12/31/2008 Farm Bureau Market Report

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Grain & Soybean Date: December 31, 2008 Soybeans Local Elevators: (Dec) EAST AR:  935 to 972 (NC) Summ. 934 to River Elevators: (Dec) MISS: 968 to 997 ; AR & White 960 to - - - (NC) Summ. 973 to 995 Ark. Processor Bids: (Dec) 942 to 972  (NC) 942 to 966 Memphis:  (Dec) 1000 to 1004 1/4 (NC)  931 3/4 to 946 3/4 Riceland Foods:  (Dec) Stuttgart 972 ; Pendleton 972 ; West Memphis 997 Chicago Futures: Jan 09 up 26 1/2 at  972 1/4   Mar 09  up  27  at  980   May 09 up 26 3/4  at  991 1/2   July 09 up 26 1/2  at  1002 3/4   Nov 09 up 23 3/4  at  1006 3/4   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans rode a late rally in oil futures to a positive year end close. Weather concerns in South America contributed to a positive undertone. January appears set to test the next level of resistance just above $10. Wheat Cash bid for December at Memphis  505 3/4 to - - -; Bids to farmers at Local Elevators 501-519; River Elevators 519-534; Chicago Futures: Mar 09 up  6  at  610 3/4    May 09 up 6  at  623 1/2    July 09 up  5 1/4  at  634    Sept 09 up  5  at  653 1/2    Dec 09 up  4 1/2  at  672 3/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for December at Memphis  575 to - - -; Bids to farmers at River Elevators - - -; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for December at Memphis   394 to 402;   New crop at Memphis   388 to 398; Bids to farmers at River Elevators  387 to - - - Chicago Futures: Mar 09 up  10 3/4  at  407    May 09 up  11 1/4  at  417 3/4    Sept 09 up  11  at  438    Dec 09 up  10 3/4  at  451 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Corn continued to retrace Monday’s downturn and could be ready to move toward retracement objectives at $4.31 and $4.62. While demand remains slow, the market may have to start buying ’09 acres back for corn. Wheat reversed early losses to close higher despite a stronger dollar. Recent severe weather helped boost July futures back to Monday’s high. Further gains will be limited unless demand improves. Cotton & Rice  Date: December 31, 2008 Cotton Spot Price, Grade 41 Staple 34: Memphis up 105 at  4602   Greenwood up  105 at 4602 New York Futures: Mar 09 up  105  at  4902    May 09 up  110  at  4931    July 09 up  123  at  5061    Dec 09 up  99  at  5492    - - -   - - -  at  - - -  This week's LDP rate for cotton is  14.96 cents   The estimate for next week is  14.36 cents Cotton Comment After trading in a very narrow range for the last week and a half, cotton made strong gains again today, which gives the charts a positive technical look. March futures closed above key resistance at 48 cents, while new crop December moved above 55 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  3 1/2  at  1534    Mar 09 down  8 1/2  at  1525    May 09 down  7 1/2  at  1544    July 09 unchanged  0  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 again today. 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 31, 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   were   at   83   to   - - - Panhandle Steers   were steady   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 up 15 at 8605   Apr 09 down 30 at 8910 Feeders: Jan 09 up 7 at 9405   May 09 down 20 at 9560 Cattle Comment Cattle futures were mostly lower in a light trade. For now, feedlots asking price is $5 to $7 above packer offerings. With packer needs for this week covered and negative packer margins, things are not likely to get better for a while. Hogs Peoria: were $3 lower to $1     higher   at   30   to   32 Chicago Futures: Feb 09 up 115 at 6087   April 09 up 62 at 6870 Sheep St. Paul n/a   at   - - -   to   - - - Hogs Comment Hogs closed higher despite a quarterly pig crop report that suggests producers are no longer reducing their breeding herd. While sow numbers were down over 2%, that was well below expectations. Weak pork demand suggests it will take tightening supplies to get the market substantially higher. Poultry  Date: December 31, 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 fully steady. Demand approaching the holiday was seasonally fair to moderate, best where ads were active. Supplies of all sizes were adequate to instances tight 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