03/24/2009 Farm Bureau Market Report

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Grain & Soybean Date: March 24, 2009 Soybeans Local Elevators: (Mar) EAST AR:  957 to 974 (NC) Summ. 817 to 842 River Elevators: (Mar) MISS: 962 to 994 ; AR & White 953 to 968 (NC) Summ. 828 to 862 Ark. Processor Bids: (Mar) 963 to 974  (NC) 837 to 842 Memphis:  (Mar) 987 to - - - (NC)  856 1/2 to 861 1/2 Riceland Foods:  (Mar) Stuttgart 974 ; Pendleton 974 ; West Memphis 994 Chicago Futures: May up 11 1/2 at  967   Jul  up  11 3/4  at  963 3/4   Sep up 4  at  912 1/2   Nov up 1  at  896 1/2   Jan '10 up 1/2  at  907   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans ended mostly higher, led by old crop contracts. The farm strike in Argentina gave the old crop contracts a boost. This situation has been going on for about a year now, and has the potential to affect Argentina’s soybean exports, thus creating marketing opportunities for U.S. beans. This strength carried over into new crop beans as well, but the strength there was limited. Next week’s acreage report is expected to show large U.S. plantings. Anything over 80 million acres will have a real bearish impact on new crop futures. Corn was a bit lower after May failed at resistance at $4 yesterday. Farmer selling has tended to increase on previous moves above $4. So far, the wet forecast for the next week or so in the Midwest isn’t impacting the market, but delays in fieldwork and planting will have a bullish impact if they continue. Wheat Cash bid for March at Memphis  465 to 475; Bids to farmers at Local Elevators 448-473; River Elevators 459-493; Chicago Futures: May down  14 1/4  at  535    Jul down 14  at  547 1/4    Sep down  14 1/4  at  572    Dec down  13 3/4  at  594 1/4    Mar '10 down  14  at  609 3/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for March at Memphis  587 to - - -; Bids to farmers at River Elevators 483-564; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for March at Memphis   384 3/4 to 388 3/4;   new crop at Memphis   373 1/4 to - - -; Bids to farmers at River Elevators  483 to 564 Chicago Futures: May down  1 3/4  at  393 3/4    Jul down  1 3/4  at  404 1/4    Sep down  2 1/4  at  413 1/4    Mar '10 down  1 1/2  at  437    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat posted double digit losses. This market continues to feel pressure from poor export movement and a very competitive situation. The Southern Plains have received some much needed rain, especially in Kansas, improving the condition of the crop there. Cotton & Rice  Date: March 24, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis down 72 at  3956   Greenwood down  72 at 3956 New York Futures: May down  72  at  4431    Jul down  69  at  4528    Dec down  73  at  4954    Mar '10 down  67  at  5244    n/a   - - -  at  - - -  This week's LDP rate for cotton is  19.27 cents   The estimate for next week is  18.34 cents Cotton Comment Cotton turned lower today, with December failing to hold 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  24 1/2  at  1244    Jul down  22 1/2  at  1263    Sep down  10 1/2  at  1209    Nov down  8 1/2  at  1220    n/a   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice was lower across the board. 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 24, 2009 Cattle As reported by Federal-State Market News, receipts were 788 head at sales in Fort Smith.  Compared with last week, feeder steers sold $2-6 higher, heifers steady to $5 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 116.75 to - - -   500 to 550 lbs. 109.75 to - - -   600 to 650 lbs. 96.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 106.75 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 98 to - - -  Medium & Large Frame 2   400 to 450 lbs. 88.50 to - - - Slaughter Cows, Boners 41   to   45.50 Light Weight n/a to - - - Bulls, Yield Grade   1   1000   to   2100 lbs.   55   to   58, high dressing 60-65 Midwest Steers   n/a   at   - - -   to   - - - Panhandle Steers   remained   at   81   to   83 Oklahoma City Feeders Steers 500 to 550 lbs. 111 to 116   600 to 650 lbs. 103.25 to 108.75 Heifers 500 to 550 lbs. 106.25 to 108.50   600 to 650 lbs. 93 to 104.75 Chicago Futures: Live Cattle: Apr down 50 at 8545   Jun down 2 at 8337 Feeders: May up 80 at 9685   Sep up 30 at 10020 Cattle Comment Cattle futures ended mixed. The monthly cattle on feed report provided a boost yesterday. 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. Retailers report it is difficult to keep beef moving through the pipeline. Heavier weight cattle are coming to market as well, meaning more choice cuts are available. Hogs Peoria: were     steady   at   33   to   33.5 Chicago Futures: Apr up 70 at 6135   Jun up 52 at 7315 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs reversed yesterday’s losses. June found support at $71.60 yesterday. That is 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 24, 2009 Eggs New York:  Ex. Lg. 106-110; Lg. 104-108; Med. 86-90; Chicago:  Ex. Lg. 94-102; Lg. 92-100; Med. 77-85; Eastern Region Turkeys Hens: 8-16 lbs. 74-77 Toms: 16-24 lbs. 74-77   Delmarva Broilers U.S. Grade A Trade sentiment was steady to about steady. Demand was no better than fair with limited trading. 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. 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