10/30/2008 Farm Bureau Market Report

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Grain & Soybean Date: October 30, 2008 Soybeans Local Elevators: (Oct) EAST AR:  853 to 873 (NC) Summ. 869 to - - - River Elevators: (Oct) MISS: 829 to 894 ; AR & White 846 to 863 (NC) Summ. 893 to 943 Ark. Processor Bids: (Oct) 864 to 873  (NC) 923 to 925 Memphis:  (Oct) 888 to 889 (NC)  n/a to - - - Riceland Foods:  (Oct) Stuttgart 866 ; Pendleton 866 ; West Memphis 887 Chicago Futures: Nov down 3 1/4 at  934   Jan '09  down  4  at  943   Mar '09 down 4 1/4  at  955   May '09 down 3 3/4  at  965 3/4   Nov '09 down 1 1/2  at  972   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans reversed from yesterday and traded to the negative side most of today. January futures need to close above key resistance around $9.50 to keep this upturn under way. This week's lower production number was partially offset by a lower export projection. That could be a problem, but for now sales are almost 10% above year ago levels. Corn closed lower giving back a part of yesterday's big move. December needs to close above $4.21 and then move above $4.60 to confirm a bottom. Wheat Cash bid for October at Memphis  323 to 388; Bids to farmers at Local Elevators 336-461; River Elevators 461-486; Chicago Futures: Dec down  23 1/4  at  538    Mar '09 down 22 1/2  at  558 3/4    May '09 down  22 3/4  at  572 1/4    Jul '09 down  22 1/2  at  585 3/4    Sep '09 down  22 1/4  at  603 3/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for October at Memphis  437 to 481; Bids to farmers at River Elevators 402-473; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for October at Memphis   349 1/2 to 364 1/2;   new crop at Memphis   394 1/2 to - - -; Bids to farmers at River Elevators  340 to 364 Chicago Futures: Dec down  11 1/4  at  409 1/2    Mar '09 down  10 3/4  at  427 1/2    May '09 down  10 1/2  at  439 1/2    Dec '09 down  10 3/4  at  469 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat posted double digit losses. Wheat is dealing with negative fundamentals, and today's relatively disappointing export report didn't help. This market is having difficulty moving higher without carryover support from corn and soybeans. The Australian crop is now estimated to be 20 million metric tons, down from earlier estimates but significantly higher than the past two years. Cotton & Rice  Date: October 30, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis down 179 at  4159   Greenwood down  179 at 4159 New York Futures: Dec down  147  at  4541    Mar '09 down  132  at  4956    May '09 down  124  at  5120    Jul '09 down  141  at  5281    Dec '09 down  165  at  5690  This week's LDP rate for cotton is  7.38 cents   The estimate for next week is  10.32 cents Cotton Comment Cotton did it again, falling to new lows as all markets remained under pressure. Cotton is tied more directly to economic fortune or misfortunes, as it is, and the fact clothing purchases can be delayed. Exports now account for about ¾ of U.S. cotton sales and movement will need to be stronger to move the market higher. For now producers should use the loan, or take an LDP which is projected above 10 cents for the upcoming week. Rice Long Grain Cash Bid for  Oct/Nov 1280/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Nov down  9  at  1529    Jan '09 down  7 1/2  at  1556    Mar '09 down  7  at  1587 1/2    May '09 down  7  at  1617    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice turned lower today. January futures will need to close above $15.75 and then $16.50 to suggest a change in trend direction. U.S. price levels remain at a premium to the Asian offerings. Price levels in both Vietnam and Thailand continue to move lower. Vietnam quotes are around $425 per metric tonne and Thailand is near $600 per tonne. U.S. values are adding pressure to the market as few inquiries are being fielded and mills will have a lot of open time by year’s end. The next major long term chart support is 62% retracement value of $13.12. Cattle & Hogs  Date: October 30, 2008 Cattle As reported by Federal-State Market News, receipts were 2,332 head at sales in Charlotte, Ratcliff & Green Forest.  Compared with last week, feeder steers sold weak to $5 lower except some better quality steers over 500 lbs sold $2 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 109.75 to - - -   500 to 550 lbs. 102.75 to - - -   600 to 650 lbs. 95.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 94 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 85.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 79.50 to - - - Slaughter Cows, Boners 42   to   48 Light Weight 37 to 39 Bulls, Yield Grade   1   1000   to   2100 lbs.   53.50   to   60, high dressing 62.50-67.50 Midwest Steers   remained   at   91   to   92 Panhandle Steers   were $.50 higher   at   92.50   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 110 to 122.50   600 to 650 lbs. 93.50 to 105 Heifers 500 to 550 lbs. 89 to 93   550 to 600 lbs. 83.50 to 92 Chicago Futures: Live Cattle: Dec up 45 at 9145   Feb up 72 at 9325 Feeders: Nov up 135 at 9785   Jan up 135 at 9725 Cattle Comment Hog futures were under pressure today despite the fact that nearby December is trading at a discount to cash prices. Cutout values dropped over $2.50 yesterday, weighing on futures. Supplies remain more than ample, further limiting the upside. Hogs Peoria: were     steady   at   36   to   36.5 Chicago Futures: Dec down 157 at 5600   Feb down 90 at 6342 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Cattle futures recovered a bit after being hit hard by economic worries in recent weeks. Exports remain a key to this market, so we aren't out of the woods. The market continues to be concerned that global economic worries will cut demand worldwide. Poultry  Date: October 30, 2008 Eggs New York:  Ex. Lg. 124-128; Lg. 122-126; Med. 107-111; Chicago:  Ex. Lg. 113-121; Lg. 111-119; Med. 99-107; Eastern Region Turkeys Hens: 8-16 lbs. 90-98 Toms: 16-24 lbs. 90-98   Delmarva Broilers U.S. Grade A Trade sentiment was about steady to barely steady. Demand was light to fair with limited trading approaching first of the month. Supplies were adequate to fully adequate 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 2008 Arkansas Farm Bureau, Inc. All rights reserved Terms of Use