03/19/2009 Farm Bureau Market Report

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Grain & Soybean Date: March 19, 2009 Soybeans Local Elevators: (March) EAST AR:  931 to 948 (NC) Summ. 813 to 838 River Elevators: (March) MISS: 941 to 968 ; AR & White 926 to 941 (NC) Summ. 824 to 858 Ark. Processor Bids: (March) 937 to 948  (NC) 833 to 838 Memphis:  (March) 962 1/2 to 965 1/2 (NC)  852 1/2 to 857 1/2 Riceland Foods:  (March) Stuttgart 948 ; Pendleton 948 ; West Memphis 968 Chicago Futures: May up 25 1/2 at  940 1/2   July  up  28 1/4  at  940   Sept up 34 3/4  at  902 3/4   Nov up 36 1/2  at  892 1/2   Jan '10 up 36  at  901 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans exploded to the upside today. Strength in crude oil and weakness in the dollar were the key factors influencing the rally. Soybeans appear to be under-priced relative to corn, but that may not change much until after the USDA planting intentions report. Wheat Cash bid for March at Memphis  485 1/4 to 495 1/4; Bids to farmers at Local Elevators 468-493; River Elevators 480-513; Chicago Futures: May up  25 1/4  at  552 1/4    July up 25 1/4  at  567 3/4    Sept up  24 3/4  at  591 3/4    Dec up  24 3/4  at  613 1/4    March '10 up  24 3/4  at  628 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for March at Memphis  592 to - - -; Bids to farmers at River Elevators 487-567; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for March at Memphis   382 1/2 to 394 1/2;   New crop at Memphis   376 1/4 to - - -; Bids to farmers at River Elevators  360 to 387 Chicago Futures: May up  8 1/4  at  396 1/2    July up  8 1/2  at  407    Sept up  9  at  416 1/4    Dec up  9 1/2  at  428 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Corn posted gains as well, also in reaction to outside markets. Upside potential appears limited in the short run, but if acreage moves to beans, corn could firm substantially later in the year. Wheat posted strong gains today, mostly due to weakness in the value of the dollar. The U.S. is still not competitive in the world export market and stocks are building, but a weakening dollar could help boost exports. The Plains area remains dry but that appears to be factored into the market. Cotton & Rice  Date: March 19, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 115 at  3812   Greenwood up  115 at 3812 New York Futures: May up  115  at  4287    July up  112  at  4375    Dec up  113  at  4810    March '10 up  113  at  5090    - - -   - - -  at  - - -  This week's LDP rate for cotton is  20.15 cents   The estimate for next week is  19.27 cents Cotton Comment Cotton was also higher, supported by positive economic news and a weaker dollar. 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  45  at  1254    July up  44 1/2  at  1273 1/2    Sept up  27 1/2  at  1221    Nov up  25 1/2  at  1230 1/2    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice posted solid gains, with old crop nearly limit up. 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 19, 2009 Cattle As reported by Federal-State Market News, receipts were 2547 head at sales in Charlotte, Ratcliff and Green Forest.  Compared with last week, feeder steers sold mostly steady to $5 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 110.50 to - - -   500 to 550 lbs. 104 to - - -   600 to 650 lbs. 82.25 to - - -  Medium & Large Frame 2   400 to 450 lbs. 105.75 to - - - Heifers:  Medium & Large Frame 1   500 to 550 lbs. 86 to - - -  Medium & Large Frame 2   400 to 450 lbs. 86 to - - - Slaughter Cows, Boners 38   to   43 Light Weight 28 to 34 Bulls, Yield Grade   1-2   1000   to   2100 lbs.   54   to   61 Midwest Steers   were steady   at   80   to   - - - Panhandle Steers   were steady   at   80   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 110 to 116   550 to 600 lbs. 106.50 to 112.75 Heifers 500 to 550 lbs. 90 to 95.75   550 to 600 lbs. 88.50 to 93.50 Chicago Futures: Live Cattle: April up 120 at 8475   June up 172 at 8312 Feeders: May up 167 at 9572   Sept up 90 at 9960 Cattle Comment Cattle were higher across the board. This week’s cattle on feed report is expected to 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 50¢ to $1.50     lower   at   33   to   33.5 Chicago Futures: April down 20 at 6205   June up 47 at 7495 Sheep St. Paul n/a   at   - - -   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 19, 2009 Eggs New York:  Ex. Lg. 103-107; Lg. 101-105; 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 steady to about steady. Demand approaching the weekend was light to fair with trading usually limited to regular commitments. 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