04/03/2009 Farm Bureau Market Report

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Grain & Soybean Date: April 03, 2009 Soybeans Local Elevators: (Apr) EAST AR:  971 to 986 (NC) Summ. 843 to 868 River Elevators: (Apr) MISS: 986 to 1011 ; AR & White 969 to 984 (NC) Summ. 857 to 888 Ark. Processor Bids: (Apr) 986 to - - -  (NC) 863 to 868 Memphis:  (Apr) 1007 1/2 to - - - (NC)  888 1/4 to - - - Riceland Foods:  (Apr) Stuttgart 986 ; Pendleton 986 ; West Memphis 1006 Chicago Futures: May up 18 1/2 at  995 1/2   Jul  up  18 1/4  at  995 1/4   Sep up 12 3/4  at  946 1/4   Nov up 7 3/4  at  923 1/4   Jan '10 up 7 1/2  at  932   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment After trading mixed most of the day soybeans benefited from a late rally that added gains of 8 to 10. That pulled new crop contacts to the positive side. Old crop traded higher throughout session supported by tightening of available stocks and poor yields in South America. Soybeans are continuing to gain relative to corn, suggesting some of this year’s unaccounted acreage may end up in beans. November closed above the recent high of $9.13 and could move toward the early February high of $9.58 ½. Corn closed slightly higher after a late flurry. Corn has moved to the top of recent consolidation patterns and is ready to either move higher or back to the bottom of the consolidation area. If soybeans show followthrough on recent gains, then corn is going to follow. September has additional resistance just under $4.60. Wheat Cash bid for April at Memphis  494 1/2 to 503 1/2; Bids to farmers at Local Elevators 476-501; River Elevators 490-521; Chicago Futures: May up  13  at  563 1/2    Jul up 13  at  575 3/4    Sep up  13 1/4  at  600 1/2    Dec up  12  at  622 1/2    Mar '10 up  12  at  637    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for April at Memphis  553 to 562; Bids to farmers at River Elevators 501-582; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for April at Memphis   397 1/2 to 404 1/2;   new crop at Memphis   383 1/2 to - - -; Bids to farmers at River Elevators  369 to 400 Chicago Futures: May up  2  at  404 1/2    Jul up  2  at  414 3/4    Sep up  1 1/2  at  423 1/2    Dec up  1 3/4  at  435 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat futures posted solid gains again today, mostly on weather concerns. Wet, cold weather is delaying spring wheat planting and dry conditions in the Southern Plains have cut into yield projections in hard red winter wheat country as well. July broke through resistance at the $5.73 which has held the market for the last few months. The next hurdle will be around $6. Cotton & Rice  Date: April 03, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 147 at  4360   Greenwood up  14 at 4360 New York Futures: May up  145  at  4760    Jul up  136  at  4843    Dec up  119  at  5269    Mar '10 up  119  at  5555    - - -   - - -  at  - - -  This week's LDP rate for cotton is  17.47 cents   The estimate for next week is  16.44 cents Cotton Comment Cotton staged a rally to push all contracts higher with December closing well above 52 cents. Resistance at 57 cents would be the next likely target. The third year of smaller plantings is beginning to push the market. Producers are expected to plant 8.81 million acres, about 660.000 acres less that ’08. While down plantings are projected to be higher than pre-report estimates. With over half the crop in Texas, there is concern that dry conditions there will prevail and abandonment will be large. Even with current economic conditions, next year’s stocks are expected to be lower. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: May up  15  at  1278    Jul up  15  at  1301 1/2    Sep down  2  at  1231 1/2    Nov down  1  at  1233 1/2    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice closed mixed with old crop contracts higher and new crop slightly lower. Larger plantings in ’09 should not add enough production to really impact the market. For now an export ban in Vietnam is essentially giving the U.S. and others a brief opportunity to close some sales. There is concern that Thailand will release intervention stocks into the market at some point. For now look for resistance for May futures at $13 and September around $12.50. Cattle & Hogs  Date: April 03, 2009 Cattle As reported by Federal-State Market News, receipts were 8,060 head at sales in Arkansas this week.  Compared with last week, feeder steers sold mostly $1-3 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 115 to - - -   500 to 550 lbs. 105 to - - -   600 to 650 lbs. 97 to - - -  Medium & Large Frame 2   400 to 450 lbs. 107 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 97 to - - -  Medium & Large Frame 2   400 to 450 lbs. 87.50 to - - - Slaughter Cows, Boners 46   to   52 Light Weight 30 to 38 Bulls, Yield Grade   1   1000   to   2100 lbs.   55   to   62, high dressing 62-67.50 Midwest Steers   remained   at   81   to   82 Panhandle Steers   remained   at   81   to   82 Oklahoma City Feeders Steers 500 to 550 lbs. 107.50 to 117   600 to 650 lbs. 99 to 107.75 Heifers 500 to 550 lbs. 90 to 102.25   600 to 650 lbs. 86 to 94.50 Chicago Futures: Live Cattle: Jun up 117 at 8417   Aug up 82 at 8480 Feeders: May up 105 at 9670   Sep up 100 at 9970 Cattle Comment Cattle futures were higher again today. Fund buying gave the market a boost as investors are beginning to think the economy has bottomed. Seasonal demand is also expected to give the market a boost. Hogs Peoria: were     steady   at   33   to   35 Chicago Futures: Jun up 155 at 7365   Aug up 112 at 7410 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs ended higher on fund buying and significant improvement in cutout values over the past week. Seasonal demand is expected to pick up, giving the market a boost as well. Poultry  Date: April 03, 2009 Eggs New York:  Ex. Lg. 131-135; Lg. 129-133; 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 entering the weekend was no better than fair with trading usually limited to regular commitments. Supplies of all sizes were mostly adequate 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