03/16/2009 Farm Bureau Market Report

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Grain & Soybean Date: March 16, 2009 Soybeans Local Elevators: (Mar) EAST AR:  901 to 918 (NC) Summ. 771 to 796 River Elevators: (Mar) MISS: 911 to 938 ; AR & White 899 to 914 (NC) Summ. 785 to 816 Ark. Processor Bids: (Mar) 914 to 918  (NC) 791 to 796 Memphis:  (Mar) 931 to 935 (NC)  815 1/2 to - - - Riceland Foods:  (Mar) Stuttgart 918 ; Pendleton 918 ; West Memphis 920 Chicago Futures: May up 34 1/2 at  911   Jul  up  32 1/4  at  907 1/2   Sep up 27 3/4  at  863 1/2   Nov up 26 3/4  at  850 1/2   Jan '10 up 26 1/2  at  860   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans seem to be in a tight bidding war with corn for about 4 or 5 million acres. Late last week private forecasts indicated soybeans were winning the battle with Informa projecting corn at 81.4 million acres. That would suggest soybeans might lose ground in the price war but in recent days the price ratio of November beans to December corn dropped to 1.97 to 1. That favors corn, so in today’s trading, beans went sharply higher with corn making minimal gains. After today’s trade, the ratio is 2.02 to 1. That still seems to favor corn. The next few days may be interesting as the market tries to sort out ’09 planting intentions. Producers remain undecided, but will likely firm up their plans over the next two weeks. Wheat Cash bid for March at Memphis  476 1/4 to 484 1/4; Bids to farmers at Local Elevators 457-482; River Elevators 474-502; Chicago Futures: May up  26  at  544 1/4    Jul up 26  at  556 3/4    Sep up  25 1/2  at  581 1/4    Dec up  25 3/4  at  603    Mar '10 up  25 1/4  at  619    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for March at Memphis  583 to - - -; Bids to farmers at River Elevators 469-550; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for March at Memphis   387 1/2 to 389 1/2;   new crop at Memphis   370 to - - -; Bids to farmers at River Elevators  355 to 387 Chicago Futures: May up  3  at  391 1/2    Jul up  3 1/2  at  401 3/4    Sep up  3 1/2  at  410    Dec up  3 1/4  at  421 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures were sharply higher on support from the stock market. Dry conditions in the Southern Plains continue to be supportive as well. July broke above the recent downtrend, signaling that a low has been put in. Cotton & Rice  Date: March 16, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 22 at  3830   Greenwood up  22 at 3830 New York Futures: May up  22  at  4305    Jul up  9  at  4395    Dec up  30  at  4813    Mar '10 up  36  at  5105    - - -   - - -  at  - - -  This week's LDP rate for cotton is  20.15 cents   The estimate for next week is  19.19 cents Cotton Comment Cotton firmed slightly as the market continues under long term pressure from the current U.S. and world economic situation. Early estimates had cotton acreage declining rather sharply again in ’09. However, once cotton fell below the loan level, it was a question of where corn and soybeans would go. The lower they fell, the more it tended to pull cotton back into the mix. Producers with cotton equipment are beginning to reassess their cotton plans. No doubt what happens in corn and beans over the next several weeks will figure into this year’s final planting decisions. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: May down  17  at  1145 1/2    Jul down  16  at  1167    Sep up  2  at  1158    Nov up  10  at  1170    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice continued under pressure, after penetrating support on long term charts late last week. The market opened sharply lower despite the positive moves in soybeans and grains. Losses were tempered somewhat during the session but remained down at the close. May moved back to close right on the long term 62% retracement value of $11.46. This could be a positive sign among recent sharp declines. Cattle & Hogs  Date: March 16, 2009 Cattle As reported by Federal-State Market News, receipts were 2,202 head at sales in Ash Flat, Springdale & Ola.  Compared with last week, feeder steers sold unevenly, mostly firm to $4 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 111.05 to - - -   500 to 550 lbs. 99 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. 94 to - - -  Medium & Large Frame 2   400 to 450 lbs. 87 to - - - Slaughter Cows, Boners 38   to   45 Light Weight 34 to 36 Bulls, Yield Grade   1   1000   to   2100 lbs.   50   to   55, high dressing 55-59.50 Midwest Steers   were quoted   at   79   to   81 Panhandle Steers   were quoted   at   77   to   82 Oklahoma City Feeders Steers 550 to 600 lbs. 104 to 110.75   650 to 700 lbs. 97.10 to 103.25 Heifers 550 to 600 lbs. 88 to 97.75   600 to 650 lbs. 89 to 93.60 Chicago Futures: Live Cattle: Apr down 20 at 8445   Jun down 2 at 8207 Feeders: May down 32 at 9370   Sep down 12 at 9820 Cattle Comment Cattle futures ended mixed. The market failed to follow the stock market higher. Futures continue 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   36.5   to   37 Chicago Futures: Apr down 45 at 6275   Jun down 15 at 7407 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures turned lower on profit taking after Friday’s big gains. A seasonal decline in supplies should be supportive. June is trying to build support at $71. Poultry  Date: March 16, 2009 Eggs New York:  Ex. Lg. 96-100; Lg. 94-98; Med. 86-90; Chicago:  Ex. Lg. 87-95; Lg. 85-93; 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. Supplies of all sizes were more than 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