03/03/2009 Farm Bureau Market Report

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Grain & Soybean Date: March 03, 2009 Soybeans Local Elevators: (Mar) EAST AR:  836 to 859 (NC) Summ. 701 to 736 River Elevators: (Mar) MISS: 854 to 875 ; AR & White 839 to 855 (NC) Summ. 726 to 756 Ark. Processor Bids: (Mar) 839 to 847  (NC) 731 to 738 Memphis:  (Mar) 873 1/2 to - - - (NC)  756 1/4 to - - - Riceland Foods:  (Mar) Stuttgart 849 ; Pendleton 859 ; West Memphis 866 Chicago Futures: May up 9 1/2 at  853 1/2   Jul  up  4 3/4  at  851 1/4   Sep down 1 1/2  at  806   Nov down 1 3/4  at  791 1/4   Jan '10 down 2  at  800 1/4   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans closed narrowly mixed with new crop continuing lower under light selling pressure. A more moderate day on Wall Street means less activity in beans and grains. November soybeans closed under $8 for the second day in a row. Upside potential appears limited, but the market is in an oversold condition (RSI of less than 20) and is due a correction. Corn ended the session steady to slightly higher. Country movement remains slow despite an improved basis situation. There is little positive fundamental news. Wheat Cash bid for March at Memphis  435 3/4 to 436 3/4; Bids to farmers at Local Elevators 404-439; River Elevators 429-459; Chicago Futures: May down  4 1/4  at  501 3/4    Jul down 4 1/4  at  513 3/4    Sep down  4  at  538 1/4    Mar down  4 3/4  at  576 3/4    n/a down  - - -  at  - - -    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for March at Memphis  465 to 501; Bids to farmers at River Elevators 378-458; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for March at Memphis   352 1/2 to 358 1/2;   new crop at Memphis   328 1/2 to - - -; Bids to farmers at River Elevators  317 to 351 Chicago Futures: May up  1/4  at  350 1/2    Jul up  1/4  at  359 3/4    Sep up  1/4  at  368 1/2    Dec up  1/2  at  380 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat was pushed lower again today with ample supplies limiting upside potential. The export situation remains highly competitive with the Ukraine aggressively pushing wheat in the export market. July is in position to test support at the early December low just below $5. Cotton & Rice  Date: March 03, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 23 at  3647   Greenwood up  23 at 3647 New York Futures: May up  23  at  4172    Jul up  16  at  4307    Dec up  16  at  4736    Mar '10 up  16  at  5066    - - -   - - -  at  - - -  This week's LDP rate for cotton is  17.60 cents   The estimate for next week is  18.82 cents Cotton Comment Cotton was up a little by the end of today’s session, but the market remains extremely bearish. Economic considerations are weighing on the textile market, and this has led to adjustments by China and others. That in turn has reduced import requirements, and reduced U.S. exports. Price has fallen well below the loan level, and that isn’t likely to improve much any time soon. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: May down  8  at  1232    Jul down  9  at  1249    Sep down  4 1/2  at  1176 1/2    Nov down  3  at  1185    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice was slightly lower as the market continued to retrace last week’s gains. Current support is $12 and then the recent low of near $11.50. U.S. milled rice is fairly competitive with Thailand, but remains will above offerings by Vietnam. A late harvest in Vietnam may tighten supplies and firm the market temporarily. Longer term the U.S. needs sales to pick up, or there will need to be adjustments in future supply demand reports. Cattle & Hogs  Date: March 03, 2009 Cattle As reported by Federal-State Market News, receipts were 443 head at sales in Fort Smith.  Compared with last week, feeder steers sold firm to $3 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 115 to - - -   500 to 550 lbs. 103.75 to - - -   600 to 650 lbs. 96.75 to - - -  Medium & Large Frame 2   400 to 450 lbs. 102 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 98 to - - -  Medium & Large Frame 2   400 to 450 lbs. 86.25 to - - - Slaughter Cows, Boners 37   to   41.50 Light Weight n/a to - - - Bulls, Yield Grade   1   1000   to   2100 lbs.   53   to   57, high dressing 60-64 Midwest Steers   were steady to $3 lower   at   79   to   - - - Panhandle Steers   n/a   at   - - -   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 108.50 to 114   600 to 650 lbs. 98.10 to 105.25 Heifers 500 to 550 lbs. 93.50 to 100   600 to 650 lbs. 85.10 to 93.60 Chicago Futures: Live Cattle: Apr up 27 at 8422   Jun up 25 at 8245 Feeders: May up 27 at 9432   Sep up 5 at 9750 Cattle Comment Cattle firmed as yesterday’s sellers took profits today. The question is whether the normal seasonal upturn will be over ridden by the world and U.S. economic situation. Retailers are wary of consumer reaction to any price upturn. Weak packer margins and big showlists will limit gains. Hogs Peoria: were     steady   at   32.5   to   33 Chicago Futures: Apr up 57 at 6085   Jun up 30 at 7177 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures improved despite weak pork values. Eastern markets firmed in response to the strong winter storm. Tightening hog supplies would normally lead to seasonal gains, but that may not happen as overall demand remains soft. Poultry  Date: March 03, 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. 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