04/06/2009 Farm Bureau Market Report

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Grain & Soybean Date: April 06, 2009 Soybeans Local Elevators: (Apr) EAST AR:  969 to 984 (NC) Summ. 932 to 967 River Elevators: (Apr) MISS: 984 to 1009 ; AR & White 968 to 983 (NC) Summ. 847 to 878 Ark. Processor Bids: (Apr) 984 to - - -  (NC) 852 to 857 Memphis:  (Apr) 1006 to - - - (NC)  877 to - - - Riceland Foods:  (Apr) Stuttgart 984 ; Pendleton 984 ; West Memphis 1004 Chicago Futures: May down 1 1/2 at  994   Jul  down  1 3/4  at  993 1/2   Sep down 9 1/4  at  937   Nov down 11 1/4  at  912   Jan '10 down 10 1/2  at  921 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybean prices closed the day with marginal declines in old crop contracts, but down more than a dime on most new crop contracts. Continued news of disappointing yields out of South America continue to support old crop prices, while some weather concerns are beginning to be factored in on new crop beans. Wetter than usual conditions across much of the Midwest has some concerned that more soybeans will be planted. While it’s a little early for planting concerns the current conditions support a delayed start to the growing season. Corn prices posted modest gains mainly due to weather concerns that fewer acres of corn will be planted due to the wet conditions in parts of the Midwest. Strengthening oil prices also added support for higher prices. However, if soybean prices continue to weaken it will be difficult for corn not to follow. Wheat Cash bid for April at Memphis  483 to 497; Bids to farmers at Local Elevators 469-494; River Elevators 483-514; Chicago Futures: May down  6 1/2  at  557    Jul down 6 3/4  at  569    Sep down  6 1/4  at  594 1/4    Dec down  5 3/4  at  616 3/4    Mar '10 down  6  at  631    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for April at Memphis  551 to 563; Bids to farmers at River Elevators 503-583; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for April at Memphis   400 1/2 to 405 1/2;   new crop at Memphis   384 3/4 to - - -; Bids to farmers at River Elevators  372 to 401 Chicago Futures: May up  1  at  405 1/2    Jul up  1  at  415 3/4    Sep up  1 1/4  at  424 3/4    Dec up  1 1/4  at  436 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat prices posted modest losses, as soybean prices weakened. While from a technical point wheat prices look strong, it’s having a difficult time finding any fundamental support for higher prices. However, potential for freezing temperatures across much of the south and continued wet conditions are beginning to provide some much needed support to wheat prices. Cotton & Rice  Date: April 06, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis down 57 at  4303   Greenwood down  57 at 4303 New York Futures: May down  57  at  4703    Jul down  57  at  4786    Dec down  32  at  5237    Mar '10 down  7  at  5548    - - -   - - -  at  - - -  This week's LDP rate for cotton is  17.47 cents   The estimate for next week is  15.94 cents Cotton Comment Cotton prices closed the day mostly lower, with December cotton closing just above the 52-cent level. With both financial and commodity markets closing down cotton was unable to sustain last weeks gains. Continued dry conditions across much of the growing region in Texas continue to add some support to prices. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: May up  10  at  1288    Jul up  4 1/2  at  1306    Sep down  2  at  1229 1/2    Nov down  1 1/2  at  1232    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice again closed mixed with old crop contracts higher and new crop slightly lower. A Vietnam export ban is supporting old crop prices as demand is expected to strengthen, however, larger plantings in ’09 is bearish for new crop prices. For now look for resistance for May futures at $13 and September around $12.50. Cattle & Hogs  Date: April 06, 2009 Cattle As reported by Federal-State Market News, receipts were 3,291 head at sales in Ash Flat, Springdale & Ola.  Compared with last week, feeder steers sold steady to $2 higher, heifers sold unevenly, near steady . Steers:  Medium & Large Frame 1   400 to 450 lbs. 111.25 to - - -   500 to 550 lbs. 105.50 to - - -   600 to 650 lbs. 96.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 107.25 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 95.25 to - - -  Medium & Large Frame 2   400 to 450 lbs. 89 to - - - Slaughter Cows, Boners 44   to   51 Light Weight 38 to 42.50 Bulls, Yield Grade   1   1000   to   2100 lbs.   55   to   61, high dressing 62-67.50 Midwest Steers   were $.50 lower to $2.50 higher   at   80.50   to   84.50 Panhandle Steers   were $2-3 higher   at   83   to   85 Oklahoma City Feeders Steers n/a to - - - lbs. - - - to - - -   n/a to - - - lbs. - - - to - - - Heifers 500 to 550 lbs. 98.50 to 102.50   600 to 650 lbs. 93 to 97 Chicago Futures: Live Cattle: Jun up 20 at 8437   Aug up 27 at 8507 Feeders: May up 55 at 9595   Sep up 50 at 10020 Cattle Comment Cattle prices posted modest gains today. Gains were limited by losses in the financial markets and strengthening dollar. Seasonal demand is also giving the market a boost. Hogs Peoria: were     steady   at   34.5   to   35 Chicago Futures: Jun down 90 at 7275   Aug down 32 at 7377 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog prices tumbled today giving back some of last weeks gains. However, demand is expected to improve as the summer grilling season approaches. Poultry  Date: April 06, 2009 Eggs New York:  Ex. Lg. 131-135; Lg. 129-133; Med. 86-90; Chicago:  Ex. Lg. 119-127; Lg. 117-125; 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 mostly steady. Supplies of all sizes were usually 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