02/27/2009 Farm Bureau Market Report

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Grain & Soybean Date: February 27, 2009 Soybeans Local Elevators: (Feb) EAST AR:  850 to 880 (NC) Summ. 738 to 773 River Elevators: (Feb) MISS: 875 to 890 ; AR & White 855 to 870 (NC) Summ. 762 to 793 Ark. Processor Bids: (Feb) 866 to 870  (NC) 768 to 773 Memphis:  (Feb) 894 1/2 to 899 1/2 (NC)  787 1/2 to 792 1/2 Riceland Foods:  (Feb) Stuttgart 870 ; Pendleton 880 ; West Memphis 887 Chicago Futures: Mar up 5 1/4 at  874 1/2   May  up  3 1/2  at  872   Jul up 1 3/4  at  875   Sep down 7  at  840   Nov down 10 1/2  at  827 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment The spread between old and new crop soybeans widen further today. Old crop ended the day higher supported by tightening of available stocks and light deliveries against the March contract. Discontent in Argentina was also a positive factor. Prospects of a big ’09 U.S. acreage pressure new crop contracts. Corn was sharply lower in all contracts. Heavy deliveries against the March contract added to pressure from the outlook conference where USDA projected larger plantings than expected. Export demand also appears to be softening as few new orders have been seen in recent days. This has renewed speculation that in future reports ending stocks will be increased to 2 billion bushels. Wheat Cash bid for February at Memphis  440 1/2 to 450 1/2; Bids to farmers at Local Elevators 413-458; River Elevators 431-478; Chicago Futures: Mar down  3 1/2  at  510 1/2    May down 3 1/2  at  521 1/2    Jul down  3 1/2  at  533 1/4    Sep down  3  at  558 1/4    Dec down  3  at  579 3/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for February at Memphis  475 to 483; Bids to farmers at River Elevators 394-475; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for February at Memphis   358 3/4 to 360 3/4;   new crop at Memphis   337 3/4 to - - -; Bids to farmers at River Elevators  326 to 356 Chicago Futures: Mar down  11 1/4  at  350 3/4    May down  11 1/2  at  359    Sep down  11 3/4  at  377 3/4    Dec down  11 1/4  at  391    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat ended the day lower, under pressure from the strong dollar and weak exports. Losses were limited by continued dry conditions in the Southern Plains. July held above support at $5.28 ¼. Cotton & Rice  Date: February 27, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis down 98 at  3801   Greenwood down  98 at 3801 New York Futures: Mar down  102  at  4206    May down  98  at  4326    Jul down  89  at  4471    Dec down  81  at  4896    - - -   - - -  at  - - -  This week's LDP rate for cotton is  17.60 cents   The estimate for next week is  17.79 cents Cotton Comment Cotton was hit with another round of selling which pushed December below 49 cents. Worldwide economic conditions continue to weigh on cotton use, slowing demand for cotton in importing countries like China. While ’09 plantings are expected to be lower, recent declines in the price of fertilizer and lower bean and corn prices appear to be bringing some acreage back into cotton. Ending stocks of 7.7 million bales continue to weigh on the market, however with price levels well below the loan, further decreases don’t figure into producer comparisons with corn to soybeans. So acreage may be growing. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: Mar up  5  at  1236 1/2    May up  6  at  1261    Jul up  10  at  1279 1/2    Sep down  9  at  1211    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice traded in a wide range before settling a little higher for the day. While there is no evidence of major milled rice sales the market is in the midst of a little bounce. Obviously, USDA expects this market to improve, otherwise their price range for the annual average price would be working lower. In the February report the range was still $15 to $16, well above current futures. Cattle & Hogs  Date: February 27, 2009 Cattle As reported by Federal-State Market News, receipts were 8,220 head at sales in Arkansas this week.  