03/12/2009 Farm Bureau Market Report

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Grain & Soybean Date: March 12, 2009 Soybeans Local Elevators: (Mar) EAST AR:  872 to 889 (NC) Summ. 762 to 787 River Elevators: (Mar) MISS: 882 to 909 ; AR & White 870 to 885 (NC) Summ. 777 to 807 Ark. Processor Bids: (Mar) 885 to 889  (NC) 782 to 787 Memphis:  (Mar) 907 to - - - (NC)  801 1/2 to 806 1/2 Riceland Foods:  (Mar) Stuttgart 889 ; Pendleton 889 ; West Memphis 909 Chicago Futures: May up 20 at  882   Jul  up  20 3/4  at  881 1/2   Sep up 24  at  851 1/2   Nov up 24 1/2  at  841 1/2   Jan '10 up 25  at  852   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans responded to a strong export sales report and gains on Wall Street with another big early move. The big export sales comes on the heels of the March supply demand report that raised projected exports and lowered projected ending stocks. This is a strong showing with the South American harvest rapidly expanding. For now, November futures appear to have limited upside potential as the market consolidates below the $8.50 to $8.60 level. Corn exports have been good over the last 6 to 8 weeks and today’s report was also. At 43 million bushels exports were above the average needed to reach USDA’s projection. Ethanol prospects are looking better as crude oil is attempting to move higher. The strong possibility of the Obama administration increasing the maximum use of Ethanol from 10 to 15% is also a positive factor. Wheat Cash bid for March at Memphis  462 to 465; Bids to farmers at Local Elevators 437-462; River Elevators 454-482; Chicago Futures: May up  16 3/4  at  525    Jul up 17  at  537 1/4    Sep up  17 1/4  at  562 1/4    Dec up  17 1/2  at  583 1/2    Mar '10 up  17 1/4  at  599 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for March at Memphis  563 to 572; Bids to farmers at River Elevators 458-539; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for March at Memphis   385 1/4 to - - -;   new crop at Memphis   364 to - - -; Bids to farmers at River Elevators  349 to 385 Chicago Futures: May up  20 3/4  at  385 1/4    Jul up  21  at  395 1/2    Sep up  20 1/4  at  404    Dec up  19 3/4  at  415 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat posted gains, mostly following Wall Street and energy markets. Weekly export inspections were reported at 14.3 million bushels, a good total and within trade expectations. July is trending lower, but tested resistance today just below $5.40. Cotton & Rice  Date: March 12, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 101 at  3758   Greenwood up  101 at 3758 New York Futures: Mar up  101  at  4283    Jul up  96  at  4396    Dec up  89  at  4795    Mar '10 up  89  at  5093    n/a up  - - -  at  - - -  This week's LDP rate for cotton is  cents   The estimate for next week is  cents Cotton Comment Cotton firmed in early trading but as indicate in prior reports it has to make huge gains to really impact the bottom line for farmers. In yesterday’s report, 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 have done little for the cotton market. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: May down  36  at  1188    Jul down  37 1/2  at  1224 1/2    Sep down  8 1/2  at  1165    Nov down  7  at  1170    n/a   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice was sharply lower again in today’s early trade. In yesterday’s report 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 Tuesday but the offers have been extended for several days. Cattle & Hogs  Date: March 12, 2009 Cattle As reported by Federal-State Market News, receipts were 1,096 head at sales in Ratcliff & Green Forest.  Compared with last week, feeder steers calves sold $1-3 lower, yearlings $1-3 higher. Feeder heifers sold $2-4 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 112 to - - -   500 to 550 lbs. 106.50 to - - -   600 to 650 lbs. 99 to - - -  Medium & Large Frame 2   400 to 450 lbs. 99.25 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 93.75 to - - -  Medium & Large Frame 2   400 to 450 lbs. 84.50 to - - - Slaughter Cows, Boners 38   to   43 Light Weight 30 to 36 Bulls, Yield Grade   1-2   1000   to   2100 lbs.   54   to   57.50, high dressing untested Midwest Steers   were $1 higher   at   81   to   - - - Panhandle Steers   were $1 higher   at   81   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 up 135 at 8390   Jun up 87 at 8182 Feeders: May up 90 at 9320   Sep up 110 at 9760 Cattle Comment Cattle futures posted across-the-board gains today. Strength in the energy markets and on Wall Street was supportive. The market continues to be under pressure from general economic concerns, however. Traders continue to worry about the strength of beef demand both domestically and globally in light of current economic woes. Hogs Peoria: were $1     lower   at   36.5   to   37 Chicago Futures: Apr up 190 at 6222   Jun up 135 at 7375 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures were also higher in reaction to gains on Wall Street and in energy markets. A seasonal decline in supplies should be supportive. June is trying to build support at $71. Poultry  Date: March 12, 2009 Eggs New York:  Ex. Lg. 96-100; Lg. 94-98; 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 to fair with limited trading. 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