Arkansas Farm Bureau
Arkansas Farm Bureau
Grain & Soybean Date: February 25, 2009

Soybeans

Local Elevators:
(Feb) EAST AR:  853 to 883
(NC) Summ. 748 to 778
River Elevators:
(Feb) MISS: 878 to 903 ; AR & White 859 to 874
(NC) Summ. 763 to 803
Ark. Processor Bids: (Feb) 869 to 873  (NC) 778 to 783
Memphis:  (Feb) 898 to 903 (NC)  798 to 803
Riceland Foods:  (Feb) Stuttgart 873 ; Pendleton 883 ; West Memphis 890

Chicago Futures: Mar down 3 at  878
  May  down  3 1/2  at  880
  Jul down 3 1/2  at  885
  Sep down at  852
  Nov down at  838
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans turned lower. Early pressure came from weakness in the stock market. News that China has cancelled 3 cargos of U.S. beans also added to the negative undertone. Harvest activity in South America and concerns about this year’s U.S. acreage also limited the upside today. March support is the Friday low of $8.54. Below that, the fall low of $7.79 ¼.

Corn firmed to close slightly higher for the day. The question is whether acreage will move from corn to beans. The price ratio has fallen to 2.1. Coupled with lower fertilizer costs, it may mean more corn acreage than anticipated. That survey will be taken early next month and released on March 31.

Wheat
Cash bid for February at Memphis  449 3/4 to 464 3/4;
Bids to farmers at Local Elevators 428-453;
River Elevators 446-488;

Chicago Futures: Mar up  9 1/2  at  524 3/4 
  May up 9 1/2  at  535 3/4 
  Jul up  at  547 1/2 
  Sep up  9 1/2  at  571 3/4 
  Dec up  at  592 3/4 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for February at Memphis  498 to - - -;
Bids to farmers at River Elevators 417-498;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for February at Memphis   371 3/4 to - - -;
  new crop at Memphis   350 3/4 to - - -;
Bids to farmers at River Elevators  339 to 369

Chicago Futures: Mar up  9 1/2  at  363 3/4 
  May up  9 1/4  at  372 1/4 
  Sep up  9 1/4  at  390 3/4 
  Dec up  9 1/2  at  403 3/4 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat followed corn higher today. Support from dry conditions in the Southern Plains also helped push the market higher. July found resistance at the chart gap at $5.51.



Cotton & Rice  Date: February 25, 2009


Cotton
Spot Price, Grade 41 Staple 34: Memphis down 22 at  4831
  Greenwood down  22 at 4831

New York Futures: Mar down  22  at  4256 
  May down  22  at  4356 
 Jul down  16  at  4493 
 Dec down  at  4924 
 n/a down  - - -  at  - - - 
This week's LDP rate for cotton is  16.89 cents
  The estimate for next week is  17.51 cents
Cotton Comment
Cotton was slightly lower again today. 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  34  at  1234 
 May up  44  at  1255 
 Jul up  44  at  1271 
 Sep up  36  at  1233 1/2 
 - - -   - - -  at  - - - 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice posted sharp gains. There was little change in fundamentals which remain somewhat negative with U.S. milled rice quoted as low as $575. That is competitive with Thailand but well above Vietnam. There is some optimism building that the U.S. will get the Iraqi tender, but that remains to be seen. 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 25, 2009

Cattle
As reported by Federal-State Market News, receipts were 1,013 head at sales in Conway & Pocahontas.  Compared with last week, feeder steers sold $4-7 lower .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 100.50 to - - -
  500 to 550 lbs. 94.50 to - - -
  600 to 650 lbs. 84.75 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 87.25 to - - -

Heifers:
 Medium & Large Frame 1   400 to 450 lbs. 86 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 77.75 to - - -

Slaughter Cows, Boners 37   to   42
Light Weight 25 to 31
Bulls, Yield Grade   1   1000   to   2100 lbs.   49   to   53, high dressing 54.50-55
Midwest Steers   were quoted   at   78   to   - - -
Panhandle Steers   were quoted   at   78   to   - - -

Oklahoma City Feeders
Steers 500 to 550 lbs. 94 to 111
  600 to 650 lbs. 90 to 99.50
Heifers 500 to 550 lbs. 86 to 95.35
  600 to 650 lbs. 81 to 86.75

Chicago Futures:
Live Cattle: Apr down 50 at 8485
  Jun down 37 at 8295
Feeders: Mar down 15 at 9060
  May down 30 at 9367

Cattle Comment
Cattle futures turned lower on profit taking after yesterday’s strong gains. Renewed economic concerns have traders worried about beef demand. The market is clearly trending lower. Resistance begins at the top of the gap at $86.90.

Hogs
Peoria: were     steady   at   34.5   to   35

Chicago Futures: Apr up 140 at 5910
  Jun up 145 at 7155

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

Hogs Comment
June hogs charted a bullish key reversal today, signaling that an important low has been put in. Look for the market to find tough resistance around the February high of $76.95, however.



Poultry  Date: February 25, 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 no better than steady. Demand was fair at best with limited trading. Supplies of all sizes were more than sufficient to satisfy current trade needs. In production areas, live supplies were moderate at mixed, but mostly desirable weights.