11/06/2008 Farm Bureau Market Report

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Grain & Soybean Date: November 06, 2008 Soybeans Local Elevators: (Nov) EAST AR:  818 to 832 (NC) Summ. 832 to - - - River Elevators: (Nov) MISS: 808 to 843 ; AR & White 801 to 806 (NC) Summ. 871 to 906 Ark. Processor Bids: (Nov) 800 to 832  (NC) 886 to 888 Memphis:  (Nov) 822 to 856 (NC)  n/a to - - -- Riceland Foods:  (Nov) Stuttgart 832 ; Pendleton 832 ; West Memphis 843 Chicago Futures: Jan '09 up 2 at  906   Mar '09  down  1  at  915   May '09 down 3 1/4  at  924 1/2   Jul '09 down 2 1/2  at  934 1/4   Nov '09 down 6  at  936   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans traded mixed today. Weakness in crude oil continues to pressure prices. Luckily strong export sales are adding some support to prices preventing soybeans from experiencing the kind of declines we have seen in other markets. The market continues to trade in the dollar plus range with resistance around $9.60 and support just below $8.50. Corn continues to weaken as declining oil prices and a weak export sales report pressure prices lower. 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  323 1/2 to 367 1/2; Bids to farmers at Local Elevators 321-446; River Elevators 446-471; Chicago Futures: Dec down  14 3/4  at  522 1/2    Mar '09 down 14 3/4  at  543 1/4    May '09 down  14 3/4  at  557    Jul '09 down  15  at  570 3/4    Sep '09 down  13 3/4  at  592    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for November at Memphis  371 to 448; Bids to farmers at River Elevators 311-391; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for November at Memphis   313 to 322;   new crop at Memphis   365 to - - -; Bids to farmers at River Elevators  294 to 318 Chicago Futures: Dec down  12 1/4  at  378    Mar '09 down  12 1/2  at  395 1/2    May '09 down  12 3/4  at  407 1/2    Dec '09 down  13 1/4  at  444    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat was sharply lower again today, unable to move higher without support from corn and beans. Wheat price also continue to feel the pressure of weak export sales. Cotton & Rice  Date: November 06, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis down 133 at  3948   Greenwood down  133 at 3948 New York Futures: Dec down  133  at  4298    Mar '09 down  194  at  4669    May '09 down  191  at  4831    Jul '09 down  195  at  4991    Dec '09 down  183  at  5448  This week's LDP rate for cotton is  11.88 cents   The estimate for next week is  13.23 cents Cotton Comment Cotton prices continue to decline sharply, but remain above support levels. Long term chart support at 42 to 42.5 cents could still be tested. Overall stocks continue to be burdensome as export demand remains weak. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: Nov down  35  at  1524    Jan '09 down  47 1/2  at  1526    Mar '09 down  46 1/2  at  1556    May '09 down  45 1/2  at  1586    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice prices closed down today. Today's export sales report continues to show slow export movement. U.S. milled rice remains at a big premium to Asian offerings. Upside potential appears limited because of economic conditions. U.S. producers and buyers remain at odds regarding current bids. Cattle & Hogs  Date: November 06, 2008 Cattle As reported by Federal-State Market News, receipts were 2,098 head at sales in Charlotte, Ratcliff & Green Forest.  Compared with last week, feeder steers sold firm to $5 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 117.25 to - - -   500 to 550 lbs. 103 to - - -   600 to 650 lbs. 96.25 to - - -  Medium & Large Frame 2   400 to 450 lbs. 84.25 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 90 to - - -  Medium & Large Frame 2   400 to 450 lbs. 84.25 to - - - Slaughter Cows, Boners 38   to   45 Light Weight 29 to 35 Bulls, Yield Grade   1   1000   to   2100 lbs.   50   to   57.50, high dressing 60-60.50 Midwest Steers   remained   at   92   to   92.50 Panhandle Steers   were $.5 lower to steady   at   92   to   92.50 Oklahoma City Feeders Steers 500 to 550 lbs. 109 to 116   650 to 700 lbs. 99 to 104.25 Heifers 500 to 550 lbs. 93.50 to 101   550 to 600 lbs. 93 to 95.75 Chicago Futures: Live Cattle: Dec down 97 at 9330   Feb '09 down 132 at 9312 Feeders: Jan '09 down 180 at 9897   May '09 down 217 at 9982 Cattle Comment Cattle futures ended the day lower. December has resistance at the chart gap between $96.20 and $97.50. Hogs Peoria: were $.5     higher   at   34.5   to   35 Chicago Futures: Dec up 35 at 5482   Feb '09 down 57 at 6060 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 06, 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 fair at best with light trading. 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