11/20/2009 Farm Bureau Market Report

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Grain & Soybean Date: November 20, 2009 Soybeans Local Elevators: (Nov) EAST AR:  991 to 1022 (NC) Summ. 995 to - - - River Elevators: (Nov) MISS: 1026 to 1035 ; AR & White 1007 to 1017 (NC) Summ. 1031 to 1066 Ark. Processor Bids: (Nov) 1000 to 1017  (NC) 1031 to 1048 Memphis:  (Nov) 1042 to 1043 (NC)  n/a to - - - Riceland Foods:  (Nov) Stuttgart 1021 ; Pendleton 1027 ; West Memphis 1040 Chicago Futures: Jan up 7 at  1046   Mar '10  up  5 1/2  at  1050 1/4   Jul '10 up 3 1/2  at  1053 1/2   Aug '10 up 3  at  1049 1/2   Nov '10 up 1  at  1022 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans made another push at $10.50 and while closing higher couldn’t break resistance at that level for the third day in a row. It is obvious the demand side of the equation is keeping soybeans firm. Supplies are sufficient despite the late harvest and quality issues. In addition to strong export interest from China, crushing plants are running near capacity as new crop supplies become available. Potential for heavy meal demand will drive that area for the time being. The next upside objective is August high of $10.68. Corn was lower with December again testing trendline support. A close below $3.77 would allow for a potential move to $3.60. Corn is not seeing the same demand as soybeans as recent export sales have been rather weak. While weather is continuing to hamper harvest there doesn’t seem to be any real concerns, except the potential for mycotoxins. Wheat Cash bid for November at Memphis  459 3/4 to 489 3/4; Bids to farmers at Local Elevators 541-545; River Elevators 535-563; Chicago Futures: Dec down  2 3/4  at  559 3/4    Mar '10 down 3 1/4  at  580 3/4    May '10 down  3 1/4  at  592 1/4    Jul '10 down  3  at  602 3/4    Sep '10 down  2 1/2  at  617 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for November at Memphis  671 to 689; Bids to farmers at River Elevators 575-650; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for November at Memphis   386 to 393;   new crop at Memphis   360 1/4 to 400 1/4; Bids to farmers at River Elevators  362 to 381 Chicago Futures: Dec down  4  at  391    Mar '10 down  3 3/4  at  407    Jul '10 down  3 1/4  at  425 1/2    Dec '10 down  2 3/4  at  435 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures were lower again today. It is apparent that wheat can’t sustain upward momentum without help from the other markets. New crop July did hold above chart-gap support at $5.96. Cotton & Rice  Date: November 20, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 2 at  6899   Greenwood up  2 at 6899 New York Futures: Dec up  159  at  7041    Mar '10 up  107  at  7404    May '10 up  104  at  7531    Jul '10 up  85  at  7626    - - -   - - -  at  - - -  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton managed a big up move to end the week with December making a new recent high just under 71 cents. This moves the market out of the 66-69 cents range that has contained the market for the last 6 weeks. Smaller ’09 crop coupled with serious quality issues could be the basis for a solid upturn. There is little question it will take higher prices to pull acreage in 2010, if beans and corn remain near current levels. Rice Long Grain Cash Bid for  Nov 1392/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Jan '10 down  11  at  1517    Mar '10 down  11  at  1542    May '10 down  12 1/2  at  1565 1/2    Jul '10 down  12 1/2  at  1589    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice continued to move in an up and down pattern while consolidating just below the recent high of $15.44. However there is growing interest in this year’s crop as the market looks at typhoon damage in the Philippines and the prospect of India becoming an importer instead of an exporter. India could need to buy 1 to 3 million metric tonnes of rice. That could turn the market upside down. Although Thailand is holding huge intervention stocks, perhaps 6 million metric tonnes, or more; at this point they have held firm. If this continues, the market could have substantial upside. Technically, futures have resistance just under $16, from there you jump to retracement objectives of $16.35, $17.94, and $19.53. Those are the 38%, 50% and 62% retracement objectives of the decline from the ’08 high of $24.68 ½ to the ’09 low of $11.19. Cattle & Hogs  Date: November 20, 2009 Cattle As reported by Federal-State Market News, receipts were 9,780 head at sales in Arkansas this week.  