03/18/2009 Farm Bureau Market Report

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Grain & Soybean Date: March 18, 2009 Soybeans Local Elevators: (Mar) EAST AR:  905 to 922 (NC) Summ. 776 to 801 River Elevators: (Mar) MISS: 915 to 942 ; AR & White 903 to 918 (NC) Summ. 788 to 821 Ark. Processor Bids: (Mar) 918 to 922  (NC) 796 to 801 Memphis:  (Mar) 935 to 939 (NC)  821 to - - - Riceland Foods:  (Mar) Stuttgart 922 ; Pendleton 922 ; West Memphis 942 Chicago Futures: May up 2 at  915   Jul  up  1 1/4  at  911 3/4   Sep down 4 1/2  at  868   Nov down 5  at  856   Jan '10 down 7  at  865 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans traded in a narrow range as the market appears to be consolidating after big gains on Monday. Soybeans appear to be under-priced relative to corn, but that may not change much until after the USDA planting intentions report. Corn was slightly lower at mid-day. Upside potential appears limited in the short run, but if acreage moves to beans, corn could firm substantially later in the year. Wheat Cash bid for March at Memphis  460 to 470; Bids to farmers at Local Elevators 443-468; River Elevators 459-488; Chicago Futures: May down  22 1/2  at  530    Jul down 22 1/4  at  542 1/2    Sep down  22  at  567    Dec down  21 3/4  at  588 1/2    Mar '10 down  21 1/4  at  603 3/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for March at Memphis  577 to - - -; Bids to farmers at River Elevators 473-553; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for March at Memphis   384 1/4 to 386 1/4;   new crop at Memphis   367 1/4 to - - -; Bids to farmers at River Elevators  352 to 378 Chicago Futures: May down  2 1/4  at  388 1/4    Jul down  2 1/4  at  398 1/2    Sep down  2  at  407 1/4    Dec down  2  at  418 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat was mostly lower as the market retraced a portion of recent gains. The U.S. is still not competitive in the world export market and stocks are building here and worldwide. The Plains area remains dry but that appears to be factored into the market. Cotton & Rice  Date: March 18, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis down 113 at  3697   Greenwood down  113 at 3697 New York Futures: May down  113  at  4172    Jul down  102  at  4263    Dec down  94  at  4697    Mar down  102  at  4977    - - -   - - -  at  - - -  This week's LDP rate for cotton is  20.15 cents   The estimate for next week is  19.10 cents Cotton Comment Cotton declined again as there appears to be little incentive to push the market higher. USDA raised projected exports in last week’s report, but that was the result of a lower production estimate in China and not the result of increased demand. As producers ponder planting decisions, it appears more cotton will likely be planted than originally thought. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: May up  13 1/2  at  1209    Jul up  12  at  1229    Sep down  14 1/2  at  1193 1/2    Nov down  15  at  1205    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice showed modest followthrough on yesterday’s limit gain. Apparently, the U.S. did garner a good part of the Iraqi tender. About 120,000 metric tonnes are to be U.S. origin. That is good news for the U.S. rice industry, however it appears the price was at levels a little below recent quotes. Perhaps this will get mills back in operation and help get the market moving. Having said that, there is concern that building Thai intervention stocks will be offered at some point. In addition, there are indications the long standing export ban in India may be lifted. Cattle & Hogs  Date: March 18, 2009 Cattle As reported by Federal-State Market News, receipts were 1,658 head at sales in Conway & Pocahontas.  Compared with last week, feeder steers sold steady to $2 higher, instances $5 higher. Feeder heifers sold steady to $1 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 105 to - - -   500 to 550 lbs. 100 to - - -   600 to 650 lbs. 89.75 to - - -  Medium & Large Frame 2   400 to 450 lbs. 92.25 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 89.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 82 to - - - Slaughter Cows, Boners 40   to   46 Light Weight 28 to 32 Bulls, Yield Grade   1   1000   to   2100 lbs.   53.50   to   60, high dressing 60-61 Midwest Steers   were quoted   at   80   to   - - - Panhandle Steers   were quoted   at   80   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 75 at 8355   Jun down 52 at 8140 Feeders: May down 27 at 9405   Sep down 2 at 9870 Cattle Comment Cattle were mostly mixed despite indications this week’s cattle on feed report will still show numbers down about 5% from year ago levels. However, slow beef movement, particularly in the high end cuts continues to weigh on the market. With cutout values running around $135/cwt, packers aren’t willing to push prices higher. Hogs Peoria: were $1     lower   at   34   to   34.5 Chicago Futures: Apr up 10 at 6225   Jun up 40 at 7447 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs appear to have stabilized after losses earlier this week. Slaughter numbers are expected to be light this week as ample pork supplies are already available. Exports appear to be stabilizing with the January number better than expected. Poultry  Date: March 18, 2009 Eggs New York:  Ex. Lg. 100-104; Lg. 98-102; Med. 86-90; Chicago:  Ex. Lg. 87-95; Lg. 85-93; Med. 77-85; Eastern Region Turkeys Hens: 8-16 bs. 74-77 Toms: 16-24 lbs. 74-77   Delmarva Broilers U.S. Grade A Trade sentiment was about steady. Demand was fair at best with limited movement. Supplies of all sizes were more than sufficient to satisfy present 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