02/17/2009 Farm Bureau Market Report

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Grain & Soybean Date: February 17, 2009 Soybeans Local Elevators: (Feb) EAST AR:  878 to 908 (NC) Summ. 763 to 793 River Elevators: (Feb) MISS: 903 to 928 ; AR & White 878 to 893 (NC) Summ. 778 to 808 Ark. Processor Bids: (Feb) 894 to 898  (NC) 783 to 793 Memphis:  (Feb) 923 to 933 (NC)  808 to - - - Riceland Foods:  (Feb) Stuttgart 898 ; Pendleton 908 ; West Memphis 915 Chicago Futures: Mar down 52 1/2 at  903   May  down  53 1/4  at  904 1/2   Jul down 54  at  908   Sep down 43 1/2  at  870   Nov down 39 1/2  at  853   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans gapped lower in reaction to big losses on Wall Street. The passage of the stimulus package hasn’t done much to instill confidence in the markets. Gold and the dollar remain strong, however. That is bad news for commodities, because it means U.S. agricultural products are more expensive around the globe. Last week’s exports, however, were an impressive 47.6 million bushels. Today’s gap puts the December low of $7.96 ½ back into play for the November contract. Corn was also lower, but losses were limited as this market is trying to hold acres. Export inspections were 33.9 million bushels for the week, which is a good total, especially considering the value of the dollar. Wheat Cash bid for February at Memphis  415 1/2 to 435 1/2; Bids to farmers at Local Elevators 420-435; River Elevators 430-460; Chicago Futures: Mar down  20  at  515 1/2    May down 20 1/4  at  528    Jul down  20 1/2  at  540 1/4    Sep down  21  at  564    Dec down  21  at  585 1/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for February at Memphis  472 to - - -; Bids to farmers at River Elevators 373-453; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for February at Memphis   349 1/4 to 357 1/4;   new crop at Memphis   338 1/2 to - - -; Bids to farmers at River Elevators  309 to 349 Chicago Futures: Mar down  14  at  349 1/4    May down  14 1/4  at  359    Sep down  14 3/4  at  378 1/2    Dec down  15 1/4  at  390 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat gapped lower as well. Global supplies remain plentiful, and U.S. sellers are having a tough time competing at current prices. Weekly exports were reportedly 10.5 million bushels, which isn’t terribly impressive. Today’s gap lower confirms that the market is trending lower. Cotton & Rice  Date: February 17, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis down 154 at  3943   Greenwood down  154 at 3943 New York Futures: Mar down  50  at  4353    May down  54  at  4468    Jul down  60  at  4616    Dec down  59  at  5072    - - -   - - -  at  - - -  This week's LDP rate for cotton is  13.85 cents   The estimate for next week is  16.77 cents Cotton Comment Cotton ended lower, but well off the day’s lows. The market has fallen 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  43  at  1208    May down  45 1/2  at  1223    Jul down  48  at  1239    Sep down  36  at  1235    n/a up  - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice gapped lower as well. Dismal export numbers are keeping a lid on rice. USDA has 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 $11.60. Cattle & Hogs  Date: February 17, 2009 Cattle As reported by Federal-State Market News, receipts were 3,047 head at sales in Fort Smith, Ola & Springdale.  Compared with last week, feeder steers sold uneven, near steady . Steers:  Medium & Large Frame 1   400 to 450 lbs. 119 to - - -   500 to 550 lbs. 104.50 to - - -   600 to 650 lbs. 98.75 to - - -  Medium & Large Frame 2   400 to 450 lbs. 101.25 to - - - Heifers:  Medium & Large Frame 1   40 to 450 lbs. 95.75 to - - -  Medium & Large Frame 2   400 to 450 lbs. 87.25 to - - - Slaughter Cows, Boners 40   to   45 Light Weight 30 to 36 Bulls, Yield Grade   1   1000   to   2100 lbs.   50   to   56, high dressing 56-59 Midwest Steers   were $1-3 higher   at   81   to   83 Panhandle Steers   were $1-2.50 higher   at   81   to   83.50 Oklahoma City Feeders Steers 500 to 550 lbs. 110 to 119   600 to 650 lbs. 98.25 to 106.75 Heifers 500 to 550 lbs. 96 to 102   600 to 650 lbs. 86.50 to 92.50 Chicago Futures: Live Cattle: Apr down 277 at 8422   Jun down 255 at 8225 Feeders: Mar down 285 at 9162   May down 300 at 9415 Cattle Comment Cattle futures gapped sharply lower. Renewed worries about demand in the face of weaker stock markets and a stronger dollar sparked today’s sell-off. April held support at $83.60 today, a drop below that level would signal a retest of the contract low of $82.45. Hogs Peoria: were $1     higher   at   37   to   37.5 Chicago Futures: Apr down 270 at 6105   Jun down 240 at 7455 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs gapped lower as well on demand concerns. Today’s move makes a retest of the contract low of $59.85 look likely for April. Poultry  Date: February 17, 2009 Eggs New York:  Ex. Lg. 95-99; Lg. 93-97; Med. 86-90; Chicago:  Ex. Lg. 85-93; Lg. 83-91; Med. 77-85; Eastern Region Turkeys Hens: 8-16 lbs. 74-78.5 Toms: 16-24 lbs. 74-78.5   Delmarva Broilers U.S. Grade A Trade sentiment was mostly steady. Demand following the weekend was mostly fair with trading usually limited to regular commitments. 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