Compared with last week, feeder steers sold $3-5 higher. Feeder heifers steady to $2 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 108 to - - -   500 to 550 lbs. 97.50 to - - -   600 to 650 lbs. 88.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 93.50 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 91.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 82.25 to - - - Slaughter Cows, Boners 35   to   42 Light Weight 25 to 30 Bulls, Yield Grade   1   1000   to   2100 lbs.   45   to   50, high dressing 52.50-55 Midwest Steers   n/a   at   - - -   to   - - - Panhandle Steers   n/a   at   - - -   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 96.50 to 116   600 to 650 lbs. 87 to 99 Heifers 500 to 550 lbs. 84.25 to 99   600 to 650 lbs. 78 to 88 Chicago Futures: Live Cattle: Dec up 27 at 8395   Feb '10 up 5 at 8542 Feeders: Jan '10 up 85 at 9267   Mar '10 up 72 at 9357 Cattle Comment Live cattle futures posted modest gains. While the market remains technically weak, it is showing signs of a possible bottom. December futures would need to close above $86 to confirm a low – that is over $2 above today’s close. October placements are expected to show gains over year ago levels, marking the 4th consecutive month of placements larger than year ago levels. Hogs Peoria: were $1     lower   at   32   to   34 Chicago Futures: Dec up 162 at 5760   Feb '10 up 110 at 6437 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures gapped higher today. February is having a tough time with resistance between $64.70 and $64.80. Ample hog supplies and weakness in pork values are limiting the upside from a fundamental perspective. Poultry  Date: November 20, 2009 Eggs New York:  Ex. Lg. 127-131; Lg. 125-129; Med. 101-105; Chicago:  Ex. Lg. 114-122; Lg. 112-120; Med. 97-105; Eastern Region Turkeys Hens: 8-16 lbs. 84-87 Toms: 16-24 lbs. 84-87   Delmarva Broilers U.S. Grade A The market tone was steady. Demand entering the weekend was seasonally fair to moderate with more focus on holiday meat items. Supplies of all sizes were sufficient to satisfy trade needs. In production areas, live supplies were moderate at 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

Bi-Weekly Market Briefings 11/20/2009

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ARKANSAS FARM BUREAU ELECTRONIC NEWSLETTER Bi-Weekly Market Briefings for 11-20-2009 -------------------------------------------------------------------------- http://www.arfb.com Soybean futures reached a three-month high. January closed above a shallow trend-line at $10.28, leaving the August high of $10.68 as the next potential upside objective. Harvest, while well behind normal, is almost complete. With that, interest is turning to quality concerns and dry conditions in Argentina. Outside markets continue to provide direction. A weak dollar has kept both export interest and domestic crush at high levels. The drought situation in Argentina has temporarily derailed concerns about a huge South American crop. Corn has exceeded $4 and could test the October high of $4.13. Benefiting from recent good weather, harvest is more than 54-percent complete. However, that's well below the 90-percent norm.Research shows the biggest weather losses occur when harvest is delayed past mid-November. At that point in the year, mycotoxins are widespread. This could cause problems, particularly with DDGS (distiller's dried grains with solubles), as most ethanol plants are not equipped to blend good and contaminated corn. Wheat is defying fundamentals. Both old and new crop futures are testing previous resistance, with December around $5.75 and new crop July near $6.20. An abundant supply in the United States and around the world suggests wheat is overpriced. However, the weaker dollar has brought outside investment interests into the market. To those interests, wheat appears under-priced relative to corn and soybeans, despite the fact harvest delays have likely reduced 2010 soft red plantings. July is at a key level. A close above $6.20 could bring $6.50 back into the picture. Cotton is still trading in the 66-69 cents trading range. Brief forays outside that range were just that – brief. In their last report, USDA reduced this year’s production number by 500,000 bales. Many feel that was too little, and that mid-South crop losses will be even larger. In addition, quality will be a problem for much of the crop. The smaller production estimate pared an equal amount off the ending stocks, which now stand at a projected level of 4.9 million bales. A weaker and increasing export demand could push stocks lower. Long-term – if corn and soybeans remain at current levels – cotton will have to go higher to attract acreage. Rice futures are