(March) EAST AR: 888 to 928
(New Crop) Summ. 883 to 905
(March) MISS: 905 to 960 ; AR & White 890 to 900
(NC) Summ. 881 to 915
Ark. Processor Bids: (March) 903 to 905 (NC) 890 to 893
Memphis: (March) 963 to 968 (NC) 915 1/4 to - - -
Riceland Foods: (March) Stuttgart 905 ; Pendleton 898 ; West Memphis 951
|Chicago Futures:||May||up||10 1/2||at||958|
|July||up||9 1/2||at||965 1/2|
|Sept||up||8 3/4||at||947 1/4|
|Nov||up||7 3/4||at||935 1/4|
|Jan||up||7 1/2||at||943 3/4|
|Today's Arkansas LDP rate for soybeans is:||0¢|
Soybeans firmed after USDA projected bigger exports and smaller ending stocks. 2009 U.S. production was reduced a mere 2 million bushels, but exports were raised 20 million bushels. When all the changes were included,projected ending stocks fell to 190 million bushels, just a 3 week supply. Normally that would be enough to push the market sharply higher, but bigger projections for South America will limit upside potential. November should test resistance near $9.50.
Cash bid for March at Memphis 436 1/2 to 460 1/2;
|Bids to farmers at Local Elevators||435-457;|
|Chicago Futures:||May||down||8||at||481 1/2|
|July||down||7 3/4||at||494 1/2|
|March 2011||down||7 3/4||at||562 1/4|
|Today's Arkansas LDP rate for wheat is:||0¢|
Cash bid for March at Memphis 649 to - - -;
|Bids to farmers at River Elevators||491-566;|
|Today's Arkansas LDP rate for sorghum is:||0¢|
|Cash bid for||March at Memphis 361 1/2 to 365 1/2;|
|New Crop at Memphis 365 1/2 to 367 1/2;|
|Bids to farmers at River Elevators||331 to 361|
|Chicago Futures:||May||down||3 1/2||at||365 1/2|
|Sept||down||3 1/4||at||385 1/2|
|Dec||down||2 1/4||at||394 3/4|
|March 2011||down||2||at||405 3/4|
|Today's Arkansas LDP rate for corn is:||0¢|
Wheat was lower for the day, as USDA lowered the export projection instead of increasing it, as was expected. Ending stocks are projected above one billion bushels. July appears headed to or below the contract low of $4.83 and ¾.
Corn was pressured by a smaller than expected adjustment, just 20 million bushels, in the ’09 production estimate. It was widely anticipated that it could be near 100 million bushels. In addition, USDA lowered the export projection by 100 million bushels, resulting in a higher ending stocks of 1.799 billion bushels. These bearish numbers will push May to the recent low of $3.59 and September to $3.76, or perhaps lower.
Cotton & Rice Date: March 10, 2010
|Spot Price, Grade 41 Staple 34:||Memphis down 12 at 7571|
|Greenwood down 12 at 7571|
|New York Futures:||May||down||12||at||8021|
|This week's LDP rate for cotton is||0 cents|
|The estimate for next week is||0 cents|
Cotton ended the session narrowly mixed after USDA made a smaller than expected downward adjustment in China’s production estimate. USDA knocked 500,000 bales off their estimate, while China’s estimate was lowered 3 million bales last week. USDA did increase domestic use 100,000 bales, dropping projected ending stocks at 3.2 million bales. New crop contracts worked a little higher, with December closing at 75.49 cents. A test of resistance at 78.25 cents is a long term possibility.
|Long Grain Cash Bid for||Mar/April||1175/cwt||to||- - -|
|- - -||- - -||to||- - -|
|- - -||- - -||at||- - -|
|Today's Arkansas LDP rate for long grain rice is||0¢|
|medium grain rice is||0¢|
Rice futures were sharply lower again today as USDA lowered long grains exports 1 million cwt. In addition, world production was increased 4 million metric tonnes. A big portion of that was in India, where production was raised 2.5 mmt. That is likely a factor in India’s decision to not import rice, at least to this point. Today’s closes were at or near the day’s lows with both May and September well below $13. Further weakness is probable with the next chart support at $11.75.
Cattle & Hogs Date: March 10, 2010
As reported by Federal-State Market News, receipts were 1455 head at sales in Conway and Pocahontas. Compared with last week, feeder steers sold firm to mostly $6 higher .
|Medium & Large Frame 1||400||to||450 lbs.||122.00||to||- - -|
|500||to||550 lbs.||113.00||to||- - -|
|600||to||650 lbs.||104.50||to||- - -|
|Medium & Large Frame 2||400||to||450 lbs.||107.75||to||- - -|
|Medium & Large Frame 1||500||to||550 lbs.||100.00||to||- - -|
|Medium & Large Frame 2||400||to||450 lbs.||95.50||to||- - -|
Slaughter Cows, Boners 44.00 to 49.00
Light Weight 30.00 to 34.00
Bulls, Yield Grade 1 1400 to 2300 lbs. 56.00 to 64.50
Midwest Steers - - - at - - - to - - -
Panhandle Steers - - - at - - - to - - -
|Oklahoma City Feeders
Cattle futures were mostly lower as the market remains technically overbought and due a downward retracement. Potentially, drier weather next week is also negative as it suggests better feedlot conditions. On the positive side, expected seasonal demand will limit downside movement. April live cattle have support around $93.25. April feeders have support at $104.
Peoria: were steady at 46 to 48
St. Paul - - - at - - - to - - -
Hog futures were mostly firm to slightly higher. The market appears to have made a short term top, but downside appears limited despite weak packer margins. Seasonally, the market tends to move higher and this year’s smaller pork production estimate suggests a tighter supply situation near term.
Poultry Date: March 10, 2010
|New York:||Ex. Lg. 139-143; Lg. 137-141; Med. 114-118;|
|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 to fully steady. Demand was moderate for mid week trading. Supplies of all sizes were balanced to well cleared to satisfy current trade needs. In the parts structure, movement was moderate to good. In production areas live supplies were moderate at mostly desirable weights.