(March) EAST AR: 885 to 918
(NC) Summ. 876 to 898
(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|
|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:||0¢|
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.
Cash bid for March at Memphis 439 1/2 to 469 1/2;
|Bids to farmers at Local Elevators||442-464;|
|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|
|March 2011||down||3 3/4||at||570|
|Today's Arkansas LDP rate for wheat is:||0¢|
Cash bid for March at Memphis 654 to -- -;
|Bids to farmers at River Elevators||498-573;|
|Today's Arkansas LDP rate for sorghum is:||0¢|
|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|
|Sept||down||6 1/2||at||388 3/4|
|March 2011||down||6||at||407 3/4|
|Today's Arkansas LDP rate for corn is:||0¢|
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
|Spot Price, Grade 41 Staple 34:||Memphis down 171 at 7583|
|Greenwood down 171 at 7583|
|New York Futures:||May||down||171||at||8033|
|This week's LDP rate for cotton is||0¢ cents|
|The estimate for next week is||0¢ cents|
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.
|Long Grain Cash Bid for||Mar/April||1217/cwt||to||- - -|
|- - -||- - -||to||- - -|
|Nov||up||2 1/2||at||1312 1/2|
|- - -||- - -||at||- - -|
|Today's Arkansas LDP rate for long grain rice is||0¢|
|medium grain rice is||0¢|
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
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 .
|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||- - -|
|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
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.
Peoria: were 50¢ higher to $2 lower at 46 to 48
St. Paul - - - at - - - to - - -
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
|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
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.