Compared with last week, feeder steers sold unevenly, mostly steady . Steers:  Medium & Large Frame 1   400 to 450 lbs. 112 to - - -   500 to 550 lbs. 101.75 to - - -   600 to 650 lbs. 94 to - - -  Medium & Large Frame 2   400 to 450 lbs. 98.25 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 94.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 84.25 to - - - Slaughter Cows, Boners 36   to   42 Light Weight 24 to 28 Bulls, Yield Grade   1   1000   to   2100 lbs.   50   to   57, high dressing 57-58 Midwest Steers   remained   at   78   to   80 Panhandle Steers   were steady to $2 lower   at   78   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 94 to 111   600 to 650 lbs. 90 to 106.25 Heifers 500 to 550 lbs. 86 to 96.50   600 to 650 lbs. 81 to 93.50 Chicago Futures: Live Cattle: Apr up 10 at 8592   Jun up 15 at 8390 Feeders: Mar up 30 at 9260   May down 15 at 9550 Cattle Comment Cattle futures ended mixed. Demand concerns will likely keep a lid on prices for the near term. The market is clearly trending lower. Resistance begins at the top of the gap at $86.90. Hogs Peoria: were $1     lower   at   32.5   to   33 Chicago Futures: Apr up 192 at 6090   Jun up 125 at 7252 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures ended the week on a positive note. June charted a bullish key reversal Wednesday, signaling that a significant bottom has been put in. The market will have tough resistance around the February high of $76.95, though. Poultry  Date: February 27, 2009 Eggs New York:  Ex. Lg. 95-99; Lg. 93-97; Med. 86-90; Chicago:  Ex. Lg. 85-93; Lg. 83-91; Med. 77-85; Eastern Region Turkeys Hens: 8-16 lbs. 74-76 Toms: 16-24 lbs. 74-76.5   Delmarva Broilers U.S. Grade A Trade sentiment was generally steady at best. Supplies of all sizes were at least sufficient to satisfy current 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 2009 Arkansas Farm Bureau, Inc. All rights reserved Terms of Use

Our Founding Farmers, Community Supported Agriculture for Thousands, Green Garden Tips, and Veggie Recipe

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Welcome to the February edition of Farm Fresh News. This month we reflect back on our agrarian roots and are refreshed for a new year! First we start with the potential for a regional CSA to feed 50,000 people. Then we view one family's dream to redesign White House landscaping. And the first hint of spring makes some want to get their hands dirty for that summer garden.  From the Farmer to the Kitchens of Thousands Tired of getting to Community Supported Agriculture sign-up too late and having to wait another year to enjoy the weekly deliveries direct from your local farmer? Then get a taste of this CSA of 50,000 families in Denmark. This sort of regional food system might be the perfect fit for places like San Francisco, California, where both big and small farms outside the city can provide up to three times the food needs of the city’s residents.   Nash Huber Nearly Named America's White House Farmer Nash Huber, farmer and winner of American Farmland Trust's coveted Steward of the Land Award, came close to becoming America’s first White House farmer. Huber received fifth place in a nationwide contest to designate a farmer to turn the five-acre, south-facing White House lawn into a fruit and vegetable garden. The contest, created by a farm family in Illinois, drew nearly 56,000 votes! To Our Founding Farmers….   "Cultivators of the earth are the most valuable citizens."—Thomas Jefferson,  1785 These are the words of our third president, a lifelong champion of the agrarian ideal. In fact, many of our founding fathers observed a rustic nobility in their pursuit of farming and an honor in their toil of the land. Before his military career, George Washington was a planter, and although Jefferson’s list of accomplishments is endless, he considered himself first and foremost a man of the land. So in honor of President’s Day, let’s raise a glass—or a shovel—to the men who truly cultivated our nation: our Founding Farmers.  