04/08/2009 Farm Bureau Market Report

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Grain & Soybean Date: April 08, 2009 Soybeans Local Elevators: (Apr) EAST AR:  981 to 996 (NC) Summ. 836 to 861 River Elevators: (Apr) MISS: 996 to 1021 ; AR & White 980 to 995 (NC) Summ. 851 to 882 Ark. Processor Bids: (Apr) 996 to - - -  (NC) 852 to 861 Memphis:  (Apr) 1015 to 1018 (NC)  881 to - - - Riceland Foods:  (Apr) Stuttgart 996 ; Pendleton 996 ; West Memphis 1016 Chicago Futures: May up 16 1/2 at  1006   Jul  up  13 1/2  at  1001 1/2   Sep up 10  at  941   Nov up 7 1/2  at  916   Jan '10 up 7  at  922 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment The spread between old and new crop soybeans continued to widen as old crop leads today’s advance. Tomorrow’s supply demand report is expected to lower projected ending stocks to 150-165 million bushels. That and a smaller South American crop have contributed to the strength in old crop beans versus new crop. That spread is now over 90 cents. Corn lost small early gains and eased to slight across the board declines. The market has built in a weather factor for corn because of the slow progress being made in preparation for planting this year’s crop. Good weather projections will tend to pressure the market as did the stronger dollar. Wheat Cash bid for April at Memphis  467 to 470; Bids to farmers at Local Elevators 444-469; River Elevators 458-489; Chicago Futures: May down  7 3/4  at  532    Jul down 8  at  543 3/4    Sep down  7  at  570 1/2    Dec down  6 1/2  at  592 1/2    Mar '10 down  6  at  606 3/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for April at Memphis  546 to 548; Bids to farmers at River Elevators 489-569; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for April at Memphis   395 to 397;   new crop at Memphis   376 1/4 to - - -; Bids to farmers at River Elevators  364 to 392 Chicago Futures: May up  3/4  at  397    Jul up  1/4  at  406 3/4    Sep up  1/4  at  416 1/4    Dec up  1/4  at  427 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat closed lower as the poor export outlook continues to weigh on the market despite this year’s crop outlook. There is a general feeling that weather has reduced yields significantly. At the same time, huge world supplies will limit upside potential. Cotton & Rice  Date: April 08, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 164 at  4472   Greenwood up  164 at 4472 New York Futures: May down  138  at  4570    Jul up  209  at  5000    Dec down  580  at  4669    Mar '10 up  154  at  5723    - - -   - - -  at  - - -  This week's LDP rate for cotton is  17.47 cents   The estimate for next week is  15.71 cents Cotton Comment Cotton continued its slow methodical move higher. Solid across the board gains put December near 54 cents and puts the market in position to test recent resistance near 57 cents. Certainly the third consecutive year of major cuts in U.S. plantings will begin to move this market higher over time. However, the world economic situation remains a limiting factor, at least in the near term. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: May down  1/2  at  1289 1/2    Jul down  3 1/2  at  1306 1/2    Sep down  1 1/2  at  1223    Nov down  5 1/2  at  1225    n/a down  - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice was a little lower as the market failed to push above resistance at the top of a 3 month long trading range. On the international side, everyone is again looking at a tender from Iraq and wondering who will get to fill the order. Thailand has lowered prices in recent weeks and is now competitive with the U.S. Big intervention stocks remain a concern. For now, the Vietnam export ban remains in effect as heavy early sales have them over committed until a late harvest of the main crop becomes available. Resistance remains at $13 for May and $12.50 for September. Cattle & Hogs  Date: April 08, 2009 Cattle As reported by Federal-State Market News, receipts were 1,117 head at sales in Conway & Pocahontas.  Compared with last week, feeder steers n/a . Steers:  Medium & Large Frame 1   400 to 450 lbs. 112 to - - -   500 to 550 lbs. 104.50 to - - -   600 to 650 lbs. 93.25 to - - -  Medium & Large Frame 2   400 to 450 lbs. 91 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 95.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 87.50 to - - - Slaughter Cows, Boners 45   to   52 Light Weight 45 to 52 Bulls, Yield Grade   1   1000   to   2100 lbs.   60   to   65.50, high dressing untested Midwest Steers   were $1 higher to steady   at   82   to   - - - Panhandle Steers   were $1 higher to steady   at   82   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 112 to 117   600 to 650 lbs. 104 to 109.25 Heifers n/a to - - - lbs. - - - to - - -   n/a to - - - lbs. - - - to - - - Chicago Futures: Live Cattle: Jun up 2 at 8377   Aug steady at 8467 Feeders: May up 25 at 9737   Sep up 45 at 10035 Cattle Comment Cattle futures were slightly lower as the market tempered recent gains. The market is testing resistance just above $86 in anticipation of increased consumer demand after Easter. The weak economic situation continues to weigh on the beef market, particularly the high end cuts. High slaughter weights continue to limit packer demand. Hogs Peoria: were $1     lower   at   33   to   34 Chicago Futures: Jun down 10 at 7335   Aug up 10 at 7442 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs were lower as overall packer demand remains light. Most plants filled Easter week needs early and now anticipate reduced demand. Hog weights, while down from last week are still over 2 pounds above year ago levels. Poultry  Date: April 08, 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 at least adequate to satisfy current trade needs. Processing schedules for this week were mixed with some plants down Friday in observance of the Good Friday holiday. 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