Arkansas Farm Bureau
Arkansas Farm Bureau
Grain & Soybean Date: March 10, 2010

Soybeans

Local Elevators:
(March) EAST AR:  888 to 928
(New Crop) Summ. 883 to 905
River Elevators:
(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:

Soybean Comment
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.

Wheat
Cash bid for March at Memphis  436 1/2 to 460 1/2;
Bids to farmers at Local Elevators 435-457;
River Elevators 446-480;

Chicago Futures: May down  at  481 1/2 
  July down 7 3/4  at  494 1/2 
  Sept down  7 1/4  at  511 
  Dec down  7 1/4  at  538 
  March 2011 down  7 3/4  at  562 1/4 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for March at Memphis  649 to - - -;
Bids to farmers at River Elevators 491-566;
Today's Arkansas LDP rate for sorghum is:

Corn
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  at  405 3/4 
  Today's Arkansas LDP rate for corn is:

Grain Comment
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


Cotton
Spot Price, Grade 41 Staple 34: Memphis down 12 at  7571
  Greenwood down  12 at 7571

New York Futures: May down  12  at  8021 
  July up  at  8065 
 Oct up  41  at  7679 
 Dec up  12  at  7549 
 March 2011 up  44  at  7675 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
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.

Rice
Long Grain Cash Bid for  Mar/April 1175/cwt  to  - - -
  - - - - - -  to  - - -

Chicago Futures: May down  34  at  1268 
 July down  34 1/2  at  1297 
 Sept down  19  at  1280 
 Nov down  17  at  1295 1/2 
 - - -   - - -  at  - - - 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
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

Cattle
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 .

Steers:
 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 - - -

Heifers:
 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
Steers 500 to 550 lbs. 118.00 to 126.00
  550 to 600 lbs. 112.00 to 119.00
Heifers 500 to 550 lbs. 106.00 to 113.00
  550 to 600 lbs. 103.00 to 109.50

Chicago Futures:
Live Cattle: April down 52 at 9387
  June down 60 at 9172
Feeders: April down 100 at 10502
  May down 117 at 10542

Cattle Comment
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.

Hogs
Peoria: were     steady   at   46   to   48

Chicago Futures: April up 15 at 7255
  June up 17 at 8065

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

Hogs Comment
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

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

Delmarva Broilers
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.