12/04/2008 Farm Bureau Market Report

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Grain & Soybean Date: December 04, 2008 Soybeans Local Elevators: (Dec) EAST AR:  777 to 807 (NC) Summ. 790 to - - - River Elevators: (Dec) MISS: 786 to 815 ; AR & White 774 to 792 (NC) Summ. 790 to 821 Ark. Processor Bids: (Dec) 794 to 807  (NC) 800 to 801 Memphis:  (Dec) 821 to - - - (NC)  - - - to - - - Riceland Foods:  (Dec) Stuttgart 807 ; Pendleton 807 ; West Memphis 811 Chicago Futures: Jan 09 down 19 at  811   Mar 09  down  19 1/2  at  815 1/2   May 09 down 19 1/4  at  823 3/4   July 09 down 18 1/4  at  833   Nov 09 down 19 3/4  at  835   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans plunged to new lows today. The market is following crude oil lower, and oil has now lost over $100 per barrel in value. This market needs some positive export news in order to confirm a bottom, but there is no indication when that news will come. Export sales were a marketing-year low of 13.4 million bushels, and even though the Thanksgiving holiday is a big reason sales were slow, that total was well below industry expectations. Wheat Cash bid for December at Memphis  366 to - - -; Bids to farmers at Local Elevators 382-392; River Elevators 392-427; Chicago Futures: Dec down  33  at  467 3/4    Mar 09 down 33 3/4  at  486    May 09 down  33 3/4  at  499 1/2    July 09 down  34  at  512 1/4    Sept 09 down  34  at  534 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for December at Memphis  409 to 436; Bids to farmers at River Elevators 311-391; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for December at Memphis   297 to 304;   New crop at Memphis   315 3/4 to - - -; Bids to farmers at River Elevators  259 to 299 Chicago Futures: Dec down  13 3/4  at  318 1/4    Mar 09 down  14 1/4  at  334    May 09 down  14 1/4  at  345    Dec 09 down  15  at  379 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Corn moved to new lows as well. Exports were disappointing at 15.2 million bushels, which brings the total to approximately half of last year's total at this time. December fell to a new recent low and could be headed to mid-year support near $3.10. Wheat futures also fell to new lows. A pitiful 7.6 million bushels of wheat were sold for export last week. U.S. wheat continues to be overpriced, especially compared to wheat coming out of Eastern Europe. The recent price slide is said to have buyers looking, though. Cotton & Rice  Date: December 04, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis down 300 at  3985   Greenwood down  300 at 3985 New York Futures: Dec down  136  at  3182    Mar 09 down  300  at  4360    May 09 down  300  at  4355    July 09 down  300  at  4430    Dec 09 down  300  at  4820  This week's LDP rate for cotton is  16.05 cents   The estimate for next week is  13.76 cents Cotton Comment Cotton turned sharply lower today. 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  48 1/2  at  1369    Mar 09 up  29 1/2  at  1369 1/2    May 09 up  30  at  1387 1/2    July 09 up  25  at  1405 1/2    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice continued higher today despite weakness in other markets. 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 04, 2008 Cattle As reported by Federal-State Market News, receipts were 2641 head at sales in Charlotte, Ratcliff and Green Forest.  Compared with last week, feeder steers sold mostly steady, instances $3 to $4 lower. Feeder heifers sold steady to $2 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 104.75 to - - -   500 to 550 lbs. 92 to - - -   600 to 650 lbs. 89.25 to - - -  Medium & Large Frame 2   400 to 450 lbs. 95.50 to - - - Heifers:  Medium & Large Frame 1   500 to 550 lbs. 83 to - - -  Medium & Large Frame 2   400 to 450 lbs. 77.75 to - - - Slaughter Cows, Boners 36   to   42 Light Weight 27 to 32 Bulls, Yield Grade   1   1000   to   2100 lbs.   50   to   55 Midwest Steers   were steady   at   87   to   - - - Panhandle Steers   were steady   at   87   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 101 to 106.50   550 to 600 lbs. 92.50 to 96 Heifers 500 to 550 lbs. 89 to - - -   550 to 600 lbs. 82.50 to 89 Chicago Futures: Live Cattle: Dec down 75 at 8307   Feb 09 down 100 at 8307 Feeders: Jan 09 down 25 at 8810   May 09 down 90 at 8950 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. Hogs Peoria: were     steady   at   35.5   to   36 Chicago Futures: Dec down 47 at 5710   Feb 09 down 72 at 6365 Sheep St. Paul n/a   at   - - -   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 04, 2008 Eggs New York:  Ex. Lg. 122-126; Lg. 120-124; Med. 89-93; Chicago:  Ex. Lg. 111-119; Lg. 109-117; Med. 88-90; Eastern Region Turkeys Hens: 8-16 lbs. 79-82 Toms: 16- 24 lbs. 79   Delmarva Broilers U.S. Grade A Trade sentiment was mostly steady. Demand was moderate at best with strongest movement for active retail ads and fast food specials. 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