03/02/2009 Farm Bureau Market Report

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Grain & Soybean Date: March 02, 2009 Soybeans Local Elevators: (March) EAST AR:  826 to 849 (NC) Summ. 703 to 738 River Elevators: (March) MISS: 844 to 864 ; AR & White 828 to 843 (NC) Summ. 728 to 758 Ark. Processor Bids: (March) 837 to 839  (NC) 733 to 738 Memphis:  (March) 860 to 864 (NC)  758 to - - - Riceland Foods:  (March) Stuttgart 839 ; Pendleton 849 ; West Memphis 856 Chicago Futures: May down 28 at  844   July  down  28 1/2  at  846 1/2   Sept down 32 1/2  at  807 1/2   Nov down 34 1/2  at  793   Jan '10 down 34 1/4  at  802 1/4   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans declined on continued bad economic news. November gapped lower on the open, then penetrated support at recent low of $7.96 ¾ , before ending the day below $8.00. The chart picture looks extremely negative with the market taking its cues from outside markets. Oil declined today, while the dollar moved to new recent highs. Old crop contracts may head toward the early December low at $7.77, if so, that suggests new crop will go even lower. The current spread between March and November is 55 cents. Wheat Cash bid for March at Memphis  424 3/4 to 440; Bids to farmers at Local Elevators 408-443; River Elevators 433-463; Chicago Futures: May down  15 1/2  at  506    July down 15 1/4  at  518    Sept down  16  at  542 1/4    Dec down  16 1/4  at  563 1/2    Mar '10 down  16 3/4  at  581 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for March at Memphis  465 to 471; Bids to farmers at River Elevators 378-458; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for March at Memphis   351 1/2 to 352 1/4;   New crop at Memphis   328 1/4 to - - -; Bids to farmers at River Elevators  317 to 350 Chicago Futures: May down  8 3/4  at  380 1/4    July down  9  at  359 1/2    Sept down  9 1/2  at  368 1/4    Dec down  10 3/4  at  380 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Corn gapped lower and appears subject to further declines despite improving basis levels in some areas. That appears to be an attempt to pull corn out of farmers hands as available market stocks tighten. However, the current economic situation may not support that effort. Wheat ended the day lower, under pressure from the strong dollar and weak stocks. Losses were limited by continued dry conditions in the Southern Plains. It now appears that a retreat toward the December lows are a possibility, with support for July at $4.98 ¼. Cotton & Rice  Date: March 02, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis down 177 at  3624   Greenwood down  177 at 3624 New York Futures: May down  177  at  4149    July down  180  at  4291    Dec down  176  at  4720    Mar '10 down  191  at  5050    - - -   - - -  at  - -  This week's LDP rate for cotton is  17.60 cents   The estimate for next week is  18.19 cents Cotton Comment Cotton was decidedly lower as the overall economic picture remains a big factor. Further deterioration in the U.S. and world financial situation does not bode well for cotton over the next 12 to 24 months. The smallest planted acreage in 25 years was seen in 2008, and is expected to be even smaller in ’09. The small crop has offered little support for this market which is now well below the loan level. Recent talk of smaller than thought acreage cuts has put additional pressure on the market. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: May down  21  at  1240    July down  21 1/2  at  1258    Sept down  30  at  1181    Nov down  27  at  1188    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice futures were lower as the market trimmed more of early last weeks’ gains. For now the market is holding above $12 but a retest of the recent low of $11.55 is probable. While the U.S. milled rice price is competitive with Thai quotes, it remains above the other major exporter, Vietnam. Potential for increased U.S. plantings in ’09 will also weigh on the market. Cattle & Hogs  Date: March 02, 2009 Cattle As reported by Federal-State Market News, receipts were 2556 head at sales in Ash Flat, Springdale and Ola.  Compared with last week, feeder steers sold unevenly, averaging near steady . Steers:  Medium & Large Frame 1   400 to 450 lbs. 110 to - - -   500 to 550 lbs. 99.50 to - - -   600 to 650 lbs. 89.25 to - - -  Medium & Large Frame 2   400 to 450 lbs. 101 to - - - Heifers:  Medium & Large Frame 1   500 to 550 lbs. 87.75 to - - -  Medium & Large Frame 2   400 to 450 lbs. 86 to - - - Slaughter Cows, Boners 36   to   43 Light Weight 33 to 38 Bulls, Yield Grade   1   1000   to   2100 lbs.   50   to   57 Midwest Steers   were $2.50 lower to $4 higher   at   79   to   82 Panhandle Steers   were $1 lower to $3.50 higher   at   81   to   82.50 Oklahoma City Feeders Steers 500 to 550 lbs. 106 to 114   550 to 600 lbs. 102.50 to 107 Heifers 400 to 500 lbs. 96.25 to 103   500 to 600 lbs. 92.75 to 100 Chicago Futures: Live Cattle: April down 197 at 8395   June down 170 at 8220 Feeders: May down 142 at 9407   Sept down 145 at 9755 Cattle Comment Cattle futures posted sharp losses amid renewed concerns about beef demand in the weakening world economy. April looks headed for a retest of the recent contract low of $82.40. Hogs Peoria: were $1.50 lower to $2.50     higher   at   32.5   to   33 Chicago Futures: April down 62 at 6027   June down 105 at 7147 Sheep St. Paul n/a   at   - - -   to   - - - Hogs Comment June hogs retraced all of Friday’s gains. This market continues to be concerned about world-wide demand for pork in light of economic conditions. A stronger dollar added pressure. Poultry  Date: March 02, 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: 16-24lbs. 74 - 76.5   Delmarva Broilers U.S. Grade A Trade sentiment was steady at best. Demand following the weekend was light to instances moderate, best for active ads and features. Supplies of all sizes were at least sufficient to satisfy trade needs. Processing schedules were mixed with some plants down or running reduced schedules due to yesterday’s snow accumulation. In production areas, live supplies were moderate at 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