04/13/2009 Farm Bureau Market Report

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Grain & Soybean Date: April 13, 2009 Soybeans Local Elevators: (April) EAST AR:  997 to 1012 (NC) Summ. 847 to 872 River Elevators: (April) MISS: 1012 to 1037 ; AR & White 995 to 1010 (NC) Summ. 862 to 893 Ark. Processor Bids: (April) 1012 to - - -  (NC) 863 to 872 Memphis:  (April) 1033 1/2 to - - - (NC)  892 1/4 to 897 1/4 Riceland Foods:  (April) Stuttgart 1012 ; Pendleton 1012 ; West Memphis 1032 Chicago Futures: May up 14 1/2 at  1021 1/2   July  up  13 3/4  at  1015 3/4   Sept up 10  at  954   Nov up 5 1/4  at  927 1/4   Jan '10 up 3 1/2  at  934   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans made strong across the board gains despite early weakness in equities and crude oil. A weak dollar helped boost the market and capitalized on last week’s projected lower ending stocks. A downward adjustment in Argentina’s production was also positive. Unlike Thursday, the market again showed greater strength in old crop. Wheat Cash bid for April at Memphis  455 1/4 to 458 1/4; Bids to farmers at Local Elevators 435-460; River Elevators 449-480; Chicago Futures: May up  1 1/4  at  523 1/4    July up 1 1/4  at  534 3/4    Sept up  1 1/4  at  561 3/4    Dec up  3/4  at  584 1/4    Mar '10 up  3/4  at  599    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for April at Memphis  522 to 531; Bids to farmers at River Elevators 471-551; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for April at Memphis   385 1/2 to 387 1/2;   New crop at Memphis   367 to 372; Bids to farmers at River Elevators  354 to 383 Chicago Futures: May down  2 3/4  at  387 1/2    July down  2 1/2  at  397 1/4    Sept down  2 1/2  at  407    Mar '10 down  2  at  431 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Corn closed lower as big ending stocks are beginning to weigh on the market. Last week’s trade and then today’s seem to have swung the market toward soybeans. The soybean/corn price ratio moved above the 2.2 to 1 level. This likely means uncommitted acres will move to soybeans instead of corn. Weather planting delays soon may reverse the recent downward adjustment in the corn market. Wheat firmed today, but could not really show much improvement. Big U.S. and world supplies continue to override potential weather damage to this year’s crop. Cotton & Rice  Date: April 13, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis down 26 at  4415   Greenwood down  26 at 4415 New York Futures: May down  26  at  4815    July up  25  at  4898    Dec up  27  at  5362    Mar '10 up  28  at  5683    - - - unchanged  - - -  at  - - -  This week's LDP rate for cotton is  15.45 cents   The estimate for next week is  n/a cents Cotton Comment Cotton made a slight rebound after Thursday’s late down turn. The market could firm further following last week’s report where USDA reduced the ’08 production by 210,000 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 down  11  at  1328 1/2    July down  13  at  1341    Sept down  14  at  1240    Nov down  16  at  1240    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice trimmed last Thursday’s big move which followed USDA’s supply demand update. That report indicated 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 13, 2009 Cattle As reported by Federal-State Market News, receipts were 1106 head at sales in Springdale and Ola.  Compared with last week, feeder steers sold mostly firm to $3 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 114 to - - -   500 to 550 lbs. 106.50 to - - -   600 to 650 lbs. 104 to - - -  Medium & Large Frame 2   400 to 450 lbs. 106.50 to - - - Heifers:  Medium & Large Frame 1   500 to 550 lbs. 96.25 to - - -  Medium & Large Frame 2   400 to 450 lbs. 87.25 to - - - Slaughter Cows, Boners 42   to   50 Light Weight 35 to 40 Bulls, Yield Grade   1   1000   to   2100 lbs.   55   to   62 Midwest Steers   were $2 lower to $2.25 higher   at   84   to   87.25 Panhandle Steers   were steady to $3 lower   at   83   to   86 Oklahoma City Feeders Steers 550 to 600 lbs. 109.25 to 114.75   600 to 700 lbs. 103.50 to 110.50 Heifers 550 to 600 lbs. 98.50 to 103   600 to 650 lbs. 94.75 to 102.75 Chicago Futures: Live Cattle: June steady 0 at 8460   Aug down 10 at 8517 Feeders: May up 70 at 9962   Sept up 25 at 10165 Cattle Comment Cattle were mixed with good gains seen in feeder futures. May gapped higher to test resistance at the $100 level. However the market remains a little nervous about long term economic conditions. Seasonally, the market tends to strengthen as summer grilling increases. With cutout values having rallied $5 to $6 since March, there are questions about how much further the market can rise. Hogs Peoria: were steady to $2     higher   at   33.5   to   34 Chicago Futures: June down 17 at 7410   Aug up 15 at 7522 Sheep St. Paul n/a   at   - - -   to   - - - Hogs Comment Hogs were lightly mixed despite a solid improvement in packer margins since the first of April. Most packers have slaughter needs for the 1st half of the week covered, but renewed buying is expected later in the week. Poultry  Date: April 13, 2009 Eggs New York:  Ex. Lg. 131-135; Lg. 129-133; Med. 86-90; Chicago:  Ex. Lg. 120-128; Lg. 118-126; 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 light to moderate with limited trading. 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