04/14/2009 Farm Bureau Market Report

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Grain & Soybean Date: April 14, 2009 Soybeans Local Elevators: (Apr) EAST AR:  1011 to 1026 (NC) Summ. 859 to 884 River Elevators: (Apr) MISS: 1026 to 1051 ; AR & White 1010 to 1025 (NC) Summ. 874 to 905 Ark. Processor Bids: (Apr) 1026 to - - -  (NC) 875 to 884 Memphis:  (Apr) 1048 to - - - (NC)  909 1/4 to - - - Riceland Foods:  (Apr) Stuttgart 1026 ; Pendleton 1026 ; West Memphis 1046 Chicago Futures: May up 14 1/2 at  1036   Jul  up  14 1/2  at  1030 1/4   Sep up 16  at  970   Nov up 12  at  939 1/4   Jan '10 up 12 1/2  at  946 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans made another solid move higher as tightening stocks provided support for all crop contracts. The spread between old and new crop beans widened further hitting a dollar during the day’s trade. Soybean stocks are projected at 165 million bushels or less and exports continues at a good pace. The current soybean/corn price ratio reached 2.25 to 1 at one point, but closed near 2.21 to 1. That should begin to move acreage to soybeans. November resistance starts at $9.58. Corn ended the day higher with concern about weather providing support. While it is early in the process, the big acreage states - Illinois, Iowa and Indiana, are behind the norm for planting. While producers showed last year that they could get the crop planted in a hurry, the market gets nervous with any delay. Wheat Cash bid for April at Memphis  454 1/4 to 456 1/4; Bids to farmers at Local Elevators 434-459; River Elevators 448-479; Chicago Futures: May down  1  at  522 1/4    Jul down 3/4  at  534    Sep down  1/2  at  561 1/4    Dec down  1/4  at  584    Mar '10 up  1/4  at  599 1/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for April at Memphis  534 to 543; Bids to farmers at River Elevators 483-564; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for April at Memphis   392 1/4 to 394 1/4;   new crop at Memphis   373 1/4 to 378 1/4; Bids to farmers at River Elevators  361 to 389 Chicago Futures: May up  6 3/4  at  394 1/4    Jul up  6 1/4  at  403 1/2    Sep up  6 1/4  at  413 1/4    Dec up  5 1/2  at  424 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat failed to hold early gains despite a drop in crop ratings in yesterday’s report. A slow export pace and large world supplies limit upside potential. Support is seen around $5.15 with resistance at $5.80. Cotton & Rice  Date: April 14, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis down 103 at  4312   Greenwood down  103 at 4312 New York Futures: May down  103  at  4712    Jul down  105  at  4793    Dec down  103  at  5259    Mar '10 down  114  at  5569    - - -   - - -  at  - - -  This week's LDP rate for cotton is  13.63 cents   The estimate for next week is  12.57 cents Cotton Comment Cotton lost significant ground today as the market lost stream following recent gains. Cotton is driven by economic conditions and today’s lower retail sales data provided downward pressure. Declining use by China is a big problem as the U.S. increasingly depends on exports. Long term, this trend should turn as economic conditions improve. A third straight year of declining acreage in the U.S. should bring stocks back in line. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: May up  1 1/2  at  1330    Jul up  1 1/2  at  1342 1/2    Sep down  1/2  at  1239 1/2    Nov down  1/2  at  1239 1/2    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice traded in a narrow range before closing mixed. Last week’s supply demand 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 14, 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 firm to $2 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 115 to - - -   500 to 550 lbs. 104.50 to - - -   600 to 650 lbs. 96.75 to - - -  Medium & Large Frame 2   400 to 450 lbs. 108.75 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 100.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 86.50 to - - - Slaughter Cows, Boners 46   to   50.50 Light Weight 32 to 35 Bulls, Yield Grade   1   1000   to   2100 lbs.   54   to   61, high dressing untested Midwest Steers   were $1-3.25 lower   at   83   to   84 Panhandle Steers   were steady to $2 lower   at   83   to   84 Oklahoma City Feeders Steers 550 to 600 lbs. 109 to 114.75   600 to 650 lbs. 105.50 to 111.25 Heifers 550 to 600 lbs. 98.50 to 104.50   650 to 700 lbs. 93 to 97.50 Chicago Futures: Live Cattle: Jun down 80 at 8380   Aug down 75 at 8442 Feeders: May down 112 at 9850   Sep down 85 at 10080 Cattle Comment Cattle were lower today as bearish economic news weighed on the market. Smaller retail sales provided pressure, just when the market normally sees seasonal improvement. While feedlot numbers are down 5%, slaughter weights are about 35 pounds above year ago levels. Hogs Peoria: were $.5     higher   at   34   to   34.5 Chicago Futures: Jun down 150 at 7260   Aug down 132 at 7390 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs were sharply lower after breaking trendline resistance last week. Demand remains poor, but is expected to improve with grilling season just around the corner. Poultry  Date: April 14, 2009 Eggs New York:  Ex. Lg. 124-128; Lg. 122-126; 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 steady. Demand was fair to moderate with trading usually limited to regular commitments. Supplies of all sizes were 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