11/03/2008 Farm Bureau Market Report

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Grain & Soybean Date: November 03, 2008 Soybeans Local Elevators: (Nov) EAST AR:  846 to 860 (NC) Summ. 864 to - - - River Elevators: (Nov) MISS: 840 to 882 ; AR & White 828 to 843 (NC) Summ. 902 to 937 Ark. Processor Bids: (Nov) 855 to 860  (NC) 918 to 920 Memphis:  (Nov) 862 1/2 to 888 1/2 (NC)  n/a to - - - Riceland Foods:  (Nov) Stuttgart 860 ; Pendleton 860 ; West Memphis 881 Chicago Futures: Jan '09 down 4 1/2 at  937 1/2   Mar '09  down  4  at  949 1/4   May '09 down 4  at  960 3/4   Jul '09 down 4 1/4  at  970   Nov '09 down 2 1/2  at  969 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans lost early steam as the dollar strengthened, and ended the session slightly higher. A good export sales report boosted beans sharply overnight and through much of today’s session. Another big decline in crude oil added to the late downturn. January still needs to close above recent highs around $9.50 and then a gap just above $10. That would suggest the season low was in. Corn followed much the same path as soybeans with late pressure paring early gains. Unlike soybeans, the corn export sales report was considered bearish. Overall sales are lagging year ago levels. Today’s crop progress report is expected to show good progress in the corn harvest, but it will still lag well behind 5 year average. December corn needs to close above $4.20 and then the gap at $4.53 to indicate the possibility of a good rebound. Wheat Cash bid for November at Memphis  499 3/4 to 509 3/4; Bids to farmers at Local Elevators 360-485; River Elevators 485-510; Chicago Futures: Dec up  25 3/4  at  562    Mar '09 up 25 3/4  at  582 1/2    May '09 up  25 1/2  at  596    Jul '09 up  25 3/4  at  609 3/4    Sep '09 up  26 1/4  at  628 3/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for November at Memphis  425 to 468; Bids to farmers at River Elevators 364-445; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for November at Memphis   348 to 352;   new crop at Memphis   388 1/4 to - - -; Bids to farmers at River Elevators  324 to 348 Chicago Futures: Dec up  1 1/2  at  430    Mar '09 up  1 1/2  at  420 3/4    May '09 up  1 3/4  at  432 1/2    Dec '09 up  3 3/4  at  464 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat was the upside leader today despite negative fundamentals. Indications that the market is oversold provided support. Weakness in the dollar was also supportive. December has broken out of the long-term downtrend, but the upside could be limited by large world stocks. Cotton & Rice  Date: November 03, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis up 39 at  4118   Greenwood up  39 at 4118 New York Futures: Dec up  31  at  4460    Mar '09 up  54  at  4907    May '09 up  40  at  5072    Jul '09 up  61  at  5258    Dec '09 up  51  at  5692  This week's LDP rate for cotton is  11.88 cents   The estimate for next week is  13.84 cents Cotton Comment Cotton traded in a very narrow range as the market continues under pressure. There is a strong possibility that December 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 two days price for the next week’s LDP is an estimated 13.84 cents. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: Jan '09 up  14 1/2  at  1542 1/2    Mar '09 up  13  at  1572 1/2    May '09 up  14  at  1603    Jul '09 up  14  at  1632    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice futures closed higher but well below the early trade. 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 $425 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: November 03, 2008 Cattle As reported by Federal-State Market News, receipts were 3,343 head at sales in Springdale & Ash Flat.  Compared with last week, feeder steers uneven, mostly steady to $2 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 112.50 to - - -   500 to 550 lbs. 96.50 to - - -   600 to 650 lbs. 88.75 to - - -  Medium & Large Frame 2   400 to 450 lbs. 106.50 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 90.75 to - - -  Medium & Large Frame 2   400 to 450 lbs. 84.50 to - - - Slaughter Cows, Boners 41   to   47 Light Weight 32 to 36 Bulls, Yield Grade   1   1000   to   2100 lbs.   55   to   62.50, high dressing untested Midwest Steers   were quoted   at   89   to   92.50 Panhandle Steers   were $4.50 higher to $.50 lower   at   88   to   93 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 62 at 9332   Feb down 10 at 9415 Feeders: Nov up 107 at 9970   Jan up 112 at 9917 Cattle Comment Cattle futures were mostly higher on support from expectations for higher cash trade this week and relative strength in world stock markets. Exports remain key, so indications of economic stability are important. December is running into resistance below $94. Hogs Peoria: were $.5     lower   at   34.5   to   35 Chicago Futures: Dec down 40 at 5440   Feb down 107 at 6190 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures were mostly lower Cutout values dropped significantly last week, weighing on futures. Supplies remain more than ample, further limiting the upside for nearby contracts. Deferred were supported by a weaker dollar and higher corn futures. Poultry  Date: November 03, 2008 Eggs New York:  Ex. Lg. 124-128; Lg. 122-126; Med. 107-111; Chicago:  Ex. Lg. 114-122; Lg. 112-120; Med. 99-107; Eastern Region Turkeys Hens: 8-16 lbs. 90-96 Toms: 16-24 lbs. 90-93   Delmarva Broilers U.S. Grade A Trade sentiment was barely steady to weak. Demand following the weekend was slow to fair with limited trading. Supplies were sufficient to fully 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