04/22/2009 Farm Bureau Market Report

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Grain & Soybean Date: April 22, 2009 Soybeans Local Elevators: (Apr) EAST AR:  1021 to 1036 (NC) Summ. 854 to 874 River Elevators: (Apr) MISS: 1026 to 1056 ; AR & White 1017 to 1032 (NC) Summ. 859 to 892 Ark. Processor Bids: (Apr) 1036 to - - -  (NC) 860 to 870 Memphis:  (Apr) 1046 to 1051 (NC)  894 to - - - Riceland Foods:  (Apr) Stuttgart 1036 ; Pendleton 1036 ; West Memphis 1056 Chicago Futures: May up 8 at  1046   Jul  up  6  at  1039   Sep down 3 1/2  at  967 1/2   Nov down 7  at  924   Jan '10 down 8  at  929   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans closed mixed with tight old crop supplies boosting the nearby contracts. Prospects of increased ’09 plantings pressured new crop. Mixed outside markets provided little direction to the market. Longer term weather will be a major factor as producers make final planting decisions. Corn was narrowly mixed. The market ended mostly lower but losses were minor. Long term weather forecasts suggest corn planting may continue behind the norm with several systems expected to move through during the next 10 days. Wheat Cash bid for April at Memphis  445 3/4 to 448 3/4; Bids to farmers at Local Elevators 428-453; River Elevators 440-473; Chicago Futures: May up  7 1/4  at  516 3/4    Jul up 7 1/4  at  528    Sep up  7 3/4  at  555 1/4    Dec up  7 1/4  at  578 1/4    Mar '10 up  7  at  593 3/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for April at Memphis  492 to 497; Bids to farmers at River Elevators 446-526; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for April at Memphis   373 1/2 to - - -;   new crop at Memphis   352 1/4 to 357 1/4; Bids to farmers at River Elevators  341 to 369 Chicago Futures: May down  1/2  at  373 1/2    Jul down  1/2  at  382 1/2    Sep down  1/4  at  392 1/4    Dec down  1/4  at  403 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat was higher for the day with slow spring wheat planting providing most of the support. July soft red wheat bounced off support around $5.10 to $5.15, but upside potential remains limited. Cotton & Rice  Date: April 22, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis down 51 at  4629   Greenwood down  51 at 4629 New York Futures: May down  54  at  4929    Jul down  51  at  5079    Dec down  43  at  5493    Mar '10 down  45  at  5776    - - -   - - -  at  - - -  This week's LDP rate for cotton is  12.92 cents   The estimate for next week is  11.51 cents Cotton Comment Cotton gave back some of yesterday’s gains. July cotton remains just above 50 cents and December closed under 55 cents. Weakness in the financial markets seemed to spillover into the cotton market causing the losses. Traders will be looking at tomorrow's export report for some guidance as another week of strong exports could add some additional support to cotton prices, and would help December cotton move into position to test resistance at 57 cents. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: May down  6  at  1282 1/2    Jul down  2 1/2  at  1296 1/2    Sep down  11  at  1227    Nov down  6  at  1234    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Not much was happening in rice as the market closed a little lower again today. Even a slow pace in planting didn’t provide much enthusiasm. Overall, the international market remains slow, but there is concern about what Thailand will do with old intervention stocks. If those are offered on the market, it will change the supply situation. Vietnam’s export ban remains in place and one recent shipment was stopped because it was apparently made after the ban was imposed. For now the cash market remains firm, while futures have moved back into the longer term trading range. Cattle & Hogs  Date: April 22, 2009 Cattle As reported by Federal-State Market News, receipts were 1,018 head at sales in Conway & Pocahontas.  Compared with last week, feeder steers sold mostly steady to $1 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 112.50 to - - -   500 to 550 lbs. 106 to - - -   600 to 650 lbs. 94.75 to - - -  Medium & Large Frame 2   400 to 450 lbs. 98.25 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 98.25 to - - -  Medium & Large Frame 2   400 to 450 lbs. 93.75 to - - - Slaughter Cows, Boners 46   to   51 Light Weight 32 to 36 Bulls, Yield Grade   1   1000   to   2100 lbs.   58   to   65 Midwest Steers   were steady to $1 higher   at   86   to   87 Panhandle Steers   were steady to $1.50 higher   at   86   to   87.50 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 down 12 at 8315   Aug down 22 at 8332 Feeders: May up 12 at 9940   Sep down 20 at 10127 Cattle Comment Cattle futures were mixed with feeders slightly higher in the nearby contracts. Rising beef supplies are expected to temper upside potential for cattle but that may be down the line a while. Right now improving cutout values are prompting good packer demand going into the weekend. Hogs Peoria: were $1     higher   at   38.5   to   39 Chicago Futures: Jun down 2 at 7237   Aug down 37 at 7367 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures were lower despite indications of tight supplies in the cash market. Negative packer margins suggest cash bids will begin to decline unless pork values increase significantly. Yesterday’s cold storage report showed a continuing decline in stocks which should be positive long term. Poultry  Date: April 22, 2009 Eggs New York:  Ex. Lg. 84-88; Lg. 82-86; Med. 70-74; Chicago:  Ex. Lg. 97-105; Lg. 95-103; Med. 71-79; 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 no better than fair with limited trading. Supplies of all sizes were adequate to handle 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