03/05/2009 Farm Bureau Market Report

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Grain & Soybean Date: March 05, 2009 Soybeans Local Elevators: (Mar) EAST AR:  835 to 857 (NC) Summ. 710 to 745 River Elevators: (Mar) MISS: 852 to 879 ; AR & White 842 to 859 (NC) Summ. 734 to 765 Ark. Processor Bids: (Mar) 845 to 854  (NC) 740 to 745 Memphis:  (Mar) 877 to - - - (NC)  764 1/2 to - - - Riceland Foods:  (Mar) Stuttgart 854 ; Pendleton 857 ; West Memphis 874 Chicago Futures: May down 16 1/2 at  852   Jul  down  16 1/2  at  851 1/4   Sep down 12 1/4  at  812   Nov down 10 3/4  at  799 1/2   Jan '10 down 10 3/4  at  808 1/4   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans gave back most of yesterday’s gains and resumed the recent downtrend. Low export sales, including a sizeable cancellation, contributed to the negative undertone as did losses on Wall Street, a stronger and declining crude oil. In other words, soybeans didn’t have much going their way. The quick reversal of yesterday’s correction is a sign of how bearish the situation appears. Corn had a decent export number but overall exports are trailing year ago sales by 42%, and must increase to meet USDA’s export projection. For now, the trend remains down and there doesn’t appear to be enough “Pop” to turn that trend at this point. Wheat Cash bid for March at Memphis  450 to - - -; Bids to farmers at Local Elevators 417-452; River Elevators 444-472; Chicago Futures: May down  8  at  515    Jul down 8  at  527    Sep down  8  at  551 1/4    Dec down  8 1/4  at  572    Mar '10 down  8  at  589 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for March at Memphis  515 to - - -; Bids to farmers at River Elevators 392-473; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for March at Memphis   366 1/2 to - - -;   new crop at Memphis   336 1/4 to - - -; Bids to farmers at River Elevators  322 to 359 Chicago Futures: May down  5  at  358 1/2    Jul down  5  at  367 3/4    Sep down  5 1/2  at  376 1/4    Dec down  6  at  387 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat followed soybeans and outside markets lower today. This market is clearly trending lower. The drought in the Southern Plains is limiting losses to some degree, but this market is dealing with excess supplies too, and that will keep a lid on things. July wheat has support at around $5.00. Cotton & Rice  Date: March 05, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis down 58 at  3613   Greenwood down  58 at 3613 New York Futures: May down  58  at  4138    Jul down  69  at  4254    Dec down  70  at  4688    Mar '10 down  80  at  4993    n/a down  - - -  at  - - -  This week's LDP rate for cotton is  17.60 cents   The estimate for next week is  19.21 cents Cotton Comment Cotton followed the grains and moved lower again today. Fundamentals are unchanged with poor U.S. and world economics weighing on cotton use. That in turn weighs on U.S. exports. Current price levels are well below the government loan for cotton. In other words, the market is not really relevant. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: May down  18 1/2  at  1215 1/2    Jul down  19 1/2  at  1235    Sep down  8 1/2  at  1170    Nov down  10  at  1175    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice futures were also lower as the market waits to see if the U.S. will garner some or all of a sizeable Iraq tender. With Vietnam issuing a temporary export ban, it leaves much of the market to the U.S. or Thailand. U.S. mills apparently are willing to discount their price in an attempt to get this business. For now, the futures market continues to trade in concert with Wall Street. Cattle & Hogs  Date: March 05, 2009 Cattle As reported by Federal-State Market News, receipts were 1,926 head at sales in Charlotte & Green Forest.  Compared with last week, feeder steers sold mostly firm to $4 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 112 to - - -   500 to 550 lbs. 106.50 to - - -   600 to 650 lbs. 96.75 to - - -  Medium & Large Frame 2   400 to 450 lbs. 102.50 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 93 to - - -  Medium & Large Frame 2   400 to 450 lbs. 84.50 to - - - Slaughter Cows, Boners 37   to   43 Light Weight 30 to 35 Bulls, Yield Grade   1   1000   to   2100 lbs.   50   to   56.50, high dressing 50-60 Midwest Steers   remained   at   79   to   - - - Panhandle Steers   remained   at   79   to   - - - 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 down 75 at 8390   Jun down 70 at 8235 Feeders: May down 102 at 9387   Sep down 95 at 9750 Cattle Comment Cattle prices turned lower as well, under pressure from renewed weakness in the stock market and general economic concerns. Traders continue to worry about the strength of beef demand both domestically and globally in light of current economic woes. Hogs Peoria: were $1     higher   at   32   to   34 Chicago Futures: Apr up 10 at 6242   Jun up 42 at 7317 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures were mixed in reaction to weakness in outside markets. Tightening hog supplies would normally lead to seasonal gains, but that may not happen as overall demand remains soft. Poultry  Date: March 05, 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. Demand was mostly light to fair with limited trading activity. Supplies of all sizes were readily available 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