Arkansas Farm Bureau
Arkansas Farm Bureau
Grain & Soybean Date: February 19, 2009

Soybeans

Local Elevators:
(Feb) EAST AR:  860 to 890
(NC) Summ. 755 to 785
River Elevators:
(Feb) MISS: 890 to 910 ; AR & White 862 to 877
(NC) Summ. 770 to 800
Ark. Processor Bids: (Feb) 876 to 880  (NC) 775 to 785
Memphis:  (Feb) 906 1/2 to 909 1/2 (NC)  800 to - - -
Riceland Foods:  (Feb) Stuttgart 880 ; Pendleton 890 ; West Memphis 897

Chicago Futures: Mar down 3 at  884 1/2
  May  down  1/2  at  886
  Jul up 3/4  at  891 1/2
  Sep up 4 1/4  at  857
  Nov up 9 1/4  at  845
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans reversed earlier gains to close slightly lower. Profit taking provided the early strength as did a big jump in crude oil. However the market returned to other crop fundamentals including a potential jump in this year’s plantings and better weather conditions in Argentina. Harvest in Brazil also suggests China may have another source available for imports.

Corn held gains and closed a little higher. Big crude oil gains helped as this suggested more favorable returns for ethanol. Corn also benefited from prospects of lower plantings in the U.S. with some estimates as low as 82 to 83 million acres. That would lead to a substantially lower stocks next year.

Wheat
Cash bid for February at Memphis  429 1/2 to 444 1/2;
Bids to farmers at Local Elevators 423-438;
River Elevators 433-463;

Chicago Futures: Mar up  8 3/4  at  519 1/2 
  May up at  531 
  Jul up  8 1/2  at  543 1/4 
  Sep up  at  566 3/4 
  Dec up  9 3/4  at  588 1/2 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for February at Memphis  479 to - - -;
Bids to farmers at River Elevators 380-460;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for February at Memphis   359 1/4 to 361 1/4;
  new crop at Memphis   341 to - - -;
Bids to farmers at River Elevators  318 to 353

Chicago Futures: Mar up  at  353 1/4 
  May up  at  362 
  Sep up  at  381 
  Dec up  6 1/4  at  393 3/4 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat closed higher despite a generally slow export pace. The U.S. is less than competitive in the world market with Russia selling at a discount. However weather conditions in the Southern Plains are helping boost the market in the short run.



Cotton & Rice  Date: February 19, 2009


Cotton
Spot Price, Grade 41 Staple 34: Memphis down 19 at  4966
  Greenwood down  19 at 4966

New York Futures: Mar down  47  at  4342 
  May down  19  at  4491 
 Jul down  24  at  4629 
 Dec down  27  at  5067 
 - - -   - - -  at  - - - 
This week's LDP rate for cotton is  13.85 cents
  The estimate for next week is  16.89 cents
Cotton Comment
Cotton continued to move lower as the overall pace of exports and domestic use are very slow. The national Cotton Council released its plantings survey late last Cotton continued to move lower as the overall pace of exports and domestic use are very slow. The National Cotton Council released its plantings survey late last week. The survey indicated another substantial cut in plantings of almost a million acres. The mid South, including Arkansas, is expected to be down over 20%. Arkansas acreage is projected at a little over 400,000 acres.

Rice
Long Grain Cash Bid for  n/a - - -  to  - - -
  n/a - - -  to  - - -

Chicago Futures: Mar up  13 1/2  at  1229 
 May up  9 1/2  at  1230 
 Jul up  8 1/2  at  1245 1/2 
 Sep up  5 1/2  at  1232 
 - - -   - - -  at  - - - 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice maintained small gains into today’s close. U.S. milled rice remains at a premium to Vietnam which is dominating the export market, but it is competitively priced with offerings from Thailand. However USDA lowered export estimates in the last report and that doesn’t bode well for the market in the near term. The U.S. will need to pick up sales soon in order to keep futures from declining further.



Cattle & Hogs  Date: February 19, 2009

Cattle
As reported by Federal-State Market News, receipts were 2,669 head at sales in Ratcliff & Green Forest.  Compared with last week, feeder steers sold mostly $2-4 lower .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 112.25 to - - -
  500 to 550 lbs. 106.25 to - - -
  600 to 650 lbs. 97.75 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 106.50 to - - -

Heifers:
 Medium & Large Frame 1   400 to 450 lbs. 93.50 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 84 to - - -

Slaughter Cows, Boners 38   to   43
Light Weight 22 to 27
Bulls, Yield Grade   1-2   1000   to   2100 lbs.   53   to   56.50
Midwest Steers   were $1 higher to steady   at   80   to   - - -
Panhandle Steers   were $1 higher to steady   at   80   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: Apr up 182 at 8475
  Jun up 145 at 8252
Feeders: Mar up 160 at 9062
  May up 160 at 9350

Cattle Comment
Cattle firmed in today’s trade despite a weaker undertone in cash beef. The overall weaker market is a product of current U.S. and world economic situation. The market was helped by the upturn in crude oil and a weaker dollar. Feed lots are sustaining big losses and there is no indication the market has bottomed.

Hogs
Peoria: were     steady   at   37   to   37.5

Chicago Futures: Apr down 22 at 6057
  Jun down 77 at 7310

Sheep
St. Paul sheep shorn slaughter lambs   at   n/a   to   - - -

Hogs Comment
Hog futures were lower as composite pork cutout values continued to decline. A lower $ limited the downturn, but the current economic situation points to a lower export potential.



Poultry  Date: February 19, 2009

Eggs
New York:  Ex. Lg. 95-99; Lg. 93-97; Med. 86-90;
Chicago:  Ex. Lg. 85-93; Lg. 83-91; Med. 77-85;

Eastern Region Turkeys
Hens: 8-16 lbs. 74-76
Toms: 16-24 lbs. 74-76.5
 

Delmarva Broilers
U.S. Grade A
Trade sentiment was steady at best. Demand was no better than fair with trading usually limited to regular commitments. Supplies of all sizes were at least adequate to satisfy current trade needs. In production areas, live supplies were moderate at mixed, but mostly desirable weights.