12/10/2008 Farm Bureau Market Report

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Grain & Soybean Date: December 10, 2008 Soybeans Local Elevators: (Dec) EAST AR:  796 to 826 (Nc) Summ. 805 to - - - River Elevators: (Dec) MISS: 810 to 845 ; AR & White 804 to 811 (NC) Summ. 820 to 850 Ark. Processor Bids: (Dec) 803 to 826  (NC) 810 to 820 Memphis:  (Dec) 844 1/2 to - - - (NC)  n/a to - - - Riceland Foods:  (Dec) Stuttgart 826 ; Pendleton 826 ; West Memphis 830 Chicago Futures: Jan '09 up 16 1/2 at  829 1/2   Mar '09  up  16 1/2  at  834 3/4   May '09 up 16 3/4  at  844 1/2   Jul '09 up 16 1/4  at  854   Nov '09 up 18  at  852   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans closed higher as the market continues to respect this week’s one day island reversal bottom. However, January tested resistance at $8.40 and failed to hold that level as it slipped back at the end of the session. A close above this level would be a positive technical factor. Tomorrow’s report could be some slight adjustments in use, with the consensus of pre-report projections suggesting a slightly lower ending stocks number. Corn made a good upward move and closed near the day’s highs. All this despite concern that tomorrow’s report will have sizeable downward adjustments in projected exports and ethanol use. Consensus of pre-report projections is for ending stocks to rise over 100 million bushels. December futures need to close above $3.60, and March above $3.80 to confirm a bottom. Wheat Cash bid for December at Memphis  399 1/2 to - - -; Bids to farmers at Local Elevators 405-420; River Elevators 417-455; Chicago Futures: Mar '09 up  20  at  509 1/2    May '09 up 19 3/4  at  522 1/2    Jul '09 up  19 3/4  at  535    Sep '09 up  19 1/2  at  557 1/2    Dec '09 up  18 1/2  at  578 1/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for December at Memphis  432 to 450; Bids to farmers at River Elevators n/a; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for December at Memphis   312 to - - -;   new crop at Memphis   323 1/4 to - - -; Bids to farmers at River Elevators  267 to 307 Chicago Futures: Mar '09 up  14 1/4  at  342    May '09 up  14 1/4  at  352 3/4    Sep '09 up  14 1/2  at  373 1/4    Dec '09 up  15  at  387 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat made a strong move upward today, with March back above $5. Strength in crude oil was the driving force behind today’s rally. 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 10, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis up 122 at  4042   Greenwood up  122 at 4042 New York Futures: Mar '09 up  93  at  4388    May '09 up  80  at  4358    Jul '09 up  87  at  4432    Dec '09 up  37  at  4786    - - -   - - -  at  - - -  This week's LDP rate for cotton is  13.70 cents   The estimate for next week is  16.54 cents Cotton Comment Cotton closed higher, but was unable to break trendline resistance at today’s high. However, the market may 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  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: Jan '09 down  26  at  1408    Mar '09 down  16  at  1400    May '09 down  16  at  1420    Jul '09 down  19  at  1437 1/2    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice was lower for the second day in a row as the market retraced recent gains. 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 10, 2008 Cattle As reported by Federal-State Market News, receipts were 682 head at sales in Conway.  Compared with last week, feeder steers sold $3-6 lower, heifers $2-4 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 89.25 to - - -   500 to 550 lbs. 85 to - - -   600 to 650 lbs. 80.25 to - - -  Medium & Large Frame 2   400 to 450 lbs. 77 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 89.25 to - - -  Medium & Large Frame 2   400 to 450 lbs. 77.25 to - - - Slaughter Cows, Boners 35   to   39 Light Weight 18 to 24 Bulls, Yield Grade   1   1000   to   2100 lbs.   n/a   to   - - - Midwest Steers   were quoted   at   84   to   - - - Panhandle Steers   were quoted   at   84   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 93.25 to 103.50   600 to 650 lbs. 82 to 90 Heifers 500 to 550 lbs. 82.75 to 86   600 to 650 lbs. 82.50 to 85 Chicago Futures: Live Cattle: Feb '09 up 152 at 8380   Apr '09 up 130 at 8547 Feeders: Jan '09 up 80 at 8735   May '09 up 62 at 8890 Cattle Comment Cattle futures turned higher, also on strength in crude oil. Friday’s island reversal bottom could signal a major low, if we see follow-through gains over the next several days. Hogs Peoria: were     steady   at   36.5   to   37 Chicago Futures: Feb '09 down 100 at 6312   Apr '09 down 55 at 6860 Sheep St. Paul n/a   at   - - -   to   - - - Hogs Comment Hog futures turned lower. Lower composite cutout values and expectations of seasonal price pressure contributed to the negative feeling. Poultry  Date: December 10, 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. 77-78 Toms: 16-24 lbs. 77   Delmarva Broilers U.S. Grade A Trade sentiment was 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