Arkansas Farm Bureau
Arkansas Farm Bureau
Grain & Soybean Date: March 09, 2009

Soybeans

Local Elevators:
(Mar) EAST AR:  848 to 872
(NC) Summ. 728 to 763
River Elevators:
(Mar) MISS: 870 to 892 ; AR & White 857 to 872
(NC) Summ. 752 to 783
Ark. Processor Bids: (Mar) 858 to 872  (NC) 758 to 763
Memphis:  (Mar) 890 to 892 (NC)  782 1/2 to - - -
Riceland Foods:  (Mar) Stuttgart 872 ; Pendleton 886 ; West Memphis 906

Chicago Futures: May down 2 at  865
  Jul  down  at  863
  Sep up 1/2  at  828 1/2
  Nov up 2 1/2  at  817 1/2
  Jan '10 up 2 1/2  at  826 1/4
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Gains in crude oil boosted soybeans in the early trade, despite strength in the dollar. Part of the gains may be attributed to short covering ahead of Wednesday’s supply demand report. No major changes are anticipated for soybeans, and the really important report will come at the end of the month when planting intentions are released. There remains a lot of indecision about what to plant.

Corn held good gains at midday as stronger crude oil helps improve the bottom line for ethanol producers. While it won’t help for a while, the trend in crude oil seems to be higher with today’s move topping $48 per barrel. Corn appears to be gaining versus soybeans in terms of ’09 plantings. However, current price levels will make it difficult to pencil out a profit.

Wheat
Cash bid for March at Memphis  458 1/4 to - - -;
Bids to farmers at Local Elevators 425-460;
River Elevators 452-480;

Chicago Futures: May down  3 3/4  at  523 1/4 
  Jul down 3 1/2  at  535 1/4 
  Sep down  3 1/4  at  559 3/4 
  Dec down  3 1/4  at  580 1/4 
  Mar '10 down  3 1/2  at  596 1/4 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for March at Memphis  528 to - - -;
Bids to farmers at River Elevators 423-503;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for March at Memphis   365 1/2 to 370 1/2;
  new crop at Memphis   344 to - - -;
Bids to farmers at River Elevators  329 to 366

Chicago Futures: May up  at  365 1/2 
  Jul up  4 1/4  at  375 1/4 
  Sep up  4 3/4  at  384 
  Dec up  5 1/4  at  396 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat turned lower. Supplies remain ample, and the market is expecting an upward revision in ending stocks in Wednesday’s Supply/Demand report. July is still trending lower with overhead resistance near $5.50.



Cotton & Rice  Date: March 09, 2009


Cotton
Spot Price, Grade 41 Staple 34: Memphis down 25 at  3593
  Greenwood down  25 at 3593

New York Futures: May down  25  at  4118 
  Jul down  at  4239 
 Dec down  21  at  4630 
 Mar '10 down  at  4938 
 n/a down  - - -  at  - - - 
This week's LDP rate for cotton is  19.21 cents
  The estimate for next week is  20.24 cents
Cotton Comment
Wheat turned lower. Supplies remain ample, and the market is expecting an upward revision in ending stocks in Wednesday’s Supply/Demand report. July is still trending lower with overhead resistance near $5.50.

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

Chicago Futures: May up  11  at  1244 
 Jul up  8 1/2  at  1261 1/2 
 Sep up  1/2  at  1185 1/2 
 Nov down  at  1189 
 - - -   - - -  at  - - - 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice couldn’t sustain the slight upturn of late last week and traded mostly lower in the early trade. Prospects of getting a portion, or all of Iraq’s recent tender has U.S. mills discounting earlier offerings in order to be more competitive. A recent export ban by Vietnam has left an opening for the U.S. and Thailand. There is no question the U.S. needs to land this tender. Current support for old crop futures remains at or near $12 and then $11.50.



Cattle & Hogs  Date: March 09, 2009

Cattle
As reported by Federal-State Market News, receipts were 1,609 head at sales in Springdale and Ola.  Compared with last week, feeder steers sold steady to $2 higher .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 110.75 to - - -
  500 to 550 lbs. 104.75 to - --
  600 to 650 lbs. 96.75 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 104.25 to - - -

Heifers:
 Medium & Large Frame 1   400 to 450 lbs. 94 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 88.25 to - - -

Slaughter Cows, Boners 37   to   44
Light Weight 31 to 34
Bulls, Yield Grade   1   1000   to   2100 lbs.   50   to   58, high dressing 58-62.50
Midwest Steers   were $2 lower to steady   at   80   to   82
Panhandle Steers   were $2 lower to steady   at   80   to   82

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 75 at 8320
  Jun up 50 at 8157
Feeders: May up 30 at 9270
  Sep up 5 at 9685

Cattle Comment
Cattle prices ended higher on stronger crude oil and stock market values. 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     steady   at   34.50   to   35

Chicago Futures: Apr down 7 at 6242
  Jun down 52 at 7320

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

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



Poultry  Date: March 09, 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 to about steady. Demand following the weekend was light to fair with trading usually limited to regular commitments. Supplies of all sizes were at least adequate to satisfy trade needs. In production areas, live supplies were moderate at mostly desirable weights.