04/30/2009 Farm Bureau Market Report

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Grain & Soybean Date: April 30, 2009 Soybeans Local Elevators: (Apr) EAST AR:  1019 to 1047 (NC) Summ. 884 to 901 River Elevators: (Apr) MISS: 1050 to 1078 ; AR & White 1022 to 1058 (NC) Summ. 885 to 919 Ark. Processor Bids: (Apr) 1034 to 1056  (NC) 994 to 996 Memphis:  (Apr) 1080 to 1081 (NC)  918 1/2 to 923 1/2 Riceland Foods:  (Apr) Stuttgart 1034 ; Pendleton 1034 ; West Memphis 1054 Chicago Futures: May up 36 at  1070   Jul  up  30  at  1055   Sep up 15 1/2  at  980 1/2   Nov up 11  at  943 1/2   Jan '10 up 9 3/4  at  947 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans were sharply higher with old crop leading the charge. 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 closed higher but struggled most of the day. Slow planting progress and prospects of more rain delays helped boost the market. Outside markets provided underlying support. Wheat Cash bid for April at Memphis  458 1/4 to 462 1/2; Bids to farmers at Local Elevators 437-462; River Elevators 452-482; Chicago Futures: May up  3 1/2  at  524 1/4    Jul up 4 1/2  at  536 1/2    Sep up  4 1/4  at  563 1/4    Dec up  4 3/4  at  586 1/4    Mar '10 up  5 1/4  at  602 1/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for April at Memphis  537 to 556; Bids to farmers at River Elevators 613-622; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for April at Memphis   398 1/2 to 399 1/2;   new crop at Memphis   377 1/2 to - - -; Bids to farmers at River Elevators  364 to 396 Chicago Futures: May up  3 1/4  at  396 1/4    Jul up  2 1/4  at  403 1/2    Sep up  2  at  412 1/2    Dec up  1 1/2  at  423 1/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Soft red wheat futures continued to firm 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 30, 2009 Cotton Spot Price, Grade 41 Staple 34: Memphis up 99 at  5010   Greenwood up  99 at 5010 New York Futures: May up  65  at  5349    Jul up  101  at  5435    Dec up  78  at  5746    Mar '10 up  87  at  5976    - - -   - - -  at  - - -  This week's LDP rate for cotton is  11.49 cents   The estimate for next week is  9.86 cents Cotton Comment December cotton broke resistance just above 57 cents, and closed above that point. This should 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  5  at  1290    Jul up  1  at  1310    Sep down  1  at  1242 1/2    Nov down  1/2  at  1244    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice was slightly higher 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 30, 2009 Cattle As reported by Federal-State Market News, receipts were 2,119 head at sales in Charlotte, Ratcliff & Green Forest.  Compared with last week, feeder steers sold firm to $3 higher . Steers:  Medium & Large Frame 1   400 to 450 lbs. 119.50 to - - -   500 to 550 lbs. 112 to - - -   600 to 650 lbs. 103.75 to - - -  Medium & Large Frame 2   400 to 450 lbs. n/a to - - - Heifers:  Medium & Large Frame 1   400 to 450 lbs. 98.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 93.75 to - - - Slaughter Cows, Boners 44   to   48 Light Weight 32 to 40 Bulls, Yield Grade   1   1000   to   2100 lbs.   55   to   60.50, high dressing 60.50-68 Midwest Steers   remained   at   85   to   - - - Panhandle Steers   remained   at   85   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 down 45 at 8250   Aug down 55 at 8265 Feeders: May down 17 at 9857   Sep down 25 at 9980 Cattle Comment Cattle futures traded in sympathy with hogs and closed lower for the day. 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   35.5   to   36 Chicago Futures: Jun down 222 at 6452   Aug down 20 at 6897 Sheep St. Paul sheep shorn slaughter lambs   at   n/a   to   - - - Hogs Comment Hog futures were sharply lower again, as consumer concerns about swine flu brought another heavy selloff. 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 30, 2009 Eggs New York:  Ex. Lg. 78-82; Lg. 76-80; Med. 65-69; 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