treading water just above $15. A smaller U.S. long grain crop could be a factor as we move through the marketing year. On the international level, the market is firming as India has set the stage to become an importer. They could need as much as 3 million metric tons of rice. Vietnam has been the major exporter, but as of now, it's still awaiting its big harvest. Thailand is still holding substantial old crop intervention stocks with new crop on the way. Their market is firming, supported by the new intervention program and ideas that world demand will increase. All this could be enough to push futures toward long-term chart retracement objectives of $16.35, $17.94 and $19.53. However, initial resistance is the ’08 fall highs around $15.80. The other objectives may be a stretch. In dairy, block cheese was the only spot market to show price movement with an increase of 75 cents and a new high for the year of $1.58. Barrels, butter and nonfat dry milk prices remain unchanged. In trading activity, three loads of butter moved; that's it. Milk futures saw gains for two consecutive days, taking back some of the losses posted early last week. Futures contracts in 2010 increased an average of 6 cents, with March showing the largest gain at 12 cents. Fluid milk sales in the third quarter were 13.59 billion pounds, up .9 percent from a year ago. In the first nine months of the year, packaged milk sales are up 1.3 percent. According to USDA, milk supplies vary throughout the country. Intake is higher in the Midwest, with bottlers able to acquire the milk they need. Northeast and Western regions report tightness, with milk being divided up, causing some plants to run on reduced schedules. December live cattle posted a potential double bottom last week, meaning support begins at $82.80. However, improvement in the value of the dollar and disappointing unemployment reports are limiting upside. Failure to hold above the contract low will open the door for more downward movement. Hogs have seen unexpected strength this week because of improving product values and indications that exports are improving. Investment fund buying has also provided support. Cash prices look “toppy,” and futures are overbought, so expect the upside to be limited for now. There could be additional growth after Thanksgiving, when retailers start restocking their shelves. Resistance for February begins at the recent high of $64.80. Contact: • Gene Martin (501) 228-1330, gene.martin@arfb.com . • Brandy Carroll (501) 228-1268, brandy.carroll@arfb.com . • Bruce Tencleve (501) 228-1856, bruce.tencleve@arfb.com . • Matt King (501) 228-1297, matt.king@arfb.com . -------------------------------------------------------------------------- We promised you your own bank, and here it is - www.farmbureaubank.com Created by members who understand your financial needs like no other bank can. Backed by the strength, stability and leadership of Farm Bureau. Go ahead. See what better banking is all about. Call 1-800-492-FARM Personal Bankers are available Monday - Friday, 7am to 7pm CST -------------------------------------------------------------------------- QUESTIONS OR COMMENTS? If you have any comments or questions about this e-newsletter please e-mail us at: mktrpt@arfb.com -------------------------------------------------------------------------- ---------------------------------------- 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

11/19/2009 Farm Bureau Market Report

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Grain & Soybean Date: November 19, 2009 Soybeans Local Elevators: (Nov) EAST AR:  984 to 1015 (NC) Summ. 988 to - - - River Elevators: (Nov) MISS: 1009 to 1025 ; AR & White 1000 to 1010 (NC) Summ. 1024 to 1059 Ark. Processor Bids: (Nov) 993 to 1010  (NC) 1024 to 1041 Memphis:  (Nov) 1029 to 1036 (NC)  n/a to - - - Riceland Foods:  (Nov) Stuttgart 1010 ; Pendleton 1015 ; West Memphis 1015 Chicago Futures: Jan '10 up 12 at  1039   Mar '10  up  11 1/2  at  1044 3/4   Jul '10 up 10 3/4  at  1050   Aug '10 up 9  at  1046 1/2   Nov '10 up 2  at  1021 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans rebounded to again test resistance at $10.50. Almost 50 million bushels of export sales for the past week and shipments of over 60 billion bushels indicate strong demand which provided a good boost for the market. Overall cumulative sales are up almost 60% for the year and are almost to the 75% level of USDA’s projection for the year. Obviously, a weaker dollar is a big factor in current sales. Corn closed lower as December fell to $3.90 and close to trendline support at one point in the session. Unlike soybeans