Arkansas Farm Bureau
Arkansas Farm Bureau
Grain & Soybean Date: March 1, 2010

Soybeans

Local Elevators:
(Mar) EAST AR:  900 to 918
(NC) Summ. 891 to 913
River Elevators:
(Mar) MISS: 909 to 962 ; AR & White 894 to 904
(NC) Summ. 887 to 923
Ark. Processor Bids: (Mar) 908 to 920  (NC) 898 to 901
Memphis:  (Mar) 942 1/2 to 974 1/2 (NC)  922 1/2 to - - -
Riceland Foods:  (Mar) Stuttgart 920 ; Pendleton 913 ; West Memphis 956

Chicago Futures: May up 1 1/2 at  962 1/2
  Jul  up  1 1/2  at  970 1/2
  Sept up at  952 1/2
  Nov up 1 1/2  at  942 1/2
  Jan up 1 1/2  at  951
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans traded to both sides of last Friday’s close before ending the day slightly higher. It appears the market has accounted for the big South American crop, at least for the time being. Long term that big crop and the potential for another big U.S. acreage could be enough to push the market lower. Crop planting problems could allow farmers another pricing opportunity, although upside would appear to be limited.

Wheat
Cash bid for March at Memphis  449 1/2 to 478 1/2;
Bids to farmers at Local Elevators 457-479;
River Elevators 468-502;

Chicago Futures: May down  14 3/4  at  504 1/2 
  Jul down 14 1/2  at  516 3/4 
  Sept down  14 1/4  at  530 3/4 
  Dec down  14  at  554 1/2 
  Mar down  14 3/4  at  578 1/2 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for March at Memphis  673 to - - -;
Bids to farmers at River Elevators 521-596;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for March at Memphis   381 3/4 to 384 3/4;
  NC at Memphis   379 3/4 to 382 3/4;
Bids to farmers at River Elevators  350 to 378

Chicago Futures: May down  7 1/4  at  381 3/4 
  Sept down  6 1/4  at  399 3/4 
  Dec down  6 1/2  at  406 1/2 
  Mar down  6 1/4  at  416 3/4 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat was under selling pressure early and quickly gave back most of Friday’s gains. A very competitive export situation and large world supplies continue to hamper upside potential.

Corn lost ground today and closed lower. Demand for corn remains a mixed bag. Strong domestic use, both feed and ethanol, seems to be offsetting a weak export trade. Strong ethanol use was anticipated, but poor quality seems to be resulting in greater quantities being used to meet needs. While we are not there yet planting delays could be seen for the third year in a row. Be prepared to use rallies over the next 90 days as pricing opportunities.



Cotton & Rice  Date: March 1, 2010


Cotton
Spot Price, Grade 41 Staple 34: Memphis up 83 at  7904
  Greenwood up  83 at 7904

New York Futures: May up  83  at  8329 
  Jul up  149  at  8342 
 Oct up  56  at  7684 
 Dec up  24  at  7466 
 Mar 2011 down  31  at  7526 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton continues to work higher as export demand improves. Old crop contracts have moved well above 80 cents and some reports suggest a dollar per pound could be seen. Larger U.S. plantings are tempering new crop with a move to the mid 70’s in recent days. The recent December high of $78.25 may be stiff resistance, but any crop delays this year could put the market at higher levels.

Rice
Long Grain Cash Bid for  Mar/Apr 1275/cwt  to  - - -
  - - - - - -  to  - - -

Chicago Futures: May up  at  1385 
 Jul up  8 1/2  at  1412 1/2 
 Sept up  at  1344 
 Nov up  5 1/2  at  1354 1/2 
 - - -   - - -  at  - - - 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice made a little rebound today, keeping old and new crop contracts above recent support around 13.25. A weaker undertone in the international market and prospects of increased 2010 U.S. plantings are weighing on the market. Futures remain in a down trend but could make a rebound and retrace a portion of recent declines ahead of planting time.



Cattle & Hogs  Date: March 1, 2010

Cattle
As reported by Federal-State Market News, receipts were 4233 head at sales in Ash Flat, Springdale & Ola.  Compared with last week, feeder steers sold steady to $2 lower .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 120.25 to - - -
  500 to 550 lbs. 112.50 to - - -
  600 to 650 lbs. 104 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 109 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 103.50 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 97.75 to - - -

Slaughter Cows, Boners 47   to   53
Light Weight 32 to 38
Bulls, Yield Grade   1   1000   to   2100 lbs.   58   to   65
Midwest Steers   were   at   88   to   93
Panhandle Steers   were   at   91   to   92

Oklahoma City Feeders
Steers 450 to 500 lbs. 127.50 to 133.75
  500 to 600 lbs. 114.50 to 125
Heifers 400 to 500 lbs. 106 to 114
  500 to 600 lbs. 102.50 to 109.75

Chicago Futures:
Live Cattle: April down 20 at 9172
  June up 20 at 9060
Feeders: April up 115 at 10365
  May up 105 at 10450

Cattle Comment
Cattle futures closed mixed. Fear that consumer demand for beef will wane with cutout values above $1.50 per pound pressured the nearby contracts. Longer term fewer cattle on feed should keep the market firm in the near term. Feeder cattle are testing recent resistance. A May close above $1.05 would be positive.

Hogs
Peoria: were $1 lower to $3     higher   at   46   to   48

Chicago Futures: April up 15 at 7295
  June up 57 at 8197

Sheep
St. Paul - - -   at   - - -   to   - - -

Hogs Comment
Continued improvement in hog cutout values suggests strong demand is pushing futures toward new highs. Support is being provided by lower slaughter numbers.



Poultry  Date: March 1, 2010

Eggs
New York:  Ex. Lg. 114-118; Lg. 112-116; Med. 98-102;
Chicago:  Ex. Lg. 102-110; Lg. 100-108; Med. 89-97;

Eastern Region Turkeys
Hens: 8-16 lbs 80.50
Toms: 16-24 lbs 80.50
 

Delmarva Broilers
U.S. Grade A
The market tone was steady. Demand following the weekend was fair to moderate for first of the month business. Supplies of all sizes were at least adequate to satisfy current trade needs. In production areas live supplies were moderate at mostly desirable weights.