03/23/2009 Farm Bureau Market Report

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Grain & Soybean Date: March 23, 2009 Soybeans Local Elevators: (Mar) EAST AR:  946 to 963 (NC) Summ. 816 to 841 River Elevators: (Mar) MISS: 956 to 983 ; AR & White 941 to 956 (NC) Summ. 827 to 861 Ark. Processor Bids: (Mar) 952 to 963  (NC) 836 to 841 Memphis:  (Mar) 975 1/2 to 977 1/2 (NC)  855 1/2 to 860 1/2 Riceland Foods:  (Mar) Stuttgart 963 ; Pendleton 963 ; West Memphis 983 Chicago Futures: May up 3 1/2 at  955 1/2   Jul  up  3  at  952   Sep up 3  at  908 1/2   Nov up 2 1/2  at  895 1/2   Jan '10 up 3 1/2  at  906 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans traded higher most of the session, before losing momentum late. This pattern was seen several times last week and suggests upside may be limited, and the upturning be short lived. Outiside interest: Wall Street, the dollar, crude oil, etc. are definitely influencing the current trade. Unrest among Argentina farmers is also positive for the U.S. bean market. November has resistance just below $9.60. Corn reversal gains to close slightly lower as May again hit resistance just above $4. Farmer selling has tended to increase on previous moves above $4. Today it appears that late selling trumped gains in crude oil, which normally suggests increased profit potential for ethanol. Wheat Cash bid for March at Memphis  479 1/4 to 489 1/4; Bids to farmers at Local Elevators 462-487; River Elevators 474-507; Chicago Futures: May down  1  at  549 1/4    Jul down 3/4  at  561 3/4    Sep down  1/2  at  586 1/4    Dec down  3/4  at  608    Mar '10 down  1/4  at  623 3/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for March at Memphis  590 to - - -; Bids to farmers at River Elevators 485-566; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for March at Memphis   386 1/2 to 390 1/2;   new crop at Memphis   375 1/2 to - - -; Bids to farmers at River Elevators  360 to 386 Chicago Futures: May down  1  at  395 1/2    Jul down  1  at  406    Sep down  1/2  at  415 1/2    Dec down  3/4  at  427 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat was fractionally lower. This market continues to feel pressure from poor export movement and a very competitive situation. Weather worries are still limiting the downside. Cotton & Rice  Date: March 23, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 95 at  4028   Greenwood up  95 at 4028 New York Futures: May up  95  at  4503    Jul up  104  at  4597    Dec up  103  at  5027    Mar '10 up  115  at  5311    - - -   - - -  at  - - -  This week's LDP rate for cotton is  19.27 cents   The estimate for next week is  18.74 cents Cotton Comment Cotton continued gains from late last week with December closing above 50 cents. Long term the market will need to be in the 60-62 cent range to mean much to producers, and substantially higher to really encourage production. That won’t likely happen until late in the year or perhaps early next year. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: May down  14  at  1268 1/2    Jul down  13 1/2  at  1285 1/2    Sep up  1  at  1219 1/2    Nov up  3 1/2  at  1228 1/2    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice tested the $13 level again today, but failed to hold that area and closed lower in the old crop contract months. Last week’s confirmed sale to Iraq was a big deal which helps put the industry back on track at least for the time being. Upside potential seems limited, with concern over building government intervention stocks in Thailand and the possibility that India will lift their long term export ban. Cattle & Hogs  Date: March 23, 2009 Cattle As reported by Federal-State Market News, receipts were 4,195 head at sales in Ash Flat, Springdale & Ola.  Compared with last week, feeder steers sold mostly steady to $2 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 113.50 to - - -   500 to 550 lbs. 107.25 to - - -   600 to 650 lbs. 96.75 to - - -  Medium & Large Frame 2   400 to 450 lbs. 105.50 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 93.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 88.50 to - - - Slaughter Cows, Boners 38   to   45 Light Weight 30 to 36 Bulls, Yield Grade   1   1000   to   2100 lbs.   50   to   58.50, high dressing 58.50-63.50 Midwest Steers   were $2 lower to $4 higher   at   78   to   84 Panhandle Steers   were $1-3 higher   at   81   to   83 Oklahoma City Feeders Steers n/a to - - - lbs. - - - to - - -   n/a to - - - lbs. - - - to - - - Heifers n/a to - - - lbs. - - - to - - -   n/a to - - - lbs. - - - to - - - Chicago Futures: Live Cattle: Apr up 75 at 8595   Jun up 55 at 8340 Feeders: May up 67 at 9605   Sep up 57 at 9990 Cattle Comment Cattle posted solid gains in reaction to the monthly cattle on feed report. Placements were down 3% and the total on-feed inventory was down 5% to the lowest level for March 1 in 4 years. The problem for this market is on the demand side of the equation. Hogs Peoria: were     steady   at   33   to   33.5 Chicago Futures: Apr down 110 at 6065   Jun down 115 at 7262 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs posted sharp losses early, but closed near the middle of the day’s trading range. June found support at $71.60, the bottom of the recent consolidation range, so no real technical damage was done. This market is carrying a premium to cash, and that is limiting upside potential. Poultry  Date: March 23, 2009 Eggs New York:  Ex. Lg. 104-108; Lg. 102-106; Med. 86-90; Chicago:  Ex. Lg. 94-102; Lg. 92-100; Med. 77-85; Eastern Region Turkeys Hens: 8-16 lbs. 74-77 Toms: 16-24lbs. 74-77   Delmarva Broilers U.S. Grade A Trade sentiment was steady to about steady. Demand following the weekend was light to fair with trading usually limited to regular commitments. Supplies of all sizes were at least adequate to satisfy current 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