02/05/2009 Farm Bureau Market Report

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Grain & Soybean Date: February 05, 2009 Soybeans Local Elevators: (Feb) EAST AR:  962 to 985 (NC) Summ. 825 to 855 River Elevators: (Feb) MISS: 985 to 1000 ; AR & White 955 to 970 (NC) Summ. 835 to 864 Ark. Processor Bids: (Feb) 971 to 975  (NC) 835 to 855 Memphis:  (Feb) 1000 to 1005 (NC)  864 1/2 to - - - Riceland Foods:  (Feb) Stuttgart 975 ; Pendleton 985 ; West Memphis 992 Chicago Futures: Mar up 30 1/2 at  980   May  up  29 1/2  at  983 1/4   Jul up 26 1/4  at  987 1/4   Sep up 26 1/4  at  978 1/2   Nov up 24 1/2  at  914 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans rebounded to close with solid gains today. Fundamentals are unchanged and there is little to “hang your hat on” with respect to this turn around. For that reason it may be just a correction after recent declines. Argentina continues to receive rain showers and temperatures have moderated. That bodes well for a crop which has been trimmed considerably. Argentina’s crop projection has been lowered 7 million metric tons and Brazil’s crop is down almost 2 million metric tons. But, the biggest concern on the negative side is plantings of 78-80 million acres in the U.S. Resistance for March is $10.60 and support around $9.40. Corn also bounced back receiving support from the 3rd consecutive weekly export report of over 40 million bushels. Prospects of additional trimming of use numbers will limit near term upside. Support just below $3.60 remains firm. Wheat Cash bid for February at Memphis  461 3/4 to 466 3/4; Bids to farmers at Local Elevators 456-481; River Elevators 478-506; Chicago Futures: Mar up  19 1/2  at  561 3/4    May up 19 1/2  at  574 3/4    Jul up  18 1/2  at  586 1/4    Sep up  18  at  610 3/4    Dec up  17 1/2  at  630 3/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for February at Memphis  502 to 511; Bids to farmers at River Elevators 328-475; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for February at Memphis   371 1/4 to 377 1/4;   new crop at Memphis   361 1/2 to - - -; Bids to farmers at River Elevators  326 to 366 Chicago Futures: Mar up  13  at  371 1/4    May up  12 3/4  at  381 1/2    Sep up  12 1/2  at  401 1/2    Dec up  13 1/2  at  415 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures posted double digit gains today. The weekly export report came in near the middle of trade expectations at 12.1 million bushels. That is much better than last week, but hardly enough to justify today’s gains. U.S. prices are still well above other quotes from around the globe, and that is indicated by a wide basis. Drought conditions in the Southern Plains continue to be a supportive factor. Cotton & Rice  Date: February 05, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 4 at  4521   Greenwood up  4 at 4521 New York Futures: Mar up  4  at  4971    May down  24  at  5034    Jul down  60  at  5120    Dec down  32  at  5549    - - -   - - -  at  - - -  This week's LDP rate for cotton is  11.98 cents   The estimate for next week is  11.98 cents Cotton Comment Cotton closed lower 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 up  43 1/2  at  1244 1/2    May up  42  at  1262    Jul up  40 1/2  at  1274    Sep up  19 1/2  at  1205    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice closed sharply higher as the market showed followthrough on small gains yesterday. The market could attempt to retrace a portion of recent declines. If so that would give an objective just above $13. 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 05, 2009 Cattle As reported by Federal-State Market News, receipts were 1,850 head at sales in Charlotte, Ratcliff & Green Forest.  Compared with last week, feeder steers sold steady to $2 higher. Heifers sold steady to $2 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 111 to - - -   500 to 550 lbs. 104 to - - -   600 to 650 lbs. 92 to - - -  Medium & Large Frame 2   400 to 450 lbs. 94.25 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 88 to - - -  Medium & Large Frame 2   400 to 450 lbs. 85 to - - - Slaughter Cows, Boners 42   to   47 Light Weight 30.50 to 32.50 Bulls, Yield Grade   1   1000   to   2100 lbs.   54   to   57.50, high dressing 60-62.50 Midwest Steers   remained   at   80   to   - - - Panhandle Steers   remained   at   80   to   - - - 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 55 at 8650   Jun up 37 at 8405 Feeders: Mar up 70 at 9412   May up 60 at 9702 Cattle Comment Cattle futures ended the day on a positive note on ideas that the beef market is bottoming and strong indications that beef supplies will be considerably smaller in the coming months. Gains are being limited by economic concerns and a stronger dollar. Hogs Peoria: were     steady   at   35.5   to   36 Chicago Futures: Apr down 62 at 6025   Jun down 82 at 7252 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs posted losses today. A new unemployment claims report showed the highest level in 26 years, and that turned the market lower as traders worry the economy will impact meat demand. Poultry  Date: February 05, 2009 Eggs New York:  Ex. Lg. 107-111; Lg. 105-109; Med. 96-100; 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. Demand into all channels was fair at best with limited trading. Supplies of all sizes were more than sufficient for current trade needs. ---------------------------------------- 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