corn exports were fairly light, with only 13.9 million bushels being sold last week. Harvest continues to lag behind normal, as many farmers are waiting for moisture levels to decline. A December close below $3.87 would suggest a possible retest of support just below $3.60. Wheat Cash bid for November at Memphis  462 1/2 to 487 1/2; Bids to farmers at Local Elevators 544-548; River Elevators 538-566; Chicago Futures: Dec down  3 3/4  at  562 1/2    Mar '10 down 4  at  584    May '10 down  4  at  595 1/2    Jul '10 down  3 3/4  at  605 3/4    Sep '10 down  4 1/2  at  620    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for November at Memphis  679 to 698; Bids to farmers at River Elevators 582-657; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for November at Memphis   393 to 397;   new crop at Memphis   363 to 403; Bids to farmers at River Elevators  366 to 381 Chicago Futures: Dec down  3  at  395    Mar '10 down  3  at  410 3/4    Jul '10 down  2  at  428 3/4    Dec '10 down  2 1/4  at  438 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment A weak export report and negative outside markets weighed on wheat. July 2010 closed lower, but well off the day’s lows. Egypt again chose to go with lower priced wheat from France and Russia. This further proves that U.S. wheat is overpriced relative to other world growths. Cotton & Rice  Date: November 19, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 147 at  6897   Greenwood up  147 at 6897 New York Futures: Dec up  28  at  6882    Mar '10 up  42  at  7297    May '10 up  49  at  7427    Jul '10 up  60  at  7541    - - -   - - -  at  - - -  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton made a late rebound to close slightly higher. Trade remains confined to the 66-69 cents range that has contained the market for the last 6 weeks. Smaller ’09 crop coupled with serious quality issues could be the basis for a solid upturn. There is little question it will take higher prices to pull acreage in 2010, if beans and corn remain near current levels. Rice Long Grain Cash Bid for  Nov 1403/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Jan '10 up  8  at  1528    Mar '10 up  8  at  1553    May '10 up  8  at  1578    Jul '10 up  7 1/2  at  1601 1/2    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice firmed to hold near the recent high as January futures remain in a consolidation pattern. However there is growing interest in this year’s crop as the market looks at typhoon damage in the Philippines and the prospect of India becoming an importer instead of an exporter. India could need to buy 1 to 3 million metric tonnes of rice. That could turn the market upside down. Although Thailand is holding huge intervention stocks, perhaps 6 million metric tonnes, or more; at this point they have held firm. If this continues, the market could have substantial upside. Technically, futures have resistance just under $16, from there you jump to retracement objectives of $16.35, $17.94, and $19.53. Those are the 38%, 50% and 62% retracement objectives of the decline from the ’08 high of $24.68 ½ to the ’09 low of $11.19. Cattle & Hogs  Date: November 19, 2009 Cattle As reported by Federal-State Market News, receipts were 1,683 head at sales in Charlotte & Green Forest.  Compared with last week, feeder steers mixed from $3 lower to $2 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 107 to - - -   500 to 550 lbs. 99.25 to - - -   600 to 650 lbs. n/a to - - -  Medium & Large Frame 2   400 to 450 lbs. 94 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 83.75 to - - -  Medium & Large Frame 2   400 to 450 lbs. 79.75 to - - - Slaughter Cows, Boners 34   to   40 Light Weight 30 to 32 Bulls, Yield Grade   1   1000   to   2100 lbs.   45   to   51, high dressing 52.50 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: Dec up 60 at 8367   Feb '10 up 40 at 8537 Feeders: Jan '10 up 10 at 9182   Mar '10 down 7 at 9285 Cattle Comment Live cattle futures reversed yesterday’s losses to close higher. While the market remains technically weak, it is showing signs of a possible bottom. December futures would need to close above $86 to confirm a low – that is over $2 above today’s close. October placements are expected to show gains over year ago levels, marking the 4th consecutive month of placements larger than year ago levels. Hogs Peoria: were     steady   at   33   to   35 Chicago Futures: Dec down 47 at 5597   Feb '10 down 95 at 6327 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures closed mostly lower with February gapping below a double top formation. This suggests additional near term weakness. Ample hog supplies and weakness in pork values are factors in the probable downturn. Poultry  Date: November 19, 2009 Eggs New York:  Ex. Lg. 127-131; Lg. 125-129; Med. 101-105; Chicago:  Ex. Lg. 114-122; Lg. 112-120; Med. 97-105; Eastern Region Turkeys Hens: 8-16 lbs. 84-87 Toms: 16-24 lbs. 84-87   Delmarva Broilers U.S. Grade A The market tone was steady. Demand approaching the weekend was seasonally fair to moderate with most interest focus on holiday items. Supplies of all sizes were sufficient to satisfy current trade needs. In production areas live supplies were moderate; at mixed, but 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

