11/05/2008 Farm Bureau Market Report

Click here to view this report online.

Grain & Soybean Date: November 05, 2008 Soybeans Local Elevators: (Nov) EAST AR:  816 to 830 (NC) Summ. 830 to - - - River Elevators: (Nov) MISS: 806 to 841 ; AR & White 794 to 820 (NC) Summ. 869 to 904 Ark. Processor Bids: (Nov) 809 to 830  (NC) 884 to 886 Memphis:  (Nov) 820 to 839 (NC)  n/a to - - - Riceland Foods:  (Nov) Stuttgart 830 ; Pendleton 830 ; West Memphis 841 Chicago Futures: Jan '09 down 55 at  904   Mar '09  down  55  at  916   May '09 down 55  at  927 3/4   Jul '09 down 55 3/4  at  936 3/4   Nov '09 down 51 1/2  at  942   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans quickly gave back most of the gains of the last week. Weakness in crude oil coupled with profit taking pushed soybeans steadily lower. With the inability to hold big early gains in several previous sessions, traders appeared to be on the defensive. The inability to followthrough on yesterday’s higher close could bring another test of recent support. For now, the market is trading a dollar plus range with resistance around $9.60 and support just below $8.50. Corn was lower after again failing to move above resistance around $4.20. Support remains the recent low of $3.68 ¾. Corn exports are running almost 40% below year ago levels and that could be trouble if the dollar continues to trend higher. Wheat Cash bid for November at Memphis  335 1/4 to 382 1/4; Bids to farmers at Local Elevators 336-361; River Elevators 461-486; Chicago Futures: Dec down  35 1/4  at  537 1/4    Mar '09 down 35 1/4  at  558    May '09 down  35 1/2  at  571 3/4    Jul '09 down  34 3/4  at  585 3/4    Sep '09 down  34 1/2  at  605 3/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for November at Memphis  393 to 474; Bids to farmers at River Elevators 332-413; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for November at Memphis   325 1/4 to 331 1/4;   new crop at Memphis   378 1/4 to - - -; Bids to farmers at River Elevators  306 to 326 Chicago Futures: Dec down  22 3/4  at  390 1/4    Mar '09 down  22 3/4  at  408    May '09 down  22 1/2  at  420 1/4    Dec '09 down  19 3/4  at  457 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat was sharply lower today, unable to move higher without support from corn and beans. 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 05, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis down 201 at  4081   Greenwood down  201 at 4081 New York Futures: Dec down  184  at  4448    Mar '09 down  227  at  4860    May '09 down  199  at  5048    Jul '09 down  166  at  5248    Dec '09 down  187  at  5680  This week's LDP rate for cotton is  11.88 cents   The estimate for next week is  13.25 cents Cotton Comment Cotton reversed yesterday’s gains and is in position to test Monday’s low. Long term chart support at 42 to 42.5 cents could still be tested. Yields in the southern Mississippi delta are well below expectations and may bring a correction in the ’08 production number. However, overall stocks are burdensome as export demand remains weak. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: Nov down  11  at  1559    Jan '09 down  19  at  1573 1/2    Mar '09 down  20  at  1602 1/2    Sep '09 down  22  at  1576    n/a down  - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice closed lower after failing to hold big overnight gains. Slow export movement soon will begin to impact mills, as there have been few new inquiries. Rough rice exports to Central America and Mexico are continuing at a relatively good pace. U.S. milled rice remains at a big premium to Asian offerings. Vietnam has implemented a minimum export price of $500 per tonne for 5% brokens but most quotes are about $100 below that level. Thai offerings have continued lower, with 100% B in the $550 plush range. Upside potential appears limited because of economic conditions. U.S. producers and buyers remain at odds regarding current bids. Cattle & Hogs  Date: November 05, 2008 Cattle As reported by Federal-State Market News, receipts were 668 head at sales in Conway.  Compared with last week, feeder steers sold firm to $3 higher, heifers sold near steady . Steers:  Medium & Large Frame 1   400 to 450 lbs. 107.25 to - - -   500 to 550 lbs. 94 to - - -   600 to 650 lbs. 87.75 to - - -  Medium & Large Frame 2   400 to 450 lbs. 88.25 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 86 to - - -  Medium & Large Frame 2   500 to 550 lbs. 77.25 to - - - Slaughter Cows, Boners 40   to   45 Light Weight 22 to 28 Bulls, Yield Grade   1   1000   to   2100 lbs.   53   to   57 Midwest Steers   were $2-2.50 higher   at   92   to   92.50 Panhandle Steers   were $2.50 higher   at   92.50   to   - - - Oklahoma City Feeders Steers 550 to 600 lbs. 112 to 113.50   600 to 650 lbs. 88 to 100 Heifers 550 to 600 lbs. 83.50 to 90   600 to 650 lbs. 84.50 to 92 Chicago Futures: Live Cattle: Dec up 42 at 9427   Feb down 52 at 9445 Feeders: Jan up 47 at 10077   May up 25 at 10200 Cattle Comment Cattle futures ended mixed. Exports remain key, so indications of economic stability are important. December has resistance at the chart gap between $96.20 and $97.50. Hogs Peoria: were $.5     lower   at   34   to   34.5 Chicago Futures: Dec up 5 at 5447   Feb down 67 at 6117 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures were mostly lower, reflecting the overall negative undertone in commodities today. Supplies remain more than ample, and that is keeping a lid on prices. Poultry  Date: November 05, 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. 87-95   Delmarva Broilers U.S. Grade A Trade sentiment was about steady to barely steady. Demand was no better than fair with trading usually confined to regular commitments. Supplies of all sizes were at least 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