04/01/2009 Farm Bureau Market Report

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Grain & Soybean Date: April 01, 2009 Soybeans Local Elevators: (April) EAST AR:  927 to 942 (NC) Summ. 812 to 837 River Elevators: (April) MISS: 931 to 967 ; AR & White 928 to 943 (NC) Summ. 826 to 857 Ark. Processor Bids: (April) 942 to - - -  (NC) 832 to 837 Memphis:  (April) 964 to - - - (NC)  857 to - - - Riceland Foods:  (April) Stuttgart 942 ; Pendleton 942 ; West Memphis 962 Chicago Futures: May unchanged at  952   Jul  up  1  at  951 1/2   Sep up 1/2  at  907   Nov unchanged   at  892   Jan '10 down 3/4  at  901 1/4   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans were narrowly mixed, failing to hold early followthrough gains. Profit taking pressured the market after big gains yesterday. Mixed outside markets also gave mixed signals as crude oil declined, while equities turned higher. The general feeling is funds got involved in the market late yesterday on inflation talk. It is obvious that pre-report indications were well off the mark for what USDA survey numbers showed. The question is how much of the over 5 million acres of unaccounted for cropland will end being planted to soybeans. Key resistance remains $9.13 and $9.58 1/2. Corn couldn’t sustain yesterday’s late gains as profit taking moved the market lower. Yesterday’s reports suggest there will be sufficient corn available in the 09/10 marketing year unless there are planting delays and/or significant crop problems. Current September report is $4. Wheat Cash bid for April at Memphis  462 1/2 to 466 1/2; Bids to farmers at Local Elevators 438-463; River Elevators 452-483; Chicago Futures: May down  7 1/4  at  525 1/2    Jul down 7  at  538 1/4    Sep down  6 1/4  at  563 1/4    Dec down  6 3/4  at  586 3/4    Mar '10 down  6 3/4  at  602 1/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for April at Memphis  546 to 573; Bids to farmers at River Elevators 487-567; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for April at Memphis   391 to - - -;   New crop at Memphis   375 1/4 to - - -; Bids to farmers at River Elevators  361 to 386 Chicago Futures: May down  8 3/4  at  396    Jul down  8 1/2  at  406 1/4    Sep down  8 3/4  at  415 1/4    Dec down  8 1/2  at  427 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat retraced a portion of yesterday’s gains, mostly on profit taking. The market remains in a sideways trading pattern, and the upside will likely remain limited as U.S. exports aren’t able to compete globally. July has resistance at $5.73, the top of the recent trading range. Initial support is between $5.12 and $5.14. Cotton & Rice  Date: April 01, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 7 at  4215   Greenwood up  7 at 4215 New York Futures: May down  32  at  4615    Jul down  29  at  4706    Dec down  21  at  5135    Mar '10 down  11  at  5439    - - -   - - -  at  - - -  This week's LDP rate for cotton is  18.17 cents   The estimate for next week is  17.76 cents Cotton Comment Cotton was slightly lower as the market failed to followthrough on yesterday’s big gains. 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 down  17  at  1224    Jul down  16  at  1248 1/2    Sep down  25  at  1187    Nov down  18  at  1206    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice was lower for the day as the market remains locked in a 3 month trading range. The market seems satisfied with yesterday’s report that projected rice plantings 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: April 01, 2009 Cattle As reported by Federal-State Market News, receipts were 1013 head at sales in Conway and Pocahontas.  Compared with last week, feeder steers calves sold weak to $3 lower, yearlings firm to $2 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 108.75 to - - -   500 to 550 lbs. 104.25 to - - -   600 to 650 lbs. 96.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 90.25 to - - - Heifers:  Medium & Large Frame 1   500 to 550 lbs. 87.25 to - - -  Medium & Large Frame 2   400 to 450 lbs. 82.00 to - - - Slaughter Cows, Boners 45   to   51.50 Light Weight 32 to 38 Bulls, Yield Grade   1   1000   to   2100 lbs.   58   to   62 Midwest Steers   remained   at   81   to   - - - Panhandle Steers   were quoted   at   81   to   - - - Oklahoma City Feeders Steers 550 to 600 lbs. 105.75 to 108.75   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: Jun down 32 at 8137   Aug down 10 at 8235 Feeders: May down 30 at 9395   Sep down 37 at 9750 Cattle Comment Cattle futures were mixed. 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   33   to   35 Chicago Futures: Jun down 95 at 7145   Aug down 80 at 7257 Sheep St. Paul n/a   at   - - -   to   - - - Hogs Comment Hogs ended lower on ideas yesterday’s gains were overdone. Demand concerns continue to limit the upside for hogs as well. Poultry  Date: April 01, 2009 Eggs New York:  Ex. Lg. 124-128; Lg. 122-126; Med. 86-90; Chicago:  Ex. Lg. 103-111; Lg. 101-109; Med. 77-85; Eastern Region Turkeys Hens: 8-16 lbs. 74-78 Toms: 16-24 lbs. 74-78   Delmarva Broilers U.S. Grade A Trade sentiment was steady at best. Demand for mid week was no better than fair with trading limited to regular commitment. Supplies of all sizes were at least adequate to satisfy 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