02/04/2009 Farm Bureau Market Report

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Grain & Soybean Date: February 04, 2009 Soybeans Local Elevators: (Jan) EAST AR:  932 to 955 (NC) Summ. 800 to 830 River Elevators: (Jan) MISS: 955 to 970 ; AR & White 924 to 939 (NC) Summ. 810 to 840 Ark. Processor Bids: (Jan) 941 to 945  (NC) 810 to 830 Memphis:  (Jan) 969 1/2 to 974 1/2 (NC)  840 to - - - Riceland Foods:  (Jan) Stuttgart 945 ; Pendleton 955 ; West Memphis 962 Chicago Futures: Mar up 3 1/2 at  949 1/2   May  up  3 1/2  at  953 3/4   Jul up 5 1/2  at  961   Sep down 3 1/2  at  920 1/2   Nov down 5  at  890   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans closed mixed with old crop contracts slightly higher for the day. New crop contracts traded lower on the fear of big ’09 plantings and potential stocks that would result. November may be headed for a retest of the recent low near $8. Corn closed lower over growing concern that demand numbers will be cut further in upcoming reports. Some analysts are projecting stocks of more than 2 billion bushels. On the other hand, this year’s plantings are projected lower with stocks tightening next year. March is testing support just under $3.60. Wheat Cash bid for January at Memphis  442 1/4 to 447 1/4; Bids to farmers at Local Elevators 438-463; River Elevators 455-488; Chicago Futures: Mar down  10 1/4  at  542 1/4    May down 10 1/4  at  555 1/4    Jul down  9 1/2  at  567 3/4    Sep down  8 1/4  at  592 3/4    Dec down  8 1/4  at  613 1/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for January at Memphis  479 to 488; Bids to farmers at River Elevators 353-433; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for January at Memphis   358 1/4 to 364 1/4;   new crop at Memphis   349 to - - -; Bids to farmers at River Elevators  313 to 353 Chicago Futures: Mar down  3 1/2  at  358 1/4    May down  4  at  368 3/4    Sep down  4 1/4  at  389    Dec down  4 1/2  at  401 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat declined closing below support at the bottom of the recent sideways trading range. Poor export movement continues to push the market lower as the U.S. remains uncompetitive in world markets. Drought conditions in the Southern Plains is a supporting factor. Cotton & Rice  Date: February 04, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 29 at  4517   Greenwood up  29 at 4517 New York Futures: Mar up  29  at  4967    May up  26  at  5058    Jul up  40  at  5180    Dec up  44  at  5581    - - -   - - -  at  - - -  This week's LDP rate for cotton is  11.98 cents   The estimate for next week is  11.98 cents Cotton Comment Cotton firmed slightly as the market remains in a very tight sideways trading range. Economic conditions have reduced cotton use, particularly in China, and that has continued to weigh on the U.S. exports. The first survey of ’09 U.S. plantings will be released by the National Cotton Council next week. Current estimates range from unchanged to 2 million acres below 68. Long term this will lead to higher cotton price later this year. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: Mar '09 up  2 1/2  at  1201    May '09 down  1  at  1220    Jul '09 down  1 1/2  at  1233 1/2    Sep '09 unchanged    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 slightly higher as the market is attempting to consolidate just above $11.80. Long term charts have another downside objective at $11.46. Demand for U.S. milled rice remains very poor, and some mills are beginning to offer discounts in order to move rice. There are few takers at this point. Price levels in Vietnam have firmed following big sales to Iraq, Cuba and the Philippines. While budgets seemed to favor rice over beans, corn and cotton - that may change. Cattle & Hogs  Date: February 04, 2009 Cattle As reported by Federal-State Market News, receipts were 829 head at sales in Conway & Pocahontas.  Compared with last week, feeder steers sold steady to $2 higher, advance on yearlings . Steers:  Medium & Large Frame 1   400 to 450 lbs. 103 to - - -   500 to 550 lbs. 95.50 to - - -   600 to 650 lbs. 91 to - - -  Medium & Large Frame 2   400 to 450 lbs. 93 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 88 to - - -  Medium & Large Frame 2   400 to 450 lbs. 79 to - - - Slaughter Cows, Boners 43   to   48 Light Weight 28 to 34 Bulls, Yield Grade   1   1000   to   2100 lbs.   56.50   to   60.50 Midwest Steers   were quoted   at   80   to   - - - Panhandle Steers   remained   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 down 17 at 8595   Jun down 7 at 8367 Feeders: Mar steady at 9342   May down 2 at 9642 Cattle Comment Cattle were mixed with a stronger $ weighing on potential exports. Feed lot offerings and packer bids are generally several $’s apart with activity limited. No changes are expected until late tomorrow or Friday. Big declines in beef cutout values are weighing on the market. Hogs Peoria: were     higher   at   35.5   to   36 Chicago Futures: Apr down 127 at 6087   Jun down 90 at 7335 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs were sharply lower, pressured by a stronger $, weak cash bids and negative packer margins. Poultry  Date: February 04, 2009 Eggs New York:  Ex. Lg. 113-117; Lg. 111-115; Med. 99-103; Chicago:  Ex. Lg. 114-122; Lg. 112-120; Med. 91-99; Eastern Region Turkeys Hens: 8-16 lbs. 72-75 Toms: 16-24 lbs. 72-75   Delmarva Broilers U.S. Grade A Trade sentiment was steady to about 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. ---------------------------------------- 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