04/21/2009 Farm Bureau Market Report

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Grain & Soybean Date: April 21, 2009 Soybeans Local Elevators: (Apr) EAST AR:  1013 to 1028 (NC) Summ. 861 to 881 River Elevators: (Apr) MISS: 1023 to 1048 ; AR & White 1012 to 1027 (NC) Summ. 866 to 897 Ark. Processor Bids: (Apr) 1028 to - - -  (NC) 867 to 876 Memphis:  (Apr) 1038 to 1043 (NC)  901 to - - - Riceland Foods:  (Apr) Stuttgart 1028 ; Pendleton 1028 ; West Memphis 1048 Chicago Futures: May up 19 1/2 at  1038   Jul  up  21 1/2  at  1033   Sep up 30  at  971   Nov up 28  at  931   Jan '10 up 26 3/4  at  937   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Despite another day of declines in oil prices, soybeans managed to recover most of yesterday’s losses. News of another large U.S. soybean sale to China helped to support prices. U.S. exports continue to remain relatively strong, as China continues to come to the U.S. when they would usually be switching to South American beans. If large sales continue to be made and shipped to China we could see U.S. soybean stocks tighten even further. On the bearish side, U.S. corn plantings remain well below the 5-year average, combined with the current corn-soy price ratio of 2.31 has some concerned about how many acres of soybeans will be planted this spring. Corn prices followed soybeans higher today. Yesterday’s crop progress report showed about 5% of the crop planted, this compares to 14% 5-year average planting and only 4% planted last year. The current weather forecast suggests much of the Midwest will likely have dry weather this week, with another rain system unlikely before Sunday. While there is a lot of concern about plantings, without an increase in soybean prices, corn prices will have a difficult time moving higher. Wheat Cash bid for April at Memphis  439 1/2 to 441 1/2; Bids to farmers at Local Elevators 421-441; River Elevators 433-466; Chicago Futures: May up  5  at  509 1/2    Jul up 4 1/2  at  520 3/4    Sep up  4 1/4  at  547 1/2    Dec up  4 1/4  at  571    Mar '10 up  4 1/2  at  586 3/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for April at Memphis  495 to 498; Bids to farmers at River Elevators 448-528; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for April at Memphis   374 to - - -;   new crop at Memphis   352 1/2 to - - -; Bids to farmers at River Elevators  342 to 369 Chicago Futures: May up  4 1/2  at  374    Jul up  4 1/4  at  383    Sep up  4 3/4  at  392 1/2    Dec up  4 3/4  at  403 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat prices followed soybeans higher. Yesterday’s crop report showed 43% of the winter wheat crop as good to excellent, up from 42% last week. There is very little fundamental support for wheat as large stocks will likely pressure price into the fall. Wheat prices continue to have support at $5.15 and $5.00. Cotton & Rice  Date: April 21, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 230 at  4680   Greenwood up  230 at 4680 New York Futures: May up  204  at  4983    Jul up  230  at  5130    Dec up  207  at  5536    Mar '10 up  193  at  5821    - - -   - - -  at  - - -  This week's LDP rate for cotton is  12.92 cents   The estimate for next week is  11.69 cents Cotton Comment Cotton recovered most of yesterday’s losses and then some in some cases. July cotton is back above 50 cents and December closed above 55 cents. Strength in the financial markets seemed to spillover into the cotton market as little has changed on the fundamental side. Strong exports over the past few weeks have helped add some fundamental support as well as continued dry conditions in Texas and acreage forecast in 2009. December cotton may be poised to test resistance at 57 cents. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: May up  12 1/2  at  1288 1/2    Jul up  16  at  1299    Sep up  13 1/2  at  1238    Nov up  11  at  1240    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice prices traded higher across the board. Again, strength in other commodities and the financial market appears to have spilled over into the rice market. May futures continue to face resistance at $13 and September around $12.50. Cattle & Hogs  Date: April 21, 2009 Cattle As reported by Federal-State Market News, receipts were 1,468 head at sales in Fort Smith & Heber Springs.  Compared with last week, feeder steers sold $2-5 higher, heifers firm to $4 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 117 to - - -   500 to 550 lbs. 110.50 to - - -   600 to 650 lbs. 105 to - - -  Medium & Large Frame 2   400 to 450 lbs. 105.50 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 100 to - - -  Medium & Large Frame 2   400 to 450 lbs. 93.50 to - - - Slaughter Cows, Boners 44   to   50.50 Light Weight 30 to 34 Bulls, Yield Grade   1   1000   to   2100 lbs.   56   to   64, high dressing 65.50-66 Midwest Steers   were quoted   at   86   to   - - - Panhandle Steers   were quoted   at   86   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 116.50 to 124   600 to 650 lbs. 105.75 to 111.25 Heifers 500 to 550 lbs. 103 to 108.50   600 to 650 lbs. 96 to 102 Chicago Futures: Live Cattle: Jun up 65 at 8327   Aug up 35 at 8355 Feeders: May up 95 at 9927   Sep up 45 at 10147 Cattle Comment Cattle prices closed the day higher. Strength in the financial market removed the downward pressure and allowed future prices to trade the strong increases in cut out prices. Hogs Peoria: were $.5     higher   at   37.5   to   38 Chicago Futures: Jun up 10 at 7240   Aug up 12 at 7405 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog prices were not to be left out today and closed higher. Strengthening cash prices and lack of negative news from other markets allowed hog prices to strengthen slightly. Poultry  Date: April 21, 2009 Eggs New York:  Ex. Lg. 88-92; Lg. 86-90; Med. 71-75; Chicago:  Ex. Lg. 97-105; Lg. 95-103; Med. 71-78; Eastern Region Turkeys Hens: 8-16 lbs. 76-79 Toms: 16-24 lbs. 76-79   Delmarva Broilers U.S. Grade A Trade sentiment was mostly steady. Demand was fair at best with limited trading. 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