02/19/2009 Farm Bureau Market Report

Click here to view this report online.

Grain & Soybean Date: February 19, 2009 Soybeans Local Elevators: (Feb) EAST AR:  860 to 890 (NC) Summ. 755 to 785 River Elevators: (Feb) MISS: 890 to 910 ; AR & White 862 to 877 (NC) Summ. 770 to 800 Ark. Processor Bids: (Feb) 876 to 880  (NC) 775 to 785 Memphis:  (Feb) 906 1/2 to 909 1/2 (NC)  800 to - - - Riceland Foods:  (Feb) Stuttgart 880 ; Pendleton 890 ; West Memphis 897 Chicago Futures: Mar down 3 at  884 1/2   May  down  1/2  at  886   Jul up 3/4  at  891 1/2   Sep up 4 1/4  at  857   Nov up 9 1/4  at  845   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans reversed earlier gains to close slightly lower. Profit taking provided the early strength as did a big jump in crude oil. However the market returned to other crop fundamentals including a potential jump in this year’s plantings and better weather conditions in Argentina. Harvest in Brazil also suggests China may have another source available for imports. Corn held gains and closed a little higher. Big crude oil gains helped as this suggested more favorable returns for ethanol. Corn also benefited from prospects of lower plantings in the U.S. with some estimates as low as 82 to 83 million acres. That would lead to a substantially lower stocks next year. Wheat Cash bid for February at Memphis  429 1/2 to 444 1/2; Bids to farmers at Local Elevators 423-438; River Elevators 433-463; Chicago Futures: Mar up  8 3/4  at  519 1/2    May up 8  at  531    Jul up  8 1/2  at  543 1/4    Sep up  9  at  566 3/4    Dec up  9 3/4  at  588 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for February at Memphis  479 to - - -; Bids to farmers at River Elevators 380-460; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for February at Memphis   359 1/4 to 361 1/4;   new crop at Memphis   341 to - - -; Bids to farmers at River Elevators  318 to 353 Chicago Futures: Mar up  4  at  353 1/4    May up  4  at  362    Sep up  5  at  381    Dec up  6 1/4  at  393 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat closed higher despite a generally slow export pace. The U.S. is less than competitive in the world market with Russia selling at a discount. However weather conditions in the Southern Plains are helping boost the market in the short run. Cotton & Rice  Date: February 19, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis down 19 at  4966   Greenwood down  19 at 4966 New York Futures: Mar down  47  at  4342    May down  19  at  4491    Jul down  24  at  4629    Dec down  27  at  5067    - - -   - - -  at  - - -  This week's LDP rate for cotton is  13.85 cents   The estimate for next week is  16.89 cents Cotton Comment Cotton continued to move lower as the overall pace of exports and domestic use are very slow. The national Cotton Council released its plantings survey late last Cotton continued to move lower as the overall pace of exports and domestic use are very slow. The National Cotton Council released its plantings survey late last week. The survey indicated another substantial cut in plantings of almost a million acres. The mid South, including Arkansas, is expected to be down over 20%. Arkansas acreage is projected at a little over 400,000 acres. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: Mar up  13 1/2  at  1229    May up  9 1/2  at  1230    Jul up  8 1/2  at  1245 1/2    Sep up  5 1/2  at  1232    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice maintained small gains into today’s close. U.S. milled rice remains at a premium to Vietnam which is dominating the export market, but it is competitively priced with offerings from Thailand. However USDA lowered export estimates in the last report and that doesn’t bode well for the market in the near term. The U.S. will need to pick up sales soon in order to keep futures from declining further. Cattle & Hogs  Date: February 19, 2009 Cattle As reported by Federal-State Market News, receipts were 2,669 head at sales in Ratcliff & Green Forest.  Compared with last week, feeder steers sold mostly $2-4 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 112.25 to - - -   500 to 550 lbs. 106.25 to - - -   600 to 650 lbs. 97.75 to - - -  Medium & Large Frame 2   400 to 450 lbs. 106.50 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 93.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 84 to - - - Slaughter Cows, Boners 38   to   43 Light Weight 22 to 27 Bulls, Yield Grade   1-2   1000   to   2100 lbs.   53   to   56.50 Midwest Steers   were $1 higher to steady   at   80   to   - - - Panhandle Steers   were $1 higher to steady   at   80   to   - - - 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 up 182 at 8475   Jun up 145 at 8252 Feeders: Mar up 160 at 9062   May up 160 at 9350 Cattle Comment Cattle firmed in today’s trade despite a weaker undertone in cash beef. The overall weaker market is a product of current U.S. and world economic situation. The market was helped by the upturn in crude oil and a weaker dollar. Feed lots are sustaining big losses and there is no indication the market has bottomed. Hogs Peoria: were     steady   at   37   to   37.5 Chicago Futures: Apr down 22 at 6057   Jun down 77 at 7310 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures were lower as composite pork cutout values continued to decline. A lower $ limited the downturn, but the current economic situation points to a lower export potential. Poultry  Date: February 19, 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. 74-76.5   Delmarva Broilers U.S. Grade A Trade sentiment was steady at best. Demand was no better than fair with trading usually limited to regular commitments. Supplies of all sizes were at least 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