02/12/2009 Farm Bureau Market Report

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Grain & Soybean Date: February 12, 2009 Soybeans Local Elevators: (Feb) EAST AR:  944 to 974 (NC) Summ. 811 to 841 River Elevators: (Feb) MISS: 969 to 984 ; AR & White 943 to 958 (NC) Summ. 826 to 855 Ark. Processor Bids: (Feb) 960 to 964  (NC) 834 to 841 Memphis:  (Feb) 988 1/2 to - - - (NC)  855 1/2 to - - - Riceland Foods:  (Feb) Stuttgart 964 ; Pendleton 974 ; West Memphis 981 Chicago Futures: Mar down 9 1/2 at  968 1/2   May  down  10 1/2  at  971 1/2   Jul down 11 3/4  at  976   Sep down 18 1/2  at  927   Nov down 17  at  900 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans ended the session lower after getting an early boost from strong export sales. More pressure was exerted on new crop contracts as the market eyes potentially larger plantings in ’09. China remains a strong buyer. New crop November is testing support just under $9. Corn lost ground late in the session. New crop contracts continued to gain versus old crop. The market is attempting to hold acres as cost factors appear to be pushing farmers toward soybeans. March has support at $3.56 and September support is just under $3.90. Wheat Cash bid for February at Memphis  438 3/4 to 448 3/4; Bids to farmers at Local Elevators 444-459; River Elevators 454-484; Chicago Futures: Mar down  4 1/2  at  538 3/4    May down 4 1/2  at  551 1/2    Jul down  4 1/2  at  563 3/4    Sep down  5  at  588 3/4    Dec down  4 3/4  at  609 3/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for February at Memphis  502 to - - -; Bids to farmers at River Elevators 403-483; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for February at Memphis   366 1/4 to 372 1/4;   new crop at Memphis   356 to - - -; Bids to farmers at River Elevators  326 to 366 Chicago Futures: Mar down  2 1/4  at  366 1/4    May down  2 1/2  at  376    Sep down  2 1/4  at  396    Dec down  2 1/4  at  407 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat traded in a wide range today. Early strength in reaction to the weekly export report (which came in within trade expectations at 16 million bushels) was short lived. Strength in the dollar sparked a selloff, which took out support at last week’s low of $5.64 ½ before the market closed near the middle of the day’s trading range. Today’s low of $5.51 becomes support, while tough resistance looms at $6. Cotton & Rice  Date: February 12, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis down 80 at  4053   Greenwood down  80 at 4053 New York Futures: Mar down  80  at  4503    May down  52  at  4647    Jul down  48  at  4796    Dec down  40  at  5253    - - -   - - -  at  - - -  This week's LDP rate for cotton is  12.73 cents   The estimate for next week is  13.85 cents Cotton Comment Cotton continued to decline after this week’s bearish report, which 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 up  4  at  1259 1/2    May up  4  at  1275    Jul up  3 1/2  at  1291 1/2    Sep up  43  at  1278 1/2    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice ended the session a little higher as the market attempts to steady after this week’s report. The 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 12, 2009 Cattle As reported by Federal-State Market News, receipts were 1,282 head at sales in Charlotte & Green Forest.  Compared with last week, feeder steers sold steady to $3 higher. Heifers sold $1-4 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 114 to - - -   500 to 550 lbs. 106.50 to - - -   600 to 650 lbs. 95.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 101.50 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 94 to - - -  Medium & Large Frame 2   400 to 450 lbs. 85 to - - - Slaughter Cows, Boners 41   to   46 Light Weight 29 to 35 Bulls, Yield Grade   1-2   1000   to   2100 lbs.   53   to   59, high dressing 60-64.50 Midwest Steers   were steady to $1 lower   at   80   to   - - - Panhandle Steers   remained   at   80   to   81 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 down 10 at 8750   Jun up 5 at 8522 Feeders: Mar down 25 at 9515   May down 10 at 9780 Cattle Comment Cattle futures closed mixed. 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 $1.5     higher   at   36   to   36.5 Chicago Futures: Apr up 152 at 6380   Jun up 150 at 7680 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs posted solid gains today on carryover strength from the cash market. April now has resistance between $65 and $66. Support begins at Monday’s gap higher at $61.70. Poultry  Date: February 12, 2009 Eggs New York:  Ex. Lg. 95-99; Lg. 93-97; Med. 87-91; 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 approaching the weekend was mostly fair with trading usually limited to regular commitments. Supplies of all sizes were more than 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