12/02/2008 Farm Bureau Market Report

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Grain & Soybean Date: December 02, 2008 Soybeans Local Elevators: (Dec) EAST AR:  793 to 823 (NC) Summ. 806 to - - - River Elevators: (Dec) MISS: 792 to 831 ; AR & White 773 to 808 (NC) Summ. 806 to 837 Ark. Processor Bids: (Dec) 784 to 823  (NC) 816 to 817 Memphis:  (Dec) 835 to 837 (NC)  n/a to - - - Riceland Foods:  (Dec) Stuttgart 823 ; Pendleton 823 ; West Memphis 828 Chicago Futures: Jan '09 down 19 at  827   Mar '09  down  19 3/4  at  834 1/2   May '09 down 19 3/4  at  844   Jul '09 down 19 1/2  at  853   Nov '09 down 19 3/4  at  856   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans continued to move lower today, with January making a new two month low and moving toward the contract low of $8.22. 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 and 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  398 1/2 to 418 1/2; Bids to farmers at Local Elevators 426-435; River Elevators 430-475; Chicago Futures: Dec unchanged    at  509 3/4    Mar '09 up 1/2  at  528 1/2    May '09 up  1/2  at  542 1/4    Jul '09 up  3/4  at  555 1/2    Sep '09 up  3/4  at  576 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for December at Memphis  408 to 459; Bids to farmers at River Elevators 326-389; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for December at Memphis   311 1/4 to 318 1/4;   new crop at Memphis   320 3/4 to 330 3/4; Bids to farmers at River Elevators  258 to 298 Chicago Futures: Dec down  1/4  at  332 1/2    Mar '09 down  1/2  at  348 1/4    May '09 down  1/2  at  359 1/2    Dec '09 down  1 1/4  at  395    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures attempted to stabilize today and ended unchanged to fractionally higher. This market continues to deal with burdensome world supplies in addition to global economic woes. Support begins at the recent low of $4.97 ½. Cotton & Rice  Date: December 02, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis down 70 at  4258   Greenwood down  70 at 4258 New York Futures: Dec up  5  at  4516    Mar '09 down  86  at  4617    May '09 down  82  at  4621    Jul '09 down  51  at  4707    Dec '09 down  59  at  5065  This week's LDP rate for cotton is  16.05 cents   The estimate for next week is  13.41 cents Cotton Comment Cotton was a bit lower again today, 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  7  at  1299    Mar '09 down  8  at  1325 1/2    May '09 down  8 1/2  at  1648 1/2    Jul '09 down  8  at  1372    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice ended lower after moving a bit higher in early dealings. 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. The next chart support for January is the January ’97 high of $12.45. Cattle & Hogs  Date: December 02, 2008 Cattle As reported by Federal-State Market News, receipts were 1,040 head at sales in Fort Smith & Marshall.  Compared with last week, feeder steers sold $2-5 lower, heifers $3-6 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 101 to - - -   500 to 550 lbs. 92.75 to - - -   600 to 650 lbs. 86.25 to - - -  Medium & Large Frame 2   400 to 450 lbs. 90 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 83.75 to - - -  Medium & Large Frame 2   400 to 450 lbs. 90 to - - - Slaughter Cows, Boners 38   to   43 Light Weight 28 to 32 Bulls, Yield Grade   1   1000   to   2100 lbs.   50   to   58, high dressing not tested Midwest Steers   n/a   at   - - -   to   - - - Panhandle Steers   n/a   at   - - -   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 102 to 110.50   600 to 650 lbs. 85 to 93.75 Heifers n/a to - - - lbs. - - - to - - -   n/a to - - - lbs. - - - to - - - Chicago Futures: Live Cattle: Dec down 110 at 8435   Feb '09 down 77 at 8495 Feeders: Jan '09 down 62 at 8900   May '09 down 30 at 9090 Cattle Comment Cattle futures were lower again today. 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 $2     higher   at   35.5   to   36 Chicago Futures: Dec down 35 at 5837   Feb '09 up 12 at 6547 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs also ended the day lower. This market, too, continues to follow crude oil lower. Futures’ premium to cash prices is also a negative factor. Poultry  Date: December 02, 2008 Eggs New York:  Ex. Lg. 122-126; Lg. 120-124; Med. 92-96; Chicago:  Ex. Lg. 111-119; Lg. 109-117; Med. 87-95; Eastern Region Turkeys Hens: 8-16 lbs. 79-81 Toms: 16-24 lbs. 79   Delmarva Broilers U.S. Grade A Trade sentiment was mostly steady. Supplies of all sizes were usually sufficient to satisfy 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