03/04/2009 Farm Bureau Market Report

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Grain & Soybean Date: March 04, 2009 Soybeans Local Elevators: (March) EAST AR:  851 to 874 (NC) Summ. 720 to 755 River Elevators: (Mar) MISS: 869 to 890 ; AR & White 854 to 870 (NC) Summ. 745 to 775 Ark. Processor Bids: (Mar) 862 to 864  (NC) 750 to 755 Memphis:  (Mar) 888 1/2 to 893 1/2 (NC)  775 1/4 to - - - Riceland Foods:  (Mar) Stuttgart 864 ; Pendleton 874 ; West Memphis 881 Chicago Futures: May up 15 at  868 1/2   Jul  up  16 1/2  at  867 3/4   Sep up 18 1/4  at  824 1/4   Nov up 19  at  810 1/4   Jan '10 up 18 3/4  at  819   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans rebounded early supported by gains on Wall Street and a big move in crude oil. Continued dissension between farmers and the Argentina government provided support and helped boost November above $8. Corn made across the board gains with good support coming from slow farmer selling. As has been seen in recent days and weeks there is a tight relationship between commodities and the current economic situations, particularly Wall Street. Wheat Cash bid for March at Memphis  457 to 458; Bids to farmers at Local Elevators 425-460; River Elevators 452-480; Chicago Futures: May up  21 1/4  at  523    Jul up 21 1/4  at  535    Sep up  21  at  559 1/4    Dec up  21  at  580 1/4    Mar '10 up  20 3/4  at  597 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for March at Memphis  488 to 524; Bids to farmers at River Elevators 401-482; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for March at Memphis   365 1/2 to 371 1/2;   new crop at Memphis   341 3/4 to - - -; Bids to farmers at River Elevators  327 to 364 Chicago Futures: May up  13  at  363 1/2    Jul up  13  at  372 3/4    Sep up  13 1/4  at  381 3/4    Dec up  13  at  393 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat prices rebounded slightly today, following the financial markets higher. There has not been any new fundamental news for the resurgence, so if financial markets fall, so will wheat prices. July wheat has support at around $5.00. Cotton & Rice  Date: March 04, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 24 at  3671   Greenwood up  24 at 3671 New York Futures: May up  24  at  4196    Jul up  16  at  4323    Dec up  22  at  4758    Mar '10 up  7  at  5073    - - -   - - -  at  - - -  This week's LDP rate for cotton is  17.60 cents   The estimate for next week is  19.08 cents Cotton Comment Cotton got a boost from indications China will likely provide a stimulus package there. That could help their textile industry and therefore cotton. However, it will take a big move to get futures above loan level. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: May up  4 1/2  at  1236 1/2    Jul up  5 1/2  at  1254 1/2    Sep up  2  at  1178 1/2    Nov unchanged    at  1185    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice was slightly higher but still needs to see a jump in milled rice exports. Like other commodities rice is going to be strongly influenced by outside markets unless demand increases significantly. Cattle & Hogs  Date: March 04, 2009 Cattle As reported by Federal-State Market News, receipts were 643 head at sales in Conway & Pocahontas.  Compared with last week, feeder steers sold firm to $4 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 107 to - - -   500 to 550 lbs. 99.50 to - - -   600 to 650 lbs. 88 to - - -  Medium & Large Frame 2   400 to 450 lbs. n/a to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 90.75 to - - -  Medium & Large Frame 2   400 to 450 lbs. 83 to - - - Slaughter Cows, Boners 37   to   44 Light Weight 25 to 32 Bulls, Yield Grade   1   1000   to   2100 lbs.   48   to   55, high lean cows 25-32 Midwest Steers   remained   at   79   to   - - - Panhandle Steers   were quoted   at   79   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 42 at 8465   Jun up 60 at 8305 Feeders: May up 57 at 9490   Sep up 95 at 9845 Cattle Comment Cattle prices continued to firm slightly. The question is still 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. Hogs Peoria: were     steady   at   32.5   to   33 Chicago Futures: Apr up 147 at 6232   Jun up 97 at 7275 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures continue to improve 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 04, 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 mostly steady. Demand was fair, at times moderate for active feature activity. Supplies of all sizes were 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