11/10/2008 Farm Bureau Market Report

Click here to view this report online.

Grain & Soybean Date: November 10, 2008 Soybeans Local Elevators: (Nov) EAST AR:  860 to 874 (NC) Summ. 874 to - - - River Elevators: (Nov) MISS: 850 to 906 ; AR & White 827 to 864 (NC) Summ. 913 to 948 Ark. Processor Bids: (Nov) 846 to 874  (NC) 928 to 930 Memphis:  (Nov) 883 to 908 (NC)  - - - to - - - Riceland Foods:  (Nov) Stuttgart 874 ; Pendleton 874 ; West Memphis 885 Chicago Futures: Jan 09 up 27 at  948   Mar 09  up  27 3/4  at  957 1/4   May 09 up 27 3/4  at  967 1/4   July 09 up 26 1/2  at  975   Nov 09 up 26 3/4  at  974   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans ended solidly higher today. The supply/demand report didn’t really contain any surprises. USDA cut their yield estimate to 39.3 bushels per acre, compared with 39.5 bu/a in the October report. They cut the crush estimate and kept ending stocks at 205 million bushels. They did leave the export projection steady even though currently exports have been running about 15% ahead of last year’s pace. The market continues to trade in the dollar plus range with resistance around $9.60 and support just below $8.50. Wheat Cash bid for November at Memphis  308 to 390; Bids to farmers at Local Elevators 370-445; River Elevators 445-470; Chicago Futures: Dec down  1  at  520    Mar 09 down 1 1/4  at  540 3/4    May 09 down  3/4  at  555 1/4    July 09 down  1/4  at  569 3/4    Sept 09 up  1 1/2  at  594 1/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for November at Memphis  417 to 431; Bids to farmers at River Elevators 337-417; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for November at Memphis   326 1/2 to 337 1/2;   New crop at Memphis   371 to - - -; Bids to farmers at River Elevators  299 to 359 Chicago Futures: Dec up  8  at  383 1/2    Mar 09 up  8  at  401 1/2    May 09 up  8 1/4  at  413 3/4    Dec 09 up  9  at  450    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Corn posted gains as well. The trade was expecting a small bump in the yield estimate, instead, USDA made a slight decrease to 153.8 bushels per acre. They left their corn for ethanol usage estimate at 4 billion bushels, despite wide speculation that that would be trimmed. Exports were cut by 50 million bushels, leaving the carryout at 1.124 billion bushels. Wheat moved lower today thanks to the fact that USDA added 2.2 million metric tons to the world wheat crop estimate. That brings the world wheat production total to 682.4 million metric tons—a record breaker. December continues to hold support just above $5. Cotton & Rice  Date: November 10, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis down 83 at  3774   Greenwood down  83 at 3774 New York Futures: Dec down  83  at  4124    Mar 09 down  84  at  4476    May 09 down  86  at  4633    July 09 down  85  at  4790    Dec 09 down  87  at  5235  This week's LDP rate for cotton is  13.23 cents   The estimate for next week is  14.54 cents Cotton Comment Cotton ended lower, unable to overcome the negative supply/demand report despite early gains. The report showed a small cut in world production, but a significant cut in consumption, resulting in a 3.5% increase in the ending stocks estimate to 57.40 million bales. Early gains were attributed to China’s announcement of an economic stimulus package for the worlds 4th largest economy and the world’s largest cotton importer. However, the market turned lower and by the end of the day, December broke through support at 42 cents, moving to the lowest price level seen in approximately 6 years. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: Jan 09 down  10 1/2  at  1508 1/2    Mar 09 down  10 1/2  at  1537 1/2    May 09 down  8 1/2  at  1568 1/2    July 09 down  7 1/2  at  1599    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice continued to move lower. Today’s supply/demand report showed the expected cut in U.S. production, but a 1.05 million metric ton increase in world production. Beginning stocks were increased as well. The increased supply was partially offset by an increase in the usage estimate. Ending stocks were increased slightly to 80.61 million metric tons. Cattle & Hogs  Date: November 10, 2008 Cattle As reported by Federal-State Market News, receipts were 2495 head at sales in Springdale and Ash Flat.  Compared with last week, feeder steers mostly firm to $3 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 114 to - - -   500 to 550 lbs. 101.50 to - - -   600 to 650 lbs. 91 to - - -  Medium & Large Frame 2   400 to 450 lbs. 106.50 to - - - Heifers:  Medium & Large Frame 1   500 to 550 lbs. 86.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 83.25 to - - - Slaughter Cows, Boners 39   to   44 Light Weight 24 to 29 Bulls, Yield Grade   1   1000   to   2100 lbs.   50   to   57.50 Midwest Steers   were $2 higher to $4 lower   at   89   to   94 Panhandle Steers   were $2 higher to $3 lower   at   90   to   94 Oklahoma City Feeders Steers 500 to 550 lbs. 108 to 116   550 to 600 lbs. 103.25 to 112 Heifers 400 to 500 lbs. 94 to 102   500 to 600 lbs. 88 to 94.50 Chicago Futures: Live Cattle: Dec down 15 at 9265   Feb up 60 at 9415 Feeders: Jan down 35 at 9887   May down 20 at 10050 Cattle Comment Cattle futures ended mixed. Higher crude oil prices were supportive, but concerns about global demand for beef continue to weigh on this market. Hogs Peoria: were $1.50 to $2.50     lower   at   31.5   to   32 Chicago Futures: Dec down 40 at 5500   Feb up 25 at 6275 Sheep St. Paul n/a   at   - - -   to   - - - Hogs Comment Hogs were mostly higher. Crude oil futures played a part here, as did news of an economic stimulus package in China, which sparked renewed optimism for pork exports to that country. Poultry  Date: November 10, 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 steady to about steady. Demand following the weekend was no better than fair 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