12/12/2008 Farm Bureau Market Report

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Grain & Soybean Date: December 12, 2008 Due to the Farm Bureau Center closing early today, the report will be shorter. The next full report will be available on Monday, December 15, 2008. Soybeans Local Elevators: (Dec) EAST AR:  n/a to - - - (NC) Summ. n/a to - - - River Elevators: (Dec) MISS: n/a to - - - ; AR & White n/a to - - - (NC) Summ. n/a to - - - Ark. Processor Bids: (Dec) n/a to - - -  (NC) n/a to - - - Memphis:  (Dec) n/a to - - - (NC)  n/a to - - - Riceland Foods:  (n/a) Stuttgart - - - ; Pendleton - - - ; West Memphis - - - Chicago Futures: Jan '09 down 3 1/2 at  853   Mar '09  down  5 1/2  at  855   May '09 down 2  at  868   Jul '09 down 5 1/4  at  874   Nov '09 down 6 1/4  at  872   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans failed to show followthough on yesterday’s upturn in early trading. Failure of the Senate to approve a bailout for the auto market combined with a sharply lower oil price pushed soybeans down. Inability to hold above $8.40 would tend to negate yesterday’s potential confirmation of a market bottom. The market needs a sustain upturn and some indication it can move independent of index funds and crude oil. After moving lower early on, corn futures turned sharply higher by the end of the day. This move higher in the wake of what would normally be bearish news is a strong signal that a low has been put in. Friday’s low of $3.06 is initial support for March. Wheat Cash bid for December at Memphis  n/a to - - -; Bids to farmers at Local Elevators n/a; River Elevators n/a; Chicago Futures: Mar '09 up  6 1/2  at  514    May '09 up 9 1/4  at  530    Jul '09 up  4  at  537 1/2    Sep '09 up  12 1/2  at  568    Dec '09 up  16  at  591    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for December at Memphis  n/a to - - -; Bids to farmers at River Elevators n/a; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for December at Memphis   n/a to - - -;   new crop at Memphis   n/a to - - -; Bids to farmers at River Elevators  n/a to Chicago Futures: Mar '09 up  23  at  374 1/2    May '09 up  23 1/4  at  385 3/4    Sep '09 up  23 1/2  at  406 1/2    Dec '09 up  25  at  421 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment March wheat charted a bullish reversal in today’s trade, which could be a sign that the market is trying to confirm a bottom. Yesterday’s report was disappointing for wheat. USDA raised U.S. ending stocks another 20 million bushels. World supply numbers were also increased again, giving this market more bearish supply-side news to deal with. Cotton & Rice  Date: December 12, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis  n/a at  - - -   Greenwood   n/a at - - - New York Futures: Mar '09 down  111  at  5335    May '09 down  75  at  4404    Jul '09 down  30  at  4500    Dec '09 up  2  at  4902    - - -   - - -  at  - - -  This week's LDP rate for cotton is  13.70 cents   The estimate for next week is  16.48 cents Cotton Comment Cotton remained in a sluggish pattern today. Big cuts in world use resulted in USDA lowering projected exports and raising ending stocks to 7.1 million bales. Increased intensity of the world economic situation will continue to weigh on cotton. General thinking is that unless market conditions improve cotton acreage in Arkansas and the mid-South will decline again in ’09. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: Jan '09 up  30  at  1485    Mar '09 up  28  at  1478    May '09 up  29  at  1495    Jul '09 up  25  at  1505    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice opened lower but reversed to post solid gains by the end of the day. The market is looking ahead to January when USDA is expected to revisit ’08 production estimates. Milled export movement remains slow, while rough exports are good. U.S. milled price levels are at a big premium to other world growths. Cattle & Hogs  Date: December 12, 2008 Cattle As reported by Federal-State Market News, receipts were 9,715 head at sales in Arkansas this week.  Compared with last week, feeder steers uneven, mostly steady to $2 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 96 to - - -   500 to 550 lbs. 88.25 to - - -   600 to 650 lbs. 62 to - - -  Medium & Large Frame 2   400 to 450 lbs. 85 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 82.75 to - - -  Medium & Large Frame 2   400 to 450 lbs. 74.25 to - - - Slaughter Cows, Boners 37   to   42 Light Weight 20 to 25 Bulls, Yield Grade   1   1000   to   2100 lbs.   49   to   54, high dressing $54-56.50 Midwest Steers   n/a   at   - - -   to   - - - Panhandle Steers   n/a   at   - - -   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 85.50 to 104.50   600 to 650 lbs. 80 to 93.63 Heifers 500 to 550 lbs. 77 to 87.17   600 to 650 lbs. 72 to 85.78 Chicago Futures: Live Cattle: Feb '09 down 102 at 8280   Apr '09 down 72 at 8495 Feeders: Jan '09 down 42 at 8717   May '09 down 62 at 8875 Cattle Comment Cattle turned sharply lower today. February did hold above support at $82.20, though. Weak cash market fundamentals were bearish. Hogs Peoria: were $1     higher   at   37.5   to   38 Chicago Futures: Feb '09 down 10 at 6227   Apr '09 down 7 at 6777 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures were also lower. USDA cut their export estimates for both 2008 and 2009 in yesterday’s supply/demand report, adding to the negative undertone that has been in this market for a few days. Poultry  Date: December 12, 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. 75-78 Toms: 16-24 lbs. 77   Delmarva Broilers U.S. Grade A Trade sentiment was steady. Demand entering the weekend was seasonally fair to moderate with limited trading. 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