12/01/2008 Farm Bureau Market Report

Click here to view this report online.

Grain & Soybean Date: December 01, 2008 Soybeans Local Elevators: (Dec) EAST AR:  812 to 842 (NC) Summ. 825 to - - - River Elevators: (Dec) MISS: 831 to 850 ; AR & White 792 to 827 (NC) Summ. 825 to 856 Ark. Processor Bids: (Dec) 803 to 842  (NC) 835 to 836 Memphis:  (Dec) 851 to - - - (NC)  n/a to - - - Riceland Foods:  (Dec) Stuttgart 806 ; Pendleton 757 ; West Memphis 846 Chicago Futures: Jan '09 down 37 at  846   Mar '09  down  36 3/4  at  854 1/4   May '09 down 36 1/4  at  863 3/4   Jul '09 down 35 1/2  at  872 1/2   Nov '09 down 30 1/4  at  875 3/4   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans gave back last week’s gains in one fell swoop as the market followed crude oil lower. January soybeans didn’t make new lows but are at the bottom of the two month trading range and subject to further declines. Even a positive export number and reports that short supplies were limiting crush time at some Chinese plants failed to boost the market. A strengthening dollar weaker stock market added to the negative bias. Corn continued under pressure as utilization remains questionable. Smaller feedlot numbers and reduced poultry numbers are adding to the bearish outlook. Exports remain slow and there are indications falling crude oil values are pressuring ethanol. December fell to a new recent low and could be headed to mid-year support near $3.10. Wheat Cash bid for December at Memphis  373 3/4 to 414 3/4; Bids to farmers at Local Elevators 425-435; River Elevators 430-475; Chicago Futures: Dec down  32 3/4  at  509 3/4    Mar '09 down 36 3/4  at  854 1/4    May '09 down  36 1/4  at  863 3/4    Jul '09 down  35 1/2  at  872 1/2    Sep '09 down  32 1/4  at  577 1/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for December at Memphis  398 to 416; Bids to farmers at River Elevators 310-391; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for December at Memphis   307 3/4 to - - -;   new crop at Memphis   321 1/2 to 331 1/2; Bids to farmers at River Elevators  259 to 299 Chicago Futures: Dec down  16 3/4  at  332 3/4    Mar '09 down  17  at  348 3/4    May '09 down  17 1/4  at  360    Dec '09 down  17 1/4  at  396 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures gapped lower this morning on continued weakness in crude oil and another up-tick in the value of the dollar. Support begins at the recent low of $4.97 ½. Cotton & Rice  Date: December 01, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis up 328 at  4328   Greenwood up  328 at 4328 New York Futures: Dec down  64  at  4511    Mar '09 down  68  at  4723    May '09 down  75  at  4711    Jul '09 down  33  at  4797    Dec '09 down  19  at  5129  This week's LDP rate for cotton is  16.05 cents   The estimate for next week is  13.21 cents Cotton Comment Cotton trimmed last week’s big gains, but remains in a short term uptrend. March will need to close above trendline resistance around 48 cents. Upside potential remains limited as overall world demand has declined. Producers should be considering taking an LDP which appears to have peaked last week. Early projections for next week’s LDP suggest it will decline. Taking an LDP leaves a producer without loan coverage and that should also be a consideration. While there is upside potential, gains will likely be slow. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: Jan '09 down  15  at  1306    Mar '09 down  14 1/2  at  1333 1/2    May '09 down  11 1/2  at  1357    Jul '09 down  10 1/2  at  1380    n/a down  - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice ended the day lower as the market continued a decline that began in the post Thanksgiving trade on Friday. While the international market has shown some signs of stabilizing, it is still trading at levels well below U.S. milled rice. Slow trade activity indicates some down time for U.S. mills is likely in the near future. January futures traded below support around $13.10, but retraced a portion of the decline before the close. The next chart support would be the January ’97 high of $12.45. Cattle & Hogs  Date: December 01, 2008 Cattle As reported by Federal-State Market News, receipts were n/a head at sales in n/a.  Compared with last week, feeder steers n/a . Steers:  Medium & Large Frame n/a   - - - to - - - lbs. - - - to - - -   - - - to - - - lbs. - - - to - - -   - - - to - - - lbs. - - - to - - -  Medium & Large Frame n/a   - - - to - - - lbs. - - - to - - - Heifers:  Medium & Large Frame n/a   - - - to - - - lbs. - - - to - - -  Medium & Large Frame n/a   - - - to - - - lbs. - - - to - - - Slaughter Cows, Boners n/a   to   - - - Light Weight to - - - Bulls, Yield Grade   n/a   - - -   to   - - - lbs.   - - -   to   - - - Midwest Steers   were $1-3 higher   at   88   to   90 Panhandle Steers   were $3 higher   at   90   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 102 to 108.50   650 to 700 lbs. 91.50 to 94 Heifers 500 to 550 lbs. 85 to 89   600 to 650 lbs. 84.75 to 85.50 Chicago Futures: Live Cattle: Dec down 192 at 8545   Feb '09 down 192 at 8572 Feeders: Jan '09 down 207 at 8962   May '09 down 227 at 9047 Cattle Comment Cattle futures gapped lower. Continued weakness in crude oil is affecting livestock futures as well as grains, as index funds have to pull cash out of these markets. Support begins at the recent low of $83. Hogs Peoria: were     steady   at   33   to   34 Chicago Futures: Dec down 77 at 5872   Feb '09 down 167 at 6535 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs ended lower. This market, too, continues to follow crude oil lower. Futures’ premium to cash prices is also a negative factor. Poultry  Date: December 01, 2008 Eggs New York:  Ex. Lg. 122-126; Lg. 120-124; Med. 94-98; Chicago:  Ex. Lg. 111-119; Lg. 109-117; Med. 87-95; Eastern Region Turkeys Hens: 8-16 lbs. 82-83 Toms: 16-24 lbs. 82-83   Delmarva Broilers U.S. Grade A Trade sentiment was fully steady. Demand following the weekend was fair to moderate with most assessing post-holiday and first of the month needs. Supplies of all sizes were balanced to short due to reduced kill schedules last week. 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