(March) EAST AR: 880 to 913
(NC) Summ. 873 to 895
(March) MISS: 890 to 945 ; AR & White 875 to 885
(NC) Summ. 870 to 905
Ark. Processor Bids: (March) 888 to 900 (NC) 880 to 883
Memphis: (March) 947 3/4 to 950 3/4 (NC) 905 to - - -
Riceland Foods: (March) Stuttgart 900 ; Pendleton 893 ; West Memphis 936
|Chicago Futures:||May||up||3/4||at||942 3/4|
|Today's Arkansas LDP rate for soybeans is:||0¢|
Soybeans were fractionally mixed after bearish chart action yesterday. Private estimates are pegging the Brazilian crop as high as 67 million metric tons and the Argentine crop as high as 55 million metric tons—a record crop that will have an impact on U.S. export. 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 448 1/2 to 471 1/2;
|Bids to farmers at Local Elevators||446-468;|
|Chicago Futures:||May||down||8 3/4||at||493 1/2|
|July||down||8 3/4||at||505 3/4|
|Sept||down||8 1/2||at||520 1/2|
|Dec||down||7 1/2||at||545 3/4|
|March 2011||down||7||at||569 3/4|
|Today's Arkansas LDP rate for wheat is:||0¢|
Cash bid for March at Memphis 658 to - - -;
|Bids to farmers at River Elevators||509-584;|
|Today's Arkansas LDP rate for sorghum is:||0¢|
|Cash bid for||March at Memphis 371 1/2 to 372 1/2;|
|New Crop at Memphis 375 to 378;|
|Bids to farmers at River Elevators||342 to 371|
|Chicago Futures:||May||down||7 1/2||at||375 1/2|
|March 2011||down||5 3/4||at||413 1/4|
|Today's Arkansas LDP rate for corn is:||0¢|
July wheat was sharply lower again today. 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. July will likely close the gap to $5.03 and could test support at the recent low of $4.93 ½.
March corn charted an outside day down, suggesting further losses are likely. 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 5, 2010
|Spot Price, Grade 41 Staple 34:||Memphis up 61 at 7818|
|Greenwood up 61 at 7818|
|New York Futures:||May||up||61||at||8243|
|This week's LDP rate for cotton is||0 cents|
|The estimate for next week is||0 cents|
Cotton regained yesterday’s losses. A better-than-expected unemployment report and higher stock markets gave cotton futures a boost. 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||1224/cwt||to||- - -|
|- - -||- - -||to||- - -|
|Chicago Futures:||May||down||18 1/2||at||1308|
|July||down||4 1/2||at||1337 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 5, 2010
As reported by Federal-State Market News, receipts were 9920 head at sales in Arkansas this week. Compared with last week, feeder steers sold $3 - $6 higher .
|Medium & Large Frame 1||400||to||450 lbs.||124||to||- - -|
|500||to||550 lbs.||116.50||to||- - -|
|600||to||650 lbs.||106||to||- - -|
|Medium & Large Frame 2||450||to||500 lbs.||112.50||to|
|Medium & Large Frame 1||500||to||550 lbs.||104||to||- - -|
|Medium & Large Frame 2||450||to||500 lbs.||98.50||to||- - -|
Slaughter Cows, Boners 45 to 51
Light Weight 31 to 35
Bulls, Yield Grade 1 1000 to 2100 lbs. 58 to 65
Midwest Steers - - - at - - - to - - -
Panhandle Steers - - - at - - - to - - -
|Oklahoma City Feeders
Cattle futures ended mixed. Today’s employment report, which showed unemployment holding steady, provided some support. The market is overbought and due a correction, though. April has support at $92.16 and then around $91. 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 also mixed. Strong cash fundamentals continue to provide underlying strength. A fire at a Tyson processing plant in Indiana could have a negative impact on cash prices until the plant is back up and running.
Poultry Date: March 5, 2010
|New York:||Ex. Lg. 131-135; Lg. 129-133; Med. 110-114;|
|Chicago:||Ex. Lg. 102-110; Lg. 100-108; Med. 89-97;|
Eastern Region Turkeys
U.S. Grade A
The market tone was steady. Demand entering the weekend was fair to moderate with trading usually limited to regular commitments. Supplies of all sizes were moderate to satisfy current trade needs. In the parts structure, movement was moderate to instances good for late week business. In production areas live supplies were moderate at mostly desirable weights.