03/31/2009 Farm Bureau Market Report

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Grain & Soybean Date: March 31, 2009 Soybeans Local Elevators: (Mar) EAST AR:  934 to 949 (NC) Summ. 812 to 837 River Elevators: (Mar) MISS: 942 to 969 ; AR & White 926 to 941 (NC) Summ. 824 to 857 Ark. Processor Bids: (Mar) 942 to 949  (NC) 832 to 837 Memphis:  (Mar) 964 to 967 (NC)  857 to - - - Riceland Foods:  (Mar) Stuttgart 949 ; Pendleton 949 ; West Memphis 969 Chicago Futures: May up 47 1/2 at  952   Jul  up  48 1/2  at  950 1/2   Sep up 52  at  906 1/2   Nov up 50  at  892   Jan '10 up 49 1/2  at  902   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans were sharply higher as the USDA planting intentions showed only 76 million acres. Pre-report estimates suggest over 79 million acres would go to soybeans this year. In addition the quarterly stocks report was well below year ago levels suggesting demand was better than thought. This also means demand will have to slow or ending stocks will be significantly lower than the current 185 million bushels projection. November should test resistance at recent highs of $9.13 and then $9.58 ½. We could see a bidding war between corn and beans in the next few weeks. Corn was higher despite projected plantings of 85 million acres. That is 1 million acres below last year, but above expectations. Quarterly stocks were up 100 million bushels from a year ago, but below pre report estimates. After brief sell off, corn rallied to close with solid gains. The soybean/corn price ratio continues to favor corn. No doubt weather conditions are also beginning to fuel the corn market. September could move toward resistance near $4.60. Wheat Cash bid for March at Memphis  465 3/4 to 472 3/4; Bids to farmers at Local Elevators 445-470; River Elevators 459-490; Chicago Futures: May up  20 1/4  at  532 3/4    Jul up 20  at  545 1/4    Sep up  18  at  569 1/2    Dec up  19  at  593 1/2    Mar '10 up  18 1/2  at  609    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for March at Memphis  598 to 603; Bids to farmers at River Elevators 503-583; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for March at Memphis   399 3/4 to - - -;   new crop at Memphis   384 to - - -; Bids to farmers at River Elevators  370 to 395 Chicago Futures: May up  18 1/2  at  404 3/4    Jul up  18  at  414 3/4    Sep up  18  at  424    Dec up  17 1/2  at  435 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures posted sharp gains even though today’s reports didn’t change the outlook all that much. The USDA total wheat acreage estimate came in within 200,000 acres of the average trade guess at 58.638 million acres. The stocks report showed more than 1 billion bushels on hand March 1, which wasn’t a surprising number. Cotton & Rice  Date: March 31, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 258 at  4222   Greenwood up  258 at 4222 New York Futures: May up  208  at  4647    Jul up  191  at  4735    Dec up  179  at  5156    Mar '10 up  180  at  5450    - - -   - - -  at  - - -  This week's LDP rate for cotton is  18.17 cents   The estimate for next week is  18.24 cents Cotton Comment Cotton made the biggest gain in several months despite planting intentions that exceeded expectations. USDA projected a ’09 crop of 8.81 million acres compared to 9.47 in ’08. Over 53% of the acreage will be in Texas, where drought conditions could lead to heavy abandonment. December closed above initial resistance and should test the next resistance at 52 cents. Longer term a move to early January high of 57.2 cents is possible. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: May up  39 1/2  at  1241    Jul up  39 1/2  at  1264 1/2    Sep up  37 1/2  at  1212    Nov up  34  at  1224    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice plantings were projected 6% higher at 3.18 million acres. Arkansas and Missouri plantings were up 13% with 1.58 million acres projected for Arkansas. That included a 9% increase in long grain and a 60% increase to 160,000 acres of medium grain. Both old and new crop contracts moved higher despite the higher plantings intentions. May will likely test resistance around $13, while September could challenge the recent high at $12.30. Above that is resistance at $12.47 and $12.86. Cattle & Hogs  Date: March 31, 2009 Cattle As reported by Federal-State Market News, receipts were n/a head at sales in - - -.  Compared with last week, feeder steers sold 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 higher to $3 lower   at   81   to   - - - Panhandle Steers   n/a   at   - - -   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 109.25 to 112.50   600 to 650 lbs. 103 to 107.75 Heifers 500 to 550 lbs. 97.50 to 102.25   n/a to - - - lbs. - - - to - - - Chicago Futures: Live Cattle: Apr up 110 at 8392   Jun up 162 at 8170 Feeders: May up 120 at 9425   Sep up 110 at 9787 Cattle Comment Cattle futures ended higher on profit taking and carryover strength from outside markets. Demand concerns continue to plague the market. 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 20 at 6035   Jun up 142 at 7240 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs posted gains as well, also supported by gains on Wall Street. A sharp drop in cutout values last week is expected to curtail packer demand. Poultry  Date: March 31, 2009 Eggs New York:  Ex. Lg. 120-124; Lg. 118-122; 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 was no better than fair with limited trading. Supplies of all sizes were adequate to satisfy current trade requirements. 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