02/02/2009 Farm Bureau Market Report

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Grain & Soybean Date: February 02, 2009 Soybeans Local Elevators: (Feb) EAST AR:  942 to 965 (NC) Summ. 835 to 865 River Elevators: (Feb) MISS: 860 to 975 ; AR & White 935 to 949 (NC) Summ. 845 to 875 Ark. Processor Bids: (Feb) 951 to 955  (NC) 845 to 865 Memphis:  (Feb) 969 1/2 to 981 1/2 (NC)  870 to - - - Riceland Foods:  (Feb) Stuttgart 955 ; Pendleton 965 ; West Memphis 972 Chicago Futures: Mar '09 down 20 1/2 at  959 1/2   May '09  down  21  at  965 3/4   Jul '09 down 20 3/4  at  973   Sep '09 down 20  at  948   Nov '09 down 20  at  925   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans were hit by mixed fundamental signals today. Good export numbers were neutralized by rain showers in Argentina, weaker crude oil and a stronger dollar. The net result was lower price levels thoughout the session. March penetrated support at $9.60 but managed a late reversal to close right on that support. Soybeans look technically weak and appear to have a greater propensity to move lower rather than higher. Key downside objectives range from $9.20 to $8.87. Recent resistance around $10.40 and then $10.60 looks solid. Corn was also weaker and March penetrated a shallow uptrend but held above flat support near $3.60. For now, it appears corn doesn’t have a lot of downside pressure as the market attempts to hold ’09 plantings at a reasonable level. However, that could be decided by mid- March. Wheat Cash bid for February at Memphis  438 3/4 to 468 3/4; Bids to farmers at Local Elevators 459-484; River Elevators 476-509; Chicago Futures: Mar '09 down  4 1/4  at  563 3/4    May '09 down 4  at  576 3/4    Jul '09 down  4  at  588 3/4    Sep '09 down  2 3/4  at  612 3/4    Dec '09 down  2 1/2  at  633    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for February at Memphis  501 to 510; Bids to farmers at River Elevators 375-455; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for February at Memphis   365 1/2 to 374 1/2;   new crop at Memphis   362 3/4 to - - -; Bids to farmers at River Elevators  325 to 366 Chicago Futures: Mar '09 down  8 1/2  at  370 1/2    May '09 down  8 1/2  at  381 3/4    Sep '09 down  9  at  402 3/4    Dec '09 down  9  at  416    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat was lower at mid-day on carryover weakness from crude oil and the stock market. There are indications export demand is improving, including gulf basis, but there hasn’t been much physical evidence yet. There is evidence of a broadening drought situation in the Southern Plains which could eventually boost the market. Cotton & Rice  Date: February 02, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 82 at  4573   Greenwood up  82 at 4573 New York Futures: Mar '09 up  30  at  4971    May '09 up  36  at  5080    Jul '09 up  40  at  5191    Dec '09 up  39  at  5593    - - -   - - -  at  - - -  This week's LDP rate for cotton is  12.64 cents   The estimate for next week is  11.98 cents Cotton Comment Cotton closed steady today as the market continues to consolidate just below recent resistance. Overall fundamentals are unchanged with world economic conditions weighing on use. Upside potential seems limited although a December close above 57.20 cents would open the market to retracement objectives at 69 to 75 cents. That will likely take another substantial cut in plantings, weather problems, and an increase in demand. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: Mar '09 up  30  at  1207    May '09 up  31 1/2  at  1231 1/2    Jul '09 down  33 1/2  at  1242    Sep '09 down  13  at  1185    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice made a solid rebound after closing steady on Friday. That doesn’t mean the market won’t continue to move toward support at the long term 62% retracement objective of $11.46. The next support lies between $10.70 and $10.20. Fundamentals are unchanged, although the current downturn could begin to bring U.S. milled prices back in line with competition. It may also reduce the possibilities of ’09 plantings increasing. Cattle & Hogs  Date: February 02, 2009 Cattle As reported by Federal-State Market News, receipts were n/a head at sales in n/a.  Compared with last week, feeder steers n/a . Steers:  Medium & Large Frame n/a   - - - to - - - lbs. - - - to - - -   - - - to - - - lbs. - - - to - - -   - - - to - - - lbs. - - - to - - -  Medium & Large Frame n/a   - - - to - - - lbs. - - - to - - - Heifers:  Medium & Large Frame n/a   - - - to - - - lbs. - - - to - - -  Medium & Large Frame n/a   - - - to - - - lbs. - - - to - - - Slaughter Cows, Boners n/a   to   - - - Light Weight n/a to - - - Bulls, Yield Grade   n/a   - - -   to   - - - lbs.   - - -   to   - - - Midwest Steers   were quoted   at   78   to   81.50 Panhandle Steers   $1 lower to $1.50 higher   at   79   to   82 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 '09 up 172 at 8682   Jun '09 up 190 at 8435 Feeders: Mar '09 up 30 at 940   May '09 up 30 at 953 1/4 Cattle Comment Cattle futures posted strong gains today on support from the Semi-annual Cattle Inventory report released Friday. Both the total inventory and beef replacement numbers were down 2% from a year ago, and that provided support for both live and feeders futures. Weakness in corn was also a supportive factor. Hogs Peoria: were     steady   at   34.5   to   35 Chicago Futures: Apr '09 down 130 at 6167   Jun '09 down 162 at 7387 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs turned lower again today as futures were pressured by their premium to cash and concerns about demand. Packers continue a steady kill pace, despite poor margins. Poultry  Date: February 02, 2009 Eggs New York:  Ex. Lg. 124-128; Lg. 122-126; Med. 99-103; Chicago:  Ex. Lg. 114-122; Lg. 112-120; Med. 91-99; Eastern Region Turkeys Hens: 8-16 lbs. 69-74 Toms: 16-24 lbs. 69-74   Delmarva Broilers U.S. Grade A Trade sentiment was mostly steady. Supplies of all sizes were 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 2009 Arkansas Farm Bureau, Inc. All rights reserved Terms of Use