04/29/2009 Farm Bureau Market Report

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Grain & Soybean Date: April 29, 2009 Soybeans Local Elevators: (Apr) EAST AR:  1009 to 1024 (NC) Summ. 873 to 890 River Elevators: (Apr) MISS: 1014 to 1044 ; AR & White 1007 to 1022 (NC) Summ. 874 to 908 Ark. Processor Bids: (Apr) 1020 to 1024  (NC) 883 to 885 Memphis:  (Apr) 1044 to 1047 (NC)  907 1/2 to 912 1/2 Riceland Foods:  (Apr) Stuttgart 1024 ; Pendleton 1024 ; West Memphis 1044 Chicago Futures: May up 44 1/2 at  1034   Jul  up  42  at  1025   Sep up 34  at  965   Nov up 32 1/2  at  932 1/2   Jan '10 up 32 1/4  at  937 3/4   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans shook off early week declines and closed sharply higher. Earlier rumors of cancellations by China have not been confirmed and the market sees further tightening of old crop supplies as Argentina’s yields continue to be disappointing. A trendline near $9 remains good support for November futures. Corn made strong gains today. Slow planting progress and prospects of more rain delays helped boost the market. Outside influences including stronger crude oil and a weaker $ provided underlying support. Wheat Cash bid for April at Memphis  448 3/4 to 453; Bids to farmers at Local Elevators 432-457; River Elevators 444-477; Chicago Futures: May up  10 1/4  at  520 3/4    Jul up 10  at  532    Sep up  10  at  559    Dec up  10 1/4  at  581 1/2    Mar '10 up  9 1/4  at  597    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for April at Memphis  517 to 533; Bids to farmers at River Elevators 482-562; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for April at Memphis   393 1/4 to 396;   new crop at Memphis   375 1/2 to - - -; Bids to farmers at River Elevators  361 to 393 Chicago Futures: May up  18  at  393    Jul up  17 3/4  at  401 1/4    Sep up  17 3/4  at  410 1/2    Dec up  17 1/2  at  421 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Soft red wheat futures firmed in sympathy with spring wheat. Only 15% of the spring crop has been planted to date, that compares with 36% on the 5 year average. Further delays are expected as rain is forecast for much of the area over the weekend. This could add to the more than 4.5 million acres that is projected to move out of U.S. wheat production this year. Cotton & Rice  Date: April 29, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 59 at  4909   Greenwood up  59 at 4909 New York Futures: May down  505  at  4700    Jul up  111  at  5386    Dec down  441  at  5160    Mar '10 down  242  at  5600    - - -   - - -  at  - - -  This week's LDP rate for cotton is  11.49 cents   The estimate for next week is  9.88 cents Cotton Comment December cotton again tested resistance just above 57 cents, a close above that point would open the market to move toward the 38% retracement objective at 63.5 cents. Overall fundamentals remain unchanged, with world economic conditions weighing on long term use. Prospects of a smaller U.S. crop in’09 could help boost the market down the line. Rice Long Grain Cash Bid for  n/a - - -  to  - - -   n/a - - -  to  - - - Chicago Futures: May up  9 1/2  at  1285    Jul up  10  at  1309    Sep down  2 1/2  at  1243 1/2    Nov down  2 1/2  at  1244 1/2    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice was mixed as the sideways trading pattern continues. Tightening U.S. stocks aren’t expected to get much larger this year as overall plantings increase won’t add a significant amount of rice. However, it is being reported that Thailand has indicated they will put over 3 million metric tonnes of intervention stocks on the market. There is also a possibility that India will put 2-3 mmt of stocks on the market. Cattle & Hogs  Date: April 29, 2009 Cattle As reported by Federal-State Market News, receipts were 1,233 head at sales in Conway & Pocahontas.  Compared with last week, feeder steers calves sold steady to $1 lower, yearlings firm to $3 higher. Feeder heifers sold steady to $2 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 112.25 to - - -   500 to 550 lbs. 105.75 to - - -   600 to 650 lbs. 99 to - - -  Medium & Large Frame 2   400 to 450 lbs. 98.50 to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 97.25 to - - -  Medium & Large Frame 2   400 to 450 lbs. 86.25 to - - - Slaughter Cows, Boners 46   to   50 Light Weight 30 to 34 Bulls, Yield Grade   1   1000   to   2100 lbs.   60   to   65, high dressing untested Midwest Steers   were quoted   at   85   to   - - - Panhandle Steers   remained   at   85   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 114 to 119.50   600 to 650 lbs. 106 to 111.75 Heifers 500 to 550 lbs. 102.25 to 109   600 to 650 lbs. 95 to 101 Chicago Futures: Live Cattle: Jun up 100 at 8295   Aug up 90 at 8320 Feeders: May up 95 at 9875   Sep up 100 at 10005 Cattle Comment Cattle futures made good gains as the swine flu influences began to dissipate. Cattle are being offered at $88-90 by feedlots, but the overall trade seems to be slightly weaker as cutout values declined. Stronger weights are a negative as they are running 43 pounds above year ago levels. Hogs Peoria: were $1     lower   at   36.5   to   37 Chicago Futures: Jun up 45 at 6675   Aug up 142 at 6917 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures finally made a positive move after 2 days of sharp declines. Negative packer margins indicate weaker prices in the cash market. Packers are looking at poor retail demand and ample pork supplies for the time being. Poultry  Date: April 29, 2009 Eggs New York:  Ex. Lg. 82-86; Lg. 80-84; Med. 68-72; Chicago:  Ex. Lg. 72-80; Lg. 70-78; Med. 59-67; 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 following the weekend was mostly fair with limited trading. Supplies of all sizes were adequate 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