03/10/2009 Farm Bureau Market Report

Click here to view this report online.

Grain & Soybean Date: March 10, 2009 Soybeans Local Elevators: (Mar) EAST AR:  867 to 884 (NC) Summ. 746 to 781 River Elevators: (Mar) MISS: 882 to 904 ; AR & White 869 to 884 (NC) Summ. 770 to 801 Ark. Processor Bids: (Mar) 880 to 884  (NC) 776 to 781 Memphis:  (Mar) 902 to 905 (NC)  800 1/2 to - - - Riceland Foods:  (Mar) Stuttgart 884 ; Pendleton 884 ; West Memphis 904 Chicago Futures: May up 12 at  877   Jul  up  13 3/4  at  876 3/4   Sep up 16  at  844 1/2   Nov up 18  at  835 1/2   Jan '10 up 18 3/4  at  845   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans posted sharp gains today, but backed off of the day’s high. 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 was also higher, on carryover strength from outside markets and short covering ahead of tomorrow’s report. 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  470 3/4 to 472 3/4; Bids to farmers at Local Elevators 435-470; River Elevators 462-490; Chicago Futures: May up  9 1/2  at  532 3/4    Jul up 9 1/2  at  544 3/4    Sep up  9 1/2  at  569 1/4    Dec up  9 1/2  at  589 3/4    Mar '10 up  9 1/2  at  605 3/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for March at Memphis  546 to - - -; Bids to farmers at River Elevators 441-521; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for March at Memphis   373 1/2 to 375 1/2;   new crop at Memphis   354 1/2 to - - -; Bids to farmers at River Elevators  339 to 376 Chicago Futures: May up  10  at  375 1/2    Jul up  10 1/4  at  385 1/2    Dec up  10 3/4  at  406 3/4    Mar '10 up  10 3/4  at  417 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat was also higher, supported by gains on Wall Street. 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 10, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 62 at  3655   Greenwood up  62 at 3655 New York Futures: May up  62  at  4180    Jul up  61  at  4300    Dec up  68  at  4698    Mar '10 up  62  at  5000    n/a up  - - -  at  - - -  This week's LDP rate for cotton is  19.21 cents   The estimate for next week is  20.32 cents Cotton Comment Cotton also ended higher on carryover strength from outside markets. 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  41 1/2  at  1265 1/2    Jul up  40 1/2  at  1302    Sep up  26 1/2  at  1212    Nov up  27  at  1216    n/a up  - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice posted near limit gains in old crop contracts. 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 10, 2009 Cattle As reported by Federal-State Market News, receipts were 732 head at sales in Fort Smith.  Compared with last week, feeder steers sold steady to $5 lower, heifers steady to $3 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 105.50 to - - -   500 to 550 lbs. 103.25 to - - -   600 to 650 lbs. 95.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 97 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 98 to - - -  Medium & Large Frame 2   400 to 450 lbs. 86 to - - - Slaughter Cows, Boners 35   to   49.50 Light Weight n/a to - - - Bulls, Yield Grade   1   1000   to   2100 lbs.   53   to   53.50, high dressing 54-60 Midwest Steers   were steady to $2 lower   at   80   to   - - - Panhandle Steers   n/a   at   - - -   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 106..75 to 111.50   650 to 700 lbs. 93 to 101.50 Heifers 500 to 550 lbs. 91 to 98   600 to 650 lbs. 83.25 to 92 Chicago Futures: Live Cattle: Apr down 65 at 8287   Jun down 32 at 8125 Feeders: May up 12 at 9282   Sep up 5 at 9690 Cattle Comment Cattle prices turned mixed. 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 $3     higher   at   37   to   38 Chicago Futures: Apr down 17 at 9075   Jun down 150 at 7170 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures were sharply lower. Tightening hog supplies would normally lead to seasonal gains, but that may not happen as overall demand remains soft. June is trying to build support at $71. Poultry  Date: March 10, 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. Demand was no better than fair with cautious buying interest. 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