02/09/2009 Farm Bureau Market Report

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Grain & Soybean Date: February 09, 2009 Soybeans Local Elevators: (Feb) EAST AR:  977 to 1007 (NC) Summ. 853 to 883 River Elevators: (Feb) MISS: 1007 to 1017 ; AR & White 977 to 992 (NC) Summ. 868 to 898 Ark. Processor Bids: (Feb) 993 to 997  (NC) 863 to 883 Memphis:  (Feb) 1017 to 1022 (NC)  893 to 898 Riceland Foods:  (Feb) Stuttgart 997 ; Pendleton 1007 ; West Memphis 1014 Chicago Futures: March up 1 at  1002   May  up  1 1/2  at  1007 1/2   July up 2 1/2  at  1014 1/2   Sept down 2  at  974   Nov down 3  at  973   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans lost early steam and ended the session narrowly mixed. Old crop was slightly higher and new crop lower. Some evening up of positions was noted ahead of tomorrow’s supply demand report. Prospects of smaller crops in Brazil and Argentina boosted the overnight trade. Weekend purchases by China were also a positive factor. Tomorrow’s report is expected to reflect continued good sales with projected ending stocks coming in a little below the January estimate. March could test resistance around 10.40, if the hot, dry weather in South America returns. Wheat Cash bid for February at Memphis  465 to 475; Bids to farmers at Local Elevators 471-486; River Elevators 481-511; Chicago Futures: March up  8  at  565    May up 8  at  578    July up  8 1/4  at  590 1/2    Sept up  8 1/4  at  605 1/4    Dec up  8 1/2  at  635 3/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for February at Memphis  522 to - - -; Bids to farmers at River Elevators 423-503; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for February at Memphis   377 1/2 to 380 1/2;   New crop at Memphis   369 to - - -; Bids to farmers at River Elevators  337 to 378 Chicago Futures: March up  1/4  at  377 1/2    May up  1/2  at  388    Sept up  1/4  at  408 3/4    Dec unchanged  0  at  421 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Corn ended the day steady to slightly higher but well off the highs for the session. Tomorrow’s report is expected to pare use numbers and raise ending stocks. The average pre-report estimate is up 33 million bushels from January. March remains in a sideways consolidation pattern with support around $3.60. Wheat futures turned higher again today, with little fundamental justification. 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. Texas got much needed rain this weekend, but still much of the crop there is said to be in poor to very poor condition. July found resistance at $6.00 too much, and backed off early gains. Cotton & Rice  Date: February 09, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 12 at  4548   Greenwood up  12 at 4548 New York Futures: March up  12  at  4998    May up  18  at  5061    July up  40  at  5194    Dec up  35  at  5610    - - -   - - -  at  - - -  This week's LDP rate for cotton is  13.14 cents   The estimate for next week is  13.14 cents Cotton Comment Cotton was modestly higher as the sideways pattern of the last two weeks remains intact. New crop December is in position to test the recent high of 57.2 cents if export demand increases. To date, the market has had to deal with big stocks and declining use. Economic conditions do not favor any significant improvement in exports. However, U.S. plantings are expected to decline for the third year in a row and that could tighten stocks by the end of the year. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: March up  32  at  1310 1/2    May up  27  at  1320    July up  27  at  1331    Sept up  16  at  1240    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice continued last week’s retracement of recent declines. March futures moved above the 38% retracement objective of $13.11 before closing right on that level. The 50% retracement objective of $13.60 is next. The market move has little fundamental support as U.S. movement of milled rice remains slow. That could change down the line, but for now, Vietnam is the major supplier. Tomorrow’s report is not expected to show any major changes, although export sales are well behind year ago levels. Cattle & Hogs  Date: February 09, 2009 Cattle As reported by Federal-State Market News, receipts were 3293 head at sales in Ash Flat, Springdale and Ola.  Compared with last week, feeder steers sold steady to $3 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 117 to - - -   500 to 550 lbs. 103.50 to - - -   600 to 650 lbs. 92.25 to - - -  Medium & Large Frame 2   400 to 450 lbs. 106 to - - - Heifers:  Medium & Large Frame 1   500 to 550 lbs. 86.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 83.75 to - - - Slaughter Cows, Boners 42   to   47 Light Weight n/a to - - - Bulls, Yield Grade   1   1000   to   2100 lbs.   52   to   59 Midwest Steers   were 50¢ lower to $1.50 higher   at   81   to   83 Panhandle Steers   were $1 to $4 higher   at   83   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 106.50 to 112.50   550 to 600 lbs. 103 to 108 Heifers 425 to 500 lbs. 101.50 to 106.25   500 to 600 lbs. 90.25 to 98 Chicago Futures: Live Cattle: April up 105 at 8775   June up 85 at 8492 Feeders: March up 120 at 9555   May up 127 at 9852 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. Strength in cash cattle prices gave the market a boost today as well. Hogs Peoria: were     steady   at   34.5   to   35 Chicago Futures: April down 32 at 6007   June up 10 at 7305 Sheep St. Paul n/a   at   - - -   to   - - - Hogs Comment Hogs ended mostly lower on weak cash hog and wholesale pork prices. April is holding steady just above last week’s low of $59.85. Poultry  Date: February 09, 2009 Eggs New York:  Ex. Lg. 104-108; Lg. 102-106; Med. 96-100; Chicago:  Ex. Lg. 97-105; Lg. 95-103; Med. 88-96; 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 following the weekend was mostly fair with trading usually limited to regular commitments. Supplies of all sizes were at least adequate 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