Arkansas Farm Bureau
Arkansas Farm Bureau
Grain & Soybean Date: March 5, 2010

Soybeans

Local Elevators:
(March) EAST AR:  880 to 913
(NC) Summ. 873 to 895
River Elevators:
(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
  July  unchanged  at  950 1/2
  Sept unchanged at  935
  Nov unchanged at  925
  Jan up 1/4  at  933 3/4
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
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.

Wheat
Cash bid for March at Memphis  448 1/2 to 471 1/2;
Bids to farmers at Local Elevators 446-468;
River Elevators 457-491;

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  at  569 3/4 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for March at Memphis  658 to - - -;
Bids to farmers at River Elevators 509-584;
Today's Arkansas LDP rate for sorghum is:

Corn
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 
  Sept down  6 1/2  at  395 
  Dec down  at  402 1/2 
  March 2011 down  5 3/4  at  413 1/4 
  Today's Arkansas LDP rate for corn is:

Grain Comment
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


Cotton
Spot Price, Grade 41 Staple 34: Memphis up 61 at  7818
  Greenwood up  61 at 7818

New York Futures: May up  61  at  8243 
  July up  72  at  8285 
 Oct up  55  at  7655 
 Dec up  40  at  7509 
 March 2011 up  28  at  7637 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
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.

Rice
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 
 Sept up  1/2  at  1311 
 Nov unchanged  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 5, 2010

Cattle
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 .

Steers:
 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

Heifers:
 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
Steers 500 to 550 lbs. 113 to 130
  550 to 600 lbs. 108 to 125
Heifers 500 to 550 lbs. 101 to 112
  550 to 600 lbs. 98.50 to 109.25

Chicago Futures:
Live Cattle: April down 07 at 9295
  June down 10 at 9157
Feeders: April up 10 at 10522
  May up 12 at 10622

Cattle Comment
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.

Hogs
Peoria: were     steady   at   46   to   48

Chicago Futures: April down 47 at 7310
  June down 12 at 8187

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

Hogs Comment
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

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

Delmarva Broilers
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.