10/31/2008 Farm Bureau Market Report

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Grain & Soybean Date: October 31, 2008 Soybeans Local Elevators: (Oct) EAST AR:  843 to 857 (NC) Summ. 859 to - - - River Elevators: (Oct) MISS: 820 to 879 ; AR & White 837 to 852 (NC) Summ. 883 to 933 Ark. Processor Bids: (Oct) 852 to 857  (NC) 913 to 915 Memphis:  (Oct) 875 1/4 to 878 (NC)  n/a to - - - Riceland Foods:  (Oct) Stuttgart 857 ; Pendleton 857 ; West Memphis 878 Chicago Futures: Nov down 8 3/4 at  925 1/4   Jan '09  down  10  at  933   Mar '09 down 9 3/4  at  945 1/4   May '09 down 9  at  956 3/4   Nov '09 down 5  at  967   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans ended the session lower, with a stronger dollar weighing on the market. The mid-week move tested resistance around $9.50 and then moved lower as the market couldn’t maintain upward momentum. Recent trading suggests the market wants to move higher. However, the uncertainty with regard to crude oil and the dollar is keeping a cap on gains. January needs to close above $9.50 and then $10 to confirm a low. Corn closed lower and like soybeans failed to move higher after testing key resistance at mid-week. A slow harvest was offset by yesterday’s negative export report. December must clear $4.20 and then $4.55 to confirm a change in direction. Wheat Cash bid for October at Memphis  474 to 484; Bids to farmers at Local Elevators 334-459; River Elevators 459-484; Chicago Futures: Dec down  1 3/4  at  536 1/4    Mar '09 down 2  at  556 3/4    May '09 down  1 3/4  at  570 1/2    Jul '09 down  1 3/4  at  584    Sep '09 down  1 1/4  at  602 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for October at Memphis  422 to 467; Bids to farmers at River Elevators 388-459; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for October at Memphis   341 1/2 to 356 1/2;   new crop at Memphis   385 1/4 to - - -; Bids to farmers at River Elevators  332 to 356 Chicago Futures: Dec down  8  at  401 1/2    Mar '09 down  8 1/4  at  419 1/4    May '09 down  8 3/4  at  430 3/4    Dec '09 down  9  at  460 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat ended a bit higher. 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. Cotton & Rice  Date: October 31, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis down 80 at  4079   Greenwood down  80 at 4079 New York Futures: Dec down  40  at  4469    Mar '09 down  33  at  4885    May '09 down  19  at  5065    Jul '09 down  68  at  5191    Dec '09 down  39  at  5639  This week's LDP rate for cotton is  11.88 cents   The estimate for next week is  13.54 cents Cotton Comment Cotton fell to new contract lows again today and may test long term resistance near 42 cents. There is little left to be said as overall world economic conditions are weighing on the market. At the present time it is safe to say that acreage will be down again in 2009. Producers need to be looking at capturing the LDP. With new adjustments that were implemented effective today, the LDP for this week is $11.88 cents. The first day’s price for the next week’s LDP is an estimated 13.54 cents. Rice Long Grain Cash Bid for  Oct/Nov 1280/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Nov down  24 1/2  at  1504 1/2    Jan '09 down  28  at  1528    Mar '09 down  28  at  1559 1/2    May '09 down  28  at  1589    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment RICE lost early week momentum and closed lower again today. Upside potential appears limited with the weakness and declining price levels that are being seen in the international market. Vietnam at 5% is now quoted around $4.25 per tonne, while Thailand’s quotes are near $600. The U.S. is around $700 and interest appears to be minimal. New sales are needed to limit mill down time going into the end of the year. January futures have support at the recent low of $14.40. Cattle & Hogs  Date: October 31, 2008 Cattle As reported by Federal-State Market News, receipts were 12,470 head at sales in Arkansas this week.  Compared with last week, feeder steers sold $1-6 lower. . Steers:  Medium & Large Frame 1   400 to 450 lbs. 107 to - - -   500 to 550 lbs. 93.50 to - - -   600 to 650 lbs. 86 to - - -  Medium & Large Frame 2   400 to 450 lbs. 93.50 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 86 to - - -  Medium & Large Frame 2   400 to 450 lbs. 77.50 to - - - Slaughter Cows, Boners 40   to   47 Light Weight 28 to 35 Bulls, Yield Grade   1   1000   to   2100 lbs.   55   to   60.50, high dressing $64.50 Midwest Steers   n/a   at   - - -   to   - - - Panhandle Steers   remained   at   92.50   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 95 to 107   600 to 650 lbs. 87.50 to 105 Heifers 500 to 550 lbs. 82 to 111   600 to 650 lbs. 80 to 100.50 Chicago Futures: Live Cattle: Dec up 125 at 9270   Feb '09 up 100 at 9425 Feeders: Nov up 77 at 9862   Jan '09 up 80 at 9805 Cattle Comment Cattle futures continued to recover 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. Hogs Peoria: were $1     lower   at   35   to   35.5 Chicago Futures: Dec down 120 at 5480   Feb '09 down 45 at 6297 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures continue to be under pressure despite the fact that nearby December is trading at a discount to cash prices. Cutout values dropped significantly this week, weighing on futures. Supplies remain more than ample, further limiting the upside. Poultry  Date: October 31, 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. 90-95   Delmarva Broilers U.S. Grade A Trade sentiment was barely steady to weak. Demand entering the weekend was light and unaggressive with trading limited to regular commitments. Supplies were more than sufficient 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 2008 Arkansas Farm Bureau, Inc. All rights reserved Terms of Use