Already Dreaming About the Summer Garden? Farm Fresh News subscriber Heidi from Tucson, Arizona, has it right when she says, “It’s funny how there seems to be something in our blood that makes us ‘itchy’ to plant things as soon as there is even the smallest hint of spring in the air.” If you are already planning your beds, take some tips from sustainable experts and the United States Botanic Gardens on how to have a “green” garden. Farm Fresh Recipe Chef Mike Lata is dedicated to featuring fresh produce from local farms at FIG, a restaurant in downtown Charleston, South Carolina, that he co-owns with manager Adam Nemirow. FIG stands for "food is good," and Late has a passion for farm fresh vegetables that began during his childhood in Springfield, Massachusetts, where his grandparents had substantial gardens.  Roma and Yellow Wax Bean Salad with Pine Nuts and Pesto Vinaigrette (Serves Four) 1/2 pound tender young Roma beans, trimmed 1/2 pound yellow wax beans, trimmed 3 ounces fresh goat cheese, crumbled 2 ounces fresh goat cheese, crumbled 8-10 ripe cherry tomatoes, halved Sherry vinaigrette; recipe follows 1 tablespoon pesto; recipe follows Salt and pepper Bring an eight-quart soup pot full of water to a boil. Salt generously. Working in small batches, plunge green beans in boiling water and cook until bright green and tender (three to four minutes).  Immediately cool the beans in an ice bath or under cool running water to stop the cooking process. Continue process until all beans are cooked. Repeat for the yellow beans, cooking until tender. In a large mixing bowl, add the beans, walnuts, cherry tomatoes and goat cheese. Season with salt and pepper, dress with the sherry vinaigrette and add pesto. Toss well and adjust seasoning to taste. Present the salad neatly arranged on four small salad plates or family style on a large platter.  For the Vinaigrette: 2 ounces sherry vinegar 1 teaspoon Dijon mustard 1 shallot, minced 5 ounces of grapeseed oil Combine the sherry vinegar, Dijon and shallot in a small bowl. Slowly whisk in the oil in a steady stream until well combined. Season with a pinch of salt and pepper.   For the Pesto: 8 ounces very fresh basil 1/2 cup pine nuts 2 cloves garlic, peeled 1 tablespoon Parmesan cheese 1 tablespoon Pecorino cheese 1 cup extra-virgin olive oil Salt In the bowl of a food processor, add the basil, pine nuts and garlic. While running, gradually add the oil until all is incorporated. Finish the pesto with the cheese and season with a pinch of salt.

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02/26/2009 Farm Bureau Market Report

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Grain & Soybean Date: February 26, 2009 Soybeans Local Elevators: (Feb) EAST AR:  844 to 874 (NC) Summ. 748 to 783 River Elevators: (Feb) MISS: 869 to 894 ; AR & White 850 to 865 (NC) Summ. 773 to 803 Ark. Processor Bids: (Feb) 860 to 864  (NC) 778 to 783 Memphis:  (Feb) 889 1/4 to 894 1/4 (NC)  798 to 803 Riceland Foods:  (Feb) Stuttgart 864 ; Pendleton 874 ; West Memphis 881 Chicago Futures: Mar down 8 3/4 at  869 1/4   May  down  11 1/2  at  868 1/2   Jul down 11 3/4  at  873 1/4   Sep down 5  at  847   Nov unchanged   at  838   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans were lower again today. The USDA export report showed a disappointing 12.8 million bushels in sales last week. There is also concern that China will cancel more U.S. purchases in favor of cheaper Brazilian beans. The domestic crush report was down 9.5% below the year ago total, also adding to the negative undertone. USDA pegged the soybean crop at 77 million acres today at their annual Outlook Conference, but that isn’t based upon farmer surveys. March support is the Friday low of $8.54. Below that, the fall low of $7.79 ¼ comes into play. Corn was a bit lower, also on disappointing export numbers. USDA says that 18 million bushels were sold for export last week, but the average trade guess was between 23.5-39 million, so the report was disappointing. The USDA said today that 86 million acres will be seeded to corn this spring. That is above trade estimates, but it is also not based upon survey work. That work will be done in the coming weeks. Wheat