04/15/2009 Farm Bureau Market Report

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Grain & Soybean Date: April 15, 2009 Soybeans Local Elevators: (Apr) EAST AR:  1010 to 1025 (NC) Summ. 860 to 890 River Elevators: (Apr) MISS: 1025 to 1050 ; AR & White 1009 to 1024 (NC) Summ. 875 to 906 Ark. Processor Bids: (Apr) 1025 to - - -  (NC) 875 to 885 Memphis:  (Apr) 1045 to 1047 (NC)  910 to - - - Riceland Foods:  (Apr) Stuttgart 1025 ; Pendleton 1025 ; West Memphis 1045 Chicago Futures: May down 1 at  1035   Jul  up  1 1/4  at  1031 1/2   Sep up 2 1/2  at  972 1/2   Nov up 3/4  at  940   Jan '10 up 1/2  at  947   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans trimmed early gains to close narrowly mixed. A stronger dollar and weaker undertone in equities and crude oil pressured the market. Upside potential seems limited in the near term, although tight supplies will continue to be a factor, particularly if the Chinese stay in the market. Corn was lower across the board as big stocks remain in play. Long range projections indicate drier and warmer weather is probable. If that’s the case, losses could be extended. Wheat Cash bid for April at Memphis  446 1/4 to 447 1/4; Bids to farmers at Local Elevators 427-452; River Elevators 441-462; Chicago Futures: May down  7  at  515 1/4    Jul down 7  at  527    Sep down  7 1/4  at  554    Dec down  7 1/4  at  576 3/4    Mar '10 down  7 1/4  at  592    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for April at Memphis  519 to 526; Bids to farmers at River Elevators 466-546; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for April at Memphis   384 1/2 to - - -;   new crop at Memphis   368 3/4 to - - -; Bids to farmers at River Elevators  351 to 380 Chicago Futures: May down  9 3/4  at  384 1/2    Jul down  9 1/2  at  394    Sep down  9 1/2  at  403 3/4    Dec down  9 1/2  at  415 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat was lower and it appears this year’s weather problems have been factored into the market. Stiff export competition is going to limit upside potential. Cotton & Rice  Date: April 15, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 246 at  4558   Greenwood up  246 at 4558 New York Futures: May up  121  at  4833    Jul up  117  at  4910    Dec up  96  at  5355    Mar '10 up  96  at  5665    n/a   - - -  at  - - -  This week's LDP rate for cotton is  13.63 cents   The estimate for next week is  13.07 cents Cotton Comment Cotton reversed yesterday’s decline to close with solid gains and again put the market in position to test resistance at 57 cents for new crop December. A third consecutive cut in U.S. plantings should eventually allow for a big adjustment in U.S. stocks. Perhaps that will occur about the time overall economic conditions improve and give the market opportunity to move higher. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: May down  16 1/2  at  1313 1/2    Jul down  15  at  1327 1/2    Sep down  4  at  1235 1/2    Nov down  5  at  1234 1/2    n/a   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice was lower again as the stream from last week’s supply demand report seems to have been exhausted. In some quarters, it is felt that supply should have been adjusted instead of use. In either case, the net effect could be lighter ending stocks. There doesn’t appear to be anything shaking on the international scene. Vietnam’s export ban remains in effect, while Thailand recently captured a tender from Iraq. Hope for U.S. sales to Cuba have been raised by President Obama’s loosening of travel to Cuba. While the Ag trade issue hasn’t been addressed it has a good initial step. Cattle & Hogs  Date: April 15, 2009 Cattle As reported by Federal-State Market News, receipts were 1,233 head at sales in Conway & Pocahontas.  Compared with last week, feeder steers n/a . Steers:  Medium & Large Frame 1   400 to 450 lbs. 112.50 to - - -   500 to 550 lbs. 104 to - - -   600 to 650 lbs. 96.25 to - - -  Medium & Large Frame 2   400 to 450 lbs. 95 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 98 to - - -  Medium & Large Frame 2   400 to 450 lbs. 86.25 to - - - Slaughter Cows, Boners 45   to   50 Light Weight 33 to 40 Bulls, Yield Grade   1   1000   to   2100 lbs.   59   to   65, high dressing 65.50-67.50 Midwest Steers   were $1 higher to steady   at   84   to   - - - Panhandle Steers   were $1 higher to steady   at   84   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 115 to 117.25   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 up 97 at 8477   Aug up 72 at 8515 Feeders: May up 142 at 9992   Sep up 145 at 10225 Cattle Comment Cattle futures closed sharply higher with feeders leading the change. Beef prices are making a strong run, having gained almost $5.50 in the last week to the highest level in almost 3 months. June live cattle peaked above recent resistance and could move toward resistance at $86 and then $89. Hogs Peoria: were     steady   at   34   to   34.5 Chicago Futures: Jun up 45 at 7305   Aug up 57 at 7447 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs were higher supported by good packer demand. Improved margins and cutout values are helping demand, as some packers were short of product needs. Slaughter weights continue to rise and are just under 270 pounds, up 3.5 pounds from a year ago. Poultry  Date: April 15, 2009 Eggs New York:  Ex. Lg. 117-121; Lg. 115-119; Med. 84-88; 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 some improvement noted for mid-week business. 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