03/25/2009 Farm Bureau Market Report

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Grain & Soybean Date: March 25, 2009 Soybeans Local Elevators: (Mar) EAST AR:  941 to 958 (NC) Summ. 800 to 825 River Elevators: (Mar) MISS: 946 to 978 ; AR & White 937 to 952 (NC) Summ. 812 to 845 Ark. Processor Bids: (Mar) 947 to 958  (NC) 820 to 825 Memphis:  (Mar) 971 to - - - (NC)  840 to 845 Riceland Foods:  (Mar) Stuttgart 958 ; Pendleton 958 ; West Memphis 978 Chicago Futures: May down 16 at  951   Jul  down  17 3/4  at  946   Sep down 17 1/2  at  895   Nov down 16 1/2  at  880   Jan '10 down 17  at  890   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans ended the day with big declines as traders appeared to be evening up their positions ahead of next week’s reports. Quarterly grain stocks and the ’09 planting intentions reports will be released next Tuesday. While a number of private estimates have been released it appears many farmers are still in the “undecided” category. Some won’t decide until the planters are rolling, and weather will still be a big factor as will financing. Soybean plantings will increase over last year, but how much is the question. Anything over 79 million acres will likely be negative long term for price. Corn was lower also. While weather forecasts suggest some delays in getting field work done in the Midwest, they proved last year a lot of acres can be planted in a short time. For now the market is trading a big carryover, and weak export movement compared to a year ago. Tight farmer holding appears to weaken when near term futures hit the $4 or better level. Wheat Cash bid for March at Memphis  438 to 448; Bids to farmers at Local Elevators 421-446; River Elevators 433-466; Chicago Futures: May down  27  at  508    Jul down 26 3/4  at  520 3/4    Sep down  25 3/4  at  546 1/4    Dec down  24 1/2  at  569 3/4    Mar '10 down  24 1/2  at  585 1/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for March at Memphis  573 to - - -; Bids to farmers at River Elevators 469-550; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for March at Memphis   376 3/4 to 380 3/4;   new crop at Memphis   365 1/4 to - - -; Bids to farmers at River Elevators  351 to 376 Chicago Futures: May down  8  at  385 3/4    Jul down  8  at  393 1/4    Sep down  8  at  405 1/4    Dec down  7 3/4  at  417 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat posted double digit losses for the second day in a row. Much needed rains in hard red winter wheat country have led to the sell-off, erasing much of the weather premium that was built in to this market. July did find support at the recent low of $5.19, which is somewhat encouraging. Cotton & Rice  Date: March 25, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 27 at  3983   Greenwood up  27 at 3983 New York Futures: May up  27  at  4458    Jul up  29  at  4557    Dec up  39  at  4993    Mar '10 up  36  at  5280    n/a   - - -  at  - - -  This week's LDP rate for cotton is  19.27 cents   The estimate for next week is  18.26 cents Cotton Comment Cotton was a little higher today, but futures remain well below the loan level. Producers are still on the fence about potential cuts in ’09. Some are swinging back to cotton, because it simply fits their operation. Soil and water considerations, yield history, equipment etc. all have some leaning back toward cotton. No doubt they will watch the market and see if corn and/or soybeans try to claim additional cotton acreage. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: May down  13 1/2  at  1230 1/2    Jul down  12  at  1251    Sep down  12 1/2  at  1196 1/2    Nov down  5 1/2  at  1214 1/2    n/a   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice was again under late pressure as overall stocks remain sufficient. U.S. export movement received a boost with last week’s sale to Iraq, but overall milled sales are behind projections and additional sales are needed. Rough rice sales, while steady also have lagged last year’s pace. Early reports suggest a slight increase in ’09 plantings, but that may not be realized as a result of California water problems. Medium grain seed supplies in Arkansas are limited and germination problems for some may tighten the situation even more. The Plant Board seed committee will address the situation. Cattle & Hogs  Date: March 25, 2009 Cattle As reported by Federal-State Market News, receipts were 909 head at sales in Conway & Pocahontas.  Compared with last week, feeder steers n/a . Steers:  Medium & Large Frame 1   400 to 450 lbs. 109.75 to - - -   500 to 550 lbs. 102.25 to - - -   600 to 650 lbs. 93.75 to - - -  Medium & Large Frame 2   400 to 450 lbs. 94.75 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 93.25 to - - -  Medium & Large Frame 2   400 to 450 lbs. 85 to - - - Slaughter Cows, Boners 42   to   47 Light Weight 28 to 33 Bulls, Yield Grade   1   1000   to   2100 lbs.   55   to   61, high dressing untested Midwest Steers   were quoted   at   81   to   - - - Panhandle Steers   were steady to $2 higher   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. 97 to 99   600 to 650 lbs. 90 to 98.50 Chicago Futures: Live Cattle: Apr down 82 at 8462   Jun down 90 at 8247 Feeders: May down 90 at 9422   Sep down 97 at 9922 Cattle Comment Cattle futures posted across-the-board losses. 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 $1.5     higher   at   34.5   to   35 Chicago Futures: Apr down 10 at 6125   Jun down 42 at 7272 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs were mostly lower on continued demand worries. This market is carrying a premium to cash, and that is limiting upside potential. Poultry  Date: March 25, 2009 Eggs New York:  Ex. Lg. 108-112; Lg. 106-110; 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 fair at best 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 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