04/02/2009 Farm Bureau Market Report

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Grain & Soybean Date: April 02, 2009 Soybeans Local Elevators: (Apr) EAST AR:  952 to 967 (NC) Summ. 836 to 861 River Elevators: (Apr) MISS: 967 to 992 ; AR & White 951 to 966 (NC) Summ. 849 to 881 Ark. Processor Bids: (Apr) 967 to - - -  (NC) 856 to 861 Memphis:  (Apr) 989 to - - - (NC)  880 1/2 to - - - Riceland Foods:  (Apr) Stuttgart 967 ; Pendleton 967 ; West Memphis 987 Chicago Futures: May up 25 at  977   Jul  up  25 1/2  at  977   Sep up 26 1/2  at  933 1/2   Nov up 23 1/2  at  915 1/2   Jan '10 up 23 1/4  at  924 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans posted solid gains today. A positive export report kicked the day off with USDA reporting 22 million bushels of old crop and 21.4 million bushels of new crop beans were sold for export this week. Carryover strength from both crude oil and the stock market also gave the market a boost. Key resistance remains $9.13 and $9.58 1/2. A good export report was also at play in the corn pit today. USDA reported 49.6 million bushels of corn sold last week. The weather is starting to be a factor as well. Cool, wet weather is expected to continue through the middle of the country for the next 10 days, which could delay fieldwork. Current September support is $4. Wheat Cash bid for April at Memphis  477 1/2 to 487 1/2; Bids to farmers at Local Elevators 463-488; River Elevators 477-508; Chicago Futures: May up  25  at  550 1/2    Jul up 24 1/2  at  562 3/4    Sep up  24  at  587 1/4    Dec up  23 3/4  at  610 1/2    Mar '10 up  22 3/4  at  625    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for April at Memphis  537 to 585; Bids to farmers at River Elevators 498-578; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for April at Memphis   397 1/2 to 402 1/2;   new crop at Memphis   382 to - - -; Bids to farmers at River Elevators  367 to 398 Chicago Futures: May up  6 1/2  at  402 1/2    Jul up  6 1/2  at  412 3/4    Sep up  6 3/4  at  422    Mar '10 up  6 1/2  at  445 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat posted solid gains despite a lackluster export report. USDA said that 14.1 million bushels were sold to foreign buyers last week. The market remains in a sideways trading pattern, and the upside will likely remain limited if 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 02, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis down 2 at  4213   Greenwood down  2 at 4213 New York Futures: May down  2  at  4613    Jul down  1  at  4705    Dec up  13  at  5148    Mar '10 down  5  at  5434    - - -   - - -  at  - - -  This week's LDP rate for cotton is  18.17 cents   The estimate for next week is  17.47 cents Cotton Comment Cotton ended mixed. The export report came in ahead of expectations at 432,400 bales, old-crop/new-crop combined. 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 higher and should test the next resistance at 52 cents. Longer term a move to the 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  at  1263    Jul up  38  at  1286 1/2    Sep up  46 1/2  at  1233 1/2    Nov up  28 1/2  at  1234 1/2    n/a up  - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice posted solid gains today. The market seems satisfied with USDA’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 02, 2009 Cattle As reported by Federal-State Market News, receipts were 2,473 head at sales in Charlotte, Ratcliff & Green Forest.  Compared with last week, feeder steers sold steady to $2 lower, heifers sold steady to instacnes $2 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 117 to - - -   500 to 550 lbs. 108 to - - -   600 to 650 lbs. 97.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 102.75 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 94.75 to - - -  Medium & Large Frame 2   400 to 450 lbs. 87 to - - - Slaughter Cows, Boners 42   to   48 Light Weight 34 to 39 Bulls, Yield Grade   1   1000   to   2100 lbs.   54   to   60, high dressing 61-64 Midwest Steers   were steady to $1 higher   at   81   to   82 Panhandle Steers   were steady to $1 higher   at   81   to   82 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: Jun up 162 at 8300   Aug up 162 at 8397 Feeders: May up 170 at 9565   Sep up 120 at 9870 Cattle Comment Cattle futures were solidly higher on carryover strength from Wall Street and crude oil. 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 up 65 at 7210   Aug up 40 at 7297 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs posted gains in most contracts today as well, also on carryover strength from the stock market and crude oil. Demand concerns continue to limit the upside for hogs as well. Poultry  Date: April 02, 2009 Eggs New York:  Ex. Lg. 130-134; Lg. 128-132; 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 approaching the weekend was no better than fair with limited trading. Supplies of all sizes were more than sufficient 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