Arkansas Farm Bureau
Arkansas Farm Bureau
Grain & Soybean Date: March 20, 2009

Soybeans

Local Elevators:
(Mar) EAST AR:  942 to 959
(NC) Summ. 813 to 838
River Elevators:
(Mar) MISS: 952 to 979 ; AR & White 938 to 953
(NC) Summ. 825 to 858
Ark. Processor Bids: (Mar) 948 to 959  (NC) 833 to 838
Memphis:  (Mar) 974 to 977 (NC)  853 to 858
Riceland Foods:  (Mar) Stuttgart 959 ; Pendleton 959 ; West Memphis 979

Chicago Futures: May up 11 1/2 at  952
  Jul  up  at  949
  Sep up 2 3/4  at  905 1/2
  Nov up 1/2  at  893
  Jan '10 up 1 1/2  at  903
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans managed a firm close with the biggest gains in old crop contracts. Another big purchase by China simply adds concern about tightening old crop stocks. Farmer unrest in Argentina is adding support. Similar actions last year added to importer’s concern about the reliability of Argentina is adding support. Similar actions last year added to importer’s concern about the reliability of Argentina as a soybean supplier. This rally should be seen as a good pricing opportunity, particularly for new crop as long range forecasts suggest bigger stocks will be available next year.

Corn was mixed, as the best the market could do was hold on to yesterday’s gains. Recent gains have pulled some corn out of farmer’s hands, and that limited upside. The next major resistance for old crop is near $4.40, and $4.58 for September.

Wheat
Cash bid for March at Memphis  480 1/4 to 490 1/4;
Bids to farmers at Local Elevators 463-488;
River Elevators 474-508;

Chicago Futures: May down  at  550 1/4 
  Jul down 5 1/4  at  562 1/2 
  Sep down  at  586 3/4 
  Dec down  4 1/2  at  608 3/4 
  Mar '10 down  4 1/2  at  624 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for March at Memphis  592 to - - -;
Bids to farmers at River Elevators 487-567;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for March at Memphis   387 1/2 to 394 1/2;
  new crop at Memphis   376 to - - -;
Bids to farmers at River Elevators  360 to 387

Chicago Futures: May unchanged    at  396 1/2 
  Jul unchanged    at  407 
  Sep down  1/4  at  416 
  Dec down  1/4  at  428 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat was pressured by continued poor export movement and a very competitive situation. Rains moved through part of the drought stricken Plains area but the overall consensus is that it wasn’t enough to really help.



Cotton & Rice  Date: March 20, 2009


Cotton
Spot Price, Grade 41 Staple 34: Memphis up 121 at  3933
  Greenwood up  121 at 3933

New York Futures: May up  121  at  4408 
  Jul up  118  at  4493 
 Dec up  114  at  4924 
 Mar '10 up  106  at  5196 
 n/a   - - -  at  - - - 
This week's LDP rate for cotton is  19.27 cents
  The estimate for next week is  19.24 cents
Cotton Comment
Cotton made further improvement today as the market showed good followthrough on yesterday’s gains. 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  28 1/2  at  1282 1/2 
 Jul up  25 1/2  at  1299 
 Sep down  2 1/2  at  1218 1/2 
 Nov down  5 1/2  at  1225 
 n/a up  - - -  at  - - - 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice closed mixed with old crop May closing higher. This put May at recent highs just under $13. 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 20, 2009

Cattle
As reported by Federal-State Market News, receipts were 8,390 head at sales in Arkansas this week.  Compared with last week, feeder steers sold mostly $5-8 higher, heifers $3-6 higher .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 109.25 to - - -
  500 to 550 lbs. 103.25 to - - -
  600 to 650 lbs. 94.50 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 95.50 to - - -

Heifers:
 Medium & Large Frame 1   400 to 450 lbs. 93 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 83 to - - -

Slaughter Cows, Boners 42   to   48
Light Weight 28 to 33
Bulls, Yield Grade   1   1000   to   2100 lbs.   53   to   58, high dressing 59-62
Midwest Steers   n/a   at   - - -   to   - - -
Panhandle Steers   n/a   at   - - -   to   - - -

Oklahoma City Feeders
Steers 500 to 550 lbs. 104 to 116.50
  600 to 650 lbs. 95.75 to 109.25
Heifers 500 to 550 lbs. 87 to 104
  600 to 650 lbs. 82.50 to 96.50

Chicago Futures:
Live Cattle: Apr up 45 at 8520
  Jun down 27 at 8285
Feeders: May down 35 at 9537
  Sep down 27 at 9932

Cattle Comment
Cattle followed through on yesterday’s good gains and closed higher to end the week on a good note. This week’s cattle on feed report is expected to 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     steady   at   33   to   33.5

Chicago Futures: Apr down 30 at 6175
  Jun down 117 at 7377

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

Hogs Comment
Hogs closed lower as the market tested support at the bottom of a shallow consolidation area. 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 20, 2009

Eggs
New York:  Ex. Lg. 104-108; Lg. 102-106; 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 steady to about steady. Demand entering the weekend was light to fair with limited trading. Supplies of all sizes were at least adequate to satisfy trade needs. In production areas, live supplies were moderate at mostly desirable weights.