04/07/2009 Farm Bureau Market Report

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Grain & Soybean Date: April 07, 2009 Soybeans Local Elevators: (Apr) EAST AR:  965 to 980 (NC) Summ. 829 to 854 River Elevators: (Apr) MISS: 980 to 1005 ; AR & White 963 to 978 (NC) Summ. 844 to 874 Ark. Processor Bids: (Apr) 980 to - - -  (NC) 853 to 854 Memphis:  (Apr) 1001 1/2 to - - - (NC)  783 1/2 to - - - Riceland Foods:  (Apr) Stuttgart 980 ; Pendleton 980 ; West Memphis 1000 Chicago Futures: May down 4 1/2 at  989 1/2   Jul  down  5 1/2  at  988   Sep down 6  at  931   Nov down 3 1/2  at  908 1/2   Jan '10 down 6  at  915 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Old crop soybeans looked poised to move higher after moving above $10, as the trade expects U.S. soybean stocks to be cut further in Thursday’s report and also a smaller crop is expected out of Argentina. However, soybeans were unable to hold early gains and fell off sharply during the second half of trading as both the oil market and the stock market continue to slide. As for new crop soybeans, prices declined for a second straight day as many expect a wet spring across the Midwest will lead to more soybean acres. Corn prices were unable to hold on to yesterday’s gains. Despite continued concern of wet conditions lowering corn acres, the bigger news is the weak oil market. Oil prices in the $50 range and corn in the $4+ range make it very difficult to produce ethanol. Ethanol margins are again reported to be in the red. Higher oil prices or lower corn prices are needed to keep ethanol in the pipeline. Wheat Cash bid for April at Memphis  474 3/4 to 481 3/4; Bids to farmers at Local Elevators 452-477; River Elevators 466-497; Chicago Futures: May down  17 1/4  at  539 3/4    Jul down 17 1/4  at  551 3/4    Sep down  16 3/4  at  577 1/2    Dec down  17 3/4  at  599    Mar '10 down  18 1/4  at  612 3/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for April at Memphis  542 to 547; Bids to farmers at River Elevators 487-567; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for April at Memphis   394 1/4 to 396 1/4;   new crop at Memphis   376 to - - -; Bids to farmers at River Elevators  363 to 391 Chicago Futures: May down  9 1/4  at  396 1/4    Jul down  9 1/4  at  406 1/4    Sep down  8 3/4  at  416    Dec down  9 1/4  at  427 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment While reports continue to come in about yield loss due to drought conditions in Texas and Kansas and freezing temperatures in other parts of the Midwest, wheat prices continue to fall. The reason being that U.S. wheat stocks are huge in 2008, due to a lack of export demand. Additionally, 2009 is forecast to see exports fall even further, putting more downward pressure on prices if stocks rise again. Wheat price have given back more than half of the gains experienced after last week’s Perspective Plantings Report. Wheat prices have support at $5.20. Cotton & Rice  Date: April 07, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 5 at  4308   Greenwood up  5 at 4308 New York Futures: May up  5  at  4708    Jul up  5  at  4791    Dec up  12  at  5249    Mar '10 up  21  at  5569    - - -   - - -  at  - - -  This week's LDP rate for cotton is  17.47 cents   The estimate for next week is  15.79 cents Cotton Comment Cotton managed to post modest gains across the board today, despite lower stock prices and weakening oil prices. The market seems hopeful that the recent strength in U.S. cotton exports will continue as U.S. cotton becomes more competitive in the global market; however, a strengthening U.S. dollar may threaten our competitiveness moving forward. Drought conditions across much of Texas continue to be positive for cotton as it threatens a major portion of the U.S. crop. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: May up  3 1/2  at  1290    Jul up  5 1/2  at  1310    Sep down  5  at  1224 1/2    Nov down  1 1/2  at  1230 1/2    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice prices continue to trade mixed, with old crop rice posting modest gains and new crop prices continue to slide. With little new fundamental news the market continues to expect stronger demand due to a Vietnam export ban and larger supplies in 2009 pressuring prices lower. May futures continue to face resistance at $13, and September around $12.50. Cattle & Hogs  Date: April 07, 2009 Cattle As reported by Federal-State Market News, receipts were 788 head at sales in Fort Smith & Heber Springs.  Compared with last week, feeder steers sold steady to $2 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 113.50 to - - -   500 to 550 lbs. 105 to - - -   600 to 650 lbs. 97.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 104 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 94.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 85.75 to - - - Slaughter Cows, Boners 46   to   52 Light Weight 35 to 38 Bulls, Yield Grade   1   1000   to   2100 lbs.   56   to   60.50, high dressing 66-68 Midwest Steers   were $.50 higher to $2.50 lower   at   81   to   82 Panhandle Steers   were $2 higher to $3 lower   at   81   to   82 Oklahoma City Feeders Steers 500 to 550 lbs. 112 to 117   600 to 650 lbs. 104 to 109.25 Heifers 500 to 550 lbs. 98.50 to 103.75   600 to 650 lbs. 94 to 100.50 Chicago Futures: Live Cattle: Jun down 62 at 8375   Aug down 40 at 8467 Feeders: May down 32 at 9712   Sep down 30 at 9990 Cattle Comment Cattle prices traded mixed today. Expectations that demand will soon increase, continues to boost the market; however the strengthening dollar and weak financial markets continue to pressure some prices lower. Hogs Peoria: were     steady   at   34.5   to   35 Chicago Futures: Jun up 70 at 7345   Aug up 55 at 7432 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog prices were up slightly today, except the April contract. Disappointing pork cutout prices pressured April prices lower. However, an expected increase in demand after Easter coupled with forecast declining hog supplies remains supportive of hog prices moving forward. Poultry  Date: April 07, 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 steady to about steady. Supplies of all sizes were more than sufficient to satisfy trade needs. In production areas, live supplies were 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