03/17/2009 Farm Bureau Market Report

Click here to view this report online.

Grain & Soybean Date: March 17, 2009 Soybeans Local Elevators: (Mar) EAST AR:  903 to 920 (NC) Summ. 781 to 806 River Elevators: (Mar) MISS: 913 to 940 ; AR & White 901 to 916 (NC) Summ. 793 to 826 Ark. Processor Bids: (Mar) 916 to 920  (NC) 801 to 806 Memphis:  (Mar) 933 to 937 (NC)  826 to - - - Riceland Foods:  (Mar) Stuttgart 920 ; Pendleton 920 ; West Memphis 940 Chicago Futures: May up 2 at  913   Jul  up  3  at  910 1/2   Sep up 9  at  872 1/2   Nov up 10 1/2  at  861   Jan '10 up 12 1/2  at  872 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans moved higher as the market showed a followthrough on yesterday’s big upturn. It appears that improving crude oil is reengaging index funds, which is generating new buying in the soy complex. It also suggests soybeans are attempting to make sure more acres move from corn. The current price ratio still favors corn, but is moving toward beans. This appears to be a good pricing opportunity for soybeans. Corn was steady to slightly lower as the trade appears to think that the current price ratio would favor acreage staying in corn. The USDA planting intentions report will be released in 2 weeks. It will be a key to future price movement. Soybeans above 79.80 million acres would be bearish, corn below 83 million acres is probably bullish. Wheat Cash bid for March at Memphis  933 to 937; Bids to farmers at Local Elevators 465-490; River Elevators 482-510; Chicago Futures: May up  8 1/4  at  552 1/2    Jul up 8  at  564 3/4    Sep up  7 3/4  at  589    Dec up  7 1/4  at  610 1/4    Mar '10 up  6  at  625    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for March at Memphis  581 to - - -; Bids to farmers at River Elevators 476-557; 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   369 1/4 to - - -; Bids to farmers at River Elevators  354 to 381 Chicago Futures: May down  1  at  390 1/2    Jul down  1  at  400 3/4    Sep down  3/4  at  409 1/4    Dec down  1/2  at  420 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat continued to improve despite a poor export record. Big U.S. and world supplies appear to be playing second fiddle to smaller U.S. plantings and potential drought damage in the plains. Never mind the fact that U.S. exports remain overpriced versus other available supplies. Producers should take advantage of this bubble and lock in some ’09 sales. Cotton & Rice  Date: March 17, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis down 20 at  3810   Greenwood down  20 at 3810 New York Futures: May down  20  at  4285    Jul down  30  at  4365    Dec down  22  at  4791    Mar '10 down  26  at  5078    - - -   - - -  at  - - -  This week's LDP rate for cotton is  20.15 cents   The estimate for next week is  19.11 cents Cotton Comment Cotton showed little upward mobility in a generally positive situation for other commodities today. Big U.S. and world stocks suggest little upside potential for cotton until the economic situation shows definite improvement. Indications producers may not cut plantings as much as originally thought is not helping the price situation. However, unless the market can make a major move, producers are generally looking at the loan as the market. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: May up  50  at  1195 1/2    Jul up  50  at  1217    Sep up  50  at  1208    Nov up  50  at  1220    n/a up  - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice futures jumped the limit as the market retraced a portion of recent declines. This would suggest something good is being seen or expected in the market. It appears just the opposite has occurred as apparently the recent tender by Iraq has been awarded to Thailand. At the same time, the U.S. is picking up additional small sales. May needs to close above the recent high of $13 to move the market into an uptrend. More likely, we will see the market continue in the recent sideways pattern. Cattle & Hogs  Date: March 17, 2009 Cattle As reported by Federal-State Market News, receipts were n/a head at sales in n/a.  Compared with last week, feeder steers n/a . Steers:  Medium & Large Frame n/a   - - - to - - - lbs. - - - to - - -   - - - to - - - lbs. - - - to - - -   - - - to - - - lbs. - - - to - - -  Medium & Large Frame n/a   - - - to - - - lbs. - - - to - - - Heifers:  Medium & Large Frame n/a   - - - to - - - lbs. - - - to - - -  Medium & Large Frame n/a   - - - to - - - lbs. - - - to - - - Slaughter Cows, Boners n/a   to   - - - Light Weight n/a to - - - Bulls, Yield Grade   n/a   - - -   to   - - - lbs.   - - -   to   - - - Midwest Steers   n/a   at   - - -   to   - - - Panhandle Steers   n/a   at   - - -   to   - - - Oklahoma City Feeders Steers 550 to 600 lbs. 104 to 110.75   650 to 700 lbs. 95 to 103.25 Heifers 550 to 600 lbs. 92 to 99.50   600 to 650 lbs. 88 to 95.75 Chicago Futures: Live Cattle: Apr down 15 at 8430   Jun down 15 at 8192 Feeders: May up 62 at 9432   Sep up 52 at 9872 Cattle Comment Cattle futures closed the day mixed as the market firmed in later trade. The recent improved conditions on Wall Street offer a good opportunity for an improved undertone in cattle. There is little question that poor economic conditions are impacting beef demand, particularly higher end cuts. Beef cutout values remain under pressure leaving little opportunity for packer margins to move to the plus side. Hogs Peoria: were $1.5     lower   at   33   to   35.5 Chicago Futures: Apr down 60 at 6215   Jun steady at 7407 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures were mixed but remain at a wide premium to the cash market. Seasonally the market is looking for things to improve as a 6% smaller pig crop suggests less pork will be available in the months ahead. Until the supply tightens, packer margins are likely to remain in the red. Poultry  Date: March 17, 2009 Eggs New York:  Ex. Lg. 98-102; Lg. 96-100; 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. Demand into all channels was no better than fair with limited trading activity. 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