11/04/2008 Farm Bureau Market Report

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Grain & Soybean Date: November 04, 2008 Soybeans Local Elevators: (Nov) EAST AR:  851 to 879 (NC) Summ. 885 to - - - River Elevators: (Nov) MISS: 861 to 903 ; AR & White 849 to 864 (NC) Summ. 924 to 959 Ark. Processor Bids: (Nov) 865 to 867  (NC) 939 to 941 Memphis:  (Nov) 876 to 899 (NC)  n/a to - - - Riceland Foods:  (Nov) Stuttgart 865 ; Pendleton 860 ; West Memphis 876 Chicago Futures: Nov up 21 1/4 at  949 1/2   Jan '09  up  21 1/2  at  959   Mar '09 up 21 3/4  at  971   May '09 up 22  at  982 3/4   Nov '09 up 24  at  993 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans closed higher, but well off the day’s highs as the market again retreated late in the session. January futures closed above recent resistance, but the late downturn weakens any argument suggesting a low has been made. Next week’s report could help, but the overall feeling is that there will be little change, since USDA made unprecedented correction last week. January still needs followthrough and a close above the gap at $10.06 to confirm a change in market direction. December corn made another run at $4.20 but just couldn’t move higher as the market faded in the late trade. A close above the gap at $4.53 would be a positive signal. Wheat Cash bid for November at Memphis  372 1/2 to 422 1/2; Bids to farmers at Local Elevators 371-496; River Elevators 495-521; Chicago Futures: Dec up  10 1/2  at  572 1/2    Mar '09 up 10 3/4  at  593 1/4    May '09 up  11 1/4  at  607 1/4    Jul '09 up  10 3/4  at  620 1/2    Sep '09 up  11 1/2  at  640 1/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for November at Memphis  443 to 514; Bids to farmers at River Elevators 373-454; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for November at Memphis   358 to - - -;   new crop at Memphis   399 1/4 to - - -; Bids to farmers at River Elevators  329 to 353 Chicago Futures: Dec up  10  at  413    Mar '09 up  10  at  430 3/4    May '09 up  10 1/4  at  442 3/4    Dec '09 up  12 3/4  at  477    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat continued to move higher today following corn and soybeans. Indications that the market is oversold provided support. Weakness in the dollar was also supportive. USDA says the winter wheat crop is 90% planted and 67% is in good to excellent condition. December has broken out of the long-term downtrend, but the upside could be limited by large world stocks. Cotton & Rice  Date: November 04, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis up 164 at  4282   Greenwood up  164 at 4282 New York Futures: Dec up  152  at  4620    Mar '09 up  174  at  5089    May '09 up  138  at  5219    Jul '09 up  107  at  5365    Dec '09 up  196  at  5882  This week's LDP rate for cotton is  11.88 cents   The estimate for next week is  13.76 cents Cotton Comment Cotton made a solid gain but December failed to move above old trend line resistance at today’s high. 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. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: Jan '09 up  50  at  1592 1/2    Mar '09 up  50  at  1622 1/2    May '09 up  50  at  1653    Jul '09 up  50  at  1682    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment A strong rally carried January rice futures above recent resistance. Limit gains put rice in position to test resistance at old support just below $16.50. This year’s U.S. crop is expected to be below USDA’s projection as hurricanes caused late season damage. The international market remains under pressure and will impact upside potential. However, in the long run, rice will have to be competitive with soybeans and corn or acreage will decline. Cattle & Hogs  Date: November 04, 2008 Cattle As reported by Federal-State Market News, receipts were 1,227 head at sales in Fort Smith & Marshall.  Compared with last week, feeder steers sold unevenly, mostly steady to $2 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 114.75 to - - -   500 to 550 lbs. 99.50 to - - -   600 to 650 lbs. 90.75 to - - -  Medium & Large Frame 2   400 to 450 lbs. 111 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 91.75 to - - -  Medium & Large Frame 2   400 to 450 lbs. 80.50 to - - - Slaughter Cows, Boners 40   to   45.50 Light Weight 28 to 30 Bulls, Yield Grade   1   1000   to   2100 lbs.   54   to   61.50, high dressing 61.50-62 Midwest Steers   were $1 higher to $2.50 lower   at   90   to   - - - Panhandle Steers   were $2 higher to $2 lower   at   90   to   - - - Oklahoma City Feeders Steers 550 to 600 lbs. 102 to 111.75   600 to 650 lbs. 100 to 106.50 Heifers 550 to 600 lbs. 83.50 to 90   600 to 650 lbs. 84.50 to 92 Chicago Futures: Live Cattle: Dec up 52 at 9385   Feb '09 up 82 at 9497 Feeders: Jan up 112 at 10030   May up 130 at 10175 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     steady   at   34.5   to   35 Chicago Futures: Dec up 2 at 5442   Feb '09 down 5 at 6185 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures were mixed. 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 04, 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. 87-96 Toms: 16-24 lbs. 87-93   Delmarva Broilers U.S. Grade A Trade sentiment was about steady to barely steady, at times weak. Demand into all channels was mostly fair at best with trading usually limited to regular commitments. Supplies of all sizes were more than sufficient to satisfy 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