12/29/2008 Farm Bureau Market Report

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Grain & Soybean Date: December 29, 2008 Soybeans Local Elevators: (Dec) EAST AR:  916 to 939 (NC) Summ. 927 to - - - River Elevators: (Dec) MISS: 934 to 964 ; AR & White 921 to 936 (NC) Summ. 921 to 963 Ark. Processor Bids: (Dec) 909 to 939  (NC) 909 to 931 Memphis:  (Dec) 963 1/2 to 968 1/2 (NC)  899 to 904 Riceland Foods:  (Dec) Stuttgart 939 ; Pendleton 939 ; West Memphis 964 Chicago Futures: Jan 09 down 13 1/4 at  938 1/2   Mar 09  down  11  at  945 1/2   May 09 down 10 1/4  at  957 1/4   July 09 down 10 1/4  at  968 1/2   Nov 09 down 5 1/2  at  974   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans reversed from early gains to close lower partially in response to heavy farm selling and a weaker basis. With cash bids approaching $9, farmers appear ready to make some year end sales. Overall, the downturn does not change the chart picture, which appears to be in a definite uptrend. Wheat Cash bid for December at Memphis  487 to - - -; Bids to farmers at Local Elevators 486-501; River Elevators 498-536; Chicago Futures: Mar 09 down  7 1/4  at  592    May 09 down 7 1/4  at  604 1/2    July 09 down  7 1/4  at  615 3/4    Sept 09 down  7 1/4  at  636    Dec 09 down  8  at  655 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for December at Memphis  542 to - - -; Bids to farmers at River Elevators 416-496; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for December at Memphis   378 1/2 to 381 1/2;   New crop at Memphis   374 1/4 to 384 1/4; Bids to farmers at River Elevators  328 to 368 Chicago Futures: Mar 09 down  18 3/4  at  393 1/2    May 09 down  18 1/2  at  404    Sept 09 down  18 1/4  at  424 1/4    Dec 09 down  18 1/4  at  438 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Corn made a huge reversal and ended the session lower. Early support came from concern about weather conditions in South America. The market remains in an uptrend, but thin holiday trading may temporarily move the market against the trend. Wheat followed the same pattern as soybeans and corn and ended lower despite a weaker dollar and stronger crude oil. A poor export inspection report offset support provided by a USDA credit guarantee to Pakistan for wheat purchases. Cotton & Rice  Date: December 29, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis up 23 at  4325   Greenwood up  23 at 4325 New York Futures: Mar 09 up  7  at  4625    May 09 down  21  at  4660    July 09 down  29  at  4777    Dec 09 down  20  at  5226    - - -   - - -  at  - - -  This week's LDP rate for cotton is  14.96 cents   The estimate for next week is  14.74 cents Cotton Comment Cotton continued to trade in a very narrow range that has persisted during this long holiday period. The overall situation remains somewhat strained as the world economic situation has led to a sharp reduction in cotton utilization. This has triggered less demand for imported cotton in China and Turkey. Thus, U.S. stocks are now projected to be 7.1 million bales. U.S. plantings are expected to be down further in ’09, but lower fuel and fertilizer prices could bring cotton back into the mix, if consideration is given to existing gin and warehouse facilities, and individual equipment sets. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: Jan 09 up  33 1/2  at  1543    Mar 09 up  24 1/2  at  1538 1/2    May 09 up  26  at  1554 1/2    July 09 up  28  at  1570    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice futures were up sharply in a thin trade, despite slow milled rice exports. A number of mills are operating reduced schedules. On the other hand, rough rice exports are moving at a fairly steady pace. International milled rice quotes are at a substantial discount to U.S. quotes. Vietnam is garnering most of the sales, but with a new crop coming, Thailand appears to be shopping rice with a recent sale of intervention stocks moving below $450 per tonne. Cattle & Hogs  Date: December 29, 2008 Cattle As reported by Federal-State Market News, receipts were - - - head at sales in - - -.  Compared with last week, feeder steers - - - . Steers:  Medium & Large Frame - - -   - - - to - - - lbs. - - - to - - -   - - - to - - - lbs. - - - to - - -   - - - to - - - lbs. - - - to - - -  Medium & Large Frame - - -   - - - to - - - lbs. - - - to - - - Heifers:  Medium & Large Frame - - -   - - - to - - - lbs. - - - to - - -  Medium & Large Frame - - -   - - - to - - - lbs. - - - to - - - Slaughter Cows, Boners - - -   to   - - - Light Weight - - - to - - - Bulls, Yield Grade   - - -   - - -   to   - - - lbs.   - - -   to   - - - Midwest Steers   were   at   85   to   - - - Panhandle Steers   were   at   86   to   - - - Oklahoma City Feeders Steers - - - to - - - lbs. - - - to - - -   - - - to - - - lbs. - - - to - - - Heifers - - - to - - - lbs. - - - to - - -   - - - to - - - lbs. - - - to - - - Chicago Futures: Live Cattle: Feb 09 up 10 at 8620   Apr 09 up 50 at 8935 Feeders: Jan 09 up 62 at 9345   May 09 up 120 at 9530 Cattle Comment Cattle futures closed higher as the market is anticipating tighter fat cattle supplies over the coming months. Many packers have supplies available for the next several days, with many not expected to be buying until Wednesday or even Friday following the New Year’s Holiday. A weaker dollar was offset by concern about Mexico’s suspension of buying from a number of plants. Hogs Peoria: were       at   32.5   to   34.5 Chicago Futures: Feb 09 up 20 at 5915   April 09 up 80 at 6752 Sheep St. Paul n/a   at   - - -   to   - - - Hogs Comment Hogs were slightly higher after a gap lower move last Friday. That decline broke major support and leaves the charts with a very bearish appearance. Poultry  Date: December 29, 2008 Eggs New York:  Ex. Lg. 130-134; Lg. 128-132; Med. 92-96; Chicago:  Ex. Lg. 119-127; Lg. 117-125; Med. 84-92; Eastern Region Turkeys Hens: 8-16 lbs. 69-75 Toms: 16-24 lbs. 69-74   Delmarva Broilers U.S. Grade A Trade sentiment was steady. Demand following the holiday was seasonally light to fair with trading usually limited to regular commitments. Supplies of all sizes were sufficient to closely cleared due to reduced holiday schedules with many plants down this week for New Year’s Day. 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