02/26/2009 Farm Bureau Market Report

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Grain & Soybean Date: February 26, 2009 Soybeans Local Elevators: (Feb) EAST AR:  844 to 874 (NC) Summ. 748 to 783 River Elevators: (Feb) MISS: 869 to 894 ; AR & White 850 to 865 (NC) Summ. 773 to 803 Ark. Processor Bids: (Feb) 860 to 864  (NC) 778 to 783 Memphis:  (Feb) 889 1/4 to 894 1/4 (NC)  798 to 803 Riceland Foods:  (Feb) Stuttgart 864 ; Pendleton 874 ; West Memphis 881 Chicago Futures: Mar down 8 3/4 at  869 1/4   May  down  11 1/2  at  868 1/2   Jul down 11 3/4  at  873 1/4   Sep down 5  at  847   Nov unchanged   at  838   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans were lower again today. The USDA export report showed a disappointing 12.8 million bushels in sales last week. There is also concern that China will cancel more U.S. purchases in favor of cheaper Brazilian beans. The domestic crush report was down 9.5% below the year ago total, also adding to the negative undertone. USDA pegged the soybean crop at 77 million acres today at their annual Outlook Conference, but that isn’t based upon farmer surveys. March support is the Friday low of $8.54. Below that, the fall low of $7.79 ¼ comes into play. Corn was a bit lower, also on disappointing export numbers. USDA says that 18 million bushels were sold for export last week, but the average trade guess was between 23.5-39 million, so the report was disappointing. The USDA said today that 86 million acres will be seeded to corn this spring. That is above trade estimates, but it is also not based upon survey work. That work will be done in the coming weeks. Wheat Cash bid for February at Memphis  439 to 454; Bids to farmers at Local Elevators 417-452; River Elevators 435-477; Chicago Futures: Mar down  10 3/4  at  514    May down 10 3/4  at  525    Jul down  10 3/4  at  536 3/4    Sep down  10 1/2  at  561 1/4    Dec down  10  at  582 3/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for February at Memphis  495 to - - -; Bids to farmers at River Elevators 414-494; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for February at Memphis   370 to 372;   new crop at Memphis   349 1/2 to - - -; Bids to farmers at River Elevators  337 to 367 Chicago Futures: Mar down  1 3/4  at  362    May down  1 3/4  at  370 1/2    Sep down  1 1/4  at  389 1/2    Dec down  1 1/2  at  402 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat ended the day lower, being a willing follower. The weekly export report was supportive, coming in above trade expectations. The USDA said at their annual Outlook Conference that 58 million acres will be seeded to wheat this year, which is above industry estimates. Cotton & Rice  Date: February 26, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 68 at  3899   Greenwood up  68 at 3899 New York Futures: Mar up  52  at  4308    May up  68  at  4424    Jul up  67  at  4560    Dec up  53  at  4977    - - -   - - -  at  - - -  This week's LDP rate for cotton is  16.89 cents   The estimate for next week is  18.64 cents Cotton Comment Cotton posted solid gains. The USDA weekly export total showed sales of 586,900 running bales, a marketing year high. Also, at their annual Outlook Conference, USDA pegged the cotton crop at 8.5 million acres. That is down almost 1 million acres from last year, but still slightly above the National Cotton Council projection of 8.1 million. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: Mar down  2 1/2  at  1231 1/2    May unchanged    at  1255    Jul down  1 1/2  at  1269 1/2    Sep down  13 1/2  at  1220    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice ended lower, with new-crop contracts leading the way. 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 26, 2009 Cattle As reported by Federal-State Market News, receipts were 1,989 head at sales in Charlotte & Green Forest.  Compared with last week, feeder steers sold mostly weak to $4 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 114.50 to - - -   500 to 550 lbs. 103 to - - -   600 to 650 lbs. 99 to - - -  Medium & Large Frame 2   400 to 450 lbs. 99 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 89.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 82 to - - - Slaughter Cows, Boners 37   to   42 Light Weight 30 to 35 Bulls, Yield Grade   1   1000   to   2100 lbs.   50   to   57, high dressing 57.50-58 Midwest Steers   were steady to $2 higher   at   78   to   80 Panhandle Steers   were steady to $2 higher   at   78   to   80 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 97 at 8582   Jun up 80 at 8375 Feeders: Mar up 170 at 9230   May up 197 at 9565 Cattle Comment Cattle futures moved higher following higher crude oil and stock prices. Demand concerns will likely keep a lid on prices for the near term. The market is clearly trending lower. Resistance begins at the top of the gap at $86.90. Hogs Peoria: were $1     lower   at   33.5   to   34 Chicago Futures: Apr down 12 at 5897   Jun down 27 at 7127 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs were a bit lower today, unable to follow through on yesterday’s bullish chart action. Weak cash markets kept a lid on prices today. June charted a bullish key reversal yesterday, but will have tough resistance around the February high of $76.95. Poultry  Date: February 26, 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 about steady to barely steady. Supplies of all sizes were fully adequate for 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