11/24/2008 Farm Bureau Market Report

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Grain & Soybean Date: November 24, 2008 Soybeans Local Elevators: (Nov) EAST AR:  814 to 854 (NC) Summ. 860 to - - - River Elevators: (Nov) MISS: 814 to 884 ; AR & White 819 to 824 (NC) Summ. 858 to 894 Ark. Processor Bids: (Nov) 814 to 844  (NC) 873 to 874 Memphis:  (Nov) 889 to 892 (NC)  - - - to - - - Riceland Foods:  (Nov) Stuttgart 844 ; Pendleton 830 ; West Memphis 884 Chicago Futures: Jan 09 up 44 at  884   Mar 09  up  44 1/2  at  891 3/4   May 09 up 45  at  900 3/4   July 09 up 45 3/4  at  909 1/2   Nov 09 up 47 1/4  at  901 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans make strong rally and bounce off key support around $8.40. Resistance at $9.50 and then at the recent high of $9.81 ¾ are major obstacles to a continued extension of this rebound. Stronger oil and weaker dollar contributed to the upturn. Dry weather in Brazil and Argentina are also positive factors, as early estimates suggest the Brazilian crop will decline in ’09. Wheat Cash bid for November at Memphis  392 1/2 to 442 1/2; Bids to farmers at Local Elevators 424-459; River Elevators 459-504; Chicago Futures: Dec up  38 1/2  at  537 1/2    Mar 09 up 38 3/4  at  556 3/4    May 09 up  38 1/2  at  570 1/4    July 09 up  38  at  583 3/4    Sept 09 up  38  at  605 3/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for November at Memphis  419 to 454; Bids to farmers at River Elevators 339-420; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for November at Memphis   324 1/2 to 329 1/2;   New crop at Memphis   339 to 344; Bids to farmers at River Elevators  280 to 320 Chicago Futures: Dec up  16  at  354 1/2    Mar 09 up  16 3/4  at  371    May 09 up  16 3/4  at  382 1/4    Dec 09 up  17  at  417 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Corn retraced part of Friday’s decline but failed to hold above the $3.60 level, which was previously support. A close above that level would be positive, while inability to move through that level would suggest additional pressure in the near term. Wheat futures were also sharply higher today. As in other grains, carryover strength from Wall Street was the impetus for today’s move. The weekend bailout of Citigroup was obviously met with optimism when the markets opened today. December wheat will have resistance between $5.50 and $6.00. Cotton & Rice  Date: November 24, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis up 300 at  4105   Greenwood up  300 at 4105 New York Futures: Dec up  331  at  4430    Mar 09 up  300  at  4480    May 09 up  300  at  4480    July 09 up  300  at  4540    Dec 09 up  300  at  4913  This week's LDP rate for cotton is  17.36 cents   The estimate for next week is  17.96 cents Cotton Comment Could cotton have made a bottom? Big gains of 300 points or more pushed the market above resistance just above 43 cents. Economic conditions have not changed but cotton may have gone low enough to encourage buying. Certainly the weaker dollar was a positive. The next resistance is around 46.25 cents. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: Jan 09 up  49 1/2  at  1381    Mar 09 up  49 1/2  at  1404 1/2    May 09 up  50  at  1427    July 09 up  50  at  1451    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice was sharply higher as the market retraced a portion of recent declines. January will need to close above $14.40 to confirm a low. Overall fundamentals remain unchanged with the international market trading well below current U.S. milled price quotes. Sales remain slow and generally reflect the negative economic situation that is being seen worldwide. U.S. production numbers could be adjusted lower in subsequent reports, as the general feeling is that yields won’t reach current projections. In the overall scheme of things, it probably won’t have a major impact, as outside markets are a bigger factor than actual fundamentals. Cattle & Hogs  Date: November 24, 2008 Cattle As reported by Federal-State Market News, receipts were 2927 head at sales in Ash Flat, Springdale and Ola.  Compared with last week, feeder steers sold mostly $3 to $8 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 103.50 to - - -   500 to 550 lbs. 95 to - - -   600 to 650 lbs. 87 to - - -  Medium & Large Frame 2   400 to 450 lbs. 95.50 to - - - Heifers:  Medium & Large Frame 1   500 to 550 lbs. 84 to - - -  Medium & Large Frame 2   400 to 450 lbs. 79 to - - - Slaughter Cows, Boners 39   to   44 Light Weight 28 to 35 Bulls, Yield Grade   1   1000   to   2100 lbs.   52   to   57.50 Midwest Steers   were steady to $1 lower   at   87   to   - - - Panhandle Steers   were steady to $1 lower   at   87   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 103 to 109.50   550 to 600 lbs. 96.75 to 103 Heifers 500 to 600 lbs. 83 to 90.50   600 to 650 lbs. 80 to 84.50 Chicago Futures: Live Cattle: Dec up 175 at 8665   Feb 09 up 210 at 8760 Feeders: Jan 09 up 200 at 9140   May 09 up 217 at 9312 Cattle Comment Cattle futures gapped higher today. This market was technically oversold and due a rebound. Also, futures are trading at a significant discount to cash prices, which will also provide support. Today’s move was, of course, sparked by strength in the stock market and especially crude oil. Hogs Peoria: were $1 to $1.50     higher   at   33.5   to   34 Chicago Futures: Dec up 50 at 5737   Feb 09 up 65 at 6475 Sheep St. Paul n/a   at   - - -   to   - - - Hogs Comment Hogs were a bit higher, but this market is dealing with large supplies and the fact that futures are already trading at a significant premium to cash. Poultry  Date: November 24, 2008 Eggs New York:  Ex. Lg. 124-128; Lg. 122-126; Med. 100-104; Chicago:  Ex. Lg. 114-122; Lg. 112-120; Med. 95-103; Eastern Region Turkeys Hens: 8-16 lbs. 83-89 Toms: 16-24 lbs. 80-86   Delmarva Broilers U.S. Grade A Trade sentiment was firm. Demand following the weekend was mostly moderate as industry prepared for Thanksgiving Day, and orders were limited to regular commitments. Supplies were sufficient 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