11/14/2008 Farm Bureau Market Report

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Grain & Soybean Date: November 14, 2008 Soybeans Local Elevators: (Nov) EAST AR:  821 to 851 (NC) Summ. 852 to - - - River Elevators: (Nov) MISS: 811 to 881 ; AR & White 816 to 831 (NC) Summ. 861 to 902 Ark. Processor Bids: (Nov) 807 to 851  (NC) 876 to 878 Memphis:  (Nov) 876 to 886 (NC)  n/a to - - - Riceland Foods:  (Nov) Stuttgart 851 ; Pendleton 837 ; West Memphis 858 Chicago Futures: Jan '09 up 2 at  896   Mar '09  up  2  at  905   May '09 up 2 1/2  at  915 3/4   Jul '09 up 2 1/2  at  924   Nov '09 up 2  at  920   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans were a bit higher today. 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 also posted strong gains. Overall U.S. corn exports are trailing year ago levels by about 40%. Concern about ethanol use is also weighing on the market. Support is at the recent low of $3.60. Wheat Cash bid for November at Memphis  404 1/4 to 449 1/4; Bids to farmers at Local Elevators 433-478; River Elevators 478-503; Chicago Futures: Dec up  16  at  554 1/4    Mar '09 up 15 3/4  at  574 1/2    May '09 up  15 1/2  at  589    Jul '09 up  15 1/4  at  603    Sep '09 up  13  at  626 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for November at Memphis  438 to 500; Bids to farmers at River Elevators 377-457; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for November at Memphis   350 1/4 to - - -;   new crop at Memphis   365 1/4 to - - -; Bids to farmers at River Elevators  306 to 346 Chicago Futures: Dec up  3 1/4  at  380 1/4    Mar '09 up  3 1/2  at  397    May '09 up  3 3/4  at  408 1/2    Dec '09 up  2 3/4  at  443    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat was the upside leader in the grains, despite the fact that there is little fundamental justification for the recent uptick. Global wheat production is expected to set a record this year. 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 14, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis down 29 at  3751   Greenwood down  29 at 3751 New York Futures: Dec up  14  at  4144    Mar '09 up  93  at  4279    May '09 up  75  at  4364    Jul '09 up  185  at  4595    Dec '09 up  84  at  4875  This week's LDP rate for cotton is  15.88 cents   The estimate for next week is  17.44 cents Cotton Comment Cotton posted gains in every contract except in nearby December. 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  21 1/2  at  1427 1/4    Mar '09 up  21  at  1455 1/2    May '09 up  21 1/2  at  1484 1/2    Jul '09 up  22  at  1511 1/2    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice turned higher today, posting solid gains on ideas recent losses were overdone and indications that the market was oversold. The market will have tough overhead resistance at recent chart gaps beginning at $14.58 ½. January could still 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 14, 2008 Cattle As reported by Federal-State Market News, receipts were 9,985 head at sales in Arkansas this week.  Compared with last week, feeder steers under 450 lbs steady to $1 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 112 to - - -   500 to 550 lbs. 97 to - - -   600 to 650 lbs. 88 to - - -  Medium & Large Frame 2   400 to 450 lbs. 98.25 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 92 to - - -  Medium & Large Frame 2   400 to 450 lbs. 81.50 to - - - Slaughter Cows, Boners 38   to   45 Light Weight 18 to 24 Bulls, Yield Grade   1   1000   to   2100 lbs.   51   to   56, high dressing 56-57 Midwest Steers   were $1 higher   at   93   to   - - - Panhandle Steers   were $1 higher   at   93   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 102 to 117.50   600 to 650 lbs. 88 to 107.50 Heifers 500 to 550 lbs. 84 to 101.50   600 to 650 lbs. 80 to 95.85 Chicago Futures: Live Cattle: Dec down 50 at 9005   Feb '09 down 105 at 9067 Feeders: Jan '09 down 110 at 9527   May '09 down 55 at 9715 Cattle Comment Cattle futures were lower across the board. Economic weakness is keeping the market under pressure as overall demand for beef is expected to remain weak. Hogs Peoria: were     steady   at   32   to   32.5 Chicago Futures: Dec down 62 at 5557   Feb '09 down 62 at 6257 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs ended the week on a negative note. The rising dollar is limiting pork exports, while ample hog numbers will weigh on long term values. Poultry  Date: November 14, 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 into all channels was light to moderate with some improvements reported. Supplies were sufficient to less available for 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