04/20/2009 Farm Bureau Market Report

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Grain & Soybean Date: April 20, 2009 Soybeans Local Elevators: (Apr) EAST AR:  994 to 1009 (NC) Summ. 833 to 853 River Elevators: (Apr) MISS: 1004 to 1029 ; AR & White 992 to 1007 (NC) Summ. 839 to 869 Ark. Processor Bids: (Apr) 1009 to - - -  (NC) 839 to 848 Memphis:  (Apr) 1026 1/2 to 1027 1/2 (NC)  873 to - - - Riceland Foods:  (Apr) Stuttgart 1009 ; Pendleton 1009 ; West Memphis 1029 Chicago Futures: May down 32 1/2 at  1018 1/2   Jul  down  30  at  1011 1/2   Sep down 30  at  941   Nov down 32  at  903   Jan '10 down 34 1/4  at  910 1/4   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans dropped sharply as the market reacted to weaker crude oil and equities. A stronger dollar added to the weaker undertone. Good export numbers did help temper declines late in the session, but the big gap lower for the November contract suggests traders expect additional acreage to move to soybeans. Trendline support at $8.70 and then support at the late March low of $8.38 may be tested. Corn led the early decline but made better late recovery than soybeans. Improving long range weather is expected to bring good planting opportunities over the next 2 weeks. Support at $3.60 held the old crop May contract. Downside would seem limited until the market has assurance a good crop is probable. Wheat Cash bid for April at Memphis  448 1/4 to 451 1/4; Bids to farmers at Local Elevators 416-436; River Elevators 428-461; Chicago Futures: May down  18 1/2  at  504 1/2    Jul down 18 1/2  at  516 1/4    Sep down  19  at  543 1/4    Dec down  18  at  566 3/4    Mar '10 down  18  at  582 1/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for April at Memphis  490 to - - -; Bids to farmers at River Elevators 439-519; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for April at Memphis   369 1/2 to - - -;   new crop at Memphis   347 3/4 to 352 3/4; Bids to farmers at River Elevators  337 to 365 Chicago Futures: May down  6 3/4  at  369 1/2    Jul down  7  at  378 3/4    Sep down  7 1/2  at  387 3/4    Dec down  8 1/4  at  398 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat is again testing support between $5.15 and $5.00. While a smaller crop is anticipated, stocks are large and the export market remains very competitive. Cotton & Rice  Date: April 20, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis down 169 at  4450   Greenwood down  169 at 4450 New York Futures: May down  215  at  4779    Jul down  169  at  4900    Dec down  166  at  5329    Mar '10 down  155  at  5628    - - -   - - -  at  - - -  This week's LDP rate for cotton is  12.92 cents   The estimate for next week is  11.37 cents Cotton Comment Cotton was sharply lower as the market reflected on the weaker undertone in the equities markets and the general feeling that the overall economy still has some work to do. While a smaller U.S. crop is expected in’09, it may take some time to see improved textile demand. While December may yet trade toward resistance at 57 cents, it will take a much higher price to improve producer prospects. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: May down  7 1/2  at  1276    Jul down  19 1/5  at  1283    Sep down  18  at  1224 1/2    Nov down  15 1/2  at  1229    n/a   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice was slightly lower today as the market tended to follow soybeans and the other grains. Weaker prospects for the U.S. economy remained in the forefront as crude oil lost momentum and traded sharply lower, as did the stocks market. These factors trended to override any pertinent fundamentals. Activity on the international scene remains slow. Tight U.S. stocks are expected to continue in the coming year as ’09 plantings are projected to increase just slightly. Cattle & Hogs  Date: April 20, 2009 Cattle As reported by Federal-State Market News, receipts were 2,743 head at sales in Ash Flat, Springdale & Ola.  Compared with last week, feeder steers sold mostly firm to $3 higher, heifers under 500 lbs. sold firm to $3 higher, over 500 lbs. weak to $2 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 116.75 to - - -   500 to 550 lbs. 110.25 to - - -   600 to 650 lbs. 107.25 to - - -  Medium & Large Frame 2   400 to 450 lbs. 108.50 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 101.25 to - - -  Medium & Large Frame 2   400 to 450 lbs. 93 to - - - Slaughter Cows, Boners 44   to   50 Light Weight 33 to 41 Bulls, Yield Grade   1   1000   to   2100 lbs.   55   to   62, high dress 62.50-69 Midwest Steers   n/a   at   - - -   to   - - - Panhandle Steers   n/a   at   - - -   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 down 190 at 8262   Aug down 192 at 8320 Feeders: May down 120 at 9832   Sep down 152 at 10102 Cattle Comment Cattle futures declined as traders were concerned about the state of the overall economy as oil and equities made sharp downward corrections. At the same time cutout values were up another $1.66 today, making gains of over $10 in the last week. Last Friday’s cattle on feed report showed over 5% less cattle feedlots. However, slaughter weights were higher again, 46 pounds above a year ago. Hogs Peoria: were $1.5     higher   at   37   to   37.5 Chicago Futures: Jun down 132 at 7230   Aug down 92 at 7392 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures were lower today. Packer margins are narrowing despite fewer hogs and slower marketings than a year ago. Poultry  Date: April 20, 2009 Eggs New York:  Ex. Lg. 93-97; Lg. 91-95; Med. 73-77; Chicago:  Ex. Lg. 97-105; Lg. 95-103; Med. 71-79; Eastern Region Turkeys Hens: 8-16 lbs. 74-78 Toms: 16-24 lbs. 74-78   Delmarva Broilers U.S. Grade A Trade sentiment was at least steady. Demand following the weekend was mostly fair with trading usually limited to regular commitments. Supplies of all sizes were sufficient to satisfy current trade needs. In productions 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