12/05/2008 Farm Bureau Market Report

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Grain & Soybean Date: December 05, 2008 Soybeans Local Elevators: (Dec) EAST AR:  750 to 780 (NC) Summ. 763 to - - - River Elevators: (Dec) MISS: 759 to 787 ; AR & White 756 to 765 (NC) Summ. 762 to 794 Ark. Processor Bids: (Dec) 762 to 780  (NC) 774 to 778 Memphis:  (Dec) 793 1/2 to - - - (NC)  n/a to - - - Riceland Foods:  (Dec) Stuttgart 780 ; Pendleton 780 ; West Memphis 784 Chicago Futures: Jan '09 down 27 1/2 at  783 1/2   Mar '09  down  28 1/4  at  787 1/4   May '09 down 29  at  794 3/4   Jul '09 down 28  at  805   Nov '09 down 32 1/2  at  802 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans plunged to new lows again today. The market is following crude oil lower, and oil has now lost over $105 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. Last week's 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. 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 Cash bid for December at Memphis  355 1/2 to - - -; Bids to farmers at Local Elevators 372-382; River Elevators 381-417; Chicago Futures: Dec down  10  at  457 3/4    Mar '09 down 10 1/2  at  475 1/2    May '09 down  11  at  488 1/2    Jul '09 down  10 3/4  at  501 1/2    Sep '09 down  10 1/4  at  524 1/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for December at Memphis  365 to 392; Bids to farmers at River Elevators 266-346; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for December at Memphis   272 1/4 to 276 1/4;   new crop at Memphis   288 1/2 to - - -; Bids to farmers at River Elevators  234 to 274 Chicago Futures: Dec down  24 3/4  at  293 1/2    Mar '09 down  24 3/4  at  309 1/4    May '09 down  25 3/4  at  319 1/4    Dec '09 down  28  at  351 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment 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 05, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis down 223 at  3762   Greenwood down  223 at 3762 New York Futures: Dec down  233  at  3933    Mar '09 down  223  at  4137    May '09 down  231  at  4124    Jul '09 down  217  at  4213    Dec '09 down  222  at  4598  This week's LDP rate for cotton is  13.70 cents   The estimate for next week is  13.69 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  4 1/2  at  1413    Mar '09 up  23 1/2  at  1393    May '09 up  23  at  1410 1/2    Jul '09 up  24  at  1429 1/2    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice posted strong gains again today, despite weakness in other commodities. While the international market has shown some signs of stabilizing, it is still trading at levels well below U.S. milled rice. The next level of resistance for January is near $15. Cattle & Hogs  Date: December 05, 2008 Cattle As reported by Federal-State Market News, receipts were 7,795 head at sales in Arkansas this week.  Compared with last week, feeder steers under 500 lbs. sold $3-6 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 98 to - - -   500 to 550 lbs. 91 to - - -   600 to 650 lbs. 82 to - - -  Medium & Large Frame 2   400 to 450 lbs. 84.75 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 81.25 to - - -  Medium & Large Frame 2   400 to 450 lbs. 72.75 to - - - Slaughter Cows, Boners 38   to   44 Light Weight 23 to 28 Bulls, Yield Grade   1   1000   to   2100 lbs.   50   to   55.50, high dressing 56-57.50 Midwest Steers   n/a   at   - - -   to   - - - Panhandle Steers   n/a   at   - - -   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 88 to 110.50   600 to 650 lbs. 85 to 93.75 Heifers 500 to 550 lbs. 79 to 94   600 to 650 lbs. 76 to 86.50 Chicago Futures: Live Cattle: Dec down 152 at 8155   Feb '09 down 162 at 8145 Feeders: Jan '09 down 145 at 8665   May '09 down 170 at 8780 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 $1     higher   at   36.5   to   37 Chicago Futures: Dec up 35 at 5745   Feb '09 up 55 at 6420 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs turned higher late in the day on indications the market was oversold. This market, too, has been following crude oil lower. Futures’ premium to cash prices is also a negative factor. Poultry  Date: December 05, 2008 Eggs New York:  Ex. Lg. 122-126; Lg. 120-124; Med. 89-93; 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   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 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