02/27/2009 Farm Bureau Market Report

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Grain & Soybean Date: February 27, 2009 Soybeans Local Elevators: (Feb) EAST AR:  850 to 880 (NC) Summ. 738 to 773 River Elevators: (Feb) MISS: 875 to 890 ; AR & White 855 to 870 (NC) Summ. 762 to 793 Ark. Processor Bids: (Feb) 866 to 870  (NC) 768 to 773 Memphis:  (Feb) 894 1/2 to 899 1/2 (NC)  787 1/2 to 792 1/2 Riceland Foods:  (Feb) Stuttgart 870 ; Pendleton 880 ; West Memphis 887 Chicago Futures: Mar up 5 1/4 at  874 1/2   May  up  3 1/2  at  872   Jul up 1 3/4  at  875   Sep down 7  at  840   Nov down 10 1/2  at  827 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment The spread between old and new crop soybeans widen further today. Old crop ended the day higher supported by tightening of available stocks and light deliveries against the March contract. Discontent in Argentina was also a positive factor. Prospects of a big ’09 U.S. acreage pressure new crop contracts. Corn was sharply lower in all contracts. Heavy deliveries against the March contract added to pressure from the outlook conference where USDA projected larger plantings than expected. Export demand also appears to be softening as few new orders have been seen in recent days. This has renewed speculation that in future reports ending stocks will be increased to 2 billion bushels. Wheat Cash bid for February at Memphis  440 1/2 to 450 1/2; Bids to farmers at Local Elevators 413-458; River Elevators 431-478; Chicago Futures: Mar down  3 1/2  at  510 1/2    May down 3 1/2  at  521 1/2    Jul down  3 1/2  at  533 1/4    Sep down  3  at  558 1/4    Dec down  3  at  579 3/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for February at Memphis  475 to 483; Bids to farmers at River Elevators 394-475; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for February at Memphis   358 3/4 to 360 3/4;   new crop at Memphis   337 3/4 to - - -; Bids to farmers at River Elevators  326 to 356 Chicago Futures: Mar down  11 1/4  at  350 3/4    May down  11 1/2  at  359    Sep down  11 3/4  at  377 3/4    Dec down  11 1/4  at  391    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat ended the day lower, under pressure from the strong dollar and weak exports. Losses were limited by continued dry conditions in the Southern Plains. July held above support at $5.28 ¼. Cotton & Rice  Date: February 27, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis down 98 at  3801   Greenwood down  98 at 3801 New York Futures: Mar down  102  at  4206    May down  98  at  4326    Jul down  89  at  4471    Dec down  81  at  4896    - - -   - - -  at  - - -  This week's LDP rate for cotton is  17.60 cents   The estimate for next week is  17.79 cents Cotton Comment Cotton was hit with another round of selling which pushed December below 49 cents. Worldwide economic conditions continue to weigh on cotton use, slowing demand for cotton in importing countries like China. While ’09 plantings are expected to be lower, recent declines in the price of fertilizer and lower bean and corn prices appear to be bringing some acreage back into cotton. Ending stocks of 7.7 million bales continue to weigh on the market, however with price levels well below the loan, further decreases don’t figure into producer comparisons with corn to soybeans. So acreage may be growing. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: Mar up  5  at  1236 1/2    May up  6  at  1261    Jul up  10  at  1279 1/2    Sep down  9  at  1211    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice traded in a wide range before settling a little higher for the day. While there is no evidence of major milled rice sales the market is in the midst of a little bounce. Obviously, USDA expects this market to improve, otherwise their price range for the annual average price would be working lower. In the February report the range was still $15 to $16, well above current futures. Cattle & Hogs  Date: February 27, 2009 Cattle As reported by Federal-State Market News, receipts were 8,220 head at sales in Arkansas this week.  Compared with last week, feeder steers sold unevenly, mostly steady . Steers:  Medium & Large Frame 1   400 to 450 lbs. 112 to - - -   500 to 550 lbs. 101.75 to - - -   600 to 650 lbs. 94 to - - -  Medium & Large Frame 2   400 to 450 lbs. 98.25 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 94.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 84.25 to - - - Slaughter Cows, Boners 36   to   42 Light Weight 24 to 28 Bulls, Yield Grade   1   1000   to   2100 lbs.   50   to   57, high dressing 57-58 Midwest Steers   remained   at   78   to   80 Panhandle Steers   were steady to $2 lower   at   78   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 94 to 111   600 to 650 lbs. 90 to 106.25 Heifers 500 to 550 lbs. 86 to 96.50   600 to 650 lbs. 81 to 93.50 Chicago Futures: Live Cattle: Apr up 10 at 8592   Jun up 15 at 8390 Feeders: Mar up 30 at 9260   May down 15 at 9550 Cattle Comment Cattle futures ended mixed. 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   32.5   to   33 Chicago Futures: Apr up 192 at 6090   Jun up 125 at 7252 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures ended the week on a positive note. June charted a bullish key reversal Wednesday, signaling that a significant bottom has been put in. The market will have tough resistance around the February high of $76.95, though. Poultry  Date: February 27, 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 generally steady at best. Supplies of all sizes were at least 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