03/06/2009 Farm Bureau Market Report

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Grain & Soybean Date: March 06, 2009 Soybeans Local Elevators: (Mar) EAST AR:  850 to 872 (NC) Summ. 725 to 760 River Elevators: (Mar) MISS: 867 to 894 ; AR & White 857 to 874 (NC) Summ. 750 to 780 Ark. Processor Bids: (Mar) 860 to 869  (NC) 755 to 760 Memphis:  (Mar) 892 to - - - (NC)  780 to - - - Riceland Foods:  (Mar) Stuttgart 869 ; Pendleton 872 ; West Memphis 889 Chicago Futures: May up 15 at  867   Jul  up  14 3/4  at  866   Sep up 16  at  828   Nov up 15 1/2  at  815   Jan '10 up 15 1/2  at  823 3/4   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans finished the week on a good note with decent gains despite another down day on Wall Street. The big kicker was a weaker $ which helps boost export potential. Otherwise there doesn’t seem to be much working for soybeans. Next week’s supply demand report is expected to be a relatively quiet event with no substantial changes. For now, take a November close above $8 as a positive, but probably needs additional news to hold it there. Corn made across the board gains, but again there appeared to be little fresh fundamental news available. Next week’s report could lower corn usage, but with a grain stocks report due later this month, they can be inclined to wait until April to make adjustments. The possibility of corn continuing in a sideways pattern over the next several weeks is enhanced by the fact that is a typical seasonal pattern for this time of year. Wheat Cash bid for March at Memphis  462 to - - -; Bids to farmers at Local Elevators 429-464; River Elevators 456-484; Chicago Futures: May up  12  at  527    Jul up 11 3/4  at  538 3/4    Sep up  11 3/4  at  563    Dec up  11 1/2  at  583 1/2    Mar '10 up  10 1/4  at  599 3/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for March at Memphis  521 to - - -; Bids to farmers at River Elevators 398-478; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for March at Memphis   366 1/2 to 369 1/2;   new crop at Memphis   339 1/4 to - - -; Bids to farmers at River Elevators  325 to 362 Chicago Futures: May up  3  at  361 1/2    Jul up  3 1/4  at  371    Sep up  3  at  379 1/4    Dec up  3  at  390 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat posted solid gains today. Today’s weakness in the dollar was probably just a corrective pullback, but it gave the market a boost anyway. July is still trending lower, however, with overhead resistance near $5.50. Cotton & Rice  Date: March 06, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 5 at  3618   Greenwood up  5 at 3618 New York Futures: May down  76  at  4214    Jul down  254  at  4000    Dec up  202  at  4890    Mar '10 down  167  at  4826    - - -   - - -  at  - - -  This week's LDP rate for cotton is  19.21 cents   The estimate for next week is  20.24 cents Cotton Comment Cotton closed mixed and show little upward propensity despite gains in most of the grains. 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 up  17 1/2  at  1233    Jul up  18  at  1253    Sep up  16  at  1186    Nov up  19  at  1194    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice closed higher on the potential sale of Iraq on their earlier 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 06, 2009 Cattle As reported by Federal-State Market News, receipts were 8,050 head at sales in Arkansas this week.  Compared with last week, feeder steers sold mostly firm to $3 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 109.75 to - - -   500 to 550 lbs. 103 to - - -   600 to 650 lbs. 93.25 to - - -  Medium & Large Frame 2   400 to 450 lbs. 96.75 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 96.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 88.50 to - - - Slaughter Cows, Boners 37   to   44 Light Weight 26 to 32 Bulls, Yield Grade   1   1000   to   2100 lbs.   50   to   58, high dressing 58-61 Midwest Steers   were $3 higher   at   82   to   - - - Panhandle Steers   were $3 higher   at   82   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 103 to 114   600 to 650 lbs. 95.50 to 106.75 Heifers 500 to 550 lbs. 89 to 105   600 to 650 lbs. 84 to 94.40 Chicago Futures: Live Cattle: Apr down 145 at 8245   Jun down 127 at 8107 Feeders: May down 162 at 9225   Sep down 70 at 9680 Cattle Comment Cattle prices turned lower after opening higher on the weaker dollar. The market continues to be under pressure from 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   33   to   35 Chicago Futures: Apr up 7 at 6250   Jun up 55 at 7372 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures ended a bit higher. Tightening hog supplies would normally lead to seasonal gains, but that may not happen as overall demand remains soft. Poultry  Date: March 06, 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. 74-76.50   Delmarva Broilers U.S. Grade A Trade sentiment was steady at best. Supplies of all sizes were more than adequate to satisfy trade needs. 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