03/30/2009 Farm Bureau Market Report

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Grain & Soybean Date: March 30, 2009 Soybeans Local Elevators: (Mar) EAST AR:  887 to 902 (NC) Summ. 762 to 787 River Elevators: (Mar) MISS: 917 to 995 ; AR & White 884 to 899 (NC) Summ. 774 to 807 Ark. Processor Bids: (Mar) 901 to 902  (NC) 782 to 787 Memphis:  (Mar) 914 1/2 to 919 1/2 (NC)  807 to - - - Riceland Foods:  (Mar) Stuttgart 902 ; Pendleton 902 ; West Memphis 922 Chicago Futures: May down 12 1/2 at  904 1/2   Jul  down  13 1/4  at  902   Sep down 17 1/4  at  854 1/2   Nov down 18 3/4  at  842   Jan '10 down 19  at  852 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans was hit by another round of selling ahead of tomorrow’s reports. A stronger $, weaker crude oil and sharp declines on Wall Street all weighed on the commodity markets, particularly soybeans. Early estimates for soybean plantings range from 75.9 million to 81.5 million acres, with an average of 79.3 million acres. Anything above the 79 to 80 million acre range is likely to push beans toward the recent low of $7.84. The market may have already accounted for this in recent days, as trading has certainly favored corn. Corn was just a little lower going into tomorrow’s report. The current price ratio of November beans to December corn is just over 2 to 1. Of course weather, plantings conditions and finance options will also figure into the final decision. But at current price levels corn comes out on top with respect to the bottom line. Wheat Cash bid for March at Memphis  447 1/2 to 449 1/2; Bids to farmers at Local Elevators 426-450; River Elevators 437-470; Chicago Futures: May up  5 1/4  at  512 1/2    Jul up 5 1/4  at  525 1/4    Sep up  5 3/4  at  551 1/2    Dec up  5  at  574 1/2    Mar '10 up  1  at  590 1/2    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for March at Memphis  565 to 583; Bids to farmers at River Elevators 469-550; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for March at Memphis   381 1/4 to - - -;   new crop at Memphis   366 to - - -; Bids to farmers at River Elevators  351 to 376 Chicago Futures: May down  3/4  at  386 1/4    Jul down  3/4  at  396 3/4    Sep down  1  at  406    Dec down  1  at  418 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures ended a bit higher. Flooding is expected to significantly reduce the spring wheat crop in the Northern Plains. Much needed precipitation came in the form of show in Kansas, probably improving the condition of the crop somewhat. Volume was light today ahead of tomorrow’s acreage report and especially Thursday’s quarterly stocks report. Cotton & Rice  Date: March 30, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 105 at  3964   Greenwood up  105 at 3964 New York Futures: May up  105  at  4439    Jul up  113  at  4544    Dec up  105  at  4977    Mar '10 up  106  at  5270    n/a up  - - -  at  - - -  This week's LDP rate for cotton is  18.17 cents   The estimate for next week is  18.54 cents Cotton Comment Cotton made a late rally to put 100 points on all contracts. There is obviously a demand problem as the market continues to trade at extremely low levels. With a loan rate of 52 cents the market will need to be above 60 cents to offer producers any real advantage. That doesn’t appear to be in the cards, near term. If tomorrow’s intentions report throws the market a curve ball, it could help start a revival, but in any case it will be a while before the market makes any significant gains. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: May down  36  at  1201 1/2    Jul down  36 1/2  at  1223 1/2    Sep down  17 1/2  at  1174 1/2    Nov down  20  at  1190    - - - up  - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice was sharply lower again today, but remains in the overall sideways pattern that has dominated trading for much of the past 10 weeks. There is little indication the market is ready to make any long term move. Medium grain rice continues to steal the show, but the mid-South seed supply is limited. Long grain export sales got a boost with last week’s confirmed sales to Iraq, but the market needs more. There is still concern that Thailand will release government intervention stocks into the market at any time. This year’s plantings are expected to be up slightly from last year, but who knows. Some decisions will be made on the fly – depending on weather and planting conditions. Cattle & Hogs  Date: March 30, 2009 Cattle As reported by Federal-State Market News, receipts were 2,381 head at sales in Ash Flat, Springdale & Ola.  Compared with last week, feeder steers sold steady, heifers steady to $3 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 110.75 to - - -   500 to 550 lbs. 102.25 to - - -   600 to 650 lbs. 92 to - - -  Medium & Large Frame 2   400 to 450 lbs. 99.50 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 99.75 to - - -  Medium & Large Frame 2   400 to 450 lbs. 83.25 to - - - Slaughter Cows, Boners 42   to   48 Light Weight 31 to 39 Bulls, Yield Grade   1   1000   to   2100 lbs.   54   to   60.50, high dressing 60.50-67.50 Midwest Steers   were $1 lower to $1 higher   at   80   to   84 Panhandle Steers   were $1 lower to $1 higher   at   82   to   84 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 150 at 8282   Jun down 150 at 8007 Feeders: May down 125 at 9305   Sep down 95 at 9677 Cattle Comment Cattle futures were lower today following weakness in the stock market. Demand concerns continue to plague the market as well. 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 up 7 at 6055   Jun down 42 at 7097 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs were mostly lower on weakness in the stock market and continued demand worries. A sharp drop in cutout values last week is expected to curtail packer demand. Poultry  Date: March 30, 2009 Eggs New York:  Ex. Lg. 116-120; Lg. 114-118; Med. 86-90; Chicago:  Ex. Lg. 103-111; Lg. 101-109; 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 at best. Demand following the weekend was no better than fair for upcoming first of the month business. Supplies of all sizes were mostly sufficient 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