Arkansas Farm Bureau
Arkansas Farm Bureau
Grain & Soybean Date: March 4, 2010

Soybeans

Local Elevators:
(Mar) EAST AR:  879 to 897
(NC) Summ. 873 to 895
River Elevators:
(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
  Sept down 18 1/2  at  935
  Nov down 17 1/2  at  925
  Jan down 17 1/2  at  933 1/2
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
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.

Wheat
Cash bid for March at Memphis  457 1/4 to 480 1/4;
Bids to farmers at Local Elevators 455-477;
River Elevators 465-500;

Chicago Futures: May down  13 1/2  at  502 1/4 
  July down 13 3/4  at  514 1/2 
  Sept down  13 1/4  at  529 
  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:

Grain Sorghum
Cash bid for March at Memphis  671 to - - -;
Bids to farmers at River Elevators 523-598;
Today's Arkansas LDP rate for sorghum is:

Corn
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:

Grain Comment
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


Cotton
Spot Price, Grade 41 Staple 34: Memphis down 115 at  7757
  Greenwood down  115 at 7757

New York Futures: May down  115  at  8182 
  July down  92  at  8213 
 Oct down  65  at  7600 
 Dec down  38  at  7469 
 March 2011 down  45  at  7609 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
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.

Rice
Long Grain Cash Bid for  Mar/April 1241/cwt  to  - - -
  - - - - - -  to  - - -

Chicago Futures: May down  12  at  1326 1/2 
 July down  13  at  1353 1/2 
 Sept up  1/2  at  1311 
 Nov down  at  1324 1/2 
 - - -   - - -  at  - - - 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
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

Cattle
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 .

Steers:
 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

Heifers:
 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
Steers 500 to 550 lbs. 118 to 127.50
  550 to 600 lbs. 115 to 123
Heifers 450 to 500 lbs. 105.50 to 113
  500 to 600 lbs. 101 to 108.50

Chicago Futures:
Live Cattle: April up 12 at 9302
  June up 20 at 9167
Feeders: April up 37 at 10512
  May up 42 at 10610

Cattle Comment
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.

Hogs
Peoria: were     steady   at   46   to   48

Chicago Futures: April up 17 at 7357
  June down 30 at 8200

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

Hogs Comment
Hog futures were mixed. Strong cash fundamentals provided strength, but the stronger dollar was a negative.



Poultry  Date: March 4, 2010

Eggs
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
Hens: 8-16 lbs 80.50
Toms: 16-24 lbs 80.50
 

Delmarva Broilers
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.