02/18/2009 Farm Bureau Market Report

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Grain & Soybean Date: February 18, 2009 Soybeans Local Elevators: (Feb) EAST AR:  863 to 893 (NC) Summ. 746 to 776 River Elevators: (Feb) MISS: 891 to 913 ; AR & White 962 to 873 (NC) Summ. 763 to 791 Ark. Processor Bids: (Feb) 879 to 883  (NC) 766 to 776 Memphis:  (Feb) 912 1/2 to 917 1/2 (NC)  790 3/4 to - - - Riceland Foods:  (Feb) Stuttgart 883 ; Pendleton 893 ; West Memphis 900 Chicago Futures: Mar down 15 1/2 at  887 1/2   May  down  18  at  886 1/2   Jul down 17 1/4  at  890 3/4   Sep down 17 1/4  at  852 3/4   Nov down 17 1/4  at  835 3/4   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans continued to move lower today. There wasn’t much fundamental news to drive the market today. The dollar remains strong, however. That is bad news for commodities, because it means U.S. agricultural products are more expensive around the globe. Yesterday’s gap confirms that the market is trending lower and brings the December low of $7.96 ½ back into play for the November contract. Corn was unchanged to about two cents lower. Weakness was limited by the fact that the market is trying to hold acres. Soybeans hold a big advantage with a significantly lower cost of production. Wheat Cash bid for February at Memphis  410 3/4 to 430 3/4; Bids to farmers at Local Elevators 415-430; River Elevators 425-455; Chicago Futures: Mar down  4 3/4  at  510 3/4    May down 5  at  523    Jul down  5 1/2  at  534 3/4    Sep down  6 1/4  at  557 3/4    Dec down  6 1/2  at  578 3/4    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   357 1/4 to - - -;   new crop at Memphis   336 to - - -; Bids to farmers at River Elevators  309 to 349 Chicago Futures: Mar unchanged    at  349 1/4    May down  1  at  358    Sep down  2 1/2  at  376    Dec down  2 3/4  at  387 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat also moved lower. Global supplies remain plentiful, and U.S. sellers are having a tough time competing at current prices. July is clearly trending lower with overhead resistance up near $5.70. The market could be headed for a retest of the December low of $4.98 ¼. Cotton & Rice  Date: February 18, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 42 at  3985   Greenwood up  42 at 3985 New York Futures: Mar up  35  at  4388    May up  41  at  4509    Jul up  37  at  4653    Dec up  22  at  5094    - - -   - - -  at  - - -  This week's LDP rate for cotton is  13.85 cents   The estimate for next week is  16.90 cents Cotton Comment Cotton recovered a bit today after trading lower five sessions in a row. The market has become technically oversold and due a rebound. Fundamentals, however, will make it difficult for this market to move higher. The worsening worldwide recession continues to cut into cotton usage and increase ending stocks estimates. USDA will release plantings estimates next week, but they won’t be based upon farmer surveys yet. The market has fallen out of a very tight sideways pattern with December falling below support at 52 cents. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: Mar up  7 1/2  at  1215 1/2    May down  2 1/2  at  1220 1/2    Jul down  2  at  1237    Sep down  8 1/2  at  1226 1/2    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice continued mostly lower today. This market continues to be plagued by negative fundamentals. 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 18, 2009 Cattle As reported by Federal-State Market News, receipts were 946 head at sales in Conway & Pocahontas.  Compared with last week, feeder steers sold $1-3 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 109.25 to - - -   500 to 550 lbs. 104 to - - -   600 to 650 lbs. 92 to - - -  Medium & Large Frame 2   400 to 450 lbs. 93.25 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 93.75 to - - -  Medium & Large Frame 2   400 to 450 lbs. 85.25 to - - - Slaughter Cows, Boners 40   to   44 Light Weight 22 to 27 Bulls, Yield Grade   1   1000   to   2100 lbs.   54   to   57, high dressing 58-59 Midwest Steers   were $2-3 lower   at   79   to   80 Panhandle Steers   were $2-3.50 lower   at   79   to   80 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 130 at 8292   Jun down 117 at 8107 Feeders: Mar down 260 at 8902   May down 225 at 9190 Cattle Comment The selloff continued in cattle futures today. This market continues to be plagued with demand concerns as the global recession worsens. April appears headed for a retest of the December low of $82.45. Hogs Peoria: were     steady   at   37   to   37.5 Chicago Futures: Apr down 25 at 6080   Jun down 67 at 7387 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs ended lower as well. Like cattle futures, this market is worried about demand during the global recession. A retest of the contract low of $59.85 looks likely. Poultry  Date: February 18, 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. 74-76 Toms: 16-24 lbs. 74-76   Delmarva Broilers U.S. Grade A Trade sentiment was mostly steady. Supplies of all sizes were adequate 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