11/13/2008 Farm Buraeu Market Report

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Grain & Soybean Date: November 13, 2008 Soybeans Local Elevators: (Nov) EAST AR:  819 to 844 (NC) Summ. 850 to - - - River Elevators: (Nov) MISS: 809 to 872 ; AR & White 809 to 829 (NC) Summ. 859 to 896 Ark. Processor Bids: (Nov) 795 to 849  (NC) 874 to 876 Memphis:  (Nov) 864 to 884 (NC)  n/a to - - - Riceland Foods:  (Nov) Stuttgart 849 ; Pendleton 835 ; West Memphis 856 Chicago Futures: Jan '09 down 1 at  894   Mar '09  down  2  at  903   May '09 down 2  at  913 1/4   Jul '09 down 1 1/2  at  921 1/2   Nov '09 down 3/4  at  918   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans traded to both sides of yesterday’s close before ending the day narrowly mixed. Underlying fundamentals are unchanged. 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 managed a firm close as December bounced off recent support near $3.60. 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  345 1/4 to 433 1/4; Bids to farmers at Local Elevators 345 1/4-433 1/4; River Elevators 477 3/4-497 3/4; Chicago Futures: Dec up  5 1/4  at  538 1/4    Mar '09 up 5 1/4  at  558 3/4    May '09 up  5 1/4  at  573 1/2    Jul '09 up  5 1/4  at  587 3/4    Sep '09 up  5 1/2  at  613 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for November at Memphis  432 to 479; Bids to farmers at River Elevators 363-443; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for November at Memphis   338 to 347;   new crop at Memphis   361 1/2 to - - -; Bids to farmers at River Elevators  303 to 343 Chicago Futures: Dec up  7 1/2  at  377    Mar '09 up  7 1/4  at  393 1/2    May '09 up  6 3/4  at  404 3/4    Dec '09 up  7 1/4  at  440 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat closed higher again today as the market shows good rebound potential despite little fundamental reason. 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 13, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis up 185 at  3780   Greenwood up  185 at 3780 New York Futures: Dec up  167  at  4112    Mar '09 up  88  at  4263    May '09 down  27  at  4276    Jul '09 down  103  at  4347    Dec '09 up  80  at  4940  This week's LDP rate for cotton is  13.23 cents   The estimate for next week is  15.88 cents Cotton Comment Cotton ended the day mixed after showing big gains in the expiring December contract. Overall fundamentals are unchanged 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 up  6 1/2  at  1406    Mar '09 up  7  at  1434 1/2    May '09 up  7  at  1463    Jul '09 up  5 1/2  at  1489 1/2    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice steadied today and ended the session slightly higher. This follows heavy downside pressure for the past week. Yesterday 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 13, 2008 Cattle As reported by Federal-State Market News, receipts were 1,900 head at sales in Charlotte, Ratcliff & Green Forest.  Compared with last week, feeder steers sold mostly $4-7 lower. Feeder heifers were uneven, mostly $2-4 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 112 to - - -   500 to 550 lbs. 96 to - - -   600 to 650 lbs. 92 to - - -  Medium & Large Frame 2   400 to 450 lbs. 101.50 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 93.25 to - - -  Medium & Large Frame 2   400 to 450 lbs. 80.50 to - - - Slaughter Cows, Boners 39   to   43 Light Weight n/a to - - - Bulls, Yield Grade   1   1000   to   2100 lbs.   52.50   to   56, high dressing 60-64 Midwest Steers   remained   at   92   to   - - - Panhandle Steers   remained   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 up 2 at 9055   Feb '09 steady at 9172 Feeders: Jan '09 up 15 at 9637   May '09 down 10 at 9770 Cattle Comment Cattle futures closed mixed with strong cutout values providing the only positive support. Economic weakness is keeping the market under pressure as overall demand for beef is expected to remain weak. Hogs Peoria: were $.5     higher   at   32   to   32.5 Chicago Futures: Dec up 75 at 5620   Feb '09 up 47 at 6320 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs were higher again today 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 13, 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. 87-94 Toms: 16-24 lbs. 87-93   Delmarva Broilers U.S. Grade A Trade sentiment was mostly steady. Demand was seasonally light to moderate, best for other holiday meat items. Supplies of all sizes were readily available to better balanced for 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