01/09/2009 Farm Bureau Market Report

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Grain & Soybean Date: January 09, 2009 Soybeans Local Elevators: (Jan) EAST AR:  1026 to 1041 (NC) Summ. 940 to 970 River Elevators: (Jan) MISS: 1036 to 1056 ; AR & White 1011 to 1031 (NC) Summ. 939 to 970 Ark. Processor Bids: (Jan) 1027 to 1046  (NC) 945 to 970 Memphis:  (Jan) 1061 to - - - (NC)  959 1/2 to 964 1/2 Riceland Foods:  (Jan) Stuttgart 1046 ; Pendleton 1041 ; West Memphis 1056 Chicago Futures: Jan 09 up 48 1/2 at  1037 1/2   Mar 09  up  46 1/2  at  1036   May 09 up 45 1/2  at  1045 1/2   July 09 up 45 1/4  at  1056 1/4   Nov 09 up 28 1/2  at  1029 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans posted strong gains today. The weather forecast for Argentina has changed significantly in the past few days. Virtually all moisture has been taken out of the forecast and average temperatures are creeping higher. Combine that with the fact that the Brazilian Ag Ministry has trimmed projected production to below 58 million metric tones, and you have renewed optimism about demand for U.S. soy. The March close above $10.20 opens the possibility of another leg up for beans. Wheat Cash bid for January at Memphis  515 1/2 to - - -; Bids to farmers at Local Elevators 523-538; River Elevators 530-573; Chicago Futures: Mar 09 up  17  at  629 1/2    May 09 up 16 3/4  at  642 1/4    July 09 up  17  at  653 1/4    Sept 09 up  16 1/2  at  672 3/4    Dec 09 up  16 1/2  at  692 1/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for January at Memphis  573 to 582; Bids to farmers at River Elevators 448-528; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for January at Memphis   400 3/4 to 405 3/4;   New crop at Memphis   396 1/4 to 401 1/4; Bids to farmers at River Elevators  374 to 399 Chicago Futures: Mar 09 up  4  at  410 3/4    May 09 up  4  at  421 1/4    Sept 09 up  3 3/4  at  441 1/4    Dec 09 up  4  at  454 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Corn followed soybeans higher, but the upside appears limited. 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 was also higher on carryover strength from soybeans. Indications the market was oversold were also supportive. However, this market has moved into a sideways trading pattern. Monday’s report is expected to show about a 2 million acre cut in plantings, but that is probably built into futures at this point. Cotton & Rice  Date: January 09, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis down 110 at  4532   Greenwood down  110 at 4532 New York Futures: Mar 09 down  109  at  4933    May 09 down  102  at  4985    July 09 down  104  at  5120    Dec 09 down  107  at  5567    - - -   - - -  at  - - -  This week's LDP rate for cotton is  14.36 cents   The estimate for next week is  13.09 cents Cotton Comment Cotton turned lower 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 out of cotton. Rice Long Grain Cash Bid for  - - - - - -  to  - - -   - - - - - -  to  - - - Chicago Futures: Jan 09 up  28  at  1508    Mar 09 up  25 1/2  at  1485    May 09 up  24 1/2  at  1502    July 09 up  24 1/2  at  1523    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice posted sharp gains today ahead of Monday’s report. 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 09, 2009 Cattle As reported by Federal-State Market News, receipts were 9805 head at sales in Arkansas this week.  Compared with last week, feeder steers sold $5 to $10 higher, heifers $3 to $9 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 107.75 to - - -   500 to 550 lbs. 97.75 to - - -   600 to 650 lbs. 89 to - - -  Medium & Large Frame 2   400 to 450 lbs. 97.25 to - - - Heifers:  Medium & Large Frame 1   500 to 550 lbs. 87 to - - -  Medium & Large Frame 2   400 to 450 lbs. 85.25 to - - - Slaughter Cows, Boners 39   to   46 Light Weight 25 to 33 Bulls, Yield Grade   1   1000   to   2100 lbs.   50   to   56.50 Midwest Steers   n/a   at   - - -   to   - -- Panhandle Steers   n/a   at   - - -   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 98 to 116.50   550 to 600 lbs. 92.50 to 112 Heifers 500 to 550 lbs. 86 to 99.50   550 to 600 lbs. 84 to 98.50 Chicago Futures: Live Cattle: Feb 09 down 5 at 8310   Apr 09 down 13 at 8683 Feeders: Jan 09 up 60 at 9410   May 09 up 68 at 9560 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 week, which opens further downside potential. The market is oversold, however, and profit taking could provide a bounce. Hogs Peoria: n/a       at   - - -   to   - - - Chicago Futures: Feb 09 up 3 at 6245   April 09 down 45 at 6860 Sheep St. Paul n/a   at   - - -   to   - - - Hogs Comment Hogs ended mixed. Today’s unemployment numbers pressured deferred contracts. Nearby contracts were supported by stronger export demand and higher cash hog markets. Poultry  Date: January 09, 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 entering the weekend was light to instances moderate, best where featured. 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