12/15/2008 Farm Bureau Market Report

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Grain & Soybean Date: December 15, 2008 Soybeans Local Elevators: (Dec) EAST AR:  - - - to - - - (NC) Summ. - - - to - - - River Elevators: (Dec) MISS: - - - to - - - ; AR & White - - - to - - - (NC) Summ. - - - to - - - Ark. Processor Bids: (Dec) - - - to - - -  (NC) - - - to - - - Memphis:  (Dec) - - - to - - - (NC)  - - - to - -- Riceland Foods:  (Dec) Stuttgart - - - ; Pendleton - - - ; West Memphis - - - Chicago Futures: Jan 09 down 8 at  846   Mar 09  down  6 3/4  at  849 1/2   May 09 down 5 3/4  at  860   July 09 down 5  at  869 3/4   Nov 09 down 4  at  870   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment After making big early gains, soybeans lost momentum and followed oil lower into the close. A bigger soybean acreage forecast by Informa added to the negative undertone. Informa’s estimate showed decreases in the midwest corn plantings and smaller cotton acreage contributing to the increase in soybeans. Wheat Cash bid for December at Memphis  - - - to - - -; Bids to farmers at Local Elevators - - -; River Elevators - - -; Chicago Futures: Mar 09 up  7  at  520    May 09 up 6 3/4  at  532 3/4    July 09 up  6 3/4  at  545 1/2    Sept 09 up  6 1/4  at  566 1/2    Dec 09 up  5 3/4  at  585 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for December at Memphis  - - - to - - -; Bids to farmers at River Elevators - - -; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for December at Memphis   - - to - - -;   New crop at Memphis   - - - to - - -; Bids to farmers at River Elevators  - - - to - - - Chicago Futures: Mar 09 up  1 3/4  at  375 1/4    May 09 up  1 3/4  at  386 1/2    Sept 09 up  2  at  407 3/4    Dec 09 up  2 1/2  at  422 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Corn continued higher through most of today’s session, as the market continues an upturn that began with last week’s bearish supply demand update. The market has all but confirmed a bottom, which would suggest a possible move toward retracement objectives that start at $4.32. The question is whether the market can sustain upturn without oil turning higher as well. Wheat was higher again today, following through on Friday’s bullish reversal. The market is keeping a close eye on the weather. There is very little snow cover in the Plains, so winter kill is a possibility in the face of freezing temperatures. Cotton & Rice  Date: December 15, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis  - - - at  - - -   Greenwood   - - - at - - - New York Futures: Mar 09   - --  at  - - -    May 09   - - -  at  - - -    July 09   - - -  at  - - -    Dec 09   - - -  at  - - -    - - -   - - -  at  - - -  This week's LDP rate for cotton is  16.48 cents   The estimate for next week is  16.48 cents Cotton Comment Cotton moved higher but remains in an overall sideways pattern. March needs to close above 48 cents and December above 52 cents to put the market in an upmode. 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  - - - - - -  to  - - -   - - - - - -  to  - - - Chicago Futures: Jan 09 up  15  at  1504 1/2    Mar 09 up  19 1/2  at  1508    May 09 up  16  at  1521 1/2    July 09 up  9 1/2  at  1528    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice futures remained on the positive side as the market continued to sustain some positive momentum. 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 15, 2008 Cattle As reported by Federal-State Market News, receipts were 1201 head at sales in Springdale and Ola.  Compared with last week, feeder steers sold $1 to $6 lower, mostly $2 - $4 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 104.25 to - - -   500 to 550 lbs. 87 to - - -   600 to 650 lbs. 79 to - - -  Medium & Large Frame 2   400 to 450 lbs. 92 to - - - Heifers:  Medium & Large Frame 1   500 to 550 lbs. 78.75 to - - -  Medium & Large Frame 2   400 to 450 lbs. 76.50 to - - - Slaughter Cows, Boners 34   to   40 Light Weight 27 to 33 Bulls, Yield Grade   1   1000   to   2100 lbs.   50   to   55 Midwest Steers   were   at   82   to   87.50 Panhandle Steers   were   at   83   to   85 Oklahoma City Feeders Steers 500 to 550 lbs. 95.50 to 99.75   550 to 600 lbs. 88.50 to 94.50 Heifers 500 to 550 lbs. 80 to - - -   550 to 600 lbs. 88.5 to 94.5 Chicago Futures: Live Cattle: Feb 09 up 100 at 8380   Apr 09 up 120 at 8615 Feeders: Jan 09 up 95 at 8812   May 09 up 95 at 8970 Cattle Comment Cattle posted gains on indications the market is oversold and futures large discount to cash prices. February needs to close above the recent high of $84.10 to suggest further upside is possible. Hogs Peoria: were     steady   at   37.5   to   38 Chicago Futures: Feb 09 up 30 at 6257   April 09 up 67 at 6845 Sheep St. Paul n/a   at   - - -   to   - -- Hogs Comment Hog futures ended the day higher as well. Stronger outside markets had an impact, as did indications the market is oversold. Seasonal weakness in pork prices limited the upside. Poultry  Date: December 15, 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. 69-78 Toms: 16-24 lbs. 69-77   Delmarva Broilers U.S. Grade A Trade sentiment was steady. Demand following the weekend was seasonally fair to moderate with trading usually limited to regular commitments. Supplies of all sizes were 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