02/11/2009 Farm Bureau Market Report

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Grain & Soybean Date: February 11, 2009 Soybeans Local Elevators: (Feb) EAST AR:  953 to 983 (NC) Summ. 828 to 858 River Elevators: (Feb) MISS: 978 to 993 ; AR & White 953 to 968 (NC) Summ. 843 to 872 Ark. Processor Bids: (Feb) 869 to 873  (NC) 848 to 858 Memphis:  (Feb) 998 to - - - (NC)  872 1/2 to - - - Riceland Foods:  (Feb) Stuttgart 973 ; Pendleton 983 ; West Memphis 990 Chicago Futures: Mar down 16 at  978   May  down  18 1/4  at  982   Jul down 19 1/2  at  987 3/4   Sep down 21 1/2  at  945 1/2   Nov down 21 1/2  at  917 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Good precipitation across the drought stricken areas of Argentina pressured the soybean market. A stronger dollar and weaker crude oil added to the negative undertone. Yesterday’s supply demand report is a thing of the past and the market is trading on planting expectations. The prospect of a significant increase in U.S. soybean acreage could continue to push the market lower - March support near $9.30 and November support just below $9.00. Corn declined today but remains in a sideways consolidation pattern. While ending stocks will be substantial there is concern that too many acres could move to soybeans. If that appears to be the case corn should begin to firm relative to soybeans. Wheat Cash bid for February at Memphis  443 1/4 to 453 1/4; Bids to farmers at Local Elevators 448-463; River Elevators 458-488; Chicago Futures: Mar down  12 3/4  at  543 1/4    May down 13  at  556    Jul down  13 1/4  at  568 1/4    Sep down  13 1/4  at  593 3/4    Dec down  13 1/2  at  614 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for February at Memphis  506 to - - -; Bids to farmers at River Elevators 407-487; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for February at Memphis   368 1/2 to 376 1/2;   new crop at Memphis   358 1/4 to - - -; Bids to farmers at River Elevators  328 to 369 Chicago Futures: Mar down  8 1/4  at  368 1/2    May down  8 1/2  at  378 1/4    Sep down  9 1/4  at  398 1/4    Dec down  10 1/2  at  410    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Yesterday’s weakness in wheat despite some positive news in the monthly supply/demand report carried over to today. Double-digit losses were posted across the board. World supplies remain plentiful for now, and U.S. companies are having a tough time competing in the global market. July has found tough resistance at $6, and support begins at last week’s low of $5.64 ½. Cotton & Rice  Date: February 11, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis down 115 at  4133   Greenwood down  115 at 4133 New York Futures: Mar down  115  at  4583    May down  96  at  4699    Jul down  90  at  4844    Dec down  81  at  5293    n/a   - - -  at  - - -  This week's LDP rate for cotton is  12.73 cents   The estimate for next week is  13.46 cents Cotton Comment Cotton continued to move lower after being hit yesterday by another bearish report that featured a 300,000 bale dip in domestic mill use and exports that declined 500,000 bales. The export number is the direct result of a lower Chinese use, 47 million bales compared to 48.5 a month ago, that trimmed their import projection by a million bales. The net result was projected U.S. ending stocks of 7.7 million bales and sharply lower futures. The market dropped out of a very tight sideways pattern with December likely to test recent support just under 52 cents, while March is testing support just below 46 cents. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: Mar down  5  at  1255 1/2    May up  1  at  1271    Jul up  7  at  1288    Sep up  31 1/2  at  1235 1/2    - - - up  - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice closed mixed with the nearby March contract slightly lower. Yesterday’s report didn’t change rice numbers a lot but enough to suggest the market can go lower if export sales aren’t forthcoming soon. USDA lowered milled rice export projections from 53 to 50 million cwt, with all of that coming out of long grain. It also sent the price projection 50 cents lower to a range of $15 to $16. The question is how soon the U.S. will get back in the export market and at what price level. Current quotes are just under $600 per tonne, while Vietnam continues to move rice at around $400 per tonne. Today’s reversal may send March back near support at $11.55. Cattle & Hogs  Date: February 11, 2009 Cattle As reported by Federal-State Market News, receipts were 1,039 head at sales in Conway & Pocahontas.  Compared with last week, feeder steers sold $2-3 higher on a light test . Steers:  Medium & Large Frame 1   400 to 450 lbs. 109 to - - -   500 to 550 lbs. 98 to - - -   600 to 650 lbs. 92.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 94 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 91 to - - -  Medium & Large Frame 2   400 to 450 lbs. 82.50 to - - - Slaughter Cows, Boners 44   to   48 Light Weight 28 to 34 Bulls, Yield Grade   1   1000   to   2100 lbs.   54   to   59 Midwest Steers   were quoted   at   80   to   81 Panhandle Steers   were quoted   at   80   to   81 Oklahoma City Feeders Steers 500 to 550 lbs. 106 to 114.50   600 to 650 lbs. 98 to 107 Heifers 500 to 550 lbs. 93 to 100   550 to 600 lbs. 88 to 93 Chicago Futures: Live Cattle: Apr down 45 at 8760   Jun down 22 at 8517 Feeders: Mar down 30 at 9540   May down 57 at 9790 Cattle Comment Cattle futures turned lower after April backed away from trendline resistance near $89 yesterday. Ideas that the beef market has bottomed are supportive, but traders are being cautious amid worries that the weak economy will further cut beef demand. Hogs Peoria: were     steady   at   34.5   to   35 Chicago Futures: Apr down 70 at 9640   Jun up 25 at 7530 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment April hogs traded within yesterday’s trading range all day today. The bottom of yesterday’s gap should provide solid support at $61.70, and yesterday’s high of $62.75 proved to be resistance today, as well. Poultry  Date: February 11, 2009 Eggs New York:  Ex. Lg. 97-101; Lg. 95-99; Med. 89-93; Chicago:  Ex. Lg. 97-105; Lg. 95-103; Med. 88-96; Eastern Region Turkeys Hens: 8-16 lbs. 72-76 Toms: 16-24 lbs. 72-76   Delmarva Broilers U.S. Grade A Trade sentiment was mostly steady. Demand into all channels was no better than fair with limited trading. Supplies of all sizes were 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