11/18/2009Farm Bureau Market Report

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Grain & Soybean Date: November 18, 2009 Soybeans Local Elevators: (Nov) EAST AR:  969 to 993 (NC) Summ. 976 to - - - River Elevators: (Nov) MISS: 988 to 1007 ; AR & White 972 to 998 (NC) Summ. 1012 to 1047 Ark. Processor Bids: (Nov) 981 to - - -  (NC) 1012 to 1035 Memphis:  (Nov) 1012 to 1017 (NC)  365 1/2 to 405 1/2 Riceland Foods:  (Nov) Stuttgart 981 ; Pendleton 993 ; West Memphis 988 Chicago Futures: Jan '10 down 2 1/2 at  1027   Mar '10  down  2 1/2  at  1033 1/4   Jul '10 down 2 3/4  at  1039 1/4   Sep '10 down 8 1/2  at  1025 1/2   Nov '10 down 10 1/2  at  1019 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans reversed big gains to close lower, but held above the shallow downtrend that was broken yesterday. The market appears to have taken fundamental factors – delayed harvest, quality problems, strong demand and dry conditions in Argentina – into account. Outside factors remains a major influence. Talk of inflation seems to bring investors in the form of index funds into the market. That makes it difficult to determine how the market will react. The next resistance at the mid August high of $10.68 remains a potential upside objective. A close below $10.15 brings support at $9.50 into play. Corn fell short of resistance at $4.13, as the market reversed early gains to close lower. December fell below $4. A close below trendline support around $3.87 would indicate a likely retest of support near $3.60. Almost 45% of the crop remains in the field and subject to potential quality problems. Wheat Cash bid for November at Memphis  451 1/4 to 476 1/4; Bids to farmers at Local Elevators 548-552; River Elevators 541-570; Chicago Futures: Dec down  8 1/2  at  566 1/4    Mar '10 down 8 1/2  at  588    May '10 down  9 1/4  at  599 1/2    Jul '10 down  9 1/4  at  609 1/2    Sep '10 down  9 1/2  at  624 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for November at Memphis  666 to 695; Bids to farmers at River Elevators 570-645; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for November at Memphis   391 to 392;   new crop at Memphis   365 1/2 to 405 1/2; Bids to farmers at River Elevators  359 to 374 Chicago Futures: Dec down  4  at  398    Mar '10 down  3 3/4  at  413 3/4    Jul '10 down  4  at  430 3/4    Dec '10 down  6  at  440 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat reversed recent gains. There wasn't much fundamental justification for recent strength. World supplies are ample and exports are running significantly behind last year's pace. The next resistance for December is the August high of $5.84 ½. Cotton & Rice  Date: November 18, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 53 at  6750   Greenwood up  53 at 6750 New York Futures: Dec up  65  at  6854    Mar '10 up  58  at  7255    May '10 up  65  at  7378    Jul '10 up  72  at  7481    - - -   - - -  at  - - -  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton closed higher but well below the day’s high. Trade remains confined to the 66-69 cents range that has contained the market for the last 6 weeks. Smaller ’09 crop coupled with serious quality issues could be the basis for a solid upturn. There is little question it will take higher prices to pull acreage in 2010, if beans and corn remain near current levels. Rice Long Grain Cash Bid for  Nov 1395/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Jan '10 up  4  at  1520    Mar '10 up  5  at  1545    May '10 up  6 1/2  at  1570    Jul '10 up  7  at  1594    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice was a little higher as the market is consolidating just below the recent January high of $15.44. However there is growing interest in this year’s crop as the market looks at typhoon damage in the Philippines and the prospect of India becoming an importer instead of an exporter. India could need to buy 1 to 3 million metric tonnes of rice. That could turn the market upside down. Although Thailand is holding huge intervention stocks, perhaps 6 million metric tonnes, or more; at this point they have held firm. If this continues, the market could have substantial upside. Technically, futures have resistance just under $16, from there you jump to retracement objectives of $16.35, $17.94, and $19.53. Those are the 38%, 50% and 62% retracement objectives of the decline from the ’08 high of $24.68 ½ to the ’09 low of $11.19. Cattle & Hogs  Date: November 18, 2009 Cattle As reported by Federal-State Market News, receipts were 1,337 head at sales in Conway & Pocahontas.  