Arkansas Farm Bureau
Arkansas Farm Bureau
Grain & Soybean Date: February 23, 2009

Soybeans

Local Elevators:
(Feb) EAST AR:  848 to 878
(NC) Summ. 750 to 780
River Elevators:
(Feb) MISS: 878 to 898 ; AR & White 854 to 869
(NC) Summ. 765 to 795
Ark. Processor Bids: (Feb) 864 to 868  (NC) 775 to 780
Memphis:  (Feb) 897 3/4 to 902 3/4 (NC)  795 to - - -
Riceland Foods:  (Feb) Stuttgart 868 ; Pendleton 878 ; West Memphis 885

Chicago Futures: Mar up 10 1/4 at  872 3/4
  May  up  12 3/4  at  876
  Jul up 13  at  882 1/4
  Sep up 10 1/2  at  851 1/2
  Nov up 9 1/2  at  840
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans started with good gains as the market made a technical rebound. However, renewed strength in the dollar limited the upside and cut the rebound short. Inability to hold the larger gains may indicate limited gains over the next several days. Another farmer strike in Argentina could help move the market higher. Last week’s gap areas starting at $9.31 for March and $8.65 for November are potential targets, but the market will need more momentum than it appears to have at this point.

Corn gains were also trimmed in later day trading. Good export movement of the last 5 weeks may be losing steam as today’s inspections report was below expectations. South Korea appears to have filled their needs for the next several months, and there aren’t any buyers pushing to meet immediate needs.

Wheat
Cash bid for February at Memphis  430 1/2 to 468 1/2;
Bids to farmers at Local Elevators 414-429;
River Elevators 424-474;

Chicago Futures: Mar down  8 3/4  at  510 1/2 
  May down at  521 1/2 
  Jul down  8 3/4  at  533 1/2 
  Sep down  8 1/4  at  556 3/4 
  Dec down  7 1/4  at  578 3/4 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for February at Memphis  476 to - - -;
Bids to farmers at River Elevators 395-476;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for February at Memphis   359 3/4 to - - -;
  new crop at Memphis   340 to - - -;
Bids to farmers at River Elevators  322 to 357

Chicago Futures: Mar up  1 1/2  at  351 3/4 
  May up  1 3/4  at  360 3/4 
  Sep up  2 1/4  at  380 
  Dec up  1 3/4  at  391 1/2 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat closed lower after overnight gains. Egypt’s purchase of Russian wheat, and interest from Brazil seem to indicate that the U.S. is still not competitive in this market. Rain in China was also a negative factor. Losses were limited by continued drought in the Southern Plains of the U.S.



Cotton & Rice  Date: February 23, 2009


Cotton
Spot Price, Grade 41 Staple 34: Memphis down 19 at  3866
  Greenwood down  19 at 3866

New York Futures: Mar down  37  at  4266 
  May down  19  at  4391 
 Jul down  19  at  4521 
 Dec down  29  at  4941 
 - - -   - - -  at  - - - 
This week's LDP rate for cotton is  16.89 cents
  The estimate for next week is  17.24 cents
Cotton Comment
Cotton gains were also lost by the end of today’s session, as the market continued to work lower. Poor world economic conditions are battering cotton, however it makes little difference as the market is well below the loan level at this point. Even potentially smaller plantings aren’t giving the market any hope. The National Cotton Council projects 14.4% lower plantings of 8.1 million acres in 2009. Arkansas plantings are projected 28.8 lower at just 441,000 acres.

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

Chicago Futures: Mar up  9 1/2  at  1208 
 May up  5 1/2  at  1208 
 Jul up  11  at  1225 
 Sep down  at  1198 1/2 
 - - -   - - -  at  - - - 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice did manage to close slightly higher with March climbing back above $12. For now, fundamentals remain somewhat negative with U.S. milled rice quoted as low as $575. That is competitive with Thailand but well above Vietnam. Commitments have been made for over 3 mmt of exports by Vietnam, but late harvest is squeezing the market. That might give other countries a small window of opportunity. USDA projections suggest substantial export sales for this year. If that is the case, things will need to shake loose soon.



Cattle & Hogs  Date: February 23, 2009

Cattle
As reported by Federal-State Market News, receipts were n/a head at sales in n/a.  Compared with last week, feeder steers n/a .

Steers:
 Medium & Large Frame n/a   - - - to - - - lbs. - - - to - - -
  - - - to - - - lbs. - - - to - - -
  - - - to - - - lbs. - - - to - - -
 Medium & Large Frame n/a   - - - to - - - lbs. - - - to - - -

Heifers:
 Medium & Large Frame n/a   - - - to - - - lbs. - - - to - - -
 Medium & Large Frame n/a   - - - to - - - lbs. - - - to - - -

Slaughter Cows, Boners n/a   to   - - -
Light Weight - - - to - - -
Bulls, Yield Grade   n/a   - - -   to   - - - lbs.   - - -   to   - - -
Midwest Steers   were quoted   at   78   to   81
Panhandle Steers   were $1 lower to $1 higher   at   79   to   81

Oklahoma City Feeders
Steers 500 to 550 lbs. 106 to 111
  600 to 650 lbs. 90 to 98.50
Heifers 550 to 600 lbs. 86 to 92
  600 to 650 lbs. 81.50 to 86.50

Chicago Futures:
Live Cattle: Apr up 50 at 8392
  Jun up 30 at 8185
Feeders: Mar up 37 at 8875
  May up 7 at 9172

Cattle Comment
Cattle futures closed higher, but could be under renewed pressure later this week. Last week’s cattle on feed report indicated larger numbers than a year ago with heavier placements up about 6%, and lighter placements down about the same. More than adequate numbers are expected to pressure the market near term. Beef remains weak, with slaughter weights increasing. Carcass weights were up 14 pounds from the same time last year.

Hogs
Peoria: were $.50     lower   at   36   to   - - -

Chicago Futures: Apr up 27 at 5822
  Jun down 2 at 7095

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

Hogs Comment
Hogs were mostly higher despite light packer demand. Negative packer margins contributed to sharp losses on Friday, and we could see additional declines in the near term.



Poultry  Date: February 23, 2009

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

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

Delmarva Broilers
U.S. Grade A
Trade sentiment was steady at best. Demand following the weekend was no better than fair with hopes of improvement for upcoming first of the business. 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.