02/06/2009 Farm Bureau Market Report

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Grain & Soybean Date: February 06, 2009 Soybeans Local Elevators: (Feb) EAST AR:  983 to 1006 (NC) Summ. 856 to 886 River Elevators: (Feb) MISS: 1006 to 1021 ; AR & White 976 to 991 (NC) Summ. 866 to 896 Ark. Processor Bids: (Feb) 992 to 996  (NC) 866 to 886 Memphis:  (Feb) 1018 to 1021 (NC)  896 to - - - Riceland Foods:  (Feb) Stuttgart 996 ; Pendleton 1006 ; West Memphis 1013 Chicago Futures: Mar up 21 at  1001   May  up  22 3/4  at  1006   Jul up 24 3/4  at  1012   Sep up 30 1/2  at  976   Nov up 31 1/2  at  946   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans posted gains again today, with March back above $10. 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. The market is focused on the weather in Argentina, and even though rains have fallen there over the past week, precipitation has been spotty and light, so the drought continues. 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 was also higher, following beans and also focusing on the weather in Argentina. 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  457 to 467; Bids to farmers at Local Elevators 452-477; River Elevators 472-502; Chicago Futures: Mar down  4 3/4  at  557    May down 4 3/4  at  570    Jul down  4  at  582 1/4    Sep down  3 3/4  at  607    Dec down  3 1/2  at  627 1/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for February at Memphis  513 to 522; Bids to farmers at River Elevators 405-485; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for February at Memphis   377 1/4 to 385 1/4;   new crop at Memphis   368 1/2 to - - -; Bids to farmers at River Elevators  332 to 372 Chicago Futures: Mar up  6  at  377 1/4    May up  6  at  387 1/2    Sep up  7  at  408 1/2    Dec up  6 1/2  at  421 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures ended lower. Fundamentals, particularly for old-crop wheat, are bearish. Supplies remain large, and U.S. prices are still well above other quotes from around the globe. Drought conditions in the Southern Plains continue to be a supportive factor. Cotton & Rice  Date: February 06, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 15 at  4536   Greenwood up  15 at 4536 New York Futures: Mar up  15  at  4986    May up  9  at  5043    Jul up  34  at  5154    Dec up  26  at  5575    - - -   - - -  at  - - -  This week's LDP rate for cotton is  12.73 cents   The estimate for next week is  13.14 cents Cotton Comment Cotton ended a bit higher, 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  34  at  1278 1/2    May up  31  at  1293    Jul up  30  at  1304    Sep up  19  at  1224    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice posted large gains for the second day in a row. 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 06, 2009 Cattle As reported by Federal-State Market News, receipts were 6,165 head at sales in Arkansas this week.  Compared with last week, feeder steers sold firm to $4 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 110 to - - -   500 to 550 lbs. 98.25 to - - -   600 to 650 lbs. 94.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 97.50 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 94.75 to - - -  Medium & Large Frame 2   400 to 450 lbs. 85.75 to - - - Slaughter Cows, Boners 45   to   51 Light Weight 28 to 36 Bulls, Yield Grade   1   1000   to   2100 lbs.   54   to   60, high dressing 64-65 Midwest Steers   were steady to $1 higher   at   80   to   81 Panhandle Steers   were steady   at   80   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 101 to 113   600 to 650 lbs. 92 to 104.50 Heifers 500 to 550 lbs. 86 to 100   600 to 650 lbs. 83 to 96 Chicago Futures: Live Cattle: Apr up 20 at 8670   Jun up 2 at 8407 Feeders: Mar up 22 at 9435   May up 22 at 9725 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 $1.50 lower to     steady   at   34   to   36 Chicago Futures: Apr up 15 at 6040   Jun up 42 at 7295 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs ended a bit higher today, mostly on profit taking. This market is still concerned with demand for pork in light of the weak economy. Poultry  Date: February 06, 2009 Eggs New York:  Ex. Lg. 104-108; Lg. 102-106; 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. 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. 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