Cash bid for February at Memphis  439 to 454; Bids to farmers at Local Elevators 417-452; River Elevators 435-477; Chicago Futures: Mar down  10 3/4  at  514    May down 10 3/4  at  525    Jul down  10 3/4  at  536 3/4    Sep down  10 1/2  at  561 1/4    Dec down  10  at  582 3/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for February at Memphis  495 to - - -; Bids to farmers at River Elevators 414-494; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for February at Memphis   370 to 372;   new crop at Memphis   349 1/2 to - - -; Bids to farmers at River Elevators  337 to 367 Chicago Futures: Mar down  1 3/4  at  362    May down  1 3/4  at  370 1/2    Sep down  1 1/4  at  389 1/2    Dec down  1 1/2  at  402 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat ended the day lower, being a willing follower. The weekly export report was supportive, coming in above trade expectations. The USDA said at their annual Outlook Conference that 58 million acres will be seeded to wheat this year, which is above industry estimates. Cotton & Rice  Date: February 26, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 68 at  3899   Greenwood up  68 at 3899 New York Futures: Mar up  52  at  4308    May up  68  at  4424    Jul up  67  at  4560    Dec up  53  at  4977    - - -   - - -  at  - - -  This week's LDP rate for cotton is  16.89 cents   The estimate for next week is  18.64 cents Cotton Comment Cotton posted solid gains. The USDA weekly export total showed sales of 586,900 running bales, a marketing year high. Also, at their annual Outlook Conference, USDA pegged the cotton crop at 8.5 million acres. That is down almost 1 million acres from last year, but still slightly above the National Cotton Council projection of 8.1 million. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: Mar down  2 1/2  at  1231 1/2    May unchanged    at  1255    Jul down  1 1/2  at  1269 1/2    Sep down  13 1/2  at  1220    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice ended lower, with new-crop contracts leading the way. There was little change in fundamentals which remain somewhat negative with U.S. milled rice quoted as low as $575. That is competitive with Thailand but well above Vietnam. There is some optimism building that the U.S. will get the Iraqi tender, but that remains to be seen. USDA projections suggest substantial export sales for this year. If that is the case, things will need to shake loose soon. Cattle & Hogs  Date: February 26, 2009 Cattle As reported by Federal-State Market News, receipts were 1,989 head at sales in Charlotte & Green Forest.  Compared with last week, feeder steers sold mostly weak to $4 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 114.50 to - - -   500 to 550 lbs. 103 to - - -   600 to 650 lbs. 99 to - - -  Medium & Large Frame 2   400 to 450 lbs. 99 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 89.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 82 to - - - Slaughter Cows, Boners 37   to   42 Light Weight 30 to 35 Bulls, Yield Grade   1   1000   to   2100 lbs.   50   to   57, high dressing 57.50-58 Midwest Steers   were steady to $2 higher   at   78   to   80 Panhandle Steers   were steady to $2 higher   at   78   to   80 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: Apr up 97 at 8582   Jun up 80 at 8375 Feeders: Mar up 170 at 9230   May up 197 at 9565 Cattle Comment Cattle futures moved higher following higher crude oil and stock prices. Demand concerns will likely keep a lid on prices for the near term. The market is clearly trending lower. Resistance begins at the top of the gap at $86.90. Hogs Peoria: were $1     lower   at   33.5   to   34 Chicago Futures: Apr down 12 at 5897   Jun down 27 at 7127 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs were a bit lower today, unable to follow through on yesterday’s bullish chart action. Weak cash markets kept a lid on prices today. June charted a bullish key reversal yesterday, but will have tough resistance around the February high of $76.95. Poultry  Date: February 26, 2009 Eggs New York:  Ex. Lg. 95-99; Lg. 93-97; Med. 86-90; Chicago:  Ex. Lg. 85-93; Lg. 83-91; Med. 77-85; Eastern Region Turkeys Hens: 8-16 lbs. 74-76 Toms: 16-24 lbs. 74-76.50   Delmarva Broilers U.S. Grade A Trade sentiment was about steady to barely steady. Supplies of all sizes were fully adequate for 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 2009 Arkansas Farm Bureau, Inc. All rights reserved Terms of Use

