11/11/2008 Farm Bureau Market Report

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Grain & Soybean Date: November 11, 2008 Prices were limited due to the holiday. A full report will be available Wednesday, November 12, 2008. Soybeans Local Elevators: (Nov) EAST AR:  n/a to - - - (NC) Summ. n/a to - - - River Elevators: (Nov) MISS: n/a to - - - ; AR & White n/a to - - - (NC) Summ. n/a to - - - Ark. Processor Bids: (Nov) n/a to - - -  (NC) n/a to - - - Memphis:  (Nov) n/a to - - - (NC)  n/a to - - - Riceland Foods:  (Nov) Stuttgart 842 ; Pendleton 842 ; West Memphis 862 Chicago Futures: Jan '09 down 32 at  916   Mar '09  down  32 3/4  at  924 1/2   May '09 down 33  at  934 1/4   Jul '09 down 33  at  942   Nov '09 down 37  at  937   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans gave back all of yesterday’s big gains. A stronger dollar and weaker crude oil and stock prices sent the market lower today. The market is now worried that the economic stimulus package announced by China won’t be enough to keep that economy from sliding further into recession, thus curtailing U.S. soybean imports. The market continues to trade in the dollar plus range with resistance around $9.80 and support just below $8.40. Corn moved to its lowest level in over a year. This market was mainly following crude oil lower today. Weak exports continue to keep a lid on this market. December found support at $3.60 today. Wheat Cash bid for November at Memphis  n/a to - - -; Bids to farmers at Local Elevators n/a; River Elevators n/a; Chicago Futures: Dec up  3 1/4  at  523 1/4    Mar '09 up 3 1/4  at  544    May '09 up  3 1/2  at  558 3/4    Jul '09 up  3  at  572 3/4    Sep '09 up  2 1/2  at  596 3/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for November at Memphis  n/a to - - -; Bids to farmers at River Elevators n/a; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for November at Memphis   n/a to - - -;   new crop at Memphis   n/a to - - -; Bids to farmers at River Elevators  n/a to - - - Chicago Futures: Dec down  9 1/4  at  374 1/4    Mar '09 down  9 3/4  at  391 3/4    May '09 down  10  at  403 3/4    Dec '09 down  11  at  439    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat ended a bit higher, but was unable to build any upward momentum. USDA yesterday said that the world wheat production total is estimated to be 682.4 million metric tons—a record breaking crop. December continues to hold support just above $5. Cotton & Rice  Date: November 11, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis  n/a at  - - -   Greenwood   n/a at - - - New York Futures: Dec down  186  at  3938    Mar '09 down  241  at  4235    May '09 down  268  at  4365    Jul '09 down  270  at  4520    Dec '09 down  265  at  4970  This week's LDP rate for cotton is  13.23 cents   The estimate for next week is  14.91 cents Cotton Comment Cotton ended lower following weakness in outside markets and unable to overcome the negative supply/demand. 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. December has shattered support at 42 cents, moving to the lowest price level seen in approximately 6 years. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   - - - - - -  to  - - - Chicago Futures: Jan '09 down  50  at  1458 1/2    Mar '09 down  50  at  1487 1/2    May '09 down  50  at  1518 1/2    Jul '09 down  50  at  1549    - - -   - - -  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. January moved to its lowest level in many months today, shattering previous support at $14.61. Cattle & Hogs  Date: November 11, 2008 Cattle As reported by Federal-State Market News, receipts were n/a head at sales in n/a.  Compared with last week, feeder steers n/a . Steers:  Medium & Large Frame n/a   - - - to - - - lbs. - - - to - - -   - - - to - - - lbs. - - - to - - -   - - - to - - - lbs. - - - to - - -  Medium & Large Frame n/a   - - - to - - - lbs. - - - to - - - Heifers:  Medium & Large Frame n/a   - - - to - - - lbs. - - - to - - -  Medium & Large Frame n/a   - - - to - - - lbs. - - - to - - - Slaughter Cows, Boners n/a   to   - - - Light Weight n/a to - - - Bulls, Yield Grade   n/a   - - -   to   - - - lbs.   - - -   to   - - - Midwest Steers   were $2 higher to $2 lower   at   91   to   92 Panhandle Steers   were $2 higher to $2 lower   at   92   to   - - - Oklahoma City Feeders Steers n/a to - - - lbs. - - - to - - -   n/a to - - - lbs. - - - to - - - Heifers n/a to - - - lbs. - - - to - - -   n/a to - - - lbs. - - - to - - - Chicago Futures: Live Cattle: Dec down 105 at 9160   Feb '09 down 135 at 9280 Feeders: Jan '09 down 167 at 9720   May '09 down 160 at 9890 Cattle Comment Cattle futures gapped lower following weaker crude oil and stock prices. December live cattle are attempting to confirm a low and building strong support at that level of $87.10. Overhead resistance is between $96 and $97. Hogs Peoria: were     steady   at   31.5   to   32 Chicago Futures: Dec down 2 at 5497   Feb down 20 at 6255 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs continue to be under pressure. The improving dollar and weakening global economy are, of course, to blame for the slowdown in exports. Support begins at the recent low of $53.90. Poultry  Date: November 11, 2008 Eggs New York:  Ex. Lg. n/a; Lg. n/a; Med. n/a; Chicago:  Ex. Lg. n/a; Lg. n/a; Med. n/a; Eastern Region Turkeys Hens: 8-16 lbs. n/a Toms: 16-24 lbs. n/a   Delmarva Broilers U.S. Grade A n/a ---------------------------------------- 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. 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