Arkansas Farm Bureau
Arkansas Farm Bureau
Grain & Soybean Date: March 23, 2009

Soybeans

Local Elevators:
(Mar) EAST AR:  946 to 963
(NC) Summ. 816 to 841
River Elevators:
(Mar) MISS: 956 to 983 ; AR & White 941 to 956
(NC) Summ. 827 to 861
Ark. Processor Bids: (Mar) 952 to 963  (NC) 836 to 841
Memphis:  (Mar) 975 1/2 to 977 1/2 (NC)  855 1/2 to 860 1/2
Riceland Foods:  (Mar) Stuttgart 963 ; Pendleton 963 ; West Memphis 983

Chicago Futures: May up 3 1/2 at  955 1/2
  Jul  up  at  952
  Sep up at  908 1/2
  Nov up 2 1/2  at  895 1/2
  Jan '10 up 3 1/2  at  906 1/2
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans traded higher most of the session, before losing momentum late. This pattern was seen several times last week and suggests upside may be limited, and the upturning be short lived. Outiside interest: Wall Street, the dollar, crude oil, etc. are definitely influencing the current trade. Unrest among Argentina farmers is also positive for the U.S. bean market. November has resistance just below $9.60.

Corn reversal gains to close slightly lower as May again hit resistance just above $4. Farmer selling has tended to increase on previous moves above $4. Today it appears that late selling trumped gains in crude oil, which normally suggests increased profit potential for ethanol.

Wheat
Cash bid for March at Memphis  479 1/4 to 489 1/4;
Bids to farmers at Local Elevators 462-487;
River Elevators 474-507;

Chicago Futures: May down  at  549 1/4 
  Jul down 3/4  at  561 3/4 
  Sep down  1/2  at  586 1/4 
  Dec down  3/4  at  608 
  Mar '10 down  1/4  at  623 3/4 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for March at Memphis  590 to - - -;
Bids to farmers at River Elevators 485-566;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for March at Memphis   386 1/2 to 390 1/2;
  new crop at Memphis   375 1/2 to - - -;
Bids to farmers at River Elevators  360 to 386

Chicago Futures: May down  at  395 1/2 
  Jul down  at  406 
  Sep down  1/2  at  415 1/2 
  Dec down  3/4  at  427 1/4 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat was fractionally lower. This market continues to feel pressure from poor export movement and a very competitive situation. Weather worries are still limiting the downside.



Cotton & Rice  Date: March 23, 2009


Cotton
Spot Price, Grade 41 Staple 34: Memphis up 95 at  4028
  Greenwood up  95 at 4028

New York Futures: May up  95  at  4503 
  Jul up  104  at  4597 
 Dec up  103  at  5027 
 Mar '10 up  115  at  5311 
 - - -   - - -  at  - - - 
This week's LDP rate for cotton is  19.27 cents
  The estimate for next week is  18.74 cents
Cotton Comment
Cotton continued gains from late last week with December closing above 50 cents. Long term the market will need to be in the 60-62 cent range to mean much to producers, and substantially higher to really encourage production. That won’t likely happen until late in the year or perhaps early next year.

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

Chicago Futures: May down  14  at  1268 1/2 
 Jul down  13 1/2  at  1285 1/2 
 Sep up  at  1219 1/2 
 Nov up  3 1/2  at  1228 1/2 
 - - -   - - -  at  - - - 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice tested the $13 level again today, but failed to hold that area and closed lower in the old crop contract months. Last week’s confirmed sale to Iraq was a big deal which helps put the industry back on track at least for the time being. Upside potential seems limited, with concern over building government intervention stocks in Thailand and the possibility that India will lift their long term export ban.



Cattle & Hogs  Date: March 23, 2009

Cattle
As reported by Federal-State Market News, receipts were 4,195 head at sales in Ash Flat, Springdale & Ola.  Compared with last week, feeder steers sold mostly steady to $2 higher .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 113.50 to - - -
  500 to 550 lbs. 107.25 to - - -
  600 to 650 lbs. 96.75 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 105.50 to - - -

Heifers:
 Medium & Large Frame 1   400 to 450 lbs. 93.50 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 88.50 to - - -

Slaughter Cows, Boners 38   to   45
Light Weight 30 to 36
Bulls, Yield Grade   1   1000   to   2100 lbs.   50   to   58.50, high dressing 58.50-63.50
Midwest Steers   were $2 lower to $4 higher   at   78   to   84
Panhandle Steers   were $1-3 higher   at   81   to   83

Oklahoma City Feeders
Steers n/a to - - - lbs. - - - to - - -
  n/a to - - - lbs. - - - to - - -
Heifers n/a to - - - lbs. - - - to - - -
  n/a to - - - lbs. - - - to - - -

Chicago Futures:
Live Cattle: Apr up 75 at 8595
  Jun up 55 at 8340
Feeders: May up 67 at 9605
  Sep up 57 at 9990

Cattle Comment
Cattle posted solid gains in reaction to the monthly cattle on feed report. Placements were down 3% and the total on-feed inventory was down 5% to the lowest level for March 1 in 4 years. The problem for this market is on the demand side of the equation.

Hogs
Peoria: were     steady   at   33   to   33.5

Chicago Futures: Apr down 110 at 6065
  Jun down 115 at 7262

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

Hogs Comment
Hogs posted sharp losses early, but closed near the middle of the day’s trading range. June found support at $71.60, the bottom of the recent consolidation range, so no real technical damage was done. This market is carrying a premium to cash, and that is limiting upside potential.



Poultry  Date: March 23, 2009

Eggs
New York:  Ex. Lg. 104-108; Lg. 102-106; Med. 86-90;
Chicago:  Ex. Lg. 94-102; Lg. 92-100; Med. 77-85;

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

Delmarva Broilers
U.S. Grade A
Trade sentiment was steady to about steady. Demand following the weekend was light to fair with trading usually limited to regular commitments. Supplies of all sizes were at least adequate to satisfy current trade needs. In production areas, live supplies were moderate at mostly desirable weights.