Arkansas Farm Bureau
Arkansas Farm Bureau
Grain & Soybean Date: March 2, 2010

Soybeans

Local Elevators:
(Mar) EAST AR:  901 to 934
(NC) Summ. 887 to 909
River Elevators:
(Mar) MISS: 910 to 963 ; AR & White 895 to 905
(NC) Summ. 884 to 919
Ark. Processor Bids: (Mar) 909 to 921  (NC) 894 to 897
Memphis:  (Mar) 963 1/2 to 973 1/2 (NC)  918 3/4 to - - -
Riceland Foods:  (Mar) Stuttgart 921 ; Pendleton 914 ; West Memphis 957

Chicago Futures: May up 1 at  963 1/2
  July  up  1/4  at  970 3/4
  Sept down 1 1/2  at  951
  Nov down 3 3/4  at  938 3/4
  Jan down 3 3/4  at  947 1/4
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans ended mixed. Early support came from outside markets. 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 unchanged  at  504 1/2 
  July unchanged at  516 3/4 
  Sept up  1/4  at  531 
  Dec up  1/2  at  555 
  Mar 2011 up  1/4  at  578 3/4 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for March at Memphis  669 to - - -;
Bids to farmers at River Elevators 545-595;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for March at Memphis   378 1/2 to - - -;
  New Crop at Memphis   380 to 383;
Bids to farmers at River Elevators  348 to 377

Chicago Futures: May down  1/4  at  381 1/2 
  Sept up  1/4  at  400 
  Dec up  1/2  at  407 
  Mar 2011 up  1/2  at  417 1/4 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat was unchanged to fractionally mixed. A very competitive export situation and large world supplies continue to hamper upside potential.

Corn was fractionally mixed, failing to follow through on yesterday’s big losses. 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 2, 2010


Cotton
Spot Price, Grade 41 Staple 34: Memphis up 0.06 at  79.10
  Greenwood up  0.06 at 79.10

New York Futures: May down  144  at  8185 
  July down  150  at  8192 
 Oct down  114  at  7570 
 Dec down  56  at  7410 
 March 2011 down  35  at  7491 
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 cents 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 1281/cwt  to  - - -
  - - - - - -  to  - - -

Chicago Futures: May down  18 1/2  at  1366 1/2 
 July down  18  at  1394 1/2 
 Sept down  19 1/2  at  1324 1/2 
 Nov down  16  at  1338 1/2 
 - - -   - - -  at  - - - 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice gave back yesterday’s gains. 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 2, 2010

Cattle
As reported by Federal-State Market News, receipts were 987 head at sales in Ft. Smith.  Compared with last week, feeder steers were $2 to $4 higher .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 120.50 to - - -
  500 to 550 lbs. 118 to - - -
  600 to 650 lbs. 104.50 to - - -
 Medium & Large Frame 2   450 to 500 lbs. 109.75 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 101.50 to - - -
 Medium & Large Frame 2   500 to 550 lbs. 95 to - - -

Slaughter Cows, Boners 50   to   54.50
Light Weight untested to - - -
Bulls, Yield Grade   1   1000   to   2100 lbs.   60   to   64.50
Midwest Steers   were $2 higher to $4 lower   at   89   to   90
Panhandle Steers   were $1 lower to $3 lower   at   89   to   90

Oklahoma City Feeders
Steers 500 to 550 lbs. 115 to 125.50
  550 to 600 lbs. 113.50 to 125
Heifers 500 to 550 lbs. 103.75 to 110
  550 to 600 lbs. 102.50 to 109.25

Chicago Futures:
Live Cattle: April up 105 at 9277
  Jun up 65 at 9125
Feeders: April up 77 at 10442
  May up 80 at 10530

Cattle Comment
Cattle futures posted gains. Longer term fewer cattle on feed should keep the market firm. Strength in the product market is also a plus.

Hogs
Peoria: were     steady   at   46   to   48

Chicago Futures: April down 50 at 7245
  June down 60 at 8137

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

Hogs Comment
Hogs turned lower today. The market was overbought and due a correction. Strong cash fundamentals continue to provide support.



Poultry  Date: March 2, 2010

Eggs
New York:  Ex. Lg. 118-122; Lg. 116-120; Med. 99-103;
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. Retail and food service demand was fair to moderate with limited trading. Supplies of all sizes were sufficient to satisfy current trade requirements. In production areas live supplies were moderate at mostly desirable weights.