04/16/2009 Farm Bureau Market Report

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Grain & Soybean Date: April 16, 2009 Soybeans Local Elevators: (Apr) EAST AR:  1034 to 1049 (NC) Summ. 863 to 893 River Elevators: (Apr) MISS: 1044 to 1074 ; AR & White 1032 to 1047 (NC) Summ. 878 to 909 Ark. Processor Bids: (Apr) 1049 to - - -  (NC) 877 to 888 Memphis:  (Apr) 1070 1/2 to - - - (NC)  913 to - - - Riceland Foods:  (Apr) Stuttgart 1049 ; Pendleton 1049 ; West Memphis 1069 Chicago Futures: May up 23 1/2 at  1058 1/2   Jul  up  19  at  1050 1/2   Sep up 9 1/2  at  982   Nov up 3  at  943   Jan '10 up 3  at  950   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans closed higher across the board, but it is clear good export movement and tightening old crop supplies are the driving force in the market. The old crop/new crop spread closed at $1.15 ½ as the bullish enthusiasm for old crop continued. This week’s export sales of 29.8 million bushels and further trimming of the Argentine crop provided the backdrop for today’s gains. May closed within a dime of the spike high in early January. The next objective above this would be the 38% retracement objective of $11.14 on the weekly chart. Corn closed slightly higher as the market lost enthusiasm for a crop with a big carryover and waning demand. However, the new crop contract must stay close to beans, or potentially lose acreage. September resistance is $4.25 and support $3.63 ½. Wheat Cash bid for April at Memphis  456 3/4 to 459 3/4; Bids to farmers at Local Elevators 437-462; River Elevators 450-482; Chicago Futures: May up  9 1/2  at  524 3/4    Jul up 9 1/2  at  536 1/2    Sep up  10  at  564    Dec up  9 1/2  at  586 1/4    Mar '10 up  9 3/4  at  601 3/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for April at Memphis  517 to 519; Bids to farmers at River Elevators 469-550; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for April at Memphis   385 3/4 to - - -;   new crop at Memphis   370 to - - -; Bids to farmers at River Elevators  353 to 381 Chicago Futures: May up  1 1/4  at  385 3/4    Jul up  1 1/4  at  395 1/4    Sep up  1 1/4  at  405    Dec up  1 1/2  at  416 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat rallied from near the bottom of a sideways trading range to close higher. Big old crop supplies and slow demand have been accounted for, at least in the short term. Export sales confirm that the U.S. is simply not competitive, but the market is afraid to go much lower at this point. July has support between $5.00 and $5.15. Cotton & Rice  Date: April 16, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis down 27 at  4531   Greenwood down  27 at 4531 New York Futures: May up  98  at  4931    Jul up  81  at  4991    Dec up  73  at  5428    Mar '10 up  77  at  5742    n/a up  - - -  at  - - -  This week's LDP rate for cotton is  13.63 cents   The estimate for next week is  12.92 cents Cotton Comment Cotton moved back near recent resistance and is again in position to move toward 57 cents in the December contract. Smaller plantings for the third year in a row will go a long way toward putting stocks at a more reasonable level. A smaller acreage and dry conditions in Texas could keep the market moving higher this season. Improved economic conditions worldwide also will be needed. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: May down  16  at  1297 1/2    Jul down  14 1/2  at  1313    Sep up  6 1/2  at  1242    Nov up  7 1/2  at  1242    n/a   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice closed mixed with new crop contracts gaining on old crop. Last week’s report showed a tightening of projected ending stocks and it probably doesn’t really matter whether it was a smaller crop, or greater demand that led to that revision. Slightly larger ’09 plantings won’t add a lot of extra rice to the supply and that should be positive for price. 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 16, 2009 Cattle As reported by Federal-State Market News, receipts were 2,297 head at sales in Charlotte, Ratcliff & Green Forest.  Compared with last week, feeder steers sold mostly steady to $1 higher, heifers firm to $3 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 115.50 to - - -   500 to 550 lbs. 106.25 to - - -   600 to 650 lbs. 103.75 to - - -  Medium & Large Frame 2   400 to 450 lbs. 112.75 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 98 to - - -  Medium & Large Frame 2   400 to 450 lbs. 90.50 to - - - Slaughter Cows, Boners 43   to   48 Light Weight 32 to 40 Bulls, Yield Grade   1   1000   to   2100 lbs.   54   to   59.25, high dressing 62-64.50 Midwest Steers   remained   at   84   to   - - - Panhandle Steers   remained   at   84   to   - - - Oklahoma City Feeders Steers n/a to - - - lbs. - - - to - - -   n/a to - - - lbs. - - - to - - - Heifers n/a to - - - lbs. - - - to - - -   n/a to - - - lbs. - - - to - - - Chicago Futures: Live Cattle: Jun up 35 at 8512   Aug up 12 at 8527 Feeders: May down 75 at 9917   Aug down 35 at 10150 Cattle Comment Cattle futures were mixed with feeders dropping early gains and ending lower for the day. The highest composite cutout value since late January is a positive. Prospects of increased placements in tomorrow’s cattle on feed report accounted for a portion of the late decline. Hogs Peoria: were     steady   at   34   to   34.5 Chicago Futures: Jun up 22 at 7327   Aug up 20 at 7467 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures were mostly higher as marketings appear to be declining. At the same time, packer demand is increasing in expectation of a big weekend slaughter. Improving packer margins are allowing for slightly stronger cash bids. Poultry  Date: April 16, 2009 Eggs New York:  Ex. Lg. 108-112; Lg. 106-110; Med. 80-84; 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 to fully steady. Demand approaching the weekend was fair to at least moderate. Supplies of all sizes were sufficient to close balanced 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