02/25/2009 Farm Bureau Market Report

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Grain & Soybean Date: February 25, 2009 Soybeans Local Elevators: (Feb) EAST AR:  853 to 883 (NC) Summ. 748 to 778 River Elevators: (Feb) MISS: 878 to 903 ; AR & White 859 to 874 (NC) Summ. 763 to 803 Ark. Processor Bids: (Feb) 869 to 873  (NC) 778 to 783 Memphis:  (Feb) 898 to 903 (NC)  798 to 803 Riceland Foods:  (Feb) Stuttgart 873 ; Pendleton 883 ; West Memphis 890 Chicago Futures: Mar down 3 at  878   May  down  3 1/2  at  880   Jul down 3 1/2  at  885   Sep down 2  at  852   Nov down 2  at  838   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans turned lower. Early pressure came from weakness in the stock market. News that China has cancelled 3 cargos of U.S. beans also added to the negative undertone. Harvest activity in South America and concerns about this year’s U.S. acreage also limited the upside today. March support is the Friday low of $8.54. Below that, the fall low of $7.79 ¼. Corn firmed to close slightly higher for the day. The question is whether acreage will move from corn to beans. The price ratio has fallen to 2.1. Coupled with lower fertilizer costs, it may mean more corn acreage than anticipated. That survey will be taken early next month and released on March 31. Wheat Cash bid for February at Memphis  449 3/4 to 464 3/4; Bids to farmers at Local Elevators 428-453; River Elevators 446-488; Chicago Futures: Mar up  9 1/2  at  524 3/4    May up 9 1/2  at  535 3/4    Jul up  9  at  547 1/2    Sep up  9 1/2  at  571 3/4    Dec up  9  at  592 3/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for February at Memphis  498 to - - -; Bids to farmers at River Elevators 417-498; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for February at Memphis   371 3/4 to - - -;   new crop at Memphis   350 3/4 to - - -; Bids to farmers at River Elevators  339 to 369 Chicago Futures: Mar up  9 1/2  at  363 3/4    May up  9 1/4  at  372 1/4    Sep up  9 1/4  at  390 3/4    Dec up  9 1/2  at  403 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat followed corn higher today. Support from dry conditions in the Southern Plains also helped push the market higher. July found resistance at the chart gap at $5.51. Cotton & Rice  Date: February 25, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis down 22 at  4831   Greenwood down  22 at 4831 New York Futures: Mar down  22  at  4256    May down  22  at  4356    Jul down  16  at  4493    Dec down  6  at  4924    n/a down  - - -  at  - - -  This week's LDP rate for cotton is  16.89 cents   The estimate for next week is  17.51 cents Cotton Comment Cotton was slightly lower again today. Poor world economic conditions are battering cotton, however it makes little difference as the market is well below the loan level at this point. Even potentially smaller plantings aren’t giving the market any hope. The National Cotton Council projects 14.4% lower plantings of 8.1 million acres in 2009. Arkansas plantings are projected 28.8 lower at just 441,000 acres. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: Mar up  34  at  1234    May up  44  at  1255    Jul up  44  at  1271    Sep up  36  at  1233 1/2    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice posted sharp gains. There was little change in fundamentals which remain somewhat negative with U.S. milled rice quoted as low as $575. That is competitive with Thailand but well above Vietnam. There is some optimism building that the U.S. will get the Iraqi tender, but that remains to be seen. USDA projections suggest substantial export sales for this year. If that is the case, things will need to shake loose soon. Cattle & Hogs  Date: February 25, 2009 Cattle As reported by Federal-State Market News, receipts were 1,013 head at sales in Conway & Pocahontas.  