12/03/2008 Farm Bureau Market Report

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Grain & Soybean Date: December 03, 2008 Soybeans Local Elevators: (Dec) EAST AR:  796 to 826 (NC) Summ. 809 to - - - River Elevators: (Dec) MISS: 800 to 834 ; AR & White 783 to 811 (NC) Summ. 809 to 840 Ark. Processor Bids: (Dec) 813 to 826  (NC) 819 to 820 Memphis:  (Dec) 840 to 843 (NC)  n/a to - - - Riceland Foods:  (Dec) Stuttgart 826 ; Pendleton 826 ; West Memphis 830 Chicago Futures: Jan '09 up 3 at  830   Mar '09  up  1/2  at  835   May '09 down 1  at  843   Jul '09 down 1 3/4  at  851 1/4   Nov '09 down 1 1/4  at  854 3/4   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans turned higher today after moving to its lowest level in 15 months yesterday. Today's bounce didn't move the market out of the current downtrend. In fact, January needs to climb back above $9 to suggest that a bottom has been charted. Early season production woes in South America are providing some support. Corn continued under pressure but losses were limited by gains in the stock market. 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  481 1/4 to 484 1/4; Bids to farmers at Local Elevators 416-426; River Elevators 426-466; Chicago Futures: Dec down  9  at  500 3/4    Mar '09 down 8 3/4  at  519 3/4    May '09 down  9  at  533 1/4    Jul '09 down  9 1/4  at  546 1/4    Sep '09 down  8  at  568 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for December at Memphis  408 to 461; Bids to farmers at River Elevators 308-389; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for December at Memphis   308 1/4 to 318 1/4;   new crop at Memphis   320 1/2 to 330 1/2; Bids to farmers at River Elevators  258 to 298 Chicago Futures: Dec down  1/2  at  332    Mar '09 unchanged    at  348 1/4    May '09 down  1/4  at  359 1/4    Dec '09 down  3/4  at  394 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures are also following the stock market and crude oil futures. 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 03, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis up 27 at  4285   Greenwood up  27 at 4285 New York Futures: Dec down  88  at  4418    Mar '09 up  35  at  4668    May '09 up  29  at  4666    Jul '09 up  20  at  4725    Dec '09 up  65  at  5150  This week's LDP rate for cotton is  16.05 cents   The estimate for next week is  13.63 cents Cotton Comment Cotton moved a bit higher and 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 up  21 1/2  at  1320 1/2    Mar '09 up  14 1/2  at  1340    May '09 up  9  at  1357 1/2    Jul '09 up  8 1/2  at  1380 1/2    - - - up  - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice also turned higher today, also following the stock market. 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 03, 2008 Cattle As reported by Federal-State Market News, receipts were 830 head at sales in Conway & Pocahontas.  Compared with last week, feeder steers sold weak to $5 lower, heifers $2-4 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 97.75 to - - -   500 to 550 lbs. 88 to - - -   600 to 650 lbs. 84.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 74 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 80 to - - -  Medium & Large Frame 2   400 to 450 lbs. 74 to - - - Slaughter Cows, Boners 40   to   43.50 Light Weight 26 to 32 Bulls, Yield Grade   1   1000   to   2100 lbs.   53   to   57.50, high dressing not tested Midwest Steers   were quoted   at   87   to   - - - Panhandle Steers   were quoted   at   87   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 102 to 110.50   550 to 600 lbs. 85 to 97 Heifers 500 to 550 lbs. 84 to 94   600 to 650 lbs. 84.75 to 86.50 Chicago Futures: Live Cattle: Dec down 52 at 8382   Feb '09 down 87 at 8407 Feeders: Jan '09 down 65 at 8835   May '09 down 50 at 9040 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 also ended the day lower. This market, too, continues to follow crude oil lower. Futures’ premium to cash prices is also a negative factor. Hogs Peoria: were     steady   at   35.5   to   36 Chicago Futures: Dec down 80 at 5757   Feb '09 down 110 at 6437 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 03, 2008 Eggs New York:  Ex. Lg. 122-126; Lg. 120-124; Med. 90-94; Chicago:  Ex. Lg. 111-119; Lg. 109-117; Med. 87-95; Eastern Region Turkeys Hens: 8-16 lbs. 79-82 Toms: 16-24 lbs. 79-82   Delmarva Broilers U.S. Grade A 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