Arkansas Farm Bureau
Arkansas Farm Bureau
Grain & Soybean Date: March 17, 2009

Soybeans

Local Elevators:
(Mar) EAST AR:  903 to 920
(NC) Summ. 781 to 806
River Elevators:
(Mar) MISS: 913 to 940 ; AR & White 901 to 916
(NC) Summ. 793 to 826
Ark. Processor Bids: (Mar) 916 to 920  (NC) 801 to 806
Memphis:  (Mar) 933 to 937 (NC)  826 to - - -
Riceland Foods:  (Mar) Stuttgart 920 ; Pendleton 920 ; West Memphis 940

Chicago Futures: May up 2 at  913
  Jul  up  at  910 1/2
  Sep up at  872 1/2
  Nov up 10 1/2  at  861
  Jan '10 up 12 1/2  at  872 1/2
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans moved higher as the market showed a followthrough on yesterday’s big upturn. It appears that improving crude oil is reengaging index funds, which is generating new buying in the soy complex. It also suggests soybeans are attempting to make sure more acres move from corn. The current price ratio still favors corn, but is moving toward beans. This appears to be a good pricing opportunity for soybeans.

Corn was steady to slightly lower as the trade appears to think that the current price ratio would favor acreage staying in corn. The USDA planting intentions report will be released in 2 weeks. It will be a key to future price movement. Soybeans above 79.80 million acres would be bearish, corn below 83 million acres is probably bullish.

Wheat
Cash bid for March at Memphis  933 to 937;
Bids to farmers at Local Elevators 465-490;
River Elevators 482-510;

Chicago Futures: May up  8 1/4  at  552 1/2 
  Jul up at  564 3/4 
  Sep up  7 3/4  at  589 
  Dec up  7 1/4  at  610 1/4 
  Mar '10 up  at  625 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for March at Memphis  581 to - - -;
Bids to farmers at River Elevators 476-557;
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   369 1/4 to - - -;
Bids to farmers at River Elevators  354 to 381

Chicago Futures: May down  at  390 1/2 
  Jul down  at  400 3/4 
  Sep down  3/4  at  409 1/4 
  Dec down  1/2  at  420 3/4 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat continued to improve despite a poor export record. Big U.S. and world supplies appear to be playing second fiddle to smaller U.S. plantings and potential drought damage in the plains. Never mind the fact that U.S. exports remain overpriced versus other available supplies. Producers should take advantage of this bubble and lock in some ’09 sales.



Cotton & Rice  Date: March 17, 2009


Cotton
Spot Price, Grade 41 Staple 34: Memphis down 20 at  3810
  Greenwood down  20 at 3810

New York Futures: May down  20  at  4285 
  Jul down  30  at  4365 
 Dec down  22  at  4791 
 Mar '10 down  26  at  5078 
 - - -   - - -  at  - - - 
This week's LDP rate for cotton is  20.15 cents
  The estimate for next week is  19.11 cents
Cotton Comment
Cotton showed little upward mobility in a generally positive situation for other commodities today. Big U.S. and world stocks suggest little upside potential for cotton until the economic situation shows definite improvement. Indications producers may not cut plantings as much as originally thought is not helping the price situation. However, unless the market can make a major move, producers are generally looking at the loan as the market.

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

Chicago Futures: May up  50  at  1195 1/2 
 Jul up  50  at  1217 
 Sep up  50  at  1208 
 Nov up  50  at  1220 
 n/a up  - - -  at  - - - 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice futures jumped the limit as the market retraced a portion of recent declines. This would suggest something good is being seen or expected in the market. It appears just the opposite has occurred as apparently the recent tender by Iraq has been awarded to Thailand. At the same time, the U.S. is picking up additional small sales. May needs to close above the recent high of $13 to move the market into an uptrend. More likely, we will see the market continue in the recent sideways pattern.



Cattle & Hogs  Date: March 17, 2009

Cattle
As reported by Federal-State Market News, receipts were n/a head at sales in n/a.  Compared with last week, feeder steers n/a .

Steers:
 Medium & Large Frame n/a   - - - to - - - lbs. - - - to - - -
  - - - to - - - lbs. - - - to - - -
  - - - to - - - lbs. - - - to - - -
 Medium & Large Frame n/a   - - - to - - - lbs. - - - to - - -

Heifers:
 Medium & Large Frame n/a   - - - to - - - lbs. - - - to - - -
 Medium & Large Frame n/a   - - - to - - - lbs. - - - to - - -

Slaughter Cows, Boners n/a   to   - - -
Light Weight n/a to - - -
Bulls, Yield Grade   n/a   - - -   to   - - - lbs.   - - -   to   - - -
Midwest Steers   n/a   at   - - -   to   - - -
Panhandle Steers   n/a   at   - - -   to   - - -

Oklahoma City Feeders
Steers 550 to 600 lbs. 104 to 110.75
  650 to 700 lbs. 95 to 103.25
Heifers 550 to 600 lbs. 92 to 99.50
  600 to 650 lbs. 88 to 95.75

Chicago Futures:
Live Cattle: Apr down 15 at 8430
  Jun down 15 at 8192
Feeders: May up 62 at 9432
  Sep up 52 at 9872

Cattle Comment
Cattle futures closed the day mixed as the market firmed in later trade. The recent improved conditions on Wall Street offer a good opportunity for an improved undertone in cattle. There is little question that poor economic conditions are impacting beef demand, particularly higher end cuts. Beef cutout values remain under pressure leaving little opportunity for packer margins to move to the plus side.

Hogs
Peoria: were $1.5     lower   at   33   to   35.5

Chicago Futures: Apr down 60 at 6215
  Jun steady at 7407

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

Hogs Comment
Hog futures were mixed but remain at a wide premium to the cash market. Seasonally the market is looking for things to improve as a 6% smaller pig crop suggests less pork will be available in the months ahead. Until the supply tightens, packer margins are likely to remain in the red.



Poultry  Date: March 17, 2009

Eggs
New York:  Ex. Lg. 98-102; Lg. 96-100; 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. Demand into all channels was no better than fair with limited trading activity. 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.