Arkansas Farm Bureau
Arkansas Farm Bureau
Grain & Soybean Date: March 9, 2010

Soybeans

Local Elevators:
(March) EAST AR:  885 to 918
(NC) Summ. 876 to 898
River Elevators:
(March) MISS: 894 to 949 ; AR & White 879 to 889
(NC) Summ. 871 to 908
Ark. Processor Bids: (March) 893 to 905  (NC) 883 to 886
Memphis:  (March) 952 1/2 to 957 1/2 (NC)  907 1/2 to - - -
Riceland Foods:  (March) Stuttgart 895 ; Pendleton 888 ; West Memphis 941

Chicago Futures: May down 1/2 at  947 1/2
  July  unchanged  at  956
  Sept down 2 1/2  at  938 1/2
  Nov down 3 1/2  at  927 1/2
  Jan down 3 3/4  at  936 1/4
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans traded lower throughout the session. A stronger dollar and lower crude oil added pressure as did large South American crop prospects. While a big crop has been anticipated, it seems to be growing as Brazil raised its estimate to 67.57 million metric tonnes. Argentina’s crop is expected to also increase from the current 53 mmt projection. USDA could reduce the ’09 U.S. production estimate, but at best only by a little. Exports could increase.

Wheat
Cash bid for March at Memphis  439 1/2 to 469 1/2;
Bids to farmers at Local Elevators 442-464;
River Elevators 454-487;

Chicago Futures: May down  5 1/2  at  489 1/2 
  July down 5 1/2  at  502 1/4 
  Sept down  4 1/2  at  518 1/4 
  Dec down  at  545 1/4 
  March 2011 down  3 3/4  at  570 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for March at Memphis  654 to -- -;
Bids to farmers at River Elevators 498-573;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for March at Memphis   365 to 369;
  New Crop at Memphis   368 3/4 to 370 3/4;
Bids to farmers at River Elevators  335 to 364

Chicago Futures: May down  at  369 
  Sept down  6 1/2  at  388 3/4 
  Dec down  at  397 
  March 2011 down  at  407 3/4 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat turned lower today. There isn’t anything new influencing the market at this point. 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 was under even greater pressure than beans. U.S. export movement has been slow and the trade is anticipating a downward adjustment. While the ’09 production number will likely be lowered, stocks should be about steady. FAPRI has also projected 2010 plantings at 89.6 million acres with production at 13.13 billion bushels. A retest of September support at $3.78 is possible if USDA adjustments for production are less than 70 million bushels.



Cotton & Rice  Date: March 9, 2010


Cotton
Spot Price, Grade 41 Staple 34: Memphis down 171 at  7583
  Greenwood down  171 at 7583

New York Futures: May down  171  at  8033 
  July down  192  at  8062 
 Oct up  at  7638 
 Dec up  10  at  7537 
 March 2011 down  11  at  7631 
This week's LDP rate for cotton is  0¢ cents
  The estimate for next week is  0¢ cents
Cotton Comment
Cotton closed mixed with old crop sharply lower and new crop slightly higher. 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. Today’s trade narrowed the spread between old and new crop and suggests the market has significant pressure at 80 cents or higher.

Rice
Long Grain Cash Bid for  Mar/April 1217/cwt  to  - - -
  - - - - - -  to  - - -

Chicago Futures: May up  at  1302 
 July up  at  1331 1/2 
 Sept up  at  1299 
 Nov up  2 1/2  at  1312 1/2 
 - - -   - - -  at  - - - 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice made a small rebound today but remains in a sharp downtrend. Yesterday’s 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 9, 2010

Cattle
As reported by Federal-State Market News, receipts were 1805 head at sales in Heber Springs & Fort Smith.  Compared with last week, feeder steers were firm to $5 higher .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 125.50 to - - -
  500 to 550 lbs. 118.50 to - - -
  600 to 650 lbs. 107.50 to - - -
 Medium & Large Frame 2   450 to 500 lbs. 110.50 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 100.50 to - - -
 Medium & Large Frame 2   500 to 550 lbs. 97 to - - -

Slaughter Cows, Boners 46   to   53
Light Weight 32 to 36
Bulls, Yield Grade   1   1000   to   2100 lbs.   58   to   66
Midwest Steers   were $1 to $2 lower   at   90   to   91
Panhandle Steers   were $1 to $2 lower   at   90   to   91

Oklahoma City Feeders
Steers 500 to 550 lbs. 118 to 126
  550 to 600 lbs. 112 to 119
Heifers 500 to 550 lbs. 106 to 113
  550 to 600 lbs. 103 to 109.50

Chicago Futures:
Live Cattle: April up 20 at 9440
  June up 5 at 9232
Feeders: April up 2 at 10602
  May down 2 at 10660

Cattle Comment
April live cattle futures moved higher again today, 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: were 50¢ higher to $2     lower   at   46   to   48

Chicago Futures: April down 40 at 7240
  June down 97 at 8047

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

Hogs Comment
Hog futures were lower again today after 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 9, 2010

Eggs
New York:  Ex. Lg. 136-140; Lg. 134-138; Med. 113-117;
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 at least steady. Demand was mostly moderate for early week trading. Supplies of all sizes were sufficient to satisfy current trade needs. In the parts structure, movement was light to instances good. In production areas live supplies were moderate at mostly desirable weights.