04/24/2009 Farm Bureau Market Report

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Grain & Soybean Date: April 24, 2009 Soybeans Local Elevators: (Apr) EAST AR:  1015 to 1030 (NC) Summ. 863 to 888 River Elevators: (Apr) MISS: 1020 to 1050 ; AR & White 1011 to 1026 (NC) Summ. 873 to 905 Ark. Processor Bids: (Apr) 1026 to 1030  (NC) 869 to 883 Memphis:  (Apr) 1046 1/4 to 1048 1/4 (NC)  903 1/4 to 908 1/4 Riceland Foods:  (Apr) Stuttgart 1030 ; Pendleton 1030 ; West Memphis 1050 Chicago Futures: May up 2 1/2 at  1040 1/4   Jul  up  2  at  1034   Sep up 4 3/4  at  970 1/2   Nov up 9 3/4  at  933 1/4   Jan '10 up 9 3/4  at  938   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans ended the week on a good note closing higher for the day. A slightly larger than expected March crush figure was also supportive. 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 failed to extend yesterday's gains and closed slightly lower. In addition, the California Air Resource Board ruling on the “carbon footprint” for corn ethanol pressured corn. As feared they gave a detrimental ruling at yesterday's meeting. Look for September to work toward resistance near $4.25. Wheat Cash bid for April at Memphis  464 1/4 to 467 1/4; Bids to farmers at Local Elevators 443-468; River Elevators 455-488; Chicago Futures: May up  3  at  532 1/4    Jul up 2 1/2  at  543 1/4    Sep up  2 3/4  at  570 1/2    Dec up  2 1/2  at  593 1/4    Mar '10 up  2  at  607 3/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for April at Memphis  504 to - - -; Bids to farmers at River Elevators 453-533; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for April at Memphis   375 to 380;   new crop at Memphis   360 1/4 to - - -; Bids to farmers at River Elevators  345 to 372 Chicago Futures: May down  4  at  377    Jul down  4 1/4  at  385 3/4    Sep down  4 1/2  at  395 1/4    Dec down  4 3/4  at  406 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Wheat posted modest gains; following soybeans higher. A weaker $ and weather delays of planting spring wheat add additional support. Cotton & Rice  Date: April 24, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 59 at  4845   Greenwood up  59 at 4845 New York Futures: May up  70  at  5170    Jul up  59  at  5270    Dec up  35  at  5638    Mar '10 up  29  at  5911    n/a   - - -  at  - - -  This week's LDP rate for cotton is  11.49 cents   The estimate for next week is  9.52 cents Cotton Comment Cotton surged to the highest level this week since late January. There is substantial resistance in the 56 cents 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 down  6 1/2  at  1286 1/2    Jul down  12  at  1298    Sep down  5  at  1236    Nov down  7  at  1237    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice is bouncing back and forth and closed lower 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 24, 2009 Cattle As reported by Federal-State Market News, receipts were 10,715 head at sales in Arkansas this week.  Compared with last week, feeder steers sold unevenly, near steady . Steers:  Medium & Large Frame 1   400 to 450 lbs. 118 to - - -   500 to 550 lbs. 110 to - - -   600 to 650 lbs. 101 to - - -  Medium & Large Frame 2   400 to 450 lbs. 104 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 102 to - - -  Medium & Large Frame 2   400 to 450 lbs. 91.50 to - - - Slaughter Cows, Boners 45   to   50 Light Weight 28 to 33 Bulls, Yield Grade   1   1000   to   2100 lbs.   56   to   60, high dressing 60-65 Midwest Steers   were $1-.50 lower   at   87   to   87.50 Panhandle Steers   n/a   at   - - -   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 105 to 126   600 to 650 lbs. 103.50 to 114.50 Heifers 500 to 550 lbs. 93 to 113   600 to 650 lbs. 90 to 102 Chicago Futures: Live Cattle: Jun down 87 at 8260   Aug down 70 at 8297 Feeders: May down 7 at 9912   Aug down 32 at 10035 Cattle Comment Cattle futures closed mostly lower, despite higher whole sale beef prices. Reports that retailers are shifting demand from beef to other meats was a bearish factor on today’s market. Long term, there is strong resistance at $85. Hogs Peoria: were     steady   at   38.5   to   39 Chicago Futures: Jun down 22 at 7165   Aug down 130 at 7205 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 24, 2009 Eggs New York:  Ex. Lg. 82-86; Lg. 80-84; Med. 68-72; 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 cautiously steady. Demand entering the weekend was fair at best 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