03/09/2009 Farm Bureau Market Report

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Grain & Soybean Date: March 09, 2009 Soybeans Local Elevators: (Mar) EAST AR:  848 to 872 (NC) Summ. 728 to 763 River Elevators: (Mar) MISS: 870 to 892 ; AR & White 857 to 872 (NC) Summ. 752 to 783 Ark. Processor Bids: (Mar) 858 to 872  (NC) 758 to 763 Memphis:  (Mar) 890 to 892 (NC)  782 1/2 to - - - Riceland Foods:  (Mar) Stuttgart 872 ; Pendleton 886 ; West Memphis 906 Chicago Futures: May down 2 at  865   Jul  down  3  at  863   Sep up 1/2  at  828 1/2   Nov up 2 1/2  at  817 1/2   Jan '10 up 2 1/2  at  826 1/4   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Gains in crude oil boosted soybeans in the early trade, despite strength in the dollar. Part of the gains may be attributed to short covering ahead of Wednesday’s supply demand report. No major changes are anticipated for soybeans, and the really important report will come at the end of the month when planting intentions are released. There remains a lot of indecision about what to plant. Corn held good gains at midday as stronger crude oil helps improve the bottom line for ethanol producers. While it won’t help for a while, the trend in crude oil seems to be higher with today’s move topping $48 per barrel. Corn appears to be gaining versus soybeans in terms of ’09 plantings. However, current price levels will make it difficult to pencil out a profit. Wheat Cash bid for March at Memphis  458 1/4 to - - -; Bids to farmers at Local Elevators 425-460; River Elevators 452-480; Chicago Futures: May down  3 3/4  at  523 1/4    Jul down 3 1/2  at  535 1/4    Sep down  3 1/4  at  559 3/4    Dec down  3 1/4  at  580 1/4    Mar '10 down  3 1/2  at  596 1/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for March at Memphis  528 to - - -; Bids to farmers at River Elevators 423-503; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for March at Memphis   365 1/2 to 370 1/2;   new crop at Memphis   344 to - - -; Bids to farmers at River Elevators  329 to 366 Chicago Futures: May up  4  at  365 1/2    Jul up  4 1/4  at  375 1/4    Sep up  4 3/4  at  384    Dec up  5 1/4  at  396    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat turned lower. Supplies remain ample, and the market is expecting an upward revision in ending stocks in Wednesday’s Supply/Demand report. July is still trending lower with overhead resistance near $5.50. Cotton & Rice  Date: March 09, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis down 25 at  3593   Greenwood down  25 at 3593 New York Futures: May down  25  at  4118    Jul down  9  at  4239    Dec down  21  at  4630    Mar '10 down  4  at  4938    n/a down  - - -  at  - - -  This week's LDP rate for cotton is  19.21 cents   The estimate for next week is  20.24 cents Cotton Comment Wheat turned lower. Supplies remain ample, and the market is expecting an upward revision in ending stocks in Wednesday’s Supply/Demand report. July is still trending lower with overhead resistance near $5.50. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: May up  11  at  1244    Jul up  8 1/2  at  1261 1/2    Sep up  1/2  at  1185 1/2    Nov down  5  at  1189    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice couldn’t sustain the slight upturn of late last week and traded mostly lower in the early trade. Prospects of getting a portion, or all of Iraq’s recent tender has U.S. mills discounting earlier offerings in order to be more competitive. A recent export ban by Vietnam has left an opening for the U.S. and Thailand. There is no question the U.S. needs to land this tender. Current support for old crop futures remains at or near $12 and then $11.50. Cattle & Hogs  Date: March 09, 2009 Cattle As reported by Federal-State Market News, receipts were 1,609 head at sales in Springdale and Ola.  Compared with last week, feeder steers sold steady to $2 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 110.75 to - - -   500 to 550 lbs. 104.75 to - --   600 to 650 lbs. 96.75 to - - -  Medium & Large Frame 2   400 to 450 lbs. 104.25 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 94 to - - -  Medium & Large Frame 2   400 to 450 lbs. 88.25 to - - - Slaughter Cows, Boners 37   to   44 Light Weight 31 to 34 Bulls, Yield Grade   1   1000   to   2100 lbs.   50   to   58, high dressing 58-62.50 Midwest Steers   were $2 lower to steady   at   80   to   82 Panhandle Steers   were $2 lower to steady   at   80   to   82 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 up 75 at 8320   Jun up 50 at 8157 Feeders: May up 30 at 9270   Sep up 5 at 9685 Cattle Comment Cattle prices ended higher on stronger crude oil and stock market values. 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     steady   at   34.50   to   35 Chicago Futures: Apr down 7 at 6242   Jun down 52 at 7320 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures were lower. Tightening hog supplies would normally lead to seasonal gains, but that may not happen as overall demand remains soft. Poultry  Date: March 09, 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 to about steady. Demand following the weekend was light to fair with trading usually limited to regular commitments. Supplies of all sizes were at least 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