Compared with last week, feeder steers sold unevenly, averaging near steady . Steers:  Medium & Large Frame 1   400 to 450 lbs. 105.75 to - - -   500 to 550 lbs. 94.75 to - - -   600 to 650 lbs. 87 to - - -  Medium & Large Frame 2   400 to 450 lbs. 86.50 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 86.25 to - - -  Medium & Large Frame 2   400 to 450 lbs. 75.50 to - - - Slaughter Cows, Boners 34   to   39 Light Weight 25 to 30 Bulls, Yield Grade   1   1400   to   2300 lbs.   47   to   52, high dressing 53.50-54.50 Midwest Steers   were quoted   at   83   to   - - - Panhandle Steers   were $1 higher   at   84   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 103 to 112.50   600 to 650 lbs. 87 to 97 Heifers 500 to 550 lbs. 88 to 97   600 to 650 lbs. 79 to 86 Chicago Futures: Live Cattle: Dec down 100 at 8307   Feb '10 down 67 at 8497 Feeders: Jan '10 down 105 at 9172   Mar '10 down 72 at 9292 Cattle Comment A strong rebound in the dollar and expectations for lower cash trade today resulted in lower cattle prices. December posted a potential double bottom last Thursday and Friday, meaning support begins at $82.80. Hogs Peoria: were     steady   at   33   to   35 Chicago Futures: Dec up 5 at 5645   Feb '10 up 25 at 6422 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs ended higher. Cash prices look toppy and futures are overbought, so expect the upside to be limited for now. Resistance for February begins at the recent high of $64.80. Poultry  Date: November 18, 2009 Eggs New York:  Ex. Lg. 125-129; Lg. 123-127; Med. 101-105; Chicago:  Ex. Lg. 114-122; Lg. 112-120; Med. 97-105; Eastern Region Turkeys Hens: 8-16 lbs. 84-87 Toms: 16-24 lbs. 84-87   Delmarva Broilers U.S. Grade A The market tone was steady. Retail and food service demand was seasonally fair to moderate with most interest focus on holiday items. Supplies of all sizes were sufficient to satisfy current trade needs. In production areas live supplies were moderate; at mixed, but 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

11/17/2009 Farm Bureau Market Report

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Grain & Soybean Date: November 17, 2009 Soybeans Local Elevators: (Nov) EAST AR:  972 to 996 (NC) Summ. 979 to - - - River Elevators: (Nov) MISS: 987 to 1000 ; AR & White 975 to 985 (NC) Summ. 1014 to 1050 Ark. Processor Bids: (Nov) 984 to - - -  (NC) 1015 to 1038 Memphis:  (Nov) 1009 1/2 to 1014 1/2 (NC)  n/a to - - - Riceland Foods:  (Nov) Stuttgart 984 ; Pendleton 996 ; West Memphis 991 Chicago Futures: Jan '10 up 19 1/2 at  1029 1/2   Mar '10  up  20  at  1035 3/4   Jul '10 up 18 3/4  at  1042   Aug '10 up 18  at  1041 1/2   Nov '10 up 14 1/4  at  1030   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment A stronger $ didn’t deter soybeans as they reversed a weak start to close at the highest level in 3 months. January broke a trendline drawn off the June high and then picked up additional technical buying. Today’s strong close leaves the August high of $10.68 as the next potential upside objective. The quality of this year’s crop, dry conditions in Argentina and strong demand provided the initial impetus for today’s move. Corn closed narrowly mixed with December holding above $4. Weather harvest delays limited downside movement. While the harvest reached expected levels the new delay is raising concerns about eventual yields and total production. With demand expected to exceed earlier production projections this could mean less supply will be available. The recent high of $4.13 is the next upside target. Wheat Cash bid for November at Memphis  454 3/4 to 484 3/4; Bids to farmers at Local Elevators 557-561; River Elevators 551-579; Chicago Futures: Dec up  12 1/2  at  574 3/4    Mar '10 up 12 3/4  at  596 1/2    May'10 up  12 3/4  at  608 3/4    Jul '10 up  11 1/2  at  618 3/4    Sep '10 up  11 1/2  at  637    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for November at Memphis  673 to - - -; Bids to farmers at River Elevators 577-652; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for