Arkansas Farm Bureau
Arkansas Farm Bureau
Grain & Soybean Date: March 05, 2009

Soybeans

Local Elevators:
(Mar) EAST AR:  835 to 857
(NC) Summ. 710 to 745
River Elevators:
(Mar) MISS: 852 to 879 ; AR & White 842 to 859
(NC) Summ. 734 to 765
Ark. Processor Bids: (Mar) 845 to 854  (NC) 740 to 745
Memphis:  (Mar) 877 to - - - (NC)  764 1/2 to - - -
Riceland Foods:  (Mar) Stuttgart 854 ; Pendleton 857 ; West Memphis 874

Chicago Futures: May down 16 1/2 at  852
  Jul  down  16 1/2  at  851 1/4
  Sep down 12 1/4  at  812
  Nov down 10 3/4  at  799 1/2
  Jan '10 down 10 3/4  at  808 1/4
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans gave back most of yesterday’s gains and resumed the recent downtrend. Low export sales, including a sizeable cancellation, contributed to the negative undertone as did losses on Wall Street, a stronger and declining crude oil. In other words, soybeans didn’t have much going their way. The quick reversal of yesterday’s correction is a sign of how bearish the situation appears.

Corn had a decent export number but overall exports are trailing year ago sales by 42%, and must increase to meet USDA’s export projection. For now, the trend remains down and there doesn’t appear to be enough “Pop” to turn that trend at this point.

Wheat
Cash bid for March at Memphis  450 to - - -;
Bids to farmers at Local Elevators 417-452;
River Elevators 444-472;

Chicago Futures: May down  at  515 
  Jul down at  527 
  Sep down  at  551 1/4 
  Dec down  8 1/4  at  572 
  Mar '10 down  at  589 1/2 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for March at Memphis  515 to - - -;
Bids to farmers at River Elevators 392-473;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for March at Memphis   366 1/2 to - - -;
  new crop at Memphis   336 1/4 to - - -;
Bids to farmers at River Elevators  322 to 359

Chicago Futures: May down  at  358 1/2 
  Jul down  at  367 3/4 
  Sep down  5 1/2  at  376 1/4 
  Dec down  at  387 3/4 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat followed soybeans and outside markets lower today. This market is clearly trending lower. The drought in the Southern Plains is limiting losses to some degree, but this market is dealing with excess supplies too, and that will keep a lid on things. July wheat has support at around $5.00.



Cotton & Rice  Date: March 05, 2009


Cotton
Spot Price, Grade 41 Staple 34: Memphis down 58 at  3613
  Greenwood down  58 at 3613

New York Futures: May down  58  at  4138 
  Jul down  69  at  4254 
 Dec down  70  at  4688 
 Mar '10 down  80  at  4993 
 n/a down  - - -  at  - - - 
This week's LDP rate for cotton is  17.60 cents
  The estimate for next week is  19.21 cents
Cotton Comment
Cotton followed the grains and moved lower again today. Fundamentals are unchanged with poor U.S. and world economics weighing on cotton use. That in turn weighs on U.S. exports. Current price levels are well below the government loan for cotton. In other words, the market is not really relevant.

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

Chicago Futures: May down  18 1/2  at  1215 1/2 
 Jul down  19 1/2  at  1235 
 Sep down  8 1/2  at  1170 
 Nov down  10  at  1175 
 - - -   - - -  at  - - - 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice futures were also lower as the market waits to see if the U.S. will garner some or all of a sizeable Iraq tender. With Vietnam issuing a temporary export ban, it leaves much of the market to the U.S. or Thailand. U.S. mills apparently are willing to discount their price in an attempt to get this business. For now, the futures market continues to trade in concert with Wall Street.



Cattle & Hogs  Date: March 05, 2009

Cattle
As reported by Federal-State Market News, receipts were 1,926 head at sales in Charlotte & Green Forest.  Compared with last week, feeder steers sold mostly firm to $4 higher .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 112 to - - -
  500 to 550 lbs. 106.50 to - - -
  600 to 650 lbs. 96.75 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 102.50 to - - -

Heifers:
 Medium & Large Frame 1   400 to 450 lbs. 93 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 84.50 to - - -

Slaughter Cows, Boners 37   to   43
Light Weight 30 to 35
Bulls, Yield Grade   1   1000   to   2100 lbs.   50   to   56.50, high dressing 50-60
Midwest Steers   remained   at   79   to   - - -
Panhandle Steers   remained   at   79   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 down 75 at 8390
  Jun down 70 at 8235
Feeders: May down 102 at 9387
  Sep down 95 at 9750

Cattle Comment
Cattle prices turned lower as well, under pressure from renewed weakness in the stock market and general economic concerns. Traders continue to worry about the strength of beef demand both domestically and globally in light of current economic woes.

Hogs
Peoria: were $1     higher   at   32   to   34

Chicago Futures: Apr up 10 at 6242
  Jun up 42 at 7317

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

Hogs Comment
Hog futures were mixed in reaction to weakness in outside markets. Tightening hog supplies would normally lead to seasonal gains, but that may not happen as overall demand remains soft.



Poultry  Date: March 05, 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. Demand was mostly light to fair with limited trading activity. Supplies of all sizes were readily available to satisfy current trade needs. In production areas, live supplies were moderate at mixed, but mostly desirable weights.