03/20/2009 Farm Bureau Market Report

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Grain & Soybean Date: March 20, 2009 Soybeans Local Elevators: (Mar) EAST AR:  942 to 959 (NC) Summ. 813 to 838 River Elevators: (Mar) MISS: 952 to 979 ; AR & White 938 to 953 (NC) Summ. 825 to 858 Ark. Processor Bids: (Mar) 948 to 959  (NC) 833 to 838 Memphis:  (Mar) 974 to 977 (NC)  853 to 858 Riceland Foods:  (Mar) Stuttgart 959 ; Pendleton 959 ; West Memphis 979 Chicago Futures: May up 11 1/2 at  952   Jul  up  9  at  949   Sep up 2 3/4  at  905 1/2   Nov up 1/2  at  893   Jan '10 up 1 1/2  at  903   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans managed a firm close with the biggest gains in old crop contracts. Another big purchase by China simply adds concern about tightening old crop stocks. Farmer unrest in Argentina is adding support. Similar actions last year added to importer’s concern about the reliability of Argentina is adding support. Similar actions last year added to importer’s concern about the reliability of Argentina as a soybean supplier. This rally should be seen as a good pricing opportunity, particularly for new crop as long range forecasts suggest bigger stocks will be available next year. Corn was mixed, as the best the market could do was hold on to yesterday’s gains. Recent gains have pulled some corn out of farmer’s hands, and that limited upside. The next major resistance for old crop is near $4.40, and $4.58 for September. Wheat Cash bid for March at Memphis  480 1/4 to 490 1/4; Bids to farmers at Local Elevators 463-488; River Elevators 474-508; Chicago Futures: May down  5  at  550 1/4    Jul down 5 1/4  at  562 1/2    Sep down  5  at  586 3/4    Dec down  4 1/2  at  608 3/4    Mar '10 down  4 1/2  at  624    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   387 1/2 to 394 1/2;   new crop at Memphis   376 to - - -; Bids to farmers at River Elevators  360 to 387 Chicago Futures: May unchanged    at  396 1/2    Jul unchanged    at  407    Sep down  1/4  at  416    Dec down  1/4  at  428    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat was pressured by continued poor export movement and a very competitive situation. Rains moved through part of the drought stricken Plains area but the overall consensus is that it wasn’t enough to really help. Cotton & Rice  Date: March 20, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 121 at  3933   Greenwood up  121 at 3933 New York Futures: May up  121  at  4408    Jul up  118  at  4493    Dec up  114  at  4924    Mar '10 up  106  at  5196    n/a   - - -  at  - - -  This week's LDP rate for cotton is  19.27 cents   The estimate for next week is  19.24 cents Cotton Comment Cotton made further improvement today as the market showed good followthrough on yesterday’s gains. 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  28 1/2  at  1282 1/2    Jul up  25 1/2  at  1299    Sep down  2 1/2  at  1218 1/2    Nov down  5 1/2  at  1225    n/a up  - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice closed mixed with old crop May closing higher. This put May at recent highs just under $13. 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 20, 2009 Cattle As reported by Federal-State Market News, receipts were 8,390 head at sales in Arkansas this week.  Compared with last week, feeder steers sold mostly $5-8 higher, heifers $3-6 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 109.25 to - - -   500 to 550 lbs. 103.25 to - - -   600 to 650 lbs. 94.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 95.50 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 93 to - - -  Medium & Large Frame 2   400 to 450 lbs. 83 to - - - Slaughter Cows, Boners 42   to   48 Light Weight 28 to 33 Bulls, Yield Grade   1   1000   to   2100 lbs.   53   to   58, high dressing 59-62 Midwest Steers   n/a   at   - - -   to   - - - Panhandle Steers   n/a   at   - - -   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 104 to 116.50   600 to 650 lbs. 95.75 to 109.25 Heifers 500 to 550 lbs. 87 to 104   600 to 650 lbs. 82.50 to 96.50 Chicago Futures: Live Cattle: Apr up 45 at 8520   Jun down 27 at 8285 Feeders: May down 35 at 9537   Sep down 27 at 9932 Cattle Comment Cattle followed through on yesterday’s good gains and closed higher to end the week on a good note. 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     steady   at   33   to   33.5 Chicago Futures: Apr down 30 at 6175   Jun down 117 at 7377 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs closed lower as the market tested support at the bottom of a shallow consolidation area. 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 20, 2009 Eggs New York:  Ex. Lg. 104-108; Lg. 102-106; 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 entering the weekend was light to fair with limited trading. 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. 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