02/03/2009 Farm Bureau Market Report

Click here to view this report online.

Grain & Soybean Date: February 03, 2009 Soybeans Local Elevators: (Feb) EAST AR:  928 to 951 (NC) Summ. 805 to 835 River Elevators: (Feb) MISS: 951 to 961 ; AR & White 921 to 936 (NC) Summ. 815 to 845 Ark. Processor Bids: (Feb) 937 to 941  (NC) 815 to 835 Memphis:  (Feb) 956 to 968 (NC)  840 to 845 Riceland Foods:  (Feb) Stuttgart 941 ; Pendleton 951 ; West Memphis 958 Chicago Futures: Mar '09 down 13 1/2 at  946   May '09  down  15 1/2  at  950 1/4   Jul '09 down 17 1/2  at  955 1/2   Sep '09 down 24  at  924   Nov '09 down 30  at  895   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans were hit by mixed fundamental signals again today. A reduced production projection in Brazil was neutralized by more rain in Argentina. The net result was lower price levels thoughout the session. March again penetrated support at $9.60 and closed sharply lower for the day. 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 after penetrating a shallow uptrend yesterday tested flat support near $3.60. For now, it appears corn doesn’t have the downside pressure that soybeans do, as the market attempts to hold ’09 plantings at a reasonable level. However, that could be decided by mid- March and we could see lower corn values. Wheat Cash bid for February at Memphis  452 1/2 to 457 1/2; Bids to farmers at Local Elevators 447-472; River Elevators 464-497; Chicago Futures: Mar '09 down  11 1/4  at  552 1/2    May '09 down 11 1/4  at  565 1/2    Jul '09 down  11 1/2  at  577 1/4    Sep '09 down  11 3/4  at  601    Dec '09 down  11 1/2  at  621 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for February at Memphis  485 to 494; Bids to farmers at River Elevators 360-441; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for February at Memphis   356 3/4 to 365 3/4;   new crop at Memphis   353 1/4 to - - -; Bids to farmers at River Elevators  317 to 357 Chicago Futures: Mar '09 down  8 3/4  at  361 3/4    May '09 down  9  at  372 3/4    Sep '09 down  9 1/2  at  383    Dec '09 down  9 3/4  at  406 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat was lower again today. Carryover weakness from other markets and demand concerns are pressuring futures. 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 03, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis down 85 at  4488   Greenwood down  85 at 4488 New York Futures: Mar '09 down  33  at  4938    May '09 down  48  at  5032    Jul '09 down  51  at  5140    Dec '09 up  56  at  5537    - - -   - - -  at  - - -  This week's LDP rate for cotton is  11.98 cents   The estimate for next week is  11.98 cents Cotton Comment Cotton was a little weaker 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  - - -   - - - - - -  to  - - - Chicago Futures: Mar '09 down  8 1/2  at  1198 1/2    May '09 down  10 1/2  at  1221    Jul '09 down  7  at  1235    Sep '09 up  5  at  1185 1/2    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice was lower as the market failed to followthrough on yesterday’s higher close. The market could 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 03, 2009 Cattle As reported by Federal-State Market News, receipts were 520 head at sales in Fort Smith.  Compared with last week, feeder steers sold mostly $3-5 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 111 to - - -   500 to 550 lbs. 102.25 to - - -   600 to 650 lbs. 95.25 to - - -  Medium & Large Frame 2   400 to 450 lbs. 95.25 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 90.75 to - - -  Medium & Large Frame 2   400 to 450 lbs. 84.25 to - - - Slaughter Cows, Boners 44   to   48.50 Light Weight n/a to - - - Bulls, Yield Grade   1   1000   to   2100 lbs.   n/a,   to   high dressing $61.50-64.50 Midwest Steers   n/a   at   - - -   to   - - - Panhandle Steers   $1 higher to $2 lower   at   80   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 105 to 113   600 to 650 lbs. 96 to 104.50 Heifers 500 to 550 lbs. 90 to 97.50   600 to 650 lbs. 88 to 93.50 Chicago Futures: Live Cattle: Apr '09 down 70 at 8612   Jun '09 down 60 at 8375 Feeders: Mar '09 down 57 at 9342   May '09 down 55 at 9645 Cattle Comment Cattle futures gave back some of yesterday's gains due to profit taking and demand concerns. Friday's inventory report showed less supply side pressure, which is bullish news. Hogs Peoria: were       at   n/a   to   - - - Chicago Futures: Apr '09 up 47 at 6215   Jun '09 up 37 at 7425 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 03, 2009 Eggs New York:  Ex. Lg. 119-123; Lg. 117-121; 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 at least sufficient for 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