04/17/2009 Farm Bureau Market Report

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Grain & Soybean Date: April 17, 2009 Soybeans Local Elevators: (Apr) EAST AR:  1026 to 1041 (NC) Summ. 865 to 885 River Elevators: (Apr) MISS: 1036 to 1061 ; AR & White 1025 to 1040 (NC) Summ. 870 to 901 Ark. Processor Bids: (Apr) 1041 to - - -  (NC) 869 to 880 Memphis:  (Apr) 1059 to 1063 (NC)  905 to - - - Riceland Foods:  (Apr) Stuttgart 1041 ; Pendleton 1041 ; West Memphis 1061 Chicago Futures: May down 7 1/2 at  1051   Jul  down  9  at  1041 1/2   Sep down 11  at  971   Nov down 8  at  935   Jan '10 down 5 1/2  at  944 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybean prices closed down slightly due to profit taking. The May contract rose to a high of $10.71 today, up 70-cents from the weekly lows. Continued strong exports and tight supplies will continue to support old crop prices. New crop soybeans should continue to strengthen until they are sure they have the acres needed to satisfy demand. News from Argentina continues to worsen as some estimate their crop to be 1.2 billion bushels compared to 1.7 billion bushels last year and 1.8 billion in 2006. The price ratio between new crop soybeans and corn closed the week at 2.3 compared to 2.2 last Thursday. This could be a bearish factor for soybeans as corn prices have little fundamental support and have been following soybeans for the last few weeks. Corn prices closed the day off about a dime. As soybean prices fell from their highs so did corn prices. Improving weather forecasts for the Midwest remains a bearish factor for corn prices. It is still unclear how much of a weather premium has been built into the corn price. With oil prices around $50 a barrel, it remains difficult for ethanol plants to make a profit. Wheat Cash bid for April at Memphis  455 to 457; Bids to farmers at Local Elevators 435-460; River Elevators 449-480; Chicago Futures: May down  1 3/4  at  523    Jul down 1 3/4  at  534 3/4    Sep down  1 3/4  at  562 1/4    Dec down  1 1/2  at  584 3/4    Mar '10 down  1 1/2  at  600 1/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for April at Memphis  500 to 502; Bids to farmers at River Elevators 451-532; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for April at Memphis   376 1/4 to - - -;   new crop at Memphis   355 1/4 to 360 1/4; Bids to farmers at River Elevators  343 to 371 Chicago Futures: May down  9 1/2  at  376 1/4    Jul down  9 1/2  at  385 3/4    Sep down  9 3/4  at  395 1/4    Dec down  9 3/4  at  407    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat prices closed the day down slightly, near the bottom of the daily trading range. The declining soybean prices spilled over to the wheat market causing prices to decline slightly. July wheat continues to have support between $5.00 and $5.15. Cotton & Rice  Date: April 17, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 88 at  4619   Greenwood up  88 at 4619 New York Futures: May up  63  at  4994    Jul up  78  at  5069    Dec up  67  at  5495    Mar '10 up  41  at  5783    n/a   - - -  at  - - -  This week's LDP rate for cotton is  12.92 cents   The estimate for next week is  11.62 cents Cotton Comment Despite soybean market closing down slightly today, cotton prices were able to post solid gains again today. Cotton prices continue to fight for acres, as new crop soybean prices rallied 13-cents this week. Given the time of year, cotton prices must remain competitive to maintain acreage. Yesterday’s strong export report continues to add additional support to cotton prices. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: May down  14  at  1283 1/2    Jul down  10 1/2  at  1302 1/2    Sep up  1/2  at  1242 1/2    Nov up  2 1/2  at  1244 1/2    n/a   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice prices again closed the day mixed with new crop gains and old crop losses and very little happening on the international scene. The market continues to trade last week’s supply demand report which decreased 2008 rice stocks by more than 25%. Given that 2009 rice acreage is only forecast up slightly, U.S. rice stocks will likely remain tight in 2009 further supporting prices. Cattle & Hogs  Date: April 17, 2009 Cattle As reported by Federal-State Market News, receipts were 8,110 head at sales in Arkansas this week.  Compared with last week, feeder steers sold firm to $4 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 116.50 to - - -   500 to 550 lbs. 107 to - - -   600 to 650 lbs. 98.75 to - - -  Medium & Large Frame 2   400 to 450 lbs. 103.50 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 100.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 91.50 to - - - Slaughter Cows, Boners 45   to   51 Light Weight 32 to 36 Bulls, Yield Grade   1   1000   to   2100 lbs.   57   to   61.50, high dressing 62-66.50 Midwest Steers   were $4 higher   at   88   to   - - - Panhandle Steers   were $4 higher   at   88   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 105.75 to 124   600 to 650 lbs. 101 to 113 Heifers 500 to 550 lbs. 96.50 to 105.50   600 to 650 lbs. 90 to 97 Chicago Futures: Live Cattle: Jun down 60 at 8452   Aug down 15 at 8512 Feeders: May up 35 at 9952   Sep up 60 at 10255 Cattle Comment Cattle futures closed the day down slightly. Prospects of increased placements in today’s cattle on feed report accounted for a portion of today’s decline. The highest composite cutout value since late January is a positive. Hogs Peoria: were $1.5     higher   at   35.5   to   36 Chicago Futures: Jun up 35 at 7362   Aug up 17 at 7485 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 17, 2009 Eggs New York:  Ex. Lg. 96-100; Lg. 94-98; Med. 73-77; 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 entering to weekend was mostly fair 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