11/12/2008 Farm Bureau Market Report

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Grain & Soybean Date: November 12, 2008 Soybeans Local Elevators: (Nov) EAST AR:  807 to 835 (NC) Summ. 841 to - - - River Elevators: (Nov) MISS: 797 to 863 ; AR & White 800 to 811 (NC) Summ. 860 to 897 Ark. Processor Bids: (Nov) 793 to 821  (NC) 875 to 877 Memphis:  (Nov) 860 to 880 (NC)  n/a to - - - Riceland Foods:  (Nov) Stuttgart 840 ; Pendleton 826 ; West Memphis 847 Chicago Futures: Jan '09 down 21 at  895   Mar '09  down  19 1/2  at  905   May '09 down 19  at  915 1/4   Jul '09 down 19  at  923   Nov '09 down 18 1/4  at  918 3/4   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans were an on again, off again affair today. Early weakness gave way to a brief period of gains. In the end, the market followed oil lower. For the last six weeks January futures have traded between $8.50 and $9.50 with a few exceptions. Fundamentals appear to account for little as exports remain strong with Chinese buying providing good support. Technically, a close to either side of the above mentioned range would suggest further movement in the direction of the breakout. Corn is also trading in a range. However, December is testing bottomside support, as increased export competition from Brazil. Overall U.S. corn exports are trailing year ago levels by about 40%. Concern about ethanol use is also weighing on the market. Wheat Cash bid for November at Memphis  339 to 418; Bids to farmers at Local Elevators 403-458; River Elevators 457-483; Chicago Futures: Dec up  9 3/4  at  533    Mar '09 up 9 1/2  at  553 1/2    May '09 up  9 1/2  at  568 1/4    Jul '09 up  9 3/4  at  582 1/2    Sep '09 up  11 1/4  at  608    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for November at Memphis  392 to 463; Bids to farmers at River Elevators 330-411; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for November at Memphis   329 1/2 to 339 1/2;   new crop at Memphis   354 1/2 to - - -; Bids to farmers at River Elevators  295 to 335 Chicago Futures: Dec down  4 3/4  at  369 1/2    Mar '09 down  5 1/2  at  386 1/4    May '09 down  5 3/4  at  398    Dec '09 down  6  at  433    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat closed higher but well below earlier highs. This was a good showing considering the current world competition and recent strength of the dollar. Favorable winter wheat crop conditions are also a negative factor. December would need to close above the recent high of $5.86 to confirm a market low. Cotton & Rice  Date: November 12, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis down 179 at  3595   Greenwood down  179 at 3595 New York Futures: Dec up  31  at  3945    Mar '09 down  45  at  4169    May '09 down  45  at  4309    Jul '09 down  49  at  4460    Dec '09 down  61  at  4878  This week's LDP rate for cotton is  13.23 cents   The estimate for next week is  15.49 cents Cotton Comment Cotton rebounded from heavy early losses to close about steady. The recent decline through support at 42 cents leaves the market vulnerable to further losses. The next major chart support is the ’01 low of 28.2 cents. Economic conditions and a projected reduction in use of 3 million bales worldwide are pressuring the market. Upside potential is limited in the near term as world wide supplies are more than ample and the stocks to use ratio is over 48 percent. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: Jan '09 down  59  at  1399 1/2    Mar '09 down  60  at  1427 1/2    May '09 down  62 1/2  at  1456    Jul '09 down  65  at  1484    n/a down  - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice futures gapped below recent support and may head toward the long term chart retracement objective of $13.12. International trading is extremely weak with Vietnam making sales at heavy discounts to their Minimum Export Price (MEP) of $500 per metric tonne. Thailand has rejected tenders on recent intervention stocks offerings because they were too low. However, with harvest near and a new program in place they may be forced to sale at the lower offers. U.S. milled values remain at a wide premium to other offerings. Mills are facing potential down time if new sales aren’t forthcoming. Cattle & Hogs  Date: November 12, 2008 Cattle As reported by Federal-State Market News, receipts were 2,856 head at sales in Fort Smith, Marshall, Conway & Pocahontas.  Compared with last week, feeder steers sold mostly $2-5 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 112.50 to - - -   500 to 550 lbs. 99.75 to - - -   600 to 650 lbs. 68.25 to - - -  Medium & Large Frame 2   400 to 450 lbs. 96.25 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 88.75 to - - -  Medium & Large Frame 2   400 to 450 lbs. 81.25 to - - - Slaughter Cows, Boners 38   to   45 Light Weight 22 to 28 Bulls, Yield Grade   1   1000   to   2100 lbs.   53   to   58, high dressing 64 Midwest Steers   were $1 higher to steady   at   92   to   - - - Panhandle Steers   were steady   at   92   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 107.50 to 116   600 to 650 lbs. 100 to 105.75 Heifers 500 to 550 lbs. 90 to 98.50   600 to 650 lbs. 91 to 94 Chicago Futures: Live Cattle: Dec down 107 at 9052   Feb '09 down 107 at 9172 Feeders: Jan down 97 at 9622   May '09 down 110 at 9780 Cattle Comment Cattle were sharply lower again today despite a big surge in beef cutout values yesterday. Economic weakness is keeping the market under pressure as overall demand for beef is expected to remain weak. Hogs Peoria: were     steady   at   31.5   to   32 Chicago Futures: Dec up 47 at 5545   Feb '09 up 17 at 6272 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs made slight advances supported by good packer margins and favorable gains in cutout values. On the other side a rising dollar is limiting pork exports, while ample hog numbers will weigh on long term values. Poultry  Date: November 12, 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 mostly steady to about steady. Demand into all channels was light to fair with limited trading. Supplies of all sizes were at least adequate 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