Arkansas Farm Bureau
Arkansas Farm Bureau
Grain & Soybean Date: March 16, 2009

Soybeans

Local Elevators:
(Mar) EAST AR:  901 to 918
(NC) Summ. 771 to 796
River Elevators:
(Mar) MISS: 911 to 938 ; AR & White 899 to 914
(NC) Summ. 785 to 816
Ark. Processor Bids: (Mar) 914 to 918  (NC) 791 to 796
Memphis:  (Mar) 931 to 935 (NC)  815 1/2 to - - -
Riceland Foods:  (Mar) Stuttgart 918 ; Pendleton 918 ; West Memphis 920

Chicago Futures: May up 34 1/2 at  911
  Jul  up  32 1/4  at  907 1/2
  Sep up 27 3/4  at  863 1/2
  Nov up 26 3/4  at  850 1/2
  Jan '10 up 26 1/2  at  860
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans seem to be in a tight bidding war with corn for about 4 or 5 million acres. Late last week private forecasts indicated soybeans were winning the battle with Informa projecting corn at 81.4 million acres. That would suggest soybeans might lose ground in the price war but in recent days the price ratio of November beans to December corn dropped to 1.97 to 1. That favors corn, so in today’s trading, beans went sharply higher with corn making minimal gains. After today’s trade, the ratio is 2.02 to 1. That still seems to favor corn. The next few days may be interesting as the market tries to sort out ’09 planting intentions. Producers remain undecided, but will likely firm up their plans over the next two weeks.

Wheat
Cash bid for March at Memphis  476 1/4 to 484 1/4;
Bids to farmers at Local Elevators 457-482;
River Elevators 474-502;

Chicago Futures: May up  26  at  544 1/4 
  Jul up 26  at  556 3/4 
  Sep up  25 1/2  at  581 1/4 
  Dec up  25 3/4  at  603 
  Mar '10 up  25 1/4  at  619 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for March at Memphis  583 to - - -;
Bids to farmers at River Elevators 469-550;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for March at Memphis   387 1/2 to 389 1/2;
  new crop at Memphis   370 to - - -;
Bids to farmers at River Elevators  355 to 387

Chicago Futures: May up  at  391 1/2 
  Jul up  3 1/2  at  401 3/4 
  Sep up  3 1/2  at  410 
  Dec up  3 1/4  at  421 1/4 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat futures were sharply higher on support from the stock market. Dry conditions in the Southern Plains continue to be supportive as well. July broke above the recent downtrend, signaling that a low has been put in.



Cotton & Rice  Date: March 16, 2009


Cotton
Spot Price, Grade 41 Staple 34: Memphis up 22 at  3830
  Greenwood up  22 at 3830

New York Futures: May up  22  at  4305 
  Jul up  at  4395 
 Dec up  30  at  4813 
 Mar '10 up  36  at  5105 
 - - -   - - -  at  - - - 
This week's LDP rate for cotton is  20.15 cents
  The estimate for next week is  19.19 cents
Cotton Comment
Cotton firmed slightly as the market continues under long term pressure from the current U.S. and world economic situation. Early estimates had cotton acreage declining rather sharply again in ’09. However, once cotton fell below the loan level, it was a question of where corn and soybeans would go. The lower they fell, the more it tended to pull cotton back into the mix. Producers with cotton equipment are beginning to reassess their cotton plans. No doubt what happens in corn and beans over the next several weeks will figure into this year’s final planting decisions.

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

Chicago Futures: May down  17  at  1145 1/2 
 Jul down  16  at  1167 
 Sep up  at  1158 
 Nov up  10  at  1170 
 - - -   - - -  at  - - - 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice continued under pressure, after penetrating support on long term charts late last week. The market opened sharply lower despite the positive moves in soybeans and grains. Losses were tempered somewhat during the session but remained down at the close. May moved back to close right on the long term 62% retracement value of $11.46. This could be a positive sign among recent sharp declines.



Cattle & Hogs  Date: March 16, 2009

Cattle
As reported by Federal-State Market News, receipts were 2,202 head at sales in Ash Flat, Springdale & Ola.  Compared with last week, feeder steers sold unevenly, mostly firm to $4 higher .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 111.05 to - - -
  500 to 550 lbs. 99 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. 94 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 87 to - - -

Slaughter Cows, Boners 38   to   45
Light Weight 34 to 36
Bulls, Yield Grade   1   1000   to   2100 lbs.   50   to   55, high dressing 55-59.50
Midwest Steers   were quoted   at   79   to   81
Panhandle Steers   were quoted   at   77   to   82

Oklahoma City Feeders
Steers 550 to 600 lbs. 104 to 110.75
  650 to 700 lbs. 97.10 to 103.25
Heifers 550 to 600 lbs. 88 to 97.75
  600 to 650 lbs. 89 to 93.60

Chicago Futures:
Live Cattle: Apr down 20 at 8445
  Jun down 2 at 8207
Feeders: May down 32 at 9370
  Sep down 12 at 9820

Cattle Comment
Cattle futures ended mixed. The market failed to follow the stock market higher. Futures continue 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   36.5   to   37

Chicago Futures: Apr down 45 at 6275
  Jun down 15 at 7407

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

Hogs Comment
Hog futures turned lower on profit taking after Friday’s big gains. A seasonal decline in supplies should be supportive. June is trying to build support at $71.



Poultry  Date: March 16, 2009

Eggs
New York:  Ex. Lg. 96-100; Lg. 94-98; Med. 86-90;
Chicago:  Ex. Lg. 87-95; Lg. 85-93; 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. Supplies of all sizes were more than adequate to satisfy trade needs. In production areas, live supplies were moderate at mostly desirable weights.