03/13/2009 Farm Bureau Market Report

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Grain & Soybean Date: March 13, 2009 Soybeans Local Elevators: (Mar) EAST AR:  867 to 884 (NC) Summ. 744 to 769 River Elevators: (Mar) MISS: 877 to 904 ; AR & White 868 to 883 (NC) Summ. 759 to 789 Ark. Processor Bids: (Mar) 880 to 884  (NC) 764 to 769 Memphis:  (Mar) 896 1/2 to 901 1/2 (NC)  783 3/4 to 788 3/4 Riceland Foods:  (Mar) Stuttgart 884 ; Pendleton 884 ; West Memphis 904 Chicago Futures: May down 5 1/2 at  876 1/2   Jul  down  6 1/4  at  875 1/4   Sep down 15 3/4  at  835 3/4   Nov down 17 3/4  at  823 3/4   Jan '10 down 18 1/2  at  833 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans ended the session lower after failing to hold early gains. Some early private planting guesstimates suggest bean acreage will be up sharply. One even suggests there will be more soybeans planted in the U.S. than corn. If that’s the case, then look for beans to move sharply lower by harvest time, if not before. Corn managed to end the week on a positive note following yesterday’s big gains with slightly higher closes today. Early gains in crude oil were a contributing factor, but it appeared the market reacted to positive private forecasts of smaller U.S. plantings in ’09. Informa projected just 81.4 million acres of corn in ’09. In the long run that would give corn a solid boost. Wheat Cash bid for March at Memphis  456 1/4 to 458 1/4; Bids to farmers at Local Elevators 431-456; River Elevators 448-476; Chicago Futures: May down  6 3/4  at  518 1/4    Jul down 6 1/2  at  530 3/4    Sep down  6 1/2  at  555 3/4    Dec down  6 1/4  at  577 1/4    Mar '10 down  5 3/4  at  583 3/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for March at Memphis  569 to 578; Bids to farmers at River Elevators 464-544; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for March at Memphis   386 1/2 to 388 1/2;   new crop at Memphis   366 1/2 to - - -; Bids to farmers at River Elevators  352 to 384 Chicago Futures: May up  3 1/4  at  388 1/2    Jul up  2 3/4  at  398 1/4    Sep up  2 1/2  at  406 1/2    Dec up  2 1/4  at  418    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat gave back a big portion of yesterday’s gains after July failed to break through trendline resistance at $5.40. This market is dealing with large world supplies, and that will limit the upside. Cotton & Rice  Date: March 13, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 50 at  38.08   Greenwood up  50 at 38.08 New York Futures: May unchanged    at  4283    Jul down  10  at  4386    Dec down  12  at  4783    Mar '10 down  24  at  5069    - - -   - - -  at  - - -  This week's LDP rate for cotton is  20.15 cents   The estimate for next week is  19.19 cents Cotton Comment Cotton was steady to slightly lower today with little fresh fundamental information to drive the market. In this week’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. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: May down  44 1/2  at  1162 1/2    Jul down  41 1/2  at  1183    Sep down  9  at  1156    Nov down  10  at  1160    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice lost ground again today as the lead contract May finished within a few cents of the 68% retracement objective on the monthly charts - $11.46. In the week’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 13, 2009 Cattle As reported by Federal-State Market News, receipts were 5,685 head at sales in Arkansas this week.  Compared with last week, feeder steers sold mostly weak to $4 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 108 to - - -   500 to 550 lbs. 100 to - - -   600 to 650 lbs. 93 to - - -  Medium & Large Frame 2   400 to 450 lbs. 97 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 93 to - - -  Medium & Large Frame 2   400 to 450 lbs. 84 to - - - Slaughter Cows, Boners 36   to   44 Light Weight 28 to 32 Bulls, Yield Grade   1   1000   to   2100 lbs.   50   to   57, high dressing untested Midwest Steers   n/a   at   - - -   to   - - - Panhandle Steers   n/a   at   - - -   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 104 to 119.50   600 to 650 lbs. 93.50 to 105.25 Heifers 500 to 550 lbs. 88.50 to 100   600 to 650 lbs. 76 to 84 Chicago Futures: Live Cattle: Apr up 75 at 8465   Jun up 27 at 8210 Feeders: May up 82 at 9402   Sep up 72 at 9832 Cattle Comment Cattle futures were mostly higher again today. Stronger stock prices and gains in beef values were 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     steady   at   36.5   to   37 Chicago Futures: Apr up 97 at 6320   Jun up 47 at 7422 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. A seasonal decline in supplies should be supportive. June is trying to build support at $71. Poultry  Date: March 13, 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. 74-77 Toms: 16-24 lbs. 74-77   Delmarva Broilers U.S. Grade A Trade sentiment was about steady to instances barely steady. Demand entering 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