12/09/2008 Farm Bureau Market Report

Click here to view this report online.

Grain & Soybean Date: December 09, 2008 Soybeans Local Elevators: (Dec) EAST AR:  779 to 809 (NC) Summ. 792 to - - - River Elevators: (Dec) MISS: 788 to 817 ; AR & White 788 to 794 (NC) Summ. 794 to 823 Ark. Processor Bids: (Dec) 786 to 809  (NC) 793 to 803 Memphis:  (Dec) 823 to 828 (NC)  - - - to - - - Riceland Foods:  (Dec) Stuttgart 809 ; Pendleton 809 ; West Memphis 813 Chicago Futures: Jan 09 down 7 1/2 at  813   Mar 09  down  7 1/4  at  818 1/4   May 09 down 7 1/4  at  827 3/4   July 09 down 7 3/4  at  837 3/4   Nov 09 down 10  at  834   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans traded a fairly narrow range before ending the session slightly lower. A strong dollar and profit taking accounted for the slight downturn. January futures left yesterday’s one day island reversal intact, but needs upside followthrough and a close 8.40 to confirm a potential low. Wheat Cash bid for December at Memphis  379 1/2 to - - -; Bids to farmers at Local Elevators 385-395; River Elevators 395-430; Chicago Futures: Dec down  3/4  at  472 1/4    Mar 09 down 1  at  489 1/2    May 09 down  1  at  502 3/4    July 09 down  1 1/2  at  515 1/4    Sept 09 down  1 1/2  at  538    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for December at Memphis  407 to 425; Bids to farmers at River Elevators 300-380; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for December at Memphis   297 3/4 to - - -;   New crop at Memphis   308 3/4 to - - -; Bids to farmers at River Elevators  253 to 293 Chicago Futures: Dec down  2  at  312 1/4    Mar 09 down  2 1/4  at  327 3/4    May 09 down  2  at  338 1/2    Dec 09 down  1 1/2  at  372 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Corn lost a few cents in today’s trade, but the market was relatively quiet headed into Thursday’s report. Depending on what happens, this market could slip toward the next support around $2.65 or it could head toward resistance at $3.75 to $3.80. Wheat closed barely lower, but still below $5. The export market remains competitive and U.S. wheat has garnered little interest. This could lead to a continued downtrend with the next weekly chart support at $4.10. Cotton & Rice  Date: December 09, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis down 139 at  3920   Greenwood down  139 at 3920 New York Futures: Mar 09 down  139  at  4295    May 09 down  140  at  4278    July 09 down  144  at  4345    Dec 09 down  129  at  4749    - - -   - - -  at  - - -  This week's LDP rate for cotton is  13.70 cents   The estimate for next week is  16.46 cents Cotton Comment Last month’s potential double bottom formation on the March chart remained intact. Cotton could not sustain yesterday’s upturn but potential improvement in the economy would help boost the outlook for cotton. The market may also be anticipating adjustments on Thursday in this year’s cotton production number. Late season weather reduced yields in the southern delta and that should be reflected in this week’s report. This week’s projected LDP is up after last week’s upturn in price. The long term outlook suggests cotton is probably bottoming. Rice Long Grain Cash Bid for  - - - - - -  to  - - -   - - - - - -  to  - - - Chicago Futures: Jan 09 down  15  at  1434    Mar 09 down  12  at  1416    May 09 down  10  at  1436    July 09 down  10 1/2  at  1456 1/2    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice lost ground as the market fell after four straight days of rain. The international market remains somewhat soft with few major sales made recently. Iraq picked rice in Vietnam and Pakistan for their recent tender. Both are substantially cheaper than offerings by Thailand. U.S. milled rice sales remain slow, while rough rice continues to move to Mexico, Central and South America. No change in rice production numbers in this week’s report - that comes in January. General thinking is it will be a substantial change. Cattle & Hogs  Date: December 09, 2008 Cattle As reported by Federal-State Market News, receipts were 1624 head at sales in Fort Smith and Marshall.  Compared with last week, feeder steers sold $3 to $5 lower, heifers $1 to $3 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 93.50 to - - -   500 to 550 lbs. 87 to - - -   600 to 650 lbs. 85.75 to - - -  Medium & Large Frame 2   400 to 450 lbs. 89 to - - - Heifers:  Medium & Large Frame 1   500 to 550 lbs. 80.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 76.75 to - - - Slaughter Cows, Boners 35.50   to   42 Light Weight 22 to 27 Bulls, Yield Grade   1   1000   to   2100 lbs.   48   to   55.50 Midwest Steers   - - -   at   - - -   to   - - Panhandle Steers   - - -   at   - - -   to   - - - Oklahoma City Feeders Steers - - - to - - - lbs. - - - to - - -   - - - to - - - lbs. - - - to - - - Heifers - - - to - - - lbs. - - - to - - -   - - - to - - - lbs. - - - to - - - Chicago Futures: Live Cattle: Dec down 50 at 8260   Feb down 40 at 8227 Feeders: Jan down 135 at 8655   May down 65 at 8827 Cattle Comment December live cattle were weaker today but the market did hold above yesterday’s one day island reversal low. This could signal a major low, if we see followthrough gains over the next several days. Larger cattle offerings and a weaker stock market weighed on today’s trade. Hogs Peoria: were 50¢ to $2     higher   at   36.5   to   37 Chicago Futures: Dec up 30 at 5727   Feb steady 0 at 6412 Sheep St. Paul n/a   at   - - -   to   - - - Hogs Comment Hog futures closed mixed but had an overall weaker undertone. Lower composite cutout values and expectations of seasonal price pressure contributed to the negative feeling. Poultry  Date: December 09, 2008 Eggs New York:  Ex. Lg. 122-126; Lg. 120-124; Med. 89-93; Chicago:  Ex. Lg. 111-119; Lg. 109-117; Med. 81-89; Eastern Region Turkeys Hens: 8-16 lbs. 77-80 Toms: 16-24 lbs. 77-79   Delmarva Broilers U.S. Grade A Trade sentiment was steady. Demand was mostly fair with trading limited to regular commitments. 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