Arkansas Farm Bureau
Arkansas Farm Bureau
Grain & Soybean Date: March 11, 2009

Soybeans

Local Elevators:
(Mar) EAST AR:  852 to 869
(NC) Summ. 727 to 762
River Elevators:
(Mar) MISS: 867 to 889 ; AR & White 854 to 869
(NC) Summ. 752 to 782
Ark. Processor Bids: (Mar) 865 to 869  (NC) 757 to 762
Memphis:  (Mar) 882 to 890 (NC)  782 to - - -
Riceland Foods:  (Mar) Stuttgart 869 ; Pendleton 869 ; West Memphis 889

Chicago Futures: May down 15 at  862
  Jul  down  16  at  860 3/4
  Sep down 17  at  827 1/2
  Nov down 18 1/2  at  817
  Jan '10 down 18  at  827
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans lost early gains resulting from this month’s positive supply demand adjustments. USDA increased projected exports by 35 million bushels, which in turn lowered projected ending stocks to 185 million bushels. In addition the production estimate for Argentina was trimmed by 800,000 metric tonnes. That leaves Brazil at 57 and Argentina at 43 mmt down from a combined production of 107 mmt last year. These numbers boosted early trading, but by the close the market had given back yesterday’s gains as well.

Corn closed lower after starting the session higher. USDA added a 100 million bushels back to ethanol use, while reducing exports 50 million bushels. This was positive because the net result was a slightly lower ending stocks projection. Most thoughts prior to the report was that the ending stocks number would move the other way. But like beans, the market gave back yesterday’s gains.

Wheat
Cash bid for March at Memphis  446 1/4 to 448 1/4;
Bids to farmers at Local Elevators 410-445;
River Elevators 437-465;

Chicago Futures: May down  24 1/2  at  508 1/4 
  Jul down 24 1/2  at  520 1/2 
  Sep down  24 1/4  at  545 
  Dec down  23 3/4  at  566 
  Mar '10 down  23 1/2  at  582 1/4 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for March at Memphis  526 to - - -;
Bids to farmers at River Elevators 421-501;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for March at Memphis   362 1/2 to 364 1/2;
  new crop at Memphis   343 3/4 to - - -;
Bids to farmers at River Elevators  328 to 365

Chicago Futures: May down  11  at  364 1/2 
  Jul down  11  at  374 1/2 
  Sep down  10 3/4  at  383 3/4 
  Dec down  10 3/4  at  396 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat was lower all day, although early strength in other markets limited losses somewhat. The USDA increased U.S. ending stocks by 57 million bushels and world ending stocks by 218 million bushels. July is trending lower, and looks headed for a retest of the recent low of $5.12 ½.



Cotton & Rice  Date: March 11, 2009


Cotton
Spot Price, Grade 41 Staple 34: Memphis up 2 at  3657
  Greenwood up  2 at 3657

New York Futures: May up  at  4182 
  Jul unchanged    at  4300 
 Dec up  at  4706 
 Mar '10 up  at  5004 
 - - -   - - -  at  - - - 
This week's LDP rate for cotton is  19.21 cents
  The estimate for next week is  20.21 cents
Cotton Comment
Cotton closed steady to slightly higher. USDA reduced domestic use by 150,000 bales to just 3.75 million bales. At the same time, exports were raised 500,000 bales reducing projected ending stocks to 7.3 million bales. A slight reduction in China’s ’08 production resulted in an upward revision in their import needs. That in turn boosted the U.S. export number. However, the positive numbers did little for the cotton market.

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

Chicago Futures: May down  42 1/2  at  1244 
 Jul down  40  at  1262 
 Sep down  38 1/2  at  1173 1/2 
 Nov down  39  at  1177 
 - - -   - - -  at  - - - 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice reversed yesterday’s gains and closed sharply lower. USDA made minor adjustments in the supply demand report with overall exports being reduced by 4 million cwt. That was equally split between milled and rough rice, and also long and medium grain. Net results are ending stocks of 30.2 million cwt. USDA also lowered the projected price by 50 cents on both sides of their range. This puts long grain at $14.50 to $15.50 per cwt. The market continues to wait for confirmation on the recent tender by Iraq. That announcement was supposed to be made yesterday but the offers have been extended for several days.



Cattle & Hogs  Date: March 11, 2009

Cattle
As reported by Federal-State Market News, receipts were 1,009 head at sales in Conway & Pocahontas.  Compared with last week, feeder steers sold weak to $3 lower .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 105.75 to - - -
  500 to 550 lbs. 95.25 to - - -
  600 to 650 lbs. 85.75 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 92.50 to - - -

Heifers:
 Medium & Large Frame 1   400 to 450 lbs. 87 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 82.25 to - - -

Slaughter Cows, Boners 39   to   44.50
Light Weight 30 to 34
Bulls, Yield Grade   1   1000   to   2100 lbs.   53.50   to   58.50, high dressings $59-63
Midwest Steers   remained   at   80   to   - - -
Panhandle Steers   were quoted   at   80   to   - - -

Oklahoma City Feeders
Steers 500 to 550 lbs. 106.75 to 111.50
  600 to 650 lbs. 99 to 105.25
Heifers 500 to 550 lbs. 91 to 98
  600 to 650 lbs. 83.25 to 92

Chicago Futures:
Live Cattle: Apr down 32 at 8255
  Jun down 30 at 8095
Feeders: May down 52 at 9230
  Sep down 40 at 9650

Cattle Comment
Cattle prices were lower across the board, with April setting a new contract low of $82 before closing near the middle of the day’s trading range. 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 $.5 higher to     steady   at   37.5   to   38

Chicago Futures: Apr down 20 at 6032
  Jun up 70 at 7240

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

Hogs Comment
Hog futures closed mixed. Tightening hog supplies would normally lead to seasonal gains, but that may not happen as overall demand remains soft. June is trying to build support at $71.



Poultry  Date: March 11, 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 about steady to barely steady. Demand into all channels was light and unaggressive and usually limited to regular commitments. 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.