11/07/2008 Farm Bureau Market Report

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Grain & Soybean Date: November 07, 2008 Soybeans Local Elevators: (Nov) EAST AR:  833 to 847 (NC) Summ. 847 to - - - River Elevators: (Nov) MISS: 823 to 866 ; AR & White 816 to 837 (NC) Summ. 886 to 921 Ark. Processor Bids: (Nov) 819 to 847  (NC) 901 to 903 Memphis:  (Nov) 837 to 876 (NC)  n/a to - - - Riceland Foods:  (Nov) Stuttgart 847 ; Pendleton 847 ; West Memphis 858 Chicago Futures: Jan '09 up 15 at  921   Mar '09  up  14 1/2  at  929 1/2   May '09 up 15  at  939 1/2   Jul '09 up 14 1/4  at  948 1/2   Nov '09 up 11 1/4  at  947 1/4   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans posted solid gains. Strong export movement has the trade expecting to see USDA raise their export projection in next week’s report. The market continues to trade in the dollar plus range with resistance around $9.60 and support just below $8.50. Corn ended lower after failing to close yesterday’s gap during an early rally. 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  316 to 386; Bids to farmers at Local Elevators 320-345; River Elevators 445-470; Chicago Futures: Dec down  1 1/2  at  521    Mar '09 down 1 1/4  at  542    May '09 down  1  at  556    Jul '09 down  3/4  at  570    Sep '09 up  3/4  at  592 3/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for November at Memphis  385 to 429; Bids to farmers at River Elevators 323-403; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for November at Memphis   320 1/2 to 325 1/2;   new crop at Memphis   362 3/4 to - - -; Bids to farmers at River Elevators  291 to 351 Chicago Futures: Dec down  2 1/2  at  375 1/2    Mar '09 down  2  at  393 1/2    May '09 down  2  at  405 1/2    Dec '09 down  3  at  441    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat ended lower, with supply-side concerns standing in the way of a major rally. Wheat price also continue to feel the pressure of weak export sales. Cotton & Rice  Date: November 07, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis up 91 at  3857   Greenwood up  91 at 3857 New York Futures: Dec down  87  at  4211    Mar '09 down  16  at  4563    May '09 down  121  at  4710    Jul '09 down  116  at  4875    Dec '09 down  118  at  5330  This week's LDP rate for cotton is  13.23 cents   The estimate for next week is  14.19 cents Cotton Comment Cotton prices continue to decline sharply. December is testing support at 42 cents. 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: Jan '09 down  7  at  1519    Mar '09 down  8  at  1548    May '09 down  9  at  1577    Jul '09 down  8  at  1606 1/2    - - - up  - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice prices were also lower. Disappointing export movement is keeping a lid on prices. 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 07, 2008 Cattle As reported by Federal-State Market News, receipts were 10,425 head at sales in Arkansas this week.  Compared with last week, feeder steers sold mostly firm to $5 higher, instances $5-12 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 118 to - - -   500 to 550 lbs. 103 to - - -   600 to 650 lbs. 88.75 to - - -  Medium & Large Frame 2   400 to 450 lbs. 106.25 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 92 to - - -  Medium & Large Frame 2   400 to 450 lbs. 80.50 to - - - Slaughter Cows, Boners 38   to   45 Light Weight 25 to 30 Bulls, Yield Grade   1   1000   to   2100 lbs.   51   to   56, high dressing 57-62 Midwest Steers   were steady to $.50 higher   at   92   to   93 Panhandle Steers   were steady to $.50 higher   at   92   to   93 Oklahoma City Feeders Steers 500 to 550 lbs. 103 to 117   600 to 650 lbs. 90 to 108 Heifers 500 to 550 lbs. 86 to 93   600 to 650 lbs. 82 to 92 Chicago Futures: Live Cattle: Dec down 50 at 9280   Feb up 42 at 9355 Feeders: Jan up 25 at 9922   May up 87 at 10070 Cattle Comment Rice prices were also lower. Disappointing export movement is keeping a lid on prices. 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. Hogs Peoria: were     steady   at   33.5   to   34 Chicago Futures: Dec up 57 at 5540   Feb up 190 at 6250 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures turned higher today on indications the market is oversold and that lower prices have sparked demand for pork. Supplies remain more than ample, and that is keeping a lid on prices. Poultry  Date: November 07, 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. 87-96   Delmarva Broilers U.S. Grade A Trade sentiment was about steady. Demand entering the weekend was fair at best with limited trading. Supplies were at least adequate 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