12/23/2008 Farm Bureau Market Report

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Grain & Soybean Date: December 23, 2008 Due to an extended Christmas Holiday, the next market update will be Monday, December 29, 2008. Soybeans Local Elevators: (Dec) EAST AR:  878 to 901 (NC) Summ. 889 to - - - River Elevators: (Dec) MISS: 896 to 927 ; AR & White 884 to 899 (NC) Summ. 884 to 927 Ark. Processor Bids: (Dec) 871 to 901  (NC) 871 to 893 Memphis:  (Dec) 931 to - - - (NC)  843 3/4 to 858 3/4 Riceland Foods:  (Dec) Stuttgart 901 ; Pendleton 926 ; West Memphis 926 Chicago Futures: Jan '09 up 14 1/2 at  901   Mar '09  up  14 1/2  at  905   May '09 up 14 1/2  at  916   Jul '09 up 14 1/2  at  927   Nov '09 up 12 1/2  at  928 3/4   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans rebounded from early weakness to finish the day with solid gains. January moved above $9 despite a smaller than expected November crush. Continued concern about weather conditions in South America provided much of the upside impetus. Outside markets were negative with crude oil lower and the dollar a little stronger. Corn reversed early declines to close on a strong note. Recent private forecasts suggest smaller U.S. corn plantings in ’09, but the market appears to be in the process of buying acres with December moving near $4.40 in today’s trade. Declining fertilizer and fuel costs should boost producer interest in corn. Wheat Cash bid for December at Memphis  475 1/4 to - - -; Bids to farmers at Local Elevators 468-483; River Elevators 480-518; Chicago Futures: Mar '09 up  6 1/4  at  575 1/4    May '09 up 6 1/4  at  587 3/4    Jul '09 up  4 3/4  at  598 1/4    Sep '09 up  5 1/2  at  619 1/4    Dec '09 up  3 3/4  at  639    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for December at Memphis  544 to - - -; Bids to farmers at River Elevators 419-501; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for December at Memphis   379 3/4 to - - -;   new crop at Memphis   375 1/2 to - - -; Bids to farmers at River Elevators  330 to 370 Chicago Futures: Mar '09 up  13  at  394 3/4    May '09 up  13  at  405    Sep '09 up  12 3/4  at  425 1/2    Dec '09 up  12 3/4  at  439 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat closed mixed as the market continues to show concern about severe weather across the plains. Slow exports are limiting upside movement, but a smaller world crop should be positive for price at some point later in the year. Cotton & Rice  Date: December 23, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis up 13 at  4302   Greenwood up  13 at 4302 New York Futures: Mar '09 up  18  at  4607    May '09 up  9  at  4672    Jul '09 up  9  at  4789    Dec '09 up  18  at  5230    - - -   - - -  at  - - -  This week's LDP rate for cotton is  15.83 cents   The estimate for next week is  15.02 cents Cotton Comment Cotton was slightly higher as the market has little underlying fundamental support. Poor world economic conditions will weigh on the market and stocks remain more than sufficient. Major importers are reducing their use and that continues to weigh on the market. December futures are trading above 52 cents but that is a long way from being a significant factor. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: Jan '09 down  1/2  at  1511 1/2    Mar '09 up  5 1/2  at  1492 1/2    May '09 up  5  at  1507 1/2    Jul '09 up  4  at  1520    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice was about steady in limited activity ahead of the holidays. March futures remains above $15, with poor milled rice exports limiting upside potential. On the other hand rough rice exports are good and the market is anticipating some adjustment in the U.S. production estimate in USDA’s January report. Cattle & Hogs  Date: December 23, 2008 Cattle As reported by Federal-State Market News, receipts were 255 head at sales in Fort Smith.  Compared with last week, feeder steers n/a . Steers:  Medium & Large Frame 1   400 to 450 lbs. 95.50 to - - -   500 to 550 lbs. 89.75 to - - -   600 to 650 lbs. 82.75 to - - -  Medium & Large Frame 2   400 to 450 lbs. n/a to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 81 to - - -  Medium & Large Frame 2   400 to 450 lbs. 72.50 to - - - Slaughter Cows, Boners n/a   to   - - - Light Weight n/a to - - - Bulls, Yield Grade   1   1000   to   2100 lbs.   56   to   - - - Midwest Steers   were $1-3 lower   at   81   to   - - - Panhandle Steers   were $1-3 lower   at   82   to   - - - 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 up 70 at 8695   Apr '09 up 67 at 8950 Feeders: Jan '09 up 22 at 9360   May '09 up 40 at 9520 Cattle Comment Cattle futures were mostly higher as the market responds to stronger wholesale beef and winter weather conditions. Smaller showlists are also a positive factor. Hogs Peoria: were     steady   at   34.5   to   35 Chicago Futures: Feb '09 up 30 at 6120   Apr '09 up 12 at 6882 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment February hog futures bounced off support just above $60 to close on a firm note. However, weak demand weighed on the cash market as packers look at a holiday shortened slaughter period. Poultry  Date: December 23, 2008 Eggs New York:  Ex. Lg. 129-133; Lg. 127-131; Med. 92-96; 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 was seasonally light to moderate with most interest focused on holiday meat items. Supplies of all sizes were no more than adequate to satisfy trade needs as plants planned reduced schedules for the holiday. 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