Arkansas Farm Bureau
Arkansas Farm Bureau
Grain & Soybean Date: February 26, 2009

Soybeans

Local Elevators:
(Feb) EAST AR:  844 to 874
(NC) Summ. 748 to 783
River Elevators:
(Feb) MISS: 869 to 894 ; AR & White 850 to 865
(NC) Summ. 773 to 803
Ark. Processor Bids: (Feb) 860 to 864  (NC) 778 to 783
Memphis:  (Feb) 889 1/4 to 894 1/4 (NC)  798 to 803
Riceland Foods:  (Feb) Stuttgart 864 ; Pendleton 874 ; West Memphis 881

Chicago Futures: Mar down 8 3/4 at  869 1/4
  May  down  11 1/2  at  868 1/2
  Jul down 11 3/4  at  873 1/4
  Sep down at  847
  Nov unchanged   at  838
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans were lower again today. The USDA export report showed a disappointing 12.8 million bushels in sales last week. There is also concern that China will cancel more U.S. purchases in favor of cheaper Brazilian beans. The domestic crush report was down 9.5% below the year ago total, also adding to the negative undertone. USDA pegged the soybean crop at 77 million acres today at their annual Outlook Conference, but that isn’t based upon farmer surveys. March support is the Friday low of $8.54. Below that, the fall low of $7.79 ¼ comes into play.

Corn was a bit lower, also on disappointing export numbers. USDA says that 18 million bushels were sold for export last week, but the average trade guess was between 23.5-39 million, so the report was disappointing. The USDA said today that 86 million acres will be seeded to corn this spring. That is above trade estimates, but it is also not based upon survey work. That work will be done in the coming weeks.

Wheat
Cash bid for February at Memphis  439 to 454;
Bids to farmers at Local Elevators 417-452;
River Elevators 435-477;

Chicago Futures: Mar down  10 3/4  at  514 
  May down 10 3/4  at  525 
  Jul down  10 3/4  at  536 3/4 
  Sep down  10 1/2  at  561 1/4 
  Dec down  10  at  582 3/4 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for February at Memphis  495 to - - -;
Bids to farmers at River Elevators 414-494;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for February at Memphis   370 to 372;
  new crop at Memphis   349 1/2 to - - -;
Bids to farmers at River Elevators  337 to 367

Chicago Futures: Mar down  1 3/4  at  362 
  May down  1 3/4  at  370 1/2 
  Sep down  1 1/4  at  389 1/2 
  Dec down  1 1/2  at  402 1/4 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat ended the day lower, being a willing follower. The weekly export report was supportive, coming in above trade expectations. The USDA said at their annual Outlook Conference that 58 million acres will be seeded to wheat this year, which is above industry estimates.



Cotton & Rice  Date: February 26, 2009


Cotton
Spot Price, Grade 41 Staple 34: Memphis up 68 at  3899
  Greenwood up  68 at 3899

New York Futures: Mar up  52  at  4308 
  May up  68  at  4424 
 Jul up  67  at  4560 
 Dec up  53  at  4977 
 - - -   - - -  at  - - - 
This week's LDP rate for cotton is  16.89 cents
  The estimate for next week is  18.64 cents
Cotton Comment
Cotton posted solid gains. The USDA weekly export total showed sales of 586,900 running bales, a marketing year high. Also, at their annual Outlook Conference, USDA pegged the cotton crop at 8.5 million acres. That is down almost 1 million acres from last year, but still slightly above the National Cotton Council projection of 8.1 million.

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

Chicago Futures: Mar down  2 1/2  at  1231 1/2 
 May unchanged    at  1255 
 Jul down  1 1/2  at  1269 1/2 
 Sep down  13 1/2  at  1220 
 - - -   - - -  at  - - - 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice ended lower, with new-crop contracts leading the way. 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 26, 2009

Cattle
As reported by Federal-State Market News, receipts were 1,989 head at sales in Charlotte & Green Forest.  Compared with last week, feeder steers sold mostly weak to $4 lower .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 114.50 to - - -
  500 to 550 lbs. 103 to - - -
  600 to 650 lbs. 99 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 99 to - - -

Heifers:
 Medium & Large Frame 1   400 to 450 lbs. 89.50 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 82 to - - -

Slaughter Cows, Boners 37   to   42
Light Weight 30 to 35
Bulls, Yield Grade   1   1000   to   2100 lbs.   50   to   57, high dressing 57.50-58
Midwest Steers   were steady to $2 higher   at   78   to   80
Panhandle Steers   were steady to $2 higher   at   78   to   80

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 97 at 8582
  Jun up 80 at 8375
Feeders: Mar up 170 at 9230
  May up 197 at 9565

Cattle Comment
Cattle futures moved higher following higher crude oil and stock prices. Demand concerns will likely keep a lid on prices for the near term. The market is clearly trending lower. Resistance begins at the top of the gap at $86.90.

Hogs
Peoria: were $1     lower   at   33.5   to   34

Chicago Futures: Apr down 12 at 5897
  Jun down 27 at 7127

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

Hogs Comment
Hogs were a bit lower today, unable to follow through on yesterday’s bullish chart action. Weak cash markets kept a lid on prices today. June charted a bullish key reversal yesterday, but will have tough resistance around the February high of $76.95.



Poultry  Date: February 26, 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. 74-76.50
 

Delmarva Broilers
U.S. Grade A
Trade sentiment was about steady to barely steady. Supplies of all sizes were fully adequate for trade needs. In production areas, live supplies were moderate at mixed, but mostly desirable weights.