02/13/2009 Farm Bureau Market Report

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Grain & Soybean Date: February 13, 2009 The markets will be closed on Monday, February 16 in observance of the holiday. The next report will be available on Tuesday, February 17. Soybeans Local Elevators: (Feb) EAST AR:  931 to 961 (NC) Summ. 803 to 833 River Elevators: (Feb) MISS: 956 to 971 ; AR & White 930 to 945 (NC) Summ. 819 to 947 Ark. Processor Bids: (Feb) 947 to 951  (NC) 823 to 833 Memphis:  (Feb) 975 1/2 to 980 1/2 (NC)  847 1/2 to - - - Riceland Foods:  (Feb) Stuttgart 951 ; Pendleton 961 ; West Memphis 968 Chicago Futures: Mar down 13 at  955 1/2   May  down  13 3/4  at  957 3/4   Jul down 14  at  962   Sep down 13 1/2  at  913 1/2   Nov down 8  at  892 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans ended lower, with old-crop contracts leading the way down. A weaker tone on Wall Street carried over into soybeans. The market has also stopped worrying so much about the South American crop now that USDA has adjusted their crop estimate. November fell below support around $9, and we could see additional pressure as we move toward planting. USDA says 80 million acres will be seeded to soybeans today. Corn lost ground as well. 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  435 1/2 to 450 1/2; Bids to farmers at Local Elevators 441-456; River Elevators 451-481; Chicago Futures: Mar down  3 1/4  at  535 1/2    May down 3 1/4  at  548 1/4    Jul down  3  at  560 3/4    Sep down  3 3/4  at  585    Dec down  3 1/2  at  606 1/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for February at Memphis  497 to - - -; Bids to farmers at River Elevators 398-478; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for February at Memphis   363 1/4 to 369 1/4;   new crop at Memphis   353 1/4 to - - -; Bids to farmers at River Elevators  323 to 363 Chicago Futures: Mar down  3  at  363 1/4    May down  2 3/4  at  373 1/4    Sep down  2 3/4  at  393 1/4    Dec down  2 1/4  at  405 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat was also lower today. Global supplies remain plentiful, and U.S. sellers are having a tough time competing at current prices. This week’s low of $5.51 is support, while tough resistance looms at $6. Cotton & Rice  Date: February 13, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 44 at  4097   Greenwood up  44 at 4097 New York Futures: Mar down  100  at  4403    May down  125  at  4522    Jul down  120  at  4676    Dec down  122  at  5131    - - -   - - -  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 falling below support at 52 cents. Today’s move certainly leaves the market vulnerable to further declines. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: Mar down  8 1/2  at  1251    May down  6 1/2  at  1268 1/2    Jul down  4 1/2  at  1287    Sep down  7 1/2  at  1271    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice also ended the week on a negative note. 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. March could retest support at $11.55. Cattle & Hogs  Date: February 13, 2009 Cattle As reported by Federal-State Market News, receipts were 8,570 head at sales in Arkansas this week.  Compared with last week, feeder steers sold steady to $2 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 113.50 to - - -   500 to 550 lbs. 99.50 to - - -   600 to 650 lbs. 93.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 98.25 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 94 to - - -  Medium & Large Frame 2   400 to 450 lbs. 85.50 to - - - Slaughter Cows, Boners 40   to   47 Light Weight 28 to 36 Bulls, Yield Grade   1   1000   to   2100 lbs.   53   to   59, high dressing 59-61 Midwest Steers   remained   at   80   to   - - - Panhandle Steers   remained   at   80   to   81 Oklahoma City Feeders Steers 500 to 550 lbs. 102 to 115.75   600 to 650 lbs. 92.50 to 108.50 Heifers 500 to 550 lbs. 85.50 to 100   600 to 650 lbs. 83.50 to 93.50 Chicago Futures: Live Cattle: Apr down 50 at 8700   Jun down 42 at 8480 Feeders: Mar down 67 at 9447   May down 65 at 9715 Cattle Comment Cattle futures turned lower today. 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   36   to   36.5 Chicago Futures: Apr down 5 at 6375   Jun up 15 at 7695 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs were mixed in reaction to this week’s higher cash prices. April now has resistance between $65 and $66. Support begins at Monday’s gap higher at $61.70. Poultry  Date: February 13, 2009 Eggs New York:  Ex. Lg. 95-99; Lg. 93-97; Med. 86-90; 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 entering the weekend was mostly fair with limited trading. Supplies of all sizes were sufficient to satisfy 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