02/23/2009 Farm Bureau Market Report

Click here to view this report online.

Grain & Soybean Date: February 23, 2009 Soybeans Local Elevators: (Feb) EAST AR:  848 to 878 (NC) Summ. 750 to 780 River Elevators: (Feb) MISS: 878 to 898 ; AR & White 854 to 869 (NC) Summ. 765 to 795 Ark. Processor Bids: (Feb) 864 to 868  (NC) 775 to 780 Memphis:  (Feb) 897 3/4 to 902 3/4 (NC)  795 to - - - Riceland Foods:  (Feb) Stuttgart 868 ; Pendleton 878 ; West Memphis 885 Chicago Futures: Mar up 10 1/4 at  872 3/4   May  up  12 3/4  at  876   Jul up 13  at  882 1/4   Sep up 10 1/2  at  851 1/2   Nov up 9 1/2  at  840   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans started with good gains as the market made a technical rebound. However, renewed strength in the dollar limited the upside and cut the rebound short. Inability to hold the larger gains may indicate limited gains over the next several days. Another farmer strike in Argentina could help move the market higher. Last week’s gap areas starting at $9.31 for March and $8.65 for November are potential targets, but the market will need more momentum than it appears to have at this point. Corn gains were also trimmed in later day trading. Good export movement of the last 5 weeks may be losing steam as today’s inspections report was below expectations. South Korea appears to have filled their needs for the next several months, and there aren’t any buyers pushing to meet immediate needs. Wheat Cash bid for February at Memphis  430 1/2 to 468 1/2; Bids to farmers at Local Elevators 414-429; River Elevators 424-474; Chicago Futures: Mar down  8 3/4  at  510 1/2    May down 9  at  521 1/2    Jul down  8 3/4  at  533 1/2    Sep down  8 1/4  at  556 3/4    Dec down  7 1/4  at  578 3/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for February at Memphis  476 to - - -; Bids to farmers at River Elevators 395-476; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for February at Memphis   359 3/4 to - - -;   new crop at Memphis   340 to - - -; Bids to farmers at River Elevators  322 to 357 Chicago Futures: Mar up  1 1/2  at  351 3/4    May up  1 3/4  at  360 3/4    Sep up  2 1/4  at  380    Dec up  1 3/4  at  391 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat closed lower after overnight gains. Egypt’s purchase of Russian wheat, and interest from Brazil seem to indicate that the U.S. is still not competitive in this market. Rain in China was also a negative factor. Losses were limited by continued drought in the Southern Plains of the U.S. Cotton & Rice  Date: February 23, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis down 19 at  3866   Greenwood down  19 at 3866 New York Futures: Mar down  37  at  4266    May down  19  at  4391    Jul down  19  at  4521    Dec down  29  at  4941    - - -   - - -  at  - - -  This week's LDP rate for cotton is  16.89 cents   The estimate for next week is  17.24 cents Cotton Comment Cotton gains were also lost by the end of today’s session, as the market continued to work lower. Poor world economic conditions are battering cotton, however it makes little difference as the market is well below the loan level at this point. Even potentially smaller plantings aren’t giving the market any hope. The National Cotton Council projects 14.4% lower plantings of 8.1 million acres in 2009. Arkansas plantings are projected 28.8 lower at just 441,000 acres. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: Mar up  9 1/2  at  1208    May up  5 1/2  at  1208    Jul up  11  at  1225    Sep down  7  at  1198 1/2    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice did manage to close slightly higher with March climbing back above $12. For now, fundamentals remain somewhat negative with U.S. milled rice quoted as low as $575. That is competitive with Thailand but well above Vietnam. Commitments have been made for over 3 mmt of exports by Vietnam, but late harvest is squeezing the market. That might give other countries a small window of opportunity. USDA projections suggest substantial export sales for this year. If that is the case, things will need to shake loose soon. Cattle & Hogs  Date: February 23, 2009 Cattle As reported by Federal-State Market News, receipts were n/a head at sales in n/a.  Compared with last week, feeder steers n/a . Steers:  Medium & Large Frame n/a   - - - to - - - lbs. - - - to - - -   - - - to - - - lbs. - - - to - - -   - - - to - - - lbs. - - - to - - -  Medium & Large Frame n/a   - - - to - - - lbs. - - - to - - - Heifers:  Medium & Large Frame n/a   - - - to - - - lbs. - - - to - - -  Medium & Large Frame n/a   - - - to - - - lbs. - - - to - - - Slaughter Cows, Boners n/a   to   - - - Light Weight - - - to - - - Bulls, Yield Grade   n/a   - - -   to   - - - lbs.   - - -   to   - - - Midwest Steers   were quoted   at   78   to   81 Panhandle Steers   were $1 lower to $1 higher   at   79   to   81 Oklahoma City Feeders Steers 500 to 550 lbs. 106 to 111   600 to 650 lbs. 90 to 98.50 Heifers 550 to 600 lbs. 86 to 92   600 to 650 lbs. 81.50 to 86.50 Chicago Futures: Live Cattle: Apr up 50 at 8392   Jun up 30 at 8185 Feeders: Mar up 37 at 8875   May up 7 at 9172 Cattle Comment Cattle futures closed higher, but could be under renewed pressure later this week. Last week’s cattle on feed report indicated larger numbers than a year ago with heavier placements up about 6%, and lighter placements down about the same. More than adequate numbers are expected to pressure the market near term. Beef remains weak, with slaughter weights increasing. Carcass weights were up 14 pounds from the same time last year. Hogs Peoria: were $.50     lower   at   36   to   - - - Chicago Futures: Apr up 27 at 5822   Jun down 2 at 7095 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs were mostly higher despite light packer demand. Negative packer margins contributed to sharp losses on Friday, and we could see additional declines in the near term. Poultry  Date: February 23, 2009 Eggs New York:  Ex. Lg. 95-99; Lg. 93-97; Med. 86-90; Chicago:  Ex. Lg. 85-93; Lg. 83-91; Med. 77-95; Eastern Region Turkeys Hens: 8-16 lbs. 74-76 Toms: 16-24 lbs. 74-76   Delmarva Broilers U.S. Grade A Trade sentiment was steady at best. Demand following the weekend was no better than fair with hopes of improvement for upcoming first of the business. 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