Arkansas Farm Bureau
Arkansas Farm Bureau
Grain & Soybean Date: March 18, 2009

Soybeans

Local Elevators:
(Mar) EAST AR:  905 to 922
(NC) Summ. 776 to 801
River Elevators:
(Mar) MISS: 915 to 942 ; AR & White 903 to 918
(NC) Summ. 788 to 821
Ark. Processor Bids: (Mar) 918 to 922  (NC) 796 to 801
Memphis:  (Mar) 935 to 939 (NC)  821 to - - -
Riceland Foods:  (Mar) Stuttgart 922 ; Pendleton 922 ; West Memphis 942

Chicago Futures: May up 2 at  915
  Jul  up  1 1/4  at  911 3/4
  Sep down 4 1/2  at  868
  Nov down at  856
  Jan '10 down at  865 1/2
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans traded in a narrow range as the market appears to be consolidating after big gains on Monday. Soybeans appear to be under-priced relative to corn, but that may not change much until after the USDA planting intentions report.

Corn was slightly lower at mid-day. Upside potential appears limited in the short run, but if acreage moves to beans, corn could firm substantially later in the year.

Wheat
Cash bid for March at Memphis  460 to 470;
Bids to farmers at Local Elevators 443-468;
River Elevators 459-488;

Chicago Futures: May down  22 1/2  at  530 
  Jul down 22 1/4  at  542 1/2 
  Sep down  22  at  567 
  Dec down  21 3/4  at  588 1/2 
  Mar '10 down  21 1/4  at  603 3/4 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for March at Memphis  577 to - - -;
Bids to farmers at River Elevators 473-553;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for March at Memphis   384 1/4 to 386 1/4;
  new crop at Memphis   367 1/4 to - - -;
Bids to farmers at River Elevators  352 to 378

Chicago Futures: May down  2 1/4  at  388 1/4 
  Jul down  2 1/4  at  398 1/2 
  Sep down  at  407 1/4 
  Dec down  at  418 3/4 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat was mostly lower as the market retraced a portion of recent gains. The U.S. is still not competitive in the world export market and stocks are building here and worldwide. The Plains area remains dry but that appears to be factored into the market.



Cotton & Rice  Date: March 18, 2009


Cotton
Spot Price, Grade 41 Staple 34: Memphis down 113 at  3697
  Greenwood down  113 at 3697

New York Futures: May down  113  at  4172 
  Jul down  102  at  4263 
 Dec down  94  at  4697 
 Mar down  102  at  4977 
 - - -   - - -  at  - - - 
This week's LDP rate for cotton is  20.15 cents
  The estimate for next week is  19.10 cents
Cotton Comment
Cotton declined again as there appears to be little incentive to push the market higher. USDA raised projected exports in last week’s report, but that was the result of a lower production estimate in China and not the result of increased demand. As producers ponder planting decisions, it appears more cotton will likely be planted than originally thought.

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

Chicago Futures: May up  13 1/2  at  1209 
 Jul up  12  at  1229 
 Sep down  14 1/2  at  1193 1/2 
 Nov down  15  at  1205 
 - - -   - - -  at  - - - 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice showed modest followthrough on yesterday’s limit gain. Apparently, the U.S. did garner a good part of the Iraqi tender. About 120,000 metric tonnes are to be U.S. origin. That is good news for the U.S. rice industry, however it appears the price was at levels a little below recent quotes. Perhaps this will get mills back in operation and help get the market moving. Having said that, there is concern that building Thai intervention stocks will be offered at some point. In addition, there are indications the long standing export ban in India may be lifted.



Cattle & Hogs  Date: March 18, 2009

Cattle
As reported by Federal-State Market News, receipts were 1,658 head at sales in Conway & Pocahontas.  Compared with last week, feeder steers sold steady to $2 higher, instances $5 higher. Feeder heifers sold steady to $1 higher .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 105 to - - -
  500 to 550 lbs. 100 to - - -
  600 to 650 lbs. 89.75 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 92.25 to - - -

Heifers:
 Medium & Large Frame 1   400 to 450 lbs. 89.50 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 82 to - - -

Slaughter Cows, Boners 40   to   46
Light Weight 28 to 32
Bulls, Yield Grade   1   1000   to   2100 lbs.   53.50   to   60, high dressing 60-61
Midwest Steers   were quoted   at   80   to   - - -
Panhandle Steers   were quoted   at   80   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 75 at 8355
  Jun down 52 at 8140
Feeders: May down 27 at 9405
  Sep down 2 at 9870

Cattle Comment
Cattle were mostly mixed despite indications this week’s cattle on feed report will still show numbers down about 5% from year ago levels. However, slow beef movement, particularly in the high end cuts continues to weigh on the market. With cutout values running around $135/cwt, packers aren’t willing to push prices higher.

Hogs
Peoria: were $1     lower   at   34   to   34.5

Chicago Futures: Apr up 10 at 6225
  Jun up 40 at 7447

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

Hogs Comment
Hogs appear to have stabilized after losses earlier this week. Slaughter numbers are expected to be light this week as ample pork supplies are already available. Exports appear to be stabilizing with the January number better than expected.



Poultry  Date: March 18, 2009

Eggs
New York:  Ex. Lg. 100-104; Lg. 98-102; Med. 86-90;
Chicago:  Ex. Lg. 87-95; Lg. 85-93; Med. 77-85;

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

Delmarva Broilers
U.S. Grade A
Trade sentiment was about steady. Demand was fair at best with limited movement. Supplies of all sizes were more than sufficient to satisfy present trade needs. In production areas, live supplies were moderate at mixed, but mostly desirable weights.