04/09/2009 Farm Bureau Market Report

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Grain & Soybean Date: April 09, 2009 Due to the Easter holiday, the next report will be published on Monday, April 13. Soybeans Local Elevators: (Apr) EAST AR:  982 to 997 (NC) Summ. 842 to 867 River Elevators: (Apr) MISS: 997 to 1022 ; AR & White 981 to 996 (NC) Summ. 857 to 888 Ark. Processor Bids: (Apr) 997 to - - -  (NC) 858 to 867 Memphis:  (Apr) 1019 to - - - (NC)  887 to 892 Riceland Foods:  (Apr) Stuttgart 997 ; Pendleton 997 ; West Memphis 1017 Chicago Futures: May up 1 at  1007   Jul  up  3  at  980   Sep up 3  at  944   Nov up 6  at  922   Jan '10 up 8  at  930 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans trimmed early gains but showed positive numbers at the close. A stronger $ appeared to offset a smaller stocks projection, down to 165 million bushels, and a 4 million metric ton downward adjustment in Argentina’s production. That also lowered world ending stocks. The market actually closed weaker in old crop which suggest and unwinding of bull spreads. The May-November spread widened to over 90 cents and traders may take it the other way for a session or two. Corn ending stocks were cut by 50 million bushels to 1.7 billion bushels. Like other crops early gains were lost in late trading. The market has built in a weather planting delay and appeared reluctant to maintain that ahead of a 3 day weekend. Wheat Cash bid for April at Memphis  452 to 457; Bids to farmers at Local Elevators 434-459; River Elevators 447-479; Chicago Futures: May down  10  at  522    Jul down 10 1/4  at  533 1/2    Sep down  10  at  560 1/2    Dec down  9  at  583 1/2    Mar '10 down  8 1/2  at  598 1/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for April at Memphis  520 to 539; Bids to farmers at River Elevators 476-557; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for April at Memphis   388 1/4 to 390 1/4;   new crop at Memphis   369 1/2 to - - -; Bids to farmers at River Elevators  357 to 385 Chicago Futures: May down  6 3/4  at  390 1/4    Jul down  7  at  399 3/4    Sep down  6 3/4  at  409 1/2    Mar '10 down  5 1/4  at  433 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat closed lower for the day, despite the ending stocks projection dropping below 700 million bushels. Ample U.S. and world stocks will limit upside potential, unless weather problems reduce production prospects significantly. Cotton & Rice  Date: April 09, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis down 31 at  4441   Greenwood down  31 at 4441 New York Futures: May down  31  at  4841    Jul down  66  at  4873    Dec down  64  at  5335    Mar '10 down  63  at  5655    - - -   - - -  at  - - -  This week's LDP rate for cotton is  17.47 cents   The estimate for next week is  15.45 cents Cotton Comment Cotton received an early boost from today’s report, but failed to hold as profit taking trimmed gains going into the 3 day Easter holiday. USDA reduced the ’08 production by 210 thousand bales, raised projected exports 500,000 bales, and trimmed domestic use a 100,000 bales. This resulted in a 600,000 bale reduction to 6.7 million bales of projected ending stocks. The increased export projection was a surprise since China’s use was also lowered by a million bales. Smaller exports by India apparently increased export opportunities for the U.S. Today’s reversal gives a negative picture going into the long weekend, however longer term it still appears December will test resistance at 57 cents if not higher. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: May up  50  at  1339 1/2    Jul up  47 1/2  at  1354    Sep up  31  at  1254    Nov up  31  at  1256    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment The April supply demand report reflected strong domestic use for all rice with an 8 million cwt increase from last month’s projection. USDA raised long grain domestic use to 104 million and cut medium grain use by one million cwt. The net result was projected ending long grain stocks of just 12.3 million cwt, and 22 million cwt for all rice. Only minor changes were made in world numbers. The positive report pushed rice futures higher across the board. Nearby May was up the daily limit of 50 cents and closed well above resistance at $13.00 to $13.20, which gave the chart a positive look going into the 3 day holiday weekend. Cattle & Hogs  Date: April 09, 2009 Cattle As reported by Federal-State Market News, receipts were 2,267 head at sales in Charlotte, Ratcliff & Green Forest.  Compared with last week, feeder steers sold mostly steady to $2 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 116 to - - -   500 to 550 lbs. 108 to - - -   600 to 650 lbs. 104.25 to - - -  Medium & Large Frame 2   400 to 450 lbs. 105.50 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 96 to - - -  Medium & Large Frame 2   400 to 450 lbs. 91 to - - - Slaughter Cows, Boners 42   to   48 Light Weight 35 to 40 Bulls, Yield Grade   1   1000   to   2100 lbs.   54.50   to   59.50, high dressing 65 Midwest Steers   were $3-4 higher   at   85   to   86 Panhandle Steers   were $3-4 higher   at   85   to   86 Oklahoma City Feeders Steers 500 to 550 lbs. 111 to 118   600 to 650 lbs. 104 to 109 Heifers 550 to 600 lbs. 96 to 104   650 to 700 lbs. 91 to 95 Chicago Futures: Live Cattle: Jun up 82 at 8460   Aug up 60 at 8527 Feeders: May up 155 at 9892   Sep up 105 at 10140 Cattle Comment Cattle made good gains supported by increasing cash bids and a stronger equities market. Gains in the stock indexes suggest renewed optimism about the economy and possibly better beef demand around the corner. Upside potential will be limited by negative packer margins in the near term. Hogs Peoria: were     steady   at   32   to   34 Chicago Futures: Jun up 92 at 7427   Aug up 65 at 7507 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs were mostly higher, but were limited by ample near term supplies and poor packer demand. Demand is expected to increase after the Easter holiday and packer margins appear to have finally moved into the black. Poultry  Date: April 09, 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. Demand was seasonally light to occasionally moderate approaching the holiday weekend. Supplies of all sizes were more than sufficient to satisfy current trade needs. Processing schedules for this week were mixed with some plants down tomorrow 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