03/26/2009 Farm Bureau Market Report

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Grain & Soybean Date: March 26, 2009 Soybeans Local Elevators: (Mar) EAST AR:  934 to 951 (NC) Summ. 801 to 826 River Elevators: (Mar) MISS: 939 to 971 ; AR & White 927 to 942 (NC) Summ. 812 to 846 Ark. Processor Bids: (Mar) 940 to 951  (NC) 821 to 826 Memphis:  (Mar) 964 to - - - (NC)  840 1/2 to 845 1/2 Riceland Foods:  (Mar) Stuttgart 951 ; Pendleton 951 ; West Memphis 971 Chicago Futures: May down 7 at  944   Jul  down  5 1/2  at  940 1/2   Sep down 2  at  893   Nov down 1/2  at  880 1/2   Jan '10 down 1/2  at  890 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans closed mixed with pressure on the old crop contracts. This suggests some evening up of bull spreads ahead of next week’s report. Certainly today’s export report was positive with almost 20 million bushels. That puts this year’s total within a 140 million bushels of the USDA projection and we still have over 5 months left in the marketing year. Tight stocks appear to be getting even tighter, but the key to price expectation will likely be next week’s planting intentions report. Anything above 79 million acres would be bearish. Corn made solid gains as this week’s export report exceeded expectations. However, exports remain at about 60% of the previous year. Next week’s planting intentions report remains a key – acreage below 83/84 million acres would be bullish in the long term. Wheat Cash bid for March at Memphis  444 1/2 to 445 1/2; Bids to farmers at Local Elevators 427-452; River Elevators 439-472; Chicago Futures: May up  6 1/2  at  514 1/2    Jul up 6 1/4  at  527    Sep up  6 1/4  at  552 1/2    Dec up  6 1/2  at  576 1/4    Mar '10 up  6 1/4  at  591 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for March at Memphis  582 to - - -; Bids to farmers at River Elevators 478-558; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for March at Memphis   381 3/4 to 385 3/4;   new crop at Memphis   370 1/2 to - - -; Bids to farmers at River Elevators  356 to 381 Chicago Futures: May up  5  at  390 3/4    Jul up  5  at  401 1/4    Sep up  5 1/4  at  410 1/2    Dec up  5 1/4  at  422 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures recovered a bit from recent losses. Export sales were well above the weekly pace needed to reach USDA’s marketing year projection, and that got the market off to a positive start. A 200,000 metric ton sale of soft red winter announced later in the day also provided support. Cotton & Rice  Date: March 26, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis down 62 at  3921   Greenwood down  62 at 3921 New York Futures: May down  62  at  5396    Jul down  68  at  4489    Dec down  59  at  4934    Mar '10 down  61  at  5316    - - -   - - -  at  - - -  This week's LDP rate for cotton is  19.27 cents   The estimate for next week is  18.17 cents Cotton Comment Cotton was lower today as 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 up  31  at  1261 1/2    Jul up  30 1/2  at  1281 1/2    Sep up  3 1/2  at  1200    Nov down  2 1/2  at  1212    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice bounced back from recent declines to close higher in the old crop contracts. 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 26, 2009 Cattle As reported by Federal-State Market News, receipts were 2,096 head at sales in Charlotte, Ratcliff & Green Forest.  Compared with last week, feeder steers sold $2-6 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 114 to - - -   500 to 550 lbs. 110.50 to - - -   600 to 650 lbs. 106 to - - -  Medium & Large Frame 2   400 to 450 lbs. 107.25 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 94.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 88 to - - - Slaughter Cows, Boners 40   to   45 Light Weight 30 to 35 Bulls, Yield Grade   1   1000   to   2100 lbs.   52   to   57, high dressing 60-63 Midwest Steers   were steady to $1 higher   at   81   to   82 Panhandle Steers   were steady to $2 lower   at   81   to   - - - 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 down 35 at 8427   Jun down 62 at 8185 Feeders: May down 42 at 9495   Sep down 87 at 9835 Cattle Comment Cattle futures posted across-the-board losses again today. 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   34.5   to   35 Chicago Futures: Apr down 72 at 6052   Jun down 95 at 7177 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs were mostly lower on continued demand worries. A sharp drop in cutout values yesterday could affect packer demand this week. Poultry  Date: March 26, 2009 Eggs New York:  Ex. Lg. 112-116; Lg. 110-114; 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 mostly steady. Demand approaching the weekend was no better than fair with limited trading. Supplies of all sizes were sufficient 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