02/25/2009 Farm Bureau Market Report

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Grain & Soybean Date: February 25, 2009 Soybeans Local Elevators: (Feb) EAST AR:  853 to 883 (NC) Summ. 748 to 778 River Elevators: (Feb) MISS: 878 to 903 ; AR & White 859 to 874 (NC) Summ. 763 to 803 Ark. Processor Bids: (Feb) 869 to 873  (NC) 778 to 783 Memphis:  (Feb) 898 to 903 (NC)  798 to 803 Riceland Foods:  (Feb) Stuttgart 873 ; Pendleton 883 ; West Memphis 890 Chicago Futures: Mar down 3 at  878   May  down  3 1/2  at  880   Jul down 3 1/2  at  885   Sep down 2  at  852   Nov down 2  at  838   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans turned lower. Early pressure came from weakness in the stock market. News that China has cancelled 3 cargos of U.S. beans also added to the negative undertone. Harvest activity in South America and concerns about this year’s U.S. acreage also limited the upside today. 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  449 3/4 to 464 3/4; Bids to farmers at Local Elevators 428-453; River Elevators 446-488; Chicago Futures: Mar up  9 1/2  at  524 3/4    May up 9 1/2  at  535 3/4    Jul up  9  at  547 1/2    Sep up  9 1/2  at  571 3/4    Dec up  9  at  592 3/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for February at Memphis  498 to - - -; Bids to farmers at River Elevators 417-498; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for February at Memphis   371 3/4 to - - -;   new crop at Memphis   350 3/4 to - - -; Bids to farmers at River Elevators  339 to 369 Chicago Futures: Mar up  9 1/2  at  363 3/4    May up  9 1/4  at  372 1/4    Sep up  9 1/4  at  390 3/4    Dec up  9 1/2  at  403 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat followed corn higher today. Support from dry conditions in the Southern Plains also helped push the market higher. July found resistance at the chart gap at $5.51. Cotton & Rice  Date: February 25, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis down 22 at  4831   Greenwood down  22 at 4831 New York Futures: Mar down  22  at  4256    May down  22  at  4356    Jul down  16  at  4493    Dec down  6  at  4924    n/a down  - - -  at  - - -  This week's LDP rate for cotton is  16.89 cents   The estimate for next week is  17.51 cents Cotton Comment Cotton was slightly lower again today. 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  34  at  1234    May up  44  at  1255    Jul up  44  at  1271    Sep up  36  at  1233 1/2    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice posted sharp gains. 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. There is some optimism building that the U.S. will get the Iraqi tender, but that remains to be seen. 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 25, 2009 Cattle As reported by Federal-State Market News, receipts were 1,013 head at sales in Conway & Pocahontas.  Compared with last week, feeder steers sold $4-7 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 100.50 to - - -   500 to 550 lbs. 94.50 to - - -   600 to 650 lbs. 84.75 to - - -  Medium & Large Frame 2   400 to 450 lbs. 87.25 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 86 to - - -  Medium & Large Frame 2   400 to 450 lbs. 77.75 to - - - Slaughter Cows, Boners 37   to   42 Light Weight 25 to 31 Bulls, Yield Grade   1   1000   to   2100 lbs.   49   to   53, high dressing 54.50-55 Midwest Steers   were quoted   at   78   to   - - - Panhandle Steers   were quoted   at   78   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 down 50 at 8485   Jun down 37 at 8295 Feeders: Mar down 15 at 9060   May down 30 at 9367 Cattle Comment Cattle futures turned lower on profit taking after yesterday’s strong gains. Renewed economic concerns have traders worried about beef demand. The market is clearly trending lower. Resistance begins at the top of the gap at $86.90. Hogs Peoria: were     steady   at   34.5   to   35 Chicago Futures: Apr up 140 at 5910   Jun up 145 at 7155 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment June hogs charted a bullish key reversal today, signaling that an important low has been put in. Look for the market to find tough resistance around the February high of $76.95, however. Poultry  Date: February 25, 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 no better than steady. Demand was fair at best with limited trading. Supplies of all sizes were more than sufficient 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