12/22/2008 Farm Bureau Market Report

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Grain & Soybean Date: December 22, 2008 Soybeans Local Elevators: (Dec) EAST AR:  864 to 887 (NC) Summ. 875 to - - - River Elevators: (Dec) MISS: 882 to 912 ; AR & White 869 to 887 (NC) Summ. 869 to 912 Ark. Processor Bids: (Dec) 857 to 887  (NC) 857 to 879 Memphis:  (Dec) 814 1/2 to 916 1/2 (NC)  831 1/4 to 846 1/4 Riceland Foods:  (Dec) Stuttgart 887 ; Pendleton 887 ; West Memphis 912 Chicago Futures: Jan '09 up 18 1/4 at  886 1/2   Mar '09  up  18  at  890 1/2   May '09 up 17 3/4  at  901 1/2   Jul '09 up 17 1/2  at  912 1/2   Nov '09 up 17 1/4  at  916 1/4   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans made strong gains on continued dry weather concerns in South America. This was a positive as the market seemed to ignore weakness in crude oil. January futures will need to move above resistance between $9.50 and $9.81. Corn ended the session slightly higher, but remains under pressure, despite the dry weather concerns in Brazil. A slightly weaker U.S. dollar was a positive for exports. March corn futures need to hold above $3.75. Wheat Cash bid for December at Memphis  469 to - - -; Bids to farmers at Local Elevators 464-479; River Elevators 475-514; Chicago Futures: Mar '09 up  5 3/4  at  569    May '09 up 5 1/2  at  581 1/2    Jul '09 up  5 3/4  at  593 1/2    Sep '09 up  5  at  613 3/4    Dec '09 up  5  at  635 1/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for December at Memphis  521 to - - -; Bids to farmers at River Elevators 396-476; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for December at Memphis   361 3/4 to 366 3/4;   new crop at Memphis   362 3/4 to - - -; Bids to farmers at River Elevators  317 to 357 Chicago Futures: Mar '09 up  1  at  381 3/4    May '09 up  1  at  392    Jul '09 up  1 1/2  at  402 1/2    Dec '09 up  2  at  427    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat prices have begun chopping along mostly sideways. The chart picture isn’t exactly bullish, but the market is clearly trying to establish support at the recent low, which is $4.71 for March. The market needs some bullish fundamental news, however, in order to build upward momentum. Cotton & Rice  Date: December 22, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis up 66 at  4289   Greenwood up  66 at 4289 New York Futures: Mar '09 up  66  at  4589    May '09 up  75  at  4663    Jul '09 up  78  at  4780    Dec '09 up  87  at  5212    - - -   - - -  at  - - -  This week's LDP rate for cotton is  15.83 cents   The estimate for next week is  15.14 cents Cotton Comment Cotton closed higher but remained within the recent trading range. December made another run above 52 cents, but needs to close above that level to suggest a possible upturn. World economic conditions continue to weigh on cotton use. That doesn’t appear to be changing in the near future. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: Jan '09 up  23 1/2  at  1512    Mar '09 up  15 1/2  at  1487    May '09 up  15  at  1502 1/2    Jul '09 up  15  at  1516    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice recouped late week losses as January moved above $15. Overall fundamentals remain somewhat negative as U.S milled rice exports, which make up about 2/3 of U.S. rice exports, are extremely slow. Many mills face a restricted milling schedule if new sales don’t surface soon. U.S. milled rice exports are slow because U.S. rice is at a big premium compared to other exporters. Cattle & Hogs  Date: December 22, 2008 Cattle As reported by Federal-State Market News, receipts were 2,077 head at sales in Ash Flat, Springdale & Ola.  Compared with last week, feeder steers sold mostly firm to $4 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 101.25 to - - -   500 to 550 lbs. 90.75 to - - -   600 to 650 lbs. 81.75 to - - -  Medium & Large Frame 2   400 to 450 lbs. 88 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 87.25 to - - -  Medium & Large Frame 2   400 to 450 lbs. 78 to Slaughter Cows, Boners 39   to   45 Light Weight 30 to 33 Bulls, Yield Grade   1   1000   to   2100 lbs.   50   to   58, high dressing $58-61 Midwest Steers   were $2 lower to steady   at   82   to   84 Panhandle Steers   were $2 lower to steady   at   83   to   85 Oklahoma City Feeders Steers n/a to - - - lbs. - - - to - - -   n/a to - - - lbs. - - - to - - - Heifers n/a to - - - lbs. - - - to - - -   n/a to - - - lbs. - - - to - - - Chicago Futures: Live Cattle: Feb '09 down 52 at 8625   Apr '09 down 37 at 8882 Feeders: Jan '09 down 12 at 9337   May '09 down 30 at 9480 Cattle Comment Cattle futures ended mostly lower amid continued concerns about the global economy and disappointment that the monthly cattle on feed report was viewed as neutral. Hogs Peoria: were $1.5     lower   at   34.5   to   35 Chicago Futures: Feb '09 down 80 at 6090   Apr '09 down 75 at 6870 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs were also lower, with February coming close to testing support at the contract low of $60.50. Fundamental concerns are keeping a lid on prices. Seasonal weakness and increased supplies are combining with general economic concerns to limit the upside. Poultry  Date: December 22, 2008 Eggs New York:  Ex. Lg. 127-131; Lg. 125-129; Med. 91-95; Chicago:  Ex. Lg. 116-124; Lg. 114-122; Med. 83-91; Eastern Region Turkeys Hens: 8-16 lbs. 69-76 Toms: 16-24 lbs. 69-75   Delmarva Broilers U.S. Grade A Trade sentiment was steady. Demand following the weekend was seasonally light to fair with trading usually limited to regular commitments. Supplies of all sizes were adequate to satisfy trade needs. Schedules this week are mostly part time with many plants down one or two days for the holiday. 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