03/11/2009 Farm Bureau Market Report

Click here to view this report online.

Grain & Soybean Date: March 11, 2009 Soybeans Local Elevators: (Mar) EAST AR:  852 to 869 (NC) Summ. 727 to 762 River Elevators: (Mar) MISS: 867 to 889 ; AR & White 854 to 869 (NC) Summ. 752 to 782 Ark. Processor Bids: (Mar) 865 to 869  (NC) 757 to 762 Memphis:  (Mar) 882 to 890 (NC)  782 to - - - Riceland Foods:  (Mar) Stuttgart 869 ; Pendleton 869 ; West Memphis 889 Chicago Futures: May down 15 at  862   Jul  down  16  at  860 3/4   Sep down 17  at  827 1/2   Nov down 18 1/2  at  817   Jan '10 down 18  at  827   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans lost early gains resulting from this month’s positive supply demand adjustments. USDA increased projected exports by 35 million bushels, which in turn lowered projected ending stocks to 185 million bushels. In addition the production estimate for Argentina was trimmed by 800,000 metric tonnes. That leaves Brazil at 57 and Argentina at 43 mmt down from a combined production of 107 mmt last year. These numbers boosted early trading, but by the close the market had given back yesterday’s gains as well. Corn closed lower after starting the session higher. USDA added a 100 million bushels back to ethanol use, while reducing exports 50 million bushels. This was positive because the net result was a slightly lower ending stocks projection. Most thoughts prior to the report was that the ending stocks number would move the other way. But like beans, the market gave back yesterday’s gains. Wheat Cash bid for March at Memphis  446 1/4 to 448 1/4; Bids to farmers at Local Elevators 410-445; River Elevators 437-465; Chicago Futures: May down  24 1/2  at  508 1/4    Jul down 24 1/2  at  520 1/2    Sep down  24 1/4  at  545    Dec down  23 3/4  at  566    Mar '10 down  23 1/2  at  582 1/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for March at Memphis  526 to - - -; Bids to farmers at River Elevators 421-501; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for March at Memphis   362 1/2 to 364 1/2;   new crop at Memphis   343 3/4 to - - -; Bids to farmers at River Elevators  328 to 365 Chicago Futures: May down  11  at  364 1/2    Jul down  11  at  374 1/2    Sep down  10 3/4  at  383 3/4    Dec down  10 3/4  at  396    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat was lower all day, although early strength in other markets limited losses somewhat. The USDA increased U.S. ending stocks by 57 million bushels and world ending stocks by 218 million bushels. July is trending lower, and looks headed for a retest of the recent low of $5.12 ½. Cotton & Rice  Date: March 11, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 2 at  3657   Greenwood up  2 at 3657 New York Futures: May up  2  at  4182    Jul unchanged    at  4300    Dec up  8  at  4706    Mar '10 up  4  at  5004    - - -   - - -  at  - - -  This week's LDP rate for cotton is  19.21 cents   The estimate for next week is  20.21 cents Cotton Comment Cotton closed steady to slightly higher. USDA reduced domestic use by 150,000 bales to just 3.75 million bales. At the same time, exports were raised 500,000 bales reducing projected ending stocks to 7.3 million bales. A slight reduction in China’s ’08 production resulted in an upward revision in their import needs. That in turn boosted the U.S. export number. However, the positive numbers did little for the cotton market. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: May down  42 1/2  at  1244    Jul down  40  at  1262    Sep down  38 1/2  at  1173 1/2    Nov down  39  at  1177    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice reversed yesterday’s gains and closed sharply lower. USDA made minor adjustments in the supply demand report with overall exports being reduced by 4 million cwt. That was equally split between milled and rough rice, and also long and medium grain. Net results are ending stocks of 30.2 million cwt. USDA also lowered the projected price by 50 cents on both sides of their range. This puts long grain at $14.50 to $15.50 per cwt. The market continues to wait for confirmation on the recent tender by Iraq. That announcement was supposed to be made yesterday but the offers have been extended for several days. Cattle & Hogs  Date: March 11, 2009 Cattle As reported by Federal-State Market News, receipts were 1,009 head at sales in Conway & Pocahontas.  Compared with last week, feeder steers sold weak to $3 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 105.75 to - - -   500 to 550 lbs. 95.25 to - - -   600 to 650 lbs. 85.75 to - - -  Medium & Large Frame 2   400 to 450 lbs. 92.50 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 87 to - - -  Medium & Large Frame 2   400 to 450 lbs. 82.25 to - - - Slaughter Cows, Boners 39   to   44.50 Light Weight 30 to 34 Bulls, Yield Grade   1   1000   to   2100 lbs.   53.50   to   58.50, high dressings $59-63 Midwest Steers   remained   at   80   to   - - - Panhandle Steers   were quoted   at   80   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 106.75 to 111.50   600 to 650 lbs. 99 to 105.25 Heifers 500 to 550 lbs. 91 to 98   600 to 650 lbs. 83.25 to 92 Chicago Futures: Live Cattle: Apr down 32 at 8255   Jun down 30 at 8095 Feeders: May down 52 at 9230   Sep down 40 at 9650 Cattle Comment Cattle prices were lower across the board, with April setting a new contract low of $82 before closing near the middle of the day’s trading range. 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 $.5 higher to     steady   at   37.5   to   38 Chicago Futures: Apr down 20 at 6032   Jun up 70 at 7240 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures closed mixed. 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 11, 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 about steady to barely steady. Demand into all channels was light and unaggressive and usually limited to regular commitments. Supplies of all sizes were at least adequate 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