12/30/2008 Farm Bureau Market Report

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Grain & Soybean Date: December 30, 2008 Soybeans Local Elevators: (Dec) EAST AR:  923 to 946 (NC) Summ. 934 to - - - River Elevators: (Dec) MISS: 941 to 972 ; AR & White 929 to 944 (NC) Summ. 929 to 972 Ark. Processor Bids: (Dec) 916 to 946  (NC) 916 to 938 Memphis:  (Dec) 973 to 975 3/4 (NC)  908 to 913 Riceland Foods:  (Dec) Stuttgart 946 ; Pendleton 946 ; West Memphis 971 Chicago Futures: Jan 09 up 7 1/4 at  945 3/4   Mar 09  up  7 1/2  at  953   May 09 up 7 1/2  at  964 3/4   July 09 up 7 3/4  at  976 1/4   Nov 09 up 9  at  983   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans reversed yesterday’s losses and closed higher as the market remains concerned about potential weather impact in South America. Farm selling appears to still be strong, but basis was steady after falling late last week. January needs to close above 9.81 to keep the current uptrend intact. Wheat Cash bid for December at Memphis  499 3/4 to - - -; Bids to farmers at Local Elevators 499-514; River Elevators 511-549; Chicago Futures: Mar 09 up  12 3/4  at  604 3/4    May 09 up 13  at  617 1/2    July 09 up  13  at  628 3/4    Sept 09 up  12 1/2  at  648 1/2    Dec 09 up  12 3/4  at  668 1/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for December at Memphis  547 to - - -; Bids to farmers at River Elevators 421-502; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for December at Memphis   381 1/4 to 383 1/4;   New crop at Memphis   377 to 387; Bids to farmers at River Elevators  336 to 377 Chicago Futures: Mar 09 up  2 3/4  at  396 1/4    May 09 up  2 1/2  at  406 1/2    Sept 09 up  2 3/4  at  427    Dec 09 up  2 1/2  at  440 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Corn closed higher, but had a little less oomph than soybeans. Index funds were net sellers of corn, while they increased soybean positions. March corn will need to close above yesterday’s high of $4.21 to get the market moving toward retracement objectives of $4.31 and $4.61. Wheat closed on a positive note as it retraced a large portion of yesterday’s decline. Weather concerns and an announcement by China indicating possible export quotas contributed to the positive undertone. Cotton & Rice  Date: December 30, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis up 172 at  4497   Greenwood up  172 at 4497 New York Futures: Mar 09 up  172  at  4797    May 09 up  161  at  4821    July 09 up  161  at  4938    Dec 09 up  167  at  5393    - - -   - - -  at  - - -  This week's LDP rate for cotton is  14.96 cents   The estimate for next week is  14.74 cents Cotton Comment After trading in a very narrow range for the last week and a half, cotton made strong gains which gives the charts a positive technical look. March futures closed right on key resistance at 48 cents, while new crop December exceeded the recent high just below 53 cents. The potential for another big decline in U.S. plantings could key a further rebound in new crop contracts. Old crop contracts will continue to lag behind as economic conditions pare overall demand. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: Jan 09 down  5 1/2  at  1537 1/2    Mar 09 down  5  at  1533 1/2    May 09 down  3  at  1551 1/2    July 09 down  7  at  1563    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice futures trimmed early gains to close a little lower for the day. U.S. milled rice exports remain almost non existent as current price levels leave little opportunity to compete. Vietnam continues to garner much of the export market, although it appears Thailand may be ready to get competitive. A recent sale of old intervention stocks was completed at a price below $450 per tonne. U.S. quotes remain around $650 per tonne. Cattle & Hogs  Date: December 30, 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 1   - - - to - - - lbs. - - - to - - -   - - - to - - - lbs. - - - to - - -   - - - to - - - lbs. - - - to - - -  Medium & Large Frame 2   - - - to - - - lbs. - - - to - - - Heifers:  Medium & Large Frame 1   - - - to - - - lbs. - - - to - - -  Medium & Large Frame 2   - - - to - - - lbs. - - - to - - - Slaughter Cows, Boners - - -   to   - - - Light Weight - - - to - - - Bulls, Yield Grade   - - -   - - -   to   - - - lbs.   - - -   to   - - - Midwest Steers   n/a   at   - - -   to   - - - Panhandle Steers   were $2 lower   at   83   to   - - - Oklahoma City Feeders Steers - - - to - - - lbs. - - - to - - -   - - - to - - - lbs. - - - to - - - Heifers - - - to - - - lbs. - - - to - - -   - - - to - - - lbs. - - - to - - - Chicago Futures: Live Cattle: Feb 09 down 30 at 8590   Apr 09 up 5 at 8940 Feeders: Jan 09 up 52 at 9397   May 09 up 50 at 9580 Cattle Comment Cattle were mixed with feeders showing good upside movement. March feeders need to close above last week’s high of 94.60 to put the market in a solid upmode. A tight supply of market ready cattle should give the trade a boost, but economic conditions may limit upside. Hogs Peoria: were 50¢ higher to $3.50     lower   at   31   to   33 Chicago Futures: Feb 09 up 57 at 5972   April 09 up 55 at 6807 Sheep St. Paul n/a   at   - - -   to   - - - Hogs Comment Hogs were higher but the overall ample supply of market ready hogs and weak packer demand will limit upside. Concern about export movement has also trimmed values. Today’s quarterly pig crop report is expected to show as much as 4% smaller sow herd, but overall the pig crop won’t be down very much. Poultry  Date: December 30, 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 to fully steady. Demand into all channels was fair to moderate, best where ads were active. Supplies of all sizes were adequate to closely cleared to satisfy trade needs. Processing schedules are part-time with many plants down Thursday for New Year’s Day. 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