Compared with last week, feeder steers sold $4-7 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 100.50 to - - -   500 to 550 lbs. 94.50 to - - -   600 to 650 lbs. 84.75 to - - -  Medium & Large Frame 2   400 to 450 lbs. 87.25 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 86 to - - -  Medium & Large Frame 2   400 to 450 lbs. 77.75 to - - - Slaughter Cows, Boners 37   to   42 Light Weight 25 to 31 Bulls, Yield Grade   1   1000   to   2100 lbs.   49   to   53, high dressing 54.50-55 Midwest Steers   were quoted   at   78   to   - - - Panhandle Steers   were quoted   at   78   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 94 to 111   600 to 650 lbs. 90 to 99.50 Heifers 500 to 550 lbs. 86 to 95.35   600 to 650 lbs. 81 to 86.75 Chicago Futures: Live Cattle: Apr down 50 at 8485   Jun down 37 at 8295 Feeders: Mar down 15 at 9060   May down 30 at 9367 Cattle Comment Cattle futures turned lower on profit taking after yesterday’s strong gains. Renewed economic concerns have traders worried about beef demand. The market is clearly trending lower. Resistance begins at the top of the gap at $86.90. Hogs Peoria: were     steady   at   34.5   to   35 Chicago Futures: Apr up 140 at 5910   Jun up 145 at 7155 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment June hogs charted a bullish key reversal today, signaling that an important low has been put in. Look for the market to find tough resistance around the February high of $76.95, however. Poultry  Date: February 25, 2009 Eggs New York:  Ex. Lg. 95-99; Lg. 93-97; Med. 86-90; Chicago:  Ex. Lg. 85-93; Lg. 83-91; Med. 77-85; Eastern Region Turkeys Hens: 8-16 lbs. 74-76 Toms: 16-24 lbs. 74-76.5   Delmarva Broilers U.S. Grade A Trade sentiment was no better than steady. Demand was fair at best with limited trading. Supplies of all sizes were more than sufficient to satisfy current 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 2009 Arkansas Farm Bureau, Inc. All rights reserved Terms of Use

02/24/2009 Farm Bureau Market Report

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Grain & Soybean Date: February 24, 2009 Soybeans Local Elevators: (Feb) EAST AR:  856 to 886 (NC) Summ. 750 to 780 River Elevators: (Feb) MISS: 881 to 906 ; AR & White 862 to 877 (NC) Summ. 765 to 800 Ark. Processor Bids: (Feb) 872 to 876  (NC) 775 to 780 Memphis:  (Feb) 901 to 911 (NC)  795 to 805 Riceland Foods:  (Feb) Stuttgart 876 ; Pendleton 887 ; West Memphis 893 Chicago Futures: Mar up 8 1/4 at  881   May  up  7 1/2  at  883 1/2   Jul up 6 1/4  at  888 1/2   Sep up 2 1/2  at  854   Nov unchanged   at  840   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans closed mixed with old crop contracts firming on support from tightening available stocks and a farmer strike in Argentina. Exportable supplies of soybeans are tightening as China remains a big buyer and U.S. farmers remain reluctant sellers. However upside potential is being limited by harvest activity in South America and concerns about this year’s U.S. acreage. March support is the Friday low of $8.54. Below that, the fall low of $7.79 ¼. Corn firmed to close slightly higher for the day. The question is whether acreage will move from corn to beans. The price ratio has fallen to 2.1. Coupled with lower fertilizer costs, it may mean more corn acreage than anticipated. That survey will be taken early next month and released on March 31. Wheat Cash bid for February at Memphis  435 1/4 to 450 1/4; Bids to farmers at Local Elevators 419-439; River Elevators 434-479; Chicago Futures: Mar up  4 3/4  at  515 1/4    May up 4 3/4  at  526 1/4    Jul up  5  at  538 1/2    Sep up  5 1/2  at  562 1/4    Dec up  5  at  583 3/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for February at Memphis  481 to - - -; Bids to farmers at River Elevators 400-480; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for February at Memphis   362 1/4 to - - -;   new crop at Memphis   341 1/2 to - - -; Bids to farmers at River Elevators  329 to 359 Chicago Futures: Mar up  2 1/2  