Arkansas Farm Bureau
Arkansas Farm Bureau
Grain & Soybean Date: March 03, 2009

Soybeans

Local Elevators:
(Mar) EAST AR:  836 to 859
(NC) Summ. 701 to 736
River Elevators:
(Mar) MISS: 854 to 875 ; AR & White 839 to 855
(NC) Summ. 726 to 756
Ark. Processor Bids: (Mar) 839 to 847  (NC) 731 to 738
Memphis:  (Mar) 873 1/2 to - - - (NC)  756 1/4 to - - -
Riceland Foods:  (Mar) Stuttgart 849 ; Pendleton 859 ; West Memphis 866

Chicago Futures: May up 9 1/2 at  853 1/2
  Jul  up  4 3/4  at  851 1/4
  Sep down 1 1/2  at  806
  Nov down 1 3/4  at  791 1/4
  Jan '10 down at  800 1/4
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans closed narrowly mixed with new crop continuing lower under light selling pressure. A more moderate day on Wall Street means less activity in beans and grains. November soybeans closed under $8 for the second day in a row. Upside potential appears limited, but the market is in an oversold condition (RSI of less than 20) and is due a correction.

Corn ended the session steady to slightly higher. Country movement remains slow despite an improved basis situation. There is little positive fundamental news.

Wheat
Cash bid for March at Memphis  435 3/4 to 436 3/4;
Bids to farmers at Local Elevators 404-439;
River Elevators 429-459;

Chicago Futures: May down  4 1/4  at  501 3/4 
  Jul down 4 1/4  at  513 3/4 
  Sep down  at  538 1/4 
  Mar down  4 3/4  at  576 3/4 
  n/a down  - - -  at  - - - 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for March at Memphis  465 to 501;
Bids to farmers at River Elevators 378-458;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for March at Memphis   352 1/2 to 358 1/2;
  new crop at Memphis   328 1/2 to - - -;
Bids to farmers at River Elevators  317 to 351

Chicago Futures: May up  1/4  at  350 1/2 
  Jul up  1/4  at  359 3/4 
  Sep up  1/4  at  368 1/2 
  Dec up  1/2  at  380 3/4 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat was pushed lower again today with ample supplies limiting upside potential. The export situation remains highly competitive with the Ukraine aggressively pushing wheat in the export market. July is in position to test support at the early December low just below $5.



Cotton & Rice  Date: March 03, 2009


Cotton
Spot Price, Grade 41 Staple 34: Memphis up 23 at  3647
  Greenwood up  23 at 3647

New York Futures: May up  23  at  4172 
  Jul up  16  at  4307 
 Dec up  16  at  4736 
 Mar '10 up  16  at  5066 
 - - -   - - -  at  - - - 
This week's LDP rate for cotton is  17.60 cents
  The estimate for next week is  18.82 cents
Cotton Comment
Cotton was up a little by the end of today’s session, but the market remains extremely bearish. Economic considerations are weighing on the textile market, and this has led to adjustments by China and others. That in turn has reduced import requirements, and reduced U.S. exports. Price has fallen well below the loan level, and that isn’t likely to improve much any time soon.

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

Chicago Futures: May down  at  1232 
 Jul down  at  1249 
 Sep down  4 1/2  at  1176 1/2 
 Nov down  at  1185 
 - - -   - - -  at  - - - 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice was slightly lower as the market continued to retrace last week’s gains. Current support is $12 and then the recent low of near $11.50. U.S. milled rice is fairly competitive with Thailand, but remains will above offerings by Vietnam. A late harvest in Vietnam may tighten supplies and firm the market temporarily. Longer term the U.S. needs sales to pick up, or there will need to be adjustments in future supply demand reports.



Cattle & Hogs  Date: March 03, 2009

Cattle
As reported by Federal-State Market News, receipts were 443 head at sales in Fort Smith.  Compared with last week, feeder steers sold firm to $3 higher .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 115 to - - -
  500 to 550 lbs. 103.75 to - - -
  600 to 650 lbs. 96.75 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 102 to - - -

Heifers:
 Medium & Large Frame 1   400 to 450 lbs. 98 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 86.25 to - - -

Slaughter Cows, Boners 37   to   41.50
Light Weight n/a to - - -
Bulls, Yield Grade   1   1000   to   2100 lbs.   53   to   57, high dressing 60-64
Midwest Steers   were steady to $3 lower   at   79   to   - - -
Panhandle Steers   n/a   at   - - -   to   - - -

Oklahoma City Feeders
Steers 500 to 550 lbs. 108.50 to 114
  600 to 650 lbs. 98.10 to 105.25
Heifers 500 to 550 lbs. 93.50 to 100
  600 to 650 lbs. 85.10 to 93.60

Chicago Futures:
Live Cattle: Apr up 27 at 8422
  Jun up 25 at 8245
Feeders: May up 27 at 9432
  Sep up 5 at 9750

Cattle Comment
Cattle firmed as yesterday’s sellers took profits today. The question is whether the normal seasonal upturn will be over ridden by the world and U.S. economic situation. Retailers are wary of consumer reaction to any price upturn. Weak packer margins and big showlists will limit gains.

Hogs
Peoria: were     steady   at   32.5   to   33

Chicago Futures: Apr up 57 at 6085
  Jun up 30 at 7177

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

Hogs Comment
Hog futures improved despite weak pork values. Eastern markets firmed in response to the strong winter storm. Tightening hog supplies would normally lead to seasonal gains, but that may not happen as overall demand remains soft.



Poultry  Date: March 03, 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. 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.