Arkansas Farm Bureau
Arkansas Farm Bureau
Grain & Soybean Date: March 8, 2010

Soybeans

Local Elevators:
(March) EAST AR:  885 to 918
(NC) Summ. 879 to 901
River Elevators:
(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
  July  up  5 1/2  at  956
  Sept up at  941
  Nov up at  931
  Jan up 6 1/4  at  940
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
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.

Wheat
Cash bid for March at Memphis  445 to 470;
Bids to farmers at Local Elevators 448-470;
River Elevators 460-493;

Chicago Futures: May up  1 1/2  at  495 
  July up at  507 3/4 
  Sept up  2 1/4  at  522 3/4 
  Dec up  3 1/2  at  549 1/4 
  March 2011 up  at  573 3/4 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for March at Memphis  655 to - - -;
Bids to farmers at River Elevators 509-584;
Today's Arkansas LDP rate for sorghum is:

Corn
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

Chicago Futures: May down  1/2  at  375 
  Sept unchanged  at  395 
  Dec up  1/2  at  403 
  March 2011 up  1/2  at  413 3/4 
  Today's Arkansas LDP rate for corn is:

Grain Comment
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


Cotton
Spot Price, Grade 41 Staple 34: Memphis down 64 at  7754
  Greenwood down  64 at 7754

New York Futures: May down  39  at  8204 
  July down  31  at  8254 
 Oct down  21  at  7634 
 Dec up  18  at  7527 
 March 2011 up  at  7642 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
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.

Rice
Long Grain Cash Bid for  Mar/April 1208/cwt  to  - - -
  - - - - - -  to  - - -

Chicago Futures: May down  16  at  1293 
 July down  15  at  1322 1/2 
 Sept down  17  at  1294 
 Nov down  14 1/2  at  1310 
 - - -   - - -  at  - - - 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
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

Cattle
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 .

Steers:
 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 - - -

Heifers:
 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
Steers 450 to 500 lbs. 124.50 to 126.50
  500 to 600 lbs. 112.00 to 122.75
Heifers 400 to 500 lbs. 108.00 to 114.00
  500 to 600 lbs. 105.00 to 112.00

Chicago Futures:
Live Cattle: April up 125 at 9420
  June up 70 at 9227
Feeders: April up 77 at 10600
  May up 40 at 10662

Cattle Comment
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.

Hogs
Peoria: 50¢ to $2     higher   at   47.50   to   48

Chicago Futures: April down 30 at 7280
  June down 42 at 8145

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

Hogs Comment
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

Eggs
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
Hens: 8-16 lbs 83
Toms: 16-24 lbs 83
 

Delmarva Broilers
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.