04/23/2009 Farm Bureau Market Report

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Grain & Soybean Date: April 23, 2009 Soybeans Local Elevators: (Apr) EAST AR:  1013 to 1028 (NC) Summ. 854 to 874 River Elevators: (Apr) MISS: 1018 to 1048 ; AR & White 1009 to 1024 (NC) Summ. 859 to 893 Ark. Processor Bids: (Apr) 1024 to 1028  (NC) 859 to 870 Memphis:  (Apr) 1042 3/4 to 1045 3/4 (NC)  893 1/2 to - - - Riceland Foods:  (Apr) Stuttgart 1028 ; Pendleton 1028 ; West Memphis 1048 Chicago Futures: May down 8 1/4 at  1037 3/4   Jul  down  7  at  1032   Sep down 2  at  965 1/2   Nov down 1/2  at  923 1/2   Jan '10 down 3/4  at  928 1/4   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans rallied early on a weaker dollar and another good export sales report. A slightly larger than expected March crush figure was also supportive. However, the market faltered late in the session and closed lower with the biggest declines in old crop. Potential weather delays in corn planting could push more acres to beans. That remains to be seen as there is still ample time to plant corn. Last week’s high of $9.48 for the November contract could be strong resistance in the weeks ahead. Corn closed higher with extended weather forecasts providing support. In addition, the California Air Resource Board appears to have given corn ethanol a reprieve by recommending additional study on the “carbon footprint”. There were fears they would give a detrimental ruling at today’s meeting. Look for September to work toward resistance near $4.25. Wheat Cash bid for April at Memphis  461 1/4 to 464 1/4; Bids to farmers at Local Elevators 441-461; River Elevators 453-486; Chicago Futures: May up  12 1/2  at  529 1/4    Jul up 12 3/4  at  540 3/4    Sep up  12 1/2  at  567 3/4    Dec up  12 1/2  at  590 3/4    Mar '10 up  12  at  605 3/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for April at Memphis  509 to 511; Bids to farmers at River Elevators 460-541; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for April at Memphis   381 to - - -;   new crop at Memphis   364 3/4 to - - -; Bids to farmers at River Elevators  349 to 376 Chicago Futures: May up  7 1/2  at  381    Jul up  7 1/2  at  390    Sep up  7 1/2  at  399 3/4    Dec up  8 1/4  at  411 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat made solid gains based a weaker $ and a good but not great export sales report. Weather delays of planting spring wheat aided the advance. Cotton & Rice  Date: April 23, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 157 at  4786   Greenwood up  157 at 4786 New York Futures: May up  171  at  5100    Jul up  132  at  5211    Dec up  110  at  5603    Mar '10 up  106  at  5882    n/a up  - - -  at  - - -  This week's LDP rate for cotton is  12.92 cents   The estimate for next week is  11.39 cents Cotton Comment Cotton surged to the highest level since late January with December closing above 56 cents. There is substantial resistance in this area and with the market technically overbought, we could see a setback before the market can exceed this level. There is additional resistance around 59 cents and above that the 38% retracement objective of 63.5 cents. Overall fundamentals are unchanged with big U.S. and world stocks overhanging the market. Weather factors, drought in Texas and wet planting conditions in the mid-South are giving the market some short term hope. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: May up  10 1/2  at  1293    Jul up  13 1/2  at  1310    Sep up  14  at  1241    Nov up  10  at  1244    n/a   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice reversed yesterday’s declines and closed higher for the day. Fundamentals are unchanged. 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 23, 2009 Cattle As reported by Federal-State Market News, receipts were 2,473 head at sales in Charlotte, Ratcliff and Green Forest.  Compared with last week, feeder steers sold firm to $3 higher, heifers sold unevenly, averaging weak to $3 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 117 to - - -   500 to 550 lbs. 109 to - - -   600 to 650 lbs. 105 to - - -  Medium & Large Frame 2   400 to 450 lbs. 111 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 97 to - - -  Medium & Large Frame 2   400 to 450 lbs. 90.25 to - - - Slaughter Cows, Boners 42   to   47 Light Weight 34 to 40 Bulls, Yield Grade   1   1000   to   2100 lbs.   54   to   62, high dressing $62-65.50 Midwest Steers   were $2 higher   at   88   to   - - - Panhandle Steers   were $2-1.50 higher   at   88   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 32 at 8347   Aug up 35 at 8367 Feeders: May down 20 at 9920   Sep down 57 at 10070 Cattle Comment Cattle futures closed mixed with feeders mostly lower. Live cattle were mostly higher as whole sale beef continued to improve. Good export sales were also positive, but most of the strength seems to be coming from early technical buying. Long term, there is strong resistance at $85. Hogs Peoria: were       at   n/a   to   - - - Chicago Futures: Jun down 50 at 7187   Aug down 32 at 7335 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hogs were lower again today. Declining pork composite values are pushing packer margins further into the red. The market will need to see stronger consumer demand, or cash bids will decline to bring packer margins back to the positive side. Poultry  Date: April 23, 2009 Eggs New York:  Ex. Lg. 82-86; Lg. 80-84; Med. 68-72; Chicago:  Ex. Lg. 97-105; Lg. 95-103; Med. 171-179; Eastern Region Turkeys Hens: 8-16 lbs. 76-79 Toms: 16-24 lbs. 76-79   Delmarva Broilers U.S. Grade A Trade sentiment was steady. Demand approaching the weekend was fair at best with trading usually limited to regular commitments. 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