02/24/2009 Farm Bureau Market Report

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Grain & Soybean Date: February 24, 2009 Soybeans Local Elevators: (Feb) EAST AR:  856 to 886 (NC) Summ. 750 to 780 River Elevators: (Feb) MISS: 881 to 906 ; AR & White 862 to 877 (NC) Summ. 765 to 800 Ark. Processor Bids: (Feb) 872 to 876  (NC) 775 to 780 Memphis:  (Feb) 901 to 911 (NC)  795 to 805 Riceland Foods:  (Feb) Stuttgart 876 ; Pendleton 887 ; West Memphis 893 Chicago Futures: Mar up 8 1/4 at  881   May  up  7 1/2  at  883 1/2   Jul up 6 1/4  at  888 1/2   Sep up 2 1/2  at  854   Nov unchanged   at  840   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans closed mixed with old crop contracts firming on support from tightening available stocks and a farmer strike in Argentina. Exportable supplies of soybeans are tightening as China remains a big buyer and U.S. farmers remain reluctant sellers. However upside potential is being limited by harvest activity in South America and concerns about this year’s U.S. acreage. March support is the Friday low of $8.54. Below that, the fall low of $7.79 ¼. Corn firmed to close slightly higher for the day. The question is whether acreage will move from corn to beans. The price ratio has fallen to 2.1. Coupled with lower fertilizer costs, it may mean more corn acreage than anticipated. That survey will be taken early next month and released on March 31. Wheat Cash bid for February at Memphis  435 1/4 to 450 1/4; Bids to farmers at Local Elevators 419-439; River Elevators 434-479; Chicago Futures: Mar up  4 3/4  at  515 1/4    May up 4 3/4  at  526 1/4    Jul up  5  at  538 1/2    Sep up  5 1/2  at  562 1/4    Dec up  5  at  583 3/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for February at Memphis  481 to - - -; Bids to farmers at River Elevators 400-480; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for February at Memphis   362 1/4 to - - -;   new crop at Memphis   341 1/2 to - - -; Bids to farmers at River Elevators  329 to 359 Chicago Futures: Mar up  2 1/2  at  354 1/4    May up  2 1/4  at  363    Sep up  1 1/2  at  381 1/2    Dec up  2 3/4  at  394 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat turned higher today after posting losses early on. News that Syria purchased Russian wheat and ideas that the U.S. isn’t competitive in the recent Iraqi tender limited gains. Continued drought in the southern plains is supportive. Cotton & Rice  Date: February 24, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis down 13 at  3853   Greenwood down  13 at 3853 New York Futures: Mar up  12  at  4278    May down  13  at  4378    Jul down  12  at  4509    Dec down  11  at  4930    - - -   - - -  at  - - -  This week's LDP rate for cotton is  16.89 cents   The estimate for next week is  17.42 cents Cotton Comment Cotton was slightly lower at the close 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 down  8  at  1200    May up  3  at  1211    Jul up  2  at  1227    Sep down  1  at  1197 1/2    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice closed mixed in a lightly traded session. There was little change in fundamentals which 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 24, 2009 Cattle As reported by Federal-State Market News, receipts were 880 head at sales in Fort Smith.  Compared with last week, feeder steers sold $2-5 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 114 to - - -   500 to 550 lbs. 103.25 to - - -   600 to 650 lbs. 93.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 101.50 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 92.75 to - - -  Medium & Large Frame 2   400 to 450 lbs. 84.75 to - - - Slaughter Cows, Boners 36   to   40.50 Light Weight n/a to - - - Bulls, Yield Grade   1   1000   to   2100 lbs.   48.50   to   53, high dressing 55-60 Midwest Steers   n/a   at   - - -   to   - - - Panhandle Steers   n/a   at   - - -   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 94 to 111   600 to 650 lbs. 90 to 99.50 Heifers 500 to 550 lbs. 86 to 95.35   600 to 650 lbs. 81 to 86.75 Chicago Futures: Live Cattle: Apr up 142 at 8535   Jun up 147 at 8332 Feeders: Mar up 200 at 9075   May up 225 at 9397 Cattle Comment Cattle futures posted strong gains. April moved into the chart gap left earlier this month. Resistance is at the top of the gap at $86.90, with downtrending resistance near $88. Hogs Peoria: were $1     lower   at   34.5   to   35 Chicago Futures: Apr down 52 at 5770   Jun down 85 at 7010 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs turned lower again today on bearish fundamentals. April set a new contract low before closing at the top of the day’s trading range. Today’s low of $56.90 becomes the first level of support. Negative packer margins are expected to lead to further cash weakness later this week. Poultry  Date: February 24, 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