Arkansas Farm Bureau
Arkansas Farm Bureau
Grain & Soybean Date: March 25, 2009

Soybeans

Local Elevators:
(Mar) EAST AR:  941 to 958
(NC) Summ. 800 to 825
River Elevators:
(Mar) MISS: 946 to 978 ; AR & White 937 to 952
(NC) Summ. 812 to 845
Ark. Processor Bids: (Mar) 947 to 958  (NC) 820 to 825
Memphis:  (Mar) 971 to - - - (NC)  840 to 845
Riceland Foods:  (Mar) Stuttgart 958 ; Pendleton 958 ; West Memphis 978

Chicago Futures: May down 16 at  951
  Jul  down  17 3/4  at  946
  Sep down 17 1/2  at  895
  Nov down 16 1/2  at  880
  Jan '10 down 17  at  890
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans ended the day with big declines as traders appeared to be evening up their positions ahead of next week’s reports. Quarterly grain stocks and the ’09 planting intentions reports will be released next Tuesday. While a number of private estimates have been released it appears many farmers are still in the “undecided” category. Some won’t decide until the planters are rolling, and weather will still be a big factor as will financing. Soybean plantings will increase over last year, but how much is the question. Anything over 79 million acres will likely be negative long term for price.

Corn was lower also. While weather forecasts suggest some delays in getting field work done in the Midwest, they proved last year a lot of acres can be planted in a short time. For now the market is trading a big carryover, and weak export movement compared to a year ago. Tight farmer holding appears to weaken when near term futures hit the $4 or better level.

Wheat
Cash bid for March at Memphis  438 to 448;
Bids to farmers at Local Elevators 421-446;
River Elevators 433-466;

Chicago Futures: May down  27  at  508 
  Jul down 26 3/4  at  520 3/4 
  Sep down  25 3/4  at  546 1/4 
  Dec down  24 1/2  at  569 3/4 
  Mar '10 down  24 1/2  at  585 1/4 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for March at Memphis  573 to - - -;
Bids to farmers at River Elevators 469-550;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for March at Memphis   376 3/4 to 380 3/4;
  new crop at Memphis   365 1/4 to - - -;
Bids to farmers at River Elevators  351 to 376

Chicago Futures: May down  at  385 3/4 
  Jul down  at  393 1/4 
  Sep down  at  405 1/4 
  Dec down  7 3/4  at  417 1/2 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat posted double digit losses for the second day in a row. Much needed rains in hard red winter wheat country have led to the sell-off, erasing much of the weather premium that was built in to this market. July did find support at the recent low of $5.19, which is somewhat encouraging.



Cotton & Rice  Date: March 25, 2009


Cotton
Spot Price, Grade 41 Staple 34: Memphis up 27 at  3983
  Greenwood up  27 at 3983

New York Futures: May up  27  at  4458 
  Jul up  29  at  4557 
 Dec up  39  at  4993 
 Mar '10 up  36  at  5280 
 n/a   - - -  at  - - - 
This week's LDP rate for cotton is  19.27 cents
  The estimate for next week is  18.26 cents
Cotton Comment
Cotton was a little higher today, but futures remain well below the loan level. Producers are still on the fence about potential cuts in ’09. Some are swinging back to cotton, because it simply fits their operation. Soil and water considerations, yield history, equipment etc. all have some leaning back toward cotton. No doubt they will watch the market and see if corn and/or soybeans try to claim additional cotton acreage.

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

Chicago Futures: May down  13 1/2  at  1230 1/2 
 Jul down  12  at  1251 
 Sep down  12 1/2  at  1196 1/2 
 Nov down  5 1/2  at  1214 1/2 
 n/a   - - -  at  - - - 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice was again under late pressure as overall stocks remain sufficient. U.S. export movement received a boost with last week’s sale to Iraq, but overall milled sales are behind projections and additional sales are needed. Rough rice sales, while steady also have lagged last year’s pace. Early reports suggest a slight increase in ’09 plantings, but that may not be realized as a result of California water problems. Medium grain seed supplies in Arkansas are limited and germination problems for some may tighten the situation even more. The Plant Board seed committee will address the situation.



Cattle & Hogs  Date: March 25, 2009

Cattle
As reported by Federal-State Market News, receipts were 909 head at sales in Conway & Pocahontas.  Compared with last week, feeder steers n/a .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 109.75 to - - -
  500 to 550 lbs. 102.25 to - - -
  600 to 650 lbs. 93.75 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 94.75 to - - -

Heifers:
 Medium & Large Frame 1   400 to 450 lbs. 93.25 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 85 to - - -

Slaughter Cows, Boners 42   to   47
Light Weight 28 to 33
Bulls, Yield Grade   1   1000   to   2100 lbs.   55   to   61, high dressing untested
Midwest Steers   were quoted   at   81   to   - - -
Panhandle Steers   were steady to $2 higher   at   81   to   83

Oklahoma City Feeders
Steers 500 to 550 lbs. 111 to 116
  600 to 650 lbs. 103.25 to 108.75
Heifers 500 to 550 lbs. 97 to 99
  600 to 650 lbs. 90 to 98.50

Chicago Futures:
Live Cattle: Apr down 82 at 8462
  Jun down 90 at 8247
Feeders: May down 90 at 9422
  Sep down 97 at 9922

Cattle Comment
Cattle futures posted across-the-board losses. The problem for this market is on the demand side of the equation. Retailers report it is difficult to keep beef moving through the pipeline. Heavier weight cattle are coming to market as well, meaning more choice cuts are available.

Hogs
Peoria: were $1.5     higher   at   34.5   to   35

Chicago Futures: Apr down 10 at 6125
  Jun down 42 at 7272

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

Hogs Comment
Hogs were mostly lower on continued demand worries. This market is carrying a premium to cash, and that is limiting upside potential.



Poultry  Date: March 25, 2009

Eggs
New York:  Ex. Lg. 108-112; Lg. 106-110; Med. 86-90;
Chicago:  Ex. Lg. 94-102; Lg. 92-100; Med. 77-85;

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

Delmarva Broilers
U.S. Grade A
Trade sentiment was steady to about steady. Demand was fair at best 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 mixed, but mostly desirable weights.