at  354 1/4    May up  2 1/4  at  363    Sep up  1 1/2  at  381 1/2    Dec up  2 3/4  at  394 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat turned higher today after posting losses early on. News that Syria purchased Russian wheat and ideas that the U.S. isn’t competitive in the recent Iraqi tender limited gains. Continued drought in the southern plains is supportive. Cotton & Rice  Date: February 24, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis down 13 at  3853   Greenwood down  13 at 3853 New York Futures: Mar up  12  at  4278    May down  13  at  4378    Jul down  12  at  4509    Dec down  11  at  4930    - - -   - - -  at  - - -  This week's LDP rate for cotton is  16.89 cents   The estimate for next week is  17.42 cents Cotton Comment Cotton was slightly lower at the close as the market continued to work lower. Poor world economic conditions are battering cotton, however it makes little difference as the market is well below the loan level at this point. Even potentially smaller plantings aren’t giving the market any hope. The National Cotton Council projects 14.4% lower plantings of 8.1 million acres in 2009. Arkansas plantings are projected 28.8 lower at just 441,000 acres. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: Mar down  8  at  1200    May up  3  at  1211    Jul up  2  at  1227    Sep down  1  at  1197 1/2    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice closed mixed in a lightly traded session. There was little change in fundamentals which remain somewhat negative with U.S. milled rice quoted as low as $575. That is competitive with Thailand but well above Vietnam. Commitments have been made for over 3 mmt of exports by Vietnam, but late harvest is squeezing the market. That might give other countries a small window of opportunity. USDA projections suggest substantial export sales for this year. If that is the case, things will need to shake loose soon. Cattle & Hogs  Date: February 24, 2009 Cattle As reported by Federal-State Market News, receipts were 880 head at sales in Fort Smith.  Compared with last week, feeder steers sold $2-5 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 114 to - - -   500 to 550 lbs. 103.25 to - - -   600 to 650 lbs. 93.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 101.50 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 92.75 to - - -  Medium & Large Frame 2   400 to 450 lbs. 84.75 to - - - Slaughter Cows, Boners 36   to   40.50 Light Weight n/a to - - - Bulls, Yield Grade   1   1000   to   2100 lbs.   48.50   to   53, high dressing 55-60 Midwest Steers   n/a   at   - - -   to   - - - Panhandle Steers   n/a   at   - - -   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 94 to 111   600 to 650 lbs. 90 to 99.50 Heifers 500 to 550 lbs. 86 to 95.35   600 to 650 lbs. 81 to 86.75 Chicago Futures: Live Cattle: Apr up 142 at 8535   Jun up 147 at 8332 Feeders: Mar up 200 at 9075   May up 225 at 9397 Cattle Comment Cattle futures posted strong gains. April moved into the chart gap left earlier this month. Resistance is at the top of the gap at $86.90, with downtrending resistance near $88. Hogs Peoria: were $1     lower   at   34.5   to   35 Chicago Futures: Apr down 52 at 5770   Jun down 85 at 7010 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs turned lower again today on bearish fundamentals. April set a new contract low before closing at the top of the day’s trading range. Today’s low of $56.90 becomes the first level of support. Negative packer margins are expected to lead to further cash weakness later this week. Poultry  Date: February 24, 2009 Eggs New York:  Ex. Lg. 95-99; Lg. 93-97; Med. 86-90; Chicago:  Ex. Lg. 85-93; Lg. 83-91; Med. 77-85; Eastern Region Turkeys Hens: 8-16 lbs. 74-76 Toms: 16-24 lbs. 74-76.5   Delmarva Broilers U.S. Grade A Trade sentiment was steady at best. Demand was no better than fair with trading usually limited to regular commitments. Supplies of all sizes were at least adequate to satisfy current 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 2009 Arkansas Farm Bureau, Inc. All rights reserved Terms of Use