cattle: Feb down 2 at 8592   April down 20 at 8945 Feeders: Mar up 7 at 9682   May up 10 at 9877 Cattle Comment Cattle futures ended mixed. February failed near resistance at $86.80 before closing lower. A lack of cash trade added to the negative undertone. A close below $85.35 would open the market to further losses. Hogs Peoria: were     steady   at   40   to   42 Chicago Futures: Feb up 52 at 6710   April up 15 at 7090 Sheep St. Paul n/a   at   - - -   to   - - - Hogs Comment February hogs set a new high for the upmove before closing near the bottom of the day’s trading range. Technical buying, strength in cutout values and weather concerns all added support. Poultry  Date: January 07, 2010 Eggs New York:  Ex. Lg. 118-122; Lg. 116-120; Med. 87-91; 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 fully steady to firm. Retail and food service demand was moderate to good approaching the weekend. Supplies of all sizes were adequate to close balance to satisfy 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