November at Memphis   387 to 390;   new crop at Memphis   370 1/2 to 410 1/2; Bids to farmers at River Elevators  348 to 377 Chicago Futures: Dec down  1/4  at  402    Mar '10 unchanged    at  417 1/2    Jul '10 down  3/4  at  434 3/4    Dec '10 down  1 1/2  at  446 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat was mostly just along for the ride today, since there really isn’t much fundamental justification for the up move. However, this leg up suggests that recent lows are indeed significant. The next resistance for December is the August high of $5.84 ½. Cotton & Rice  Date: November 17, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 30 at  6697   Greenwood up  30 at 6697 New York Futures: Dec down  55  at  6789    Mar '10 down  70  at  7197    May '10 down  90  at  7313    July '10 down  99  at  7409    - - -   - - -  at  - - -  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton lost steam and closed a little lower with outside markets mostly bearish for commodities. Trade remains confined to the 66-69 cents range that has contained the market for the last 6 weeks. Smaller ’09 crop coupled with serious quality issues could be the basis for a solid upturn. There is little question it will take higher prices to pull acreage in 2010, if beans and corn remain near current levels. Rice Long Grain Cash Bid for  Nov 1391/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Jan '10 down  9 1/2  at  1516    Mar '10 down  9 1/2  at  1540    May '10 down  9 1/2  at  1563 1/2    Jul '10 down  9 1/2  at  1587    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice a little lower as the market failed to followthrough the rebound of last 2 days. However there is growing interest in this year’s crop as the market looks at typhoon damage in the Philippines and the prospect of India becoming an importer instead of an exporter. India could need to buy 1 to 3 million metric tonnes of rice. That could turn the market upside down. Although Thailand is holding huge intervention stocks, perhaps 6 million metric tonnes, or more; at this point they have held firm. If this continues, the market could have substantial upside. Technically, futures have resistance just under $16, from there you jump to retracement objectives of $16.35, $17.94, and $19.53. Those are the 38%, 50% and 62% retracement objectives of the decline from the ’08 high of $24.68 ½ to the ’09 low of $11.19. Cattle & Hogs  Date: November 17, 2009 Cattle As reported by Federal-State Market News, receipts were 403 head at sales in Heber Springs.  Compared with last week, feeder steers sold firm to $2 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 104 to - - -   500 to 550 lbs. n/a to - - -   600 to 650 lbs. n/a to - - -  Medium & Large Frame 2   400 to 450 lbs. 88 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 85.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 77 to - - - Slaughter Cows, Boners 38   to   44 Light Weight 22 to 27 Bulls, Yield Grade   1   1000   to   2100 lbs.   46   to   49 Midwest Steers   n/a   at   - - -   to   - - - Panhandle Steers   were 1 higher to $2.50 lower   at   83   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 103 to 112.50   600 to 650 lbs. 87 to 97 Heifers 550 to 600 lbs. 85 to 90.10   600 to 650 lbs. 79 to 86 Chicago Futures: Live Cattle: Dec up 50 at 8407   Feb '10 up 52 at 8565 Feeders: Jan '10 up 40 at 9277   Mar '10 up 35 at 9365 Cattle Comment A strong rebound in the dollar and expectations for lower cash trade today resulted in early losses for cattle futures, but the market turned higher to close on support from higher beef prices and technical buying. December posted a potential double bottom last Thursday and Friday, meaning support begins at $82.80. Hogs Peoria: were     steady   at   33   to   35 Chicago Futures: Dec up 145 at 5640   Feb '10 up 162 at 6397 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs ended higher. Cash prices look toppy and futures are overbought, so expect the upside to be limited for now. Resistance for February begins at the recent high of $64.80. Poultry  Date: November 17, 2009 Eggs New York:  Ex. Lg. 123-127; Lg. 121-125; Med. 101-105; Chicago:  Ex. Lg. 114-122; Lg. 112-120; Med. 97-105; Eastern Region Turkeys Hens: 8-16 lbs. 84-87 Toms: 16-24 lbs. 84-87   Delmarva Broilers U.S. Grade A The market tone was steady. Retail and food service demand was seasonally fair to moderate, and trading limited to regular commitments. Supplies of all sizes were sufficient to satisfy current trade needs. In production areas live supplies were moderate; at mixed, but 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