02/20/2009 Farm Bureau Market Report

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Grain & Soybean Date: February 20, 2009 Soybeans Local Elevators: (Feb) EAST AR:  838 to 868 (NC) Summ. 741 to 771 River Elevators: (Feb) MISS: 868 to 888 ; AR & White 837 to 852 (NC) Summ. 756 to 785 Ark. Processor Bids: (Feb) 854 to 858  (NC) 766 to 771 Memphis:  (Feb) 884 1/2 to 892 1/2 (NC)  785 1/2 to - - - Riceland Foods:  (Feb) Stuttgart 858 ; Pendleton 868 ; West Memphis 880 Chicago Futures: Mar down 22 at  862 1/2   May  down  22 3/4  at  863 1/4   Jul down 22 1/4  at  869 1/4   Sep down 16  at  841   Nov down 14 1/2  at  930 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans continued to decline with sharp losses. Even another good export report failed to deter the down trend. Growing evidence of the spreading world recession seemed to be driving the market lower. Wall Street has shown little confidence in the new stimulus bill and that negativity is now playing in the commodities. A stronger $ is adding to the export concerns. Corn lost ground despite a fifth consecutive week of strong exports. The market is oversold and due a rebound. Corn and beans will begin to focus on planting plans in the near term. Key numbers to look for will be 78 million or more for beans and 83-85 million acres or less for corn. Wheat Cash bid for February at Memphis  439 1/4 to 444 1/4; Bids to farmers at Local Elevators 422-437; River Elevators 432-462; Chicago Futures: Mar down  1/4  at  519 1/4    May down 1/2  at  530 1/2    Jul down  1  at  542 1/4    Sep down  1 3/4  at  565    Dec down  2 1/2  at  586    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for February at Memphis  474 to - - -; Bids to farmers at River Elevators 375-455; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for February at Memphis   356 1/4 to 358 1/4;   new crop at Memphis   337 3/4 to - - -; Bids to farmers at River Elevators  310 to 350 Chicago Futures: Mar down  3  at  350 1/4    May down  3  at  359    Sep down  3 1/4  at  377 3/4    Dec down  4  at  389 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat was under pressure from weakness in the stock market and strength in the dollar. Global supplies are plentiful and the strong dollar makes our commodities more expensive around the world. Cotton & Rice  Date: February 20, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis down 81 at  3885   Greenwood down  81 at 3885 New York Futures: Mar down  39  at  4303    May down  81  at  4410    Jul down  89  at  4540    Dec down  97  at  4970    - - -   - - -  at  - - -  This week's LDP rate for cotton is  16.89 cents   The estimate for next week is  16.94 cents Cotton Comment Cotton stocks and declining demand due to economic woes are driving the market lower. New crop December below 50 cents could key further declines. This year's plantings appear to be growing, as corn and beans decline. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: Mar down  30 1/2  at  1198 1/2    May down  27 1/2  at  1202 1/2    Jul down  31 1/2  at  1214    Sep down  26 1/2  at  1205 1/2    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice was sharply lower as it traded in sympathy with other grains. Fundamentals remain bearish with milled exports at a standstill. U.S. rice is not competitive with other growths at this time. That could change when Vietnam reduces their stocks. For now the trend is down with nearby contracts at or below $12. Cattle & Hogs  Date: February 20, 2009 Cattle As reported by Federal-State Market News, receipts were 8,780 head at sales in Arkansas this week.  Compared with last week, feeder steers sold mostly weak to $4 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 111 to - - -   500 to 550 lbs. 102.50 to - - -   600 to 650 lbs. 93.75 to - - -  Medium & Large Frame 2   400 to 450 lbs. 100.75 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 94.25 to - - -  Medium & Large Frame 2   400 to 450 lbs. 85.25 to - - - Slaughter Cows, Boners 37   to   43 Light Weight 27 to 31 Bulls, Yield Grade   1   1000   to   2100 lbs.   49   to   55 Midwest Steers   n/a   at   - - -   to   - - - Panhandle Steers   remained   at   80   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 100 to 119   600 to 650 lbs. 94.25 to 110.50 Heifers 500 to 550 lbs. 84.25 to 103   600 to 650 lbs. 84 to 94 Chicago Futures: Live Cattle: Apr down 132 at 8342   Jun down 97 at 8155 Feeders: Mar down 225 at 8837   May down 185 at 9165 Cattle Comment Cattle futures were under renewed pressure today, erasing yesterday's gains early on. Weakness in the stock market and strength in the dollar sparked today's selloff. Hogs Peoria: were $1     lower   at   36   to   36.5 Chicago Futures: Apr down 262 at 5795   Jun down 212 at 7097 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs were also sharply lower. Weak packer demand and general economic weakness pushed prices to new contract lows today. Poultry  Date: February 20, 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. 74-76.50   Delmarva Broilers U.S. Grade A Trade sentiment was steady to about steady. Demand entering the weekend was no better than fair with limited trading. Supplies of all sizes were more than 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