11/25/2008 Farm Bureau Market Report

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Grain & Soybean Date: November 25, 2008 Due to the extended Thanksgiving Holiday, the next update for this report will be on Monday, December 1, 2008. Soybeans Local Elevators: (Nov) EAST AR:  813 to 858 (NC) Summ. 862 to - - - River Elevators: (Nov) MISS: 828 to 883 ; AR & White 818 to 823 (NC) Summ. 857 to 893 Ark. Processor Bids: (Nov) 813 to 843  (NC) 872 to 873 Memphis:  (Nov) 888 to - - - (NC)  - - - to - - - Riceland Foods:  (Nov) Stuttgart 843 ; Pendleton 829 ; West Memphis 883 Chicago Futures: Jan 09 down 1 at  883   Mar 09  down  1/4  at  891 1/2   May 09 down 1/4  at  900 1/2   July 09 up 1/2  at  910   Nov 09 up 1/2  at  902   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans ended the day narrowly mixed as early pressure ate into yesterday’s gains. The market recouped most of those declines with a weaker dollar being offset by a downturn in crude oil. The market remains in the overall dollar trading range that has held for almost two months. Good export demand from China remains a positive. Wheat Cash bid for November at Memphis  389 to 439; Bids to farmers at Local Elevators 450-455; River Elevators 455-500; Chicago Futures: Dec down  3 1/2  at  534    Mar 09 down 4  at  552 3/4    May 09 down  3 3/4  at  566 1/4    July 09 down  3 1/2  at  580 1/4    Sept 09 down  2 1/2  at  603 1/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for November at Memphis  417 to 453; Bids to farmers at River Elevators 338-481; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for November at Memphis   323 1/2 to 328 1/2;   New crop at Memphis   339 to 344; Bids to farmers at River Elevators  279 to 319 Chicago Futures: Dec down  1  at  353 1/2    Mar 09 down  1/2  at  370 1/2    May 09 down  1/2  at  381 3/4    Dec 09 down  1/4  at  417 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Corn traded a similar pattern to soybeans – ended the session narrowly mixed. December futures remain below key support at $3.60. Utilization remains a problem, exports are slow and ethanol use is suffering as the market deals with the weaker oil market. Bigger wheat supplies are eating into overall feed grain demand. Wheat futures gave back a small portion of yesterday’s gains. The technical picture still looks promising, though. This market could be confirming a bottom. December wheat will have resistance between $5.50 and $6.00. Cotton & Rice  Date: November 25, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis down 105 at  4000   Greenwood down  105 at 4000 New York Futures: Dec down  193  at  4237    Mar 09 down  105  at  4375    May 09 down  109  at  4371    July 09 down  118  at  4422    Dec 09 down  116  at  4797  This week's LDP rate for cotton is  17.36 cents   The estimate for next week is  17.96 cents Cotton Comment Cotton could not sustain recent gains and closed lower. The market left a potential double bottom as the March contract twice broke below 40 cents. This still has the appearance of a market bottom. Economic conditions have not changed but cotton may have gone low enough to encourage buying. Certainly the weaker dollar was a positive, any upward retracement will be a slow process. The next resistance is around 46.25 cents. Rice Long Grain Cash Bid for  n/a -- -  to  - - -   - - - - - -  to  - - - Chicago Futures: Jan 09 down  31 1/2  at  1349 1/2    Mar 09 down  30  at  1374 1/2    May 09 down  30  at  1397    July 09 down  31  at  1420    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice gave back a major portion of yesterday’s limit gains as the market failed to break trendline resistance with early followthrough. 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 25, 2008 Cattle As reported by Federal-State Market News, receipts were 377 head at sales in Marshall.  Compared with last week, feeder steers sold near steady, heifers steady to $1 higher on a light pre-holiday test . Steers:  Medium & Large Frame 1   400 to 450 lbs. 99.25 to - - -   500 to 550 lbs. 87.75 to - - -   600 to 650 lbs. 85.75 to - - -  Medium & Large Frame 2   450 to 500 lbs. 78 to - - - Heifers:  Medium & Large Frame 1   500 to 550 lbs. 81.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 75 to - - - Slaughter Cows, Boners 38.50   to   41.50 Light Weight n/a to - - - Bulls, Yield Grade   1   1000   to   2100 lbs.   51   to   57 Midwest Steers   were steady   at   87   to   - - - Panhandle Steers   were steady   at   87   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 103 to 115.75   550 to 600 lbs. 96 to 103 Heifers 500 to 550 lbs. 84 to 92.75   550 to 600 lbs. 83 to 89 Chicago Futures: Live Cattle: Dec down 82 at 8582   Feb 09 down 27 at 8732 Feeders: Jan 09 steady 0 at 9140   May 09 steady 0 at 9312 Cattle Comment Cattle futures moved lower today, closing the gap left on yesterday’s strong open. Weaker beef prices and ideas yesterday’s move was overdone contributed to the downward pressure. Hogs Peoria: were steady to 50¢     higher   at   34   to   - - - Chicago Futures: Dec up 35 at 5772   Feb 09 down 15 at 6460 Sheep St. Paul n/a   at   - - -   to   - - - Hogs Comment Hogs ended mixed. This market is dealing with large supplies and the fact that futures are already trading at a significant premium to cash. Poultry  Date: November 25, 2008 Eggs New York:  Ex. Lg. 124-128; Lg. 122-126; Med. 97-101; Chicago:  Ex. Lg. 114-122; Lg. 112-120; Med. 95-103; Eastern Region Turkeys Hens: 8-16 lbs. 83-87 Toms: 16-24 lbs. 80-83   Delmarva Broilers U.S. Grade A Trade sentiment was fully steady to firm. Demand was at least moderate, best for more traditional holiday meat items. Supplies of all sizes were sufficient to satisfy current 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