(Mar) EAST AR: 879 to 897
(NC) Summ. 873 to 895
(Mar) MISS: 899 to 944 ; AR & White 874 to 884
(NC) Summ. 870 to 905
Ark. Processor Bids: (Mar) 887 to 899 (NC) 880 to 883
Memphis: (Mar) 947 to - - - (NC) 905 to - - -
Riceland Foods: (Mar) Stuttgart 899 ; Pendleton 892 ; West Memphis 935
|Chicago Futures:||May||down||21 1/2||at||942|
|July||down||20 1/2||at||950 1/2|
|Jan||down||17 1/2||at||933 1/2|
|Today's Arkansas LDP rate for soybeans is:||0¢|
Soybeans were sharply lower. The dollar rebounded today, and profit taking in many commodity markets was the result. Clearly, the South American crop is having an impact on exports. USDA reported that only 6.7 million bushels were sold last week. That does, however, bring the sales total for the marketing year to 94% of USDA’s projection. 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. Old crop March had broken out of the recent uptrend and could head to a retest of support at $9.00. November is building some support around $9.20, with key support at $9.00.
Cash bid for March at Memphis 457 1/4 to 480 1/4;
|Bids to farmers at Local Elevators||455-477;|
|Chicago Futures:||May||down||13 1/2||at||502 1/4|
|July||down||13 3/4||at||514 1/2|
|Dec||down||12 1/2||at||553 1/4|
|March 2011||down||12 1/4||at||576 3/4|
|Today's Arkansas LDP rate for wheat is:||0¢|
Cash bid for March at Memphis 671 to - - -;
|Bids to farmers at River Elevators||523-598;|
|Today's Arkansas LDP rate for sorghum is:||0¢|
|Cash bid for||March at Memphis 379 to 380;|
|New Crop at Memphis 381 1/2 to 384 1/2;|
|Bids to farmers at River Elevators||350 to 378|
|Chicago Futures:||May||down||3 3/4||at||383|
|Sept||down||4 1/4||at||401 1/2|
|Dec||down||4 1/2||at||408 1/2|
|March 2011||down||4 1/4||at||419|
|Today's Arkansas LDP rate for corn is:||0¢|
July wheat gapped lower, giving back all of yesterday’s gains and then some. Export sales of only 3.8 million bushels added pressure. Exports are down nearly 20% from this time a year ago. While that is pretty close to USDA’s projection for this year, it does leave nearly a billion bushels to carryover into the next marketing year.
Corn also gapped lower, but selling pressure was more limited in corn. 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 4, 2010
|Spot Price, Grade 41 Staple 34:||Memphis down 115 at 7757|
|Greenwood down 115 at 7757|
|New York Futures:||May||down||115||at||8182|
|This week's LDP rate for cotton is||0 cents|
|The estimate for next week is||0 cents|
Cotton turned a bit lower today in reaction to a stronger dollar. 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.
|Long Grain Cash Bid for||Mar/April||1241/cwt||to||- - -|
|- - -||- - -||to||- - -|
|Chicago Futures:||May||down||12||at||1326 1/2|
|- - -||- - -||at||- - -|
|Today's Arkansas LDP rate for long grain rice is||0¢|
|medium grain rice is||0¢|
Rice posted losses again today, testing key support at $13. The market has taken news that Iraq purchased only 29,000 metric tons out of the recent tender from the U.S. rather hard, and prices have fallen as a result. 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 4, 2010
As reported by Federal-State Market News, receipts were 1616 head at sales in Charlotte and Ratcliff. Compared with last week, feeder steers sold firm to $5 higher .
|Medium & Large Frame 1||400||to||450 lbs.||127.50||to||- - -|
|500||to||550 lbs.||111.25||to||- - -|
|600||to||650 lbs.||103.00||to||- - -|
|Medium & Large Frame 2||400||to||450 lbs.||111.25||to|
|Medium & Large Frame 1||500||to||550 lbs.||97.25||to||- - -|
|Medium & Large Frame 2||400||to||450 lbs.||95.75||to||- - -|
Slaughter Cows, Boners 43 to 48
Light Weight untested to - - -
Bulls, Yield Grade 1-2 1000 to 2100 lbs. 54 to 58
Midwest Steers were steady at 90 to - - -
Panhandle Steers - - - at - - - to - - -
|Oklahoma City Feeders
Cattle futures posted gains after profit taking pushed the market lower in early dealings. Longer term fewer cattle on feed should keep the market firm.
Peoria: were steady at 46 to 48
St. Paul - - - at - - - to - - -
Hog futures were mixed. Strong cash fundamentals provided strength, but the stronger dollar was a negative.
Poultry Date: March 4, 2010
|New York:||Ex. Lg. 129-133; Lg. 127-131; Med. 108-112;|
|Chicago:||Ex. Lg. 102-110; Lg. 100-108; Med. 89-97;|
Eastern Region Turkeys
U.S. Grade A
The market tone was steady. Demand was fair to moderate approaching the weekend with trading usually limited to regular commitments. Supplies of all sizes were moderate to satisfy current trade needs. In production areas live supplies were moderate at mostly desirable weights.