Arkansas Farm Bureau
Arkansas Farm Bureau
Grain & Soybean Date: March 13, 2009

Soybeans

Local Elevators:
(Mar) EAST AR:  867 to 884
(NC) Summ. 744 to 769
River Elevators:
(Mar) MISS: 877 to 904 ; AR & White 868 to 883
(NC) Summ. 759 to 789
Ark. Processor Bids: (Mar) 880 to 884  (NC) 764 to 769
Memphis:  (Mar) 896 1/2 to 901 1/2 (NC)  783 3/4 to 788 3/4
Riceland Foods:  (Mar) Stuttgart 884 ; Pendleton 884 ; West Memphis 904

Chicago Futures: May down 5 1/2 at  876 1/2
  Jul  down  6 1/4  at  875 1/4
  Sep down 15 3/4  at  835 3/4
  Nov down 17 3/4  at  823 3/4
  Jan '10 down 18 1/2  at  833 1/2
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans ended the session lower after failing to hold early gains. Some early private planting guesstimates suggest bean acreage will be up sharply. One even suggests there will be more soybeans planted in the U.S. than corn. If that’s the case, then look for beans to move sharply lower by harvest time, if not before.

Corn managed to end the week on a positive note following yesterday’s big gains with slightly higher closes today. Early gains in crude oil were a contributing factor, but it appeared the market reacted to positive private forecasts of smaller U.S. plantings in ’09. Informa projected just 81.4 million acres of corn in ’09. In the long run that would give corn a solid boost.

Wheat
Cash bid for March at Memphis  456 1/4 to 458 1/4;
Bids to farmers at Local Elevators 431-456;
River Elevators 448-476;

Chicago Futures: May down  6 3/4  at  518 1/4 
  Jul down 6 1/2  at  530 3/4 
  Sep down  6 1/2  at  555 3/4 
  Dec down  6 1/4  at  577 1/4 
  Mar '10 down  5 3/4  at  583 3/4 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for March at Memphis  569 to 578;
Bids to farmers at River Elevators 464-544;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for March at Memphis   386 1/2 to 388 1/2;
  new crop at Memphis   366 1/2 to - - -;
Bids to farmers at River Elevators  352 to 384

Chicago Futures: May up  3 1/4  at  388 1/2 
  Jul up  2 3/4  at  398 1/4 
  Sep up  2 1/2  at  406 1/2 
  Dec up  2 1/4  at  418 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat gave back a big portion of yesterday’s gains after July failed to break through trendline resistance at $5.40. This market is dealing with large world supplies, and that will limit the upside.



Cotton & Rice  Date: March 13, 2009


Cotton
Spot Price, Grade 41 Staple 34: Memphis up 50 at  38.08
  Greenwood up  50 at 38.08

New York Futures: May unchanged    at  4283 
  Jul down  10  at  4386 
 Dec down  12  at  4783 
 Mar '10 down  24  at  5069 
 - - -   - - -  at  - - - 
This week's LDP rate for cotton is  20.15 cents
  The estimate for next week is  19.19 cents
Cotton Comment
Cotton was steady to slightly lower today with little fresh fundamental information to drive the market. In this week’s report, 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.

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

Chicago Futures: May down  44 1/2  at  1162 1/2 
 Jul down  41 1/2  at  1183 
 Sep down  at  1156 
 Nov down  10  at  1160 
 - - -   - - -  at  - - - 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice lost ground again today as the lead contract May finished within a few cents of the 68% retracement objective on the monthly charts - $11.46. In the week’s report, 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 Tuesday but the offers have been extended for several days.



Cattle & Hogs  Date: March 13, 2009

Cattle
As reported by Federal-State Market News, receipts were 5,685 head at sales in Arkansas this week.  Compared with last week, feeder steers sold mostly weak to $4 lower .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 108 to - - -
  500 to 550 lbs. 100 to - - -
  600 to 650 lbs. 93 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 97 to - - -

Heifers:
 Medium & Large Frame 1   400 to 450 lbs. 93 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 84 to - - -

Slaughter Cows, Boners 36   to   44
Light Weight 28 to 32
Bulls, Yield Grade   1   1000   to   2100 lbs.   50   to   57, high dressing untested
Midwest Steers   n/a   at   - - -   to   - - -
Panhandle Steers   n/a   at   - - -   to   - - -

Oklahoma City Feeders
Steers 500 to 550 lbs. 104 to 119.50
  600 to 650 lbs. 93.50 to 105.25
Heifers 500 to 550 lbs. 88.50 to 100
  600 to 650 lbs. 76 to 84

Chicago Futures:
Live Cattle: Apr up 75 at 8465
  Jun up 27 at 8210
Feeders: May up 82 at 9402
  Sep up 72 at 9832

Cattle Comment
Cattle futures were mostly higher again today. Stronger stock prices and gains in beef values were supportive. The market continues to be under pressure from general economic concerns, however. 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   36.5   to   37

Chicago Futures: Apr up 97 at 6320
  Jun up 47 at 7422

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

Hogs Comment
Hog futures were also higher in reaction to gains on Wall Street. A seasonal decline in supplies should be supportive. June is trying to build support at $71.



Poultry  Date: March 13, 2009

Eggs
New York:  Ex. Lg. 96-100; Lg. 94-98; Med. 86-90;
Chicago:  Ex. Lg. 85-93; Lg. 83-91; Med. 77-85;

Eastern Region Turkeys
Hens: 8-16 lbs. 74-77
Toms: 16-24 lbs. 74-77
 

Delmarva Broilers
U.S. Grade A
Trade sentiment was about steady to instances barely steady. Demand entering 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.