(March) EAST AR: 885 to 918
(NC) Summ. 879 to 901
(March) MISS: 895 to 950 ; AR & White 880 to 890
(NC) Summ. 875 to 911
Ark. Processor Bids: (March) 893 to 905 (New Crop) 886 to 889
Memphis: (March) 953 to 956 (New Crop) 911 to - - -
Riceland Foods: (March) Stuttgart 905 ; Pendleton 898 ; West Memphis 941
|Chicago Futures:||May||up||5 1/4||at||948|
|Today's Arkansas LDP rate for soybeans is:||0¢|
Soybeans ended the session with modest gains. Outside markets provided little direction with the dollar trading in a narrow range. Equity markets and crude oil traded in the same pattern. Solid export inspections were the major positive fundamental. With over 80% of this year’s sales having been shipped, the threat of cancellations has become limited. This week’s supply demand report may have a slight upward adjustment in the export projections. USDA will also have new survey information on production, but any adjustments for soybeans are expected to be minor.
Cash bid for March at Memphis 445 to 470;
|Bids to farmers at Local Elevators||448-470;|
|Chicago Futures:||May||up||1 1/2||at||495|
|Sept||up||2 1/4||at||522 3/4|
|Dec||up||3 1/2||at||549 1/4|
|March 2011||up||4||at||573 3/4|
|Today's Arkansas LDP rate for wheat is:||0¢|
Cash bid for March at Memphis 655 to - - -;
|Bids to farmers at River Elevators||509-584;|
|Today's Arkansas LDP rate for sorghum is:||0¢|
|Cash bid for||March at Memphis 370 to 375;|
|New Crop at Memphis 375 to 378;|
|Bids to farmers at River Elevators||341 to 370|
|March 2011||up||1/2||at||413 3/4|
|Today's Arkansas LDP rate for corn is:||0¢|
Wheat was slightly higher for the day, but there is little fresh fundamental news to give the market direction. Big world stocks continue to offset potential impact of smaller 2010 U.S. plantings. With a stocks to use ratio of almost 49%, upside remains limited. A July close below $5 would signal another leg lower in this market.
Corn closed narrowly mixed and while this week’s export inspections were on target, USDA may reduce their export projection for the year. The only bright spot appears to be high freight rates from South America pushing some business to the U.S. New production survey may change the production estimate, but adjustments are expected to be relatively insignificant. May could retest support between $3.65 and $3.60, while September has similar support at $3.84 and $3.76.
Cotton & Rice Date: March 8, 2010
|Spot Price, Grade 41 Staple 34:||Memphis down 64 at 7754|
|Greenwood down 64 at 7754|
|New York Futures:||May||down||39||at||8204|
|This week's LDP rate for cotton is||0 cents|
|The estimate for next week is||0 cents|
Cotton was mostly lower with futures consolidating just below recent highs. New crop contracts firmed slightly late in the session. A smaller Chinese crop and increased mill demand is pushing the market higher. USDA adjusted U.S. export projections higher by a million bales in the February report. Another adjustment could be made in Wednesday’s report. December could retest the contract highs at 78.25 cents at some point.
|Long Grain Cash Bid for||Mar/April||1208/cwt||to||- - -|
|- - -||- - -||to||- - -|
|- - -||- - -||at||- - -|
|Today's Arkansas LDP rate for long grain rice is||0¢|
|medium grain rice is||0¢|
Rice remained under selling pressure with new across the board contract lows. The May contract close below $13 leaves the next chart support at $11.75 on the weekly charts. Further technical weakness appears probable. A weaker international market and probable increase in 2010 U.S. plantings continue to weigh on the charts.
Cattle & Hogs Date: March 8, 2010
As reported by Federal-State Market News, receipts were 3065 head at sales in Ash Flat. Compared with last week, feeder steers sold $1 to $5 higher .
|Medium & Large Frame 1||400||to||450 lbs.||122.50||to||- - -|
|500||to||550 lbs.||112.75||to||- - -|
|600||to||650 lbs.||104.25||to||- - -|
|Medium & Large Frame 2||400||to||450 lbs.||110.50||to||- - -|
|Medium & Large Frame 1||500||to||550 lbs.||101||to||- - -|
|Medium & Large Frame 2||400||to||450 lbs.||100.25||to||- - -|
Slaughter Cows, Boners 45 to 52
Light Weight untested to - - -
Bulls, Yield Grade 1 1000 to 2100 lbs. 54 to 62
Midwest Steers were at 92 to - - -
Panhandle Steers were at 92 to - - -
|Oklahoma City Feeders
April live cattle futures vaulted to 8 month highs with a move to resistance at $95 a strong possibility. The market is overbought technically, plus it is trading at a nearly $2 premium to cash. That could limit further gains near term. Seasonal factors tend to be negative also.
Peoria: 50¢ to $2 higher at 47.50 to 48
St. Paul - - - at - - - to - - -
Hog futures were lower as April failed to penetrate resistance near $74 late last week. Packer margins are extremely tight despite increased pork demand. Tightening hog supplies suggest USDA over estimated this year’s numbers and that should support a stronger market as we move forward.
Poultry Date: March 8, 2010
|New York:||Ex. Lg. 133-137; Lg. 131-135; Med. 112-116;|
|Chicago:||Ex. Lg. 116-124; Lg. 114-122; Med. 100-108;|
Eastern Region Turkeys
U.S. Grade A
The market tone was steady. Demand following the weekend was fair to moderate. Supplies of all sizes were moderate to satisfy current trade needs. In the parts structure, movement was moderate to instances good for early week business. In production areas live supplies were moderate at mostly desirable weights.