01/08/2009 Farm Bureau Market Report

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Grain & Soybean Date: January 08, 2009 Soybeans Local Elevators: (Jan) EAST AR:  975 to 995 (NC) Summ. 901 to 941 River Elevators: (Jan) MISS: 990 to 1010 ; AR & White 964 to 985 (NC) Summ. 911 to 941 Ark. Processor Bids: (Jan) 981 to 1000  (NC) 916 to 941 Memphis:  (Jan) 1014 1/2 to - - - (NC)  931 to 936 Riceland Foods:  (Jan) Stuttgart 1000 ; Pendleton 995 ; West Memphis 1010 Chicago Futures: Jan '09 down 1 at  989   Mar '09  down  1/2  at  989 1/2   May '09 down 1  at  1000   Jul '09 down 3/4  at  1011   Nov '09 down 5  at  1001   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans moved lower late after reversing mid-day gains. The market firmed after it was reported that the Brazilian Ag Ministry had trimmed projected production to below 58 million metric tonnes. Combined with a good export sales report that boosted the market for a brief period. The market remains in an uptrend despite the downward retracement of the last two days. Corn again trimmed recent gains as the trade looked at another poor export sales report. After 4 months, the 08/09 corn export sales are just over half of the year ago level. Many former importers are buying wheat instead of corn for their feed needs. Wheat Cash bid for January at Memphis  502 1/2 to 507 1/2; Bids to farmers at Local Elevators 506-521; River Elevators 513-556; Chicago Futures: Mar '09 down  3/4  at  612 1/2    May '09 down 1/2  at  625 1/2    Jul '09 down  1  at  636 1/4    Sep '09 down  1  at  656 1/4    Dec '09 down  3/4  at  675 3/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for January at Memphis  566 to 575; Bids to farmers at River Elevators 441-521; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for January at Memphis   397 3/4 to 401 3/4;   new crop at Memphis   392 1/2 to 397 1/2; Bids to farmers at River Elevators  370 to 395 Chicago Futures: Mar '09 down  9 3/4  at  406 3/4    May '09 down  10  at  417 1/4    Sep '09 down  9 3/4  at  437 1/2    Dec '09 down  10 1/4  at  450 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat was lower again today. The weekly export report showed a dismal 1.5 million bushels were exported last week, as foreign buyers opted for much cheaper wheat, mostly from Eastern Europe. Next week’s seeding report is expected to show a substantial drop in acres. The average trade guess has total wheat production pegged at 60 million acres, down from 63 million in 08. Cotton & Rice  Date: January 08, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 31 at  4642   Greenwood up  31 at 4642 New York Futures: Mar '09 up  76  at  5037    May '09 up  88  at  5085    Jul '09 up  85  at  5221    Dec '09 up  85  at  5671    - - - up  - - -  at  - - -  This week's LDP rate for cotton is  14.36 cents   The estimate for next week is  13.09 cents Cotton Comment Cotton continues its recent uptrend with December hitting a new recent high again today. Poor economic conditions have cut import needs but there is concern about a potential cut back in ’09 plantings. The recent decline in fertilizer and fuel costs help the bottom line for cotton, but current price levels are well below the government loan and that may keep acres in cotton. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: Jan '09 down  7  at  1480    Mar '09 down  1/2  at  1459 1/2    May '09 down  1  at  1477 1/2    Jul '09 down  3  at  1498 1/2    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice retraced earlier gains and closed a little lower for the day. While many anticipate a lower USDA production projection in next week’s report, it may not help in the near term. U.S. milled rice quotes remain well above those of other exporting countries. This is reducing mills’ operating time, and could push futures lower. Rough rice exports remain strong, but generally account for less than 40% of total exports. Cattle & Hogs  Date: January 08, 2009 Cattle As reported by Federal-State Market News, receipts were 3,192 head at sales in Charlotte, Ratcliff & Green Forest.  Compared with last week, feeder steers sold mostly $6-10 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 90.50 to - - -   500 to 550 lbs. 104 to - - -   600 to 650 lbs. 93.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 99.50 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 90.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 84 to - - - Slaughter Cows, Boners 38   to   45 Light Weight 27 to 33 Bulls, Yield Grade   1   1000   to   2100 lbs.   52.50   to   59 Midwest Steers   n/a   at   - - -   to   - - - Panhandle Steers   n/a   at   - - -   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 down 225 at 8353   Apr '09 down 180 at 8713 Feeders: Jan '09 down 100 at 9350   May '09 down 105 at 9505 Cattle Comment Cattle futures continue to be under pressure from economic concerns. Concerns that unemployment and economic woes will limit demand for beef are weighing heavily on this market. February fell through support at the recent low this morning, which opens further downside potential. Hogs Peoria: n/a       at   - - -   to   - - - Chicago Futures: Feb '09 down 115 at 6240   Apr '09 down 113 at 6913 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs also closed lower, mostly on demand concerns. Recent strength has been attributed to export demand, but gains in the value of the dollar are expected to limit exports. Poultry  Date: January 08, 2009 Eggs New York:  Ex. Lg. 127-131; Lg. 125-129; Med. 92-96; Chicago:  Ex. Lg. 119-127; Lg. 117-125; Med. 84-92; Eastern Region Turkeys Hens: 8-16 lbs. 69-74 Toms: 16-24 lbs. 69-73   Delmarva Broilers U.S. Grade A Trade sentiment was mostly steady. Demand into all channels was generally fair at best with light trading. Supplies of all sizes were usually sufficient to satisfy trade needs. 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