Arkansas Farm Bureau
Arkansas Farm Bureau
Grain & Soybean Date: March 06, 2009

Soybeans

Local Elevators:
(Mar) EAST AR:  850 to 872
(NC) Summ. 725 to 760
River Elevators:
(Mar) MISS: 867 to 894 ; AR & White 857 to 874
(NC) Summ. 750 to 780
Ark. Processor Bids: (Mar) 860 to 869  (NC) 755 to 760
Memphis:  (Mar) 892 to - - - (NC)  780 to - - -
Riceland Foods:  (Mar) Stuttgart 869 ; Pendleton 872 ; West Memphis 889

Chicago Futures: May up 15 at  867
  Jul  up  14 3/4  at  866
  Sep up 16  at  828
  Nov up 15 1/2  at  815
  Jan '10 up 15 1/2  at  823 3/4
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans finished the week on a good note with decent gains despite another down day on Wall Street. The big kicker was a weaker $ which helps boost export potential. Otherwise there doesn’t seem to be much working for soybeans. Next week’s supply demand report is expected to be a relatively quiet event with no substantial changes. For now, take a November close above $8 as a positive, but probably needs additional news to hold it there.

Corn made across the board gains, but again there appeared to be little fresh fundamental news available. Next week’s report could lower corn usage, but with a grain stocks report due later this month, they can be inclined to wait until April to make adjustments. The possibility of corn continuing in a sideways pattern over the next several weeks is enhanced by the fact that is a typical seasonal pattern for this time of year.

Wheat
Cash bid for March at Memphis  462 to - - -;
Bids to farmers at Local Elevators 429-464;
River Elevators 456-484;

Chicago Futures: May up  12  at  527 
  Jul up 11 3/4  at  538 3/4 
  Sep up  11 3/4  at  563 
  Dec up  11 1/2  at  583 1/2 
  Mar '10 up  10 1/4  at  599 3/4 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for March at Memphis  521 to - - -;
Bids to farmers at River Elevators 398-478;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for March at Memphis   366 1/2 to 369 1/2;
  new crop at Memphis   339 1/4 to - - -;
Bids to farmers at River Elevators  325 to 362

Chicago Futures: May up  at  361 1/2 
  Jul up  3 1/4  at  371 
  Sep up  at  379 1/4 
  Dec up  at  390 3/4 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat posted solid gains today. Today’s weakness in the dollar was probably just a corrective pullback, but it gave the market a boost anyway. July is still trending lower, however, with overhead resistance near $5.50.



Cotton & Rice  Date: March 06, 2009


Cotton
Spot Price, Grade 41 Staple 34: Memphis up 5 at  3618
  Greenwood up  5 at 3618

New York Futures: May down  76  at  4214 
  Jul down  254  at  4000 
 Dec up  202  at  4890 
 Mar '10 down  167  at  4826 
 - - -   - - -  at  - - - 
This week's LDP rate for cotton is  19.21 cents
  The estimate for next week is  20.24 cents
Cotton Comment
Cotton closed mixed and show little upward propensity despite gains in most of the grains. 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 up  17 1/2  at  1233 
 Jul up  18  at  1253 
 Sep up  16  at  1186 
 Nov up  19  at  1194 
 - - -   - - -  at  - - - 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice closed higher on the potential sale of Iraq on their earlier 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 06, 2009

Cattle
As reported by Federal-State Market News, receipts were 8,050 head at sales in Arkansas this week.  Compared with last week, feeder steers sold mostly firm to $3 higher .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 109.75 to - - -
  500 to 550 lbs. 103 to - - -
  600 to 650 lbs. 93.25 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 96.75 to - - -

Heifers:
 Medium & Large Frame 1   400 to 450 lbs. 96.50 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 88.50 to - - -

Slaughter Cows, Boners 37   to   44
Light Weight 26 to 32
Bulls, Yield Grade   1   1000   to   2100 lbs.   50   to   58, high dressing 58-61
Midwest Steers   were $3 higher   at   82   to   - - -
Panhandle Steers   were $3 higher   at   82   to   - - -

Oklahoma City Feeders
Steers 500 to 550 lbs. 103 to 114
  600 to 650 lbs. 95.50 to 106.75
Heifers 500 to 550 lbs. 89 to 105
  600 to 650 lbs. 84 to 94.40

Chicago Futures:
Live Cattle: Apr down 145 at 8245
  Jun down 127 at 8107
Feeders: May down 162 at 9225
  Sep down 70 at 9680

Cattle Comment
Cattle prices turned lower after opening higher on the weaker dollar. The market continues to be under pressure from 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   33   to   35

Chicago Futures: Apr up 7 at 6250
  Jun up 55 at 7372

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

Hogs Comment
Hog futures ended a bit higher. Tightening hog supplies would normally lead to seasonal gains, but that may not happen as overall demand remains soft.



Poultry  Date: March 06, 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 steady at best. Supplies of all sizes were more than adequate to satisfy trade needs. In production areas, live supplies were moderate at mostly desirable weights.