Arkansas Farm Bureau
Arkansas Farm Bureau
Grain & Soybean Date: March 11, 2010

Soybeans

Local Elevators:
(Mar) EAST AR:  861 to 901
(New Crop) Summ. 865 to 887
River Elevators:
(March) MISS: 877 to 932 ; AR & White 862 to 872
(New Crop) Summ. 862 to 897
Ark. Processor Bids: (March) 876 to 878  (NC) 872 to 875
Memphis:  (March) 935 1/2 to 940 1/2 (NC)  896 1/2 to - - -
Riceland Foods:  (March) Stuttgart 878 ; Pendleton 871 ; West Memphis 924

Chicago Futures: May down 27 1/2 at  930 1/2
  July  down  26 1/2  at  939
  Sept down 21 3/4  at  925 1/2
  Nov down 18 3/4  at  916 3/4
  Jan down 18  at  925 3/4
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans closed sharply lower despite a weaker dollar. The market reversed yesterday’s upturn as the reality of growing world supplies hit full force. Both new and old crop contracts dropped below previous support, bringing October lows into play. China cancelled 7 million bushels of prior sales which left this week’s export sales at a negative 4.3 million bushels. May’s close below $9.35 will push the market toward $9.11; then $8.88, and perhaps even lower. For November it is $9.10, then $8.78.

Wheat
Cash bid for March at Memphis  433 3/4 to 457 3/4;
Bids to farmers at Local Elevators 432-454;
River Elevators 441 -477;

Chicago Futures: May down  2 3/4  at  478 3/4 
  July down at  491 1/2 
  Sept down  2 3/4  at  508 1/4 
  Dec down  3 1/2  at  534 1/2 
  March 2011 down  3 1/4  at  559 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for March at Memphis  647 to - - -;
Bids to farmers at River Elevators 491-566;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for March at Memphis   360 1/4 to 363 1/4;
  New Crop at Memphis   365 1/2 to - - -;
Bids to farmers at River Elevators  330 to 360

Chicago Futures: May down  1/4  at  365 1/4 
  Sept unchanged    at  385 1/2 
  Dec up  1/2  at  395 1/4 
  March 2011 up  3/4  at  406 1/2 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat closed slightly lower with July hovering just below the $4.84 contract low. Downside appears limited, but there is not much upside potential with big world supplies weighing on the market.

Corn closed mixed despite disappointing export sales. The threat of a late planting season is still a factor, but it is too early for that to give the market much of a bounce. Should May close below $3.59, and September below $3.76, additional declines will be seen.



Cotton & Rice  Date: March 11, 2010


Cotton
Spot Price, Grade 41 Staple 34: Memphis down 144 at  74.27
  Greenwood down  144 at 74.27

New York Futures: May down  144  at  7877 
  July down  137  at  7928 
 Oct down  41  at  7638 
 Dec down  36  at  7513 
 March 2011 down  32  at  7643 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton was hit with another round of declines following yesterday’s negative report. 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  March/April 1175/cwt  to  - - -
  - - - - - -  to  - - -

Chicago Futures: May down  28  at  1240 
 July down  26 1/2  at  1270 1/2 
 Sept down  14  at  1266 
 Nov down  14 1/2  at  1281 
 - - -   - - -  at  - - - 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice futures continued the free fall that began several weeks ago. Yesterday 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 11, 2010

Cattle
As reported by Federal-State Market News, receipts were 3529 head at sales in Charlotte, Ratcliff & Green Forest.  Compared with last week, feeder steers were firm to $4 higher .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 125 to - - -
  500 to 550 lbs. 119 to - - -
  600 to 650 lbs. 111.75 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 115.50 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 101 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 98 to - - -

Slaughter Cows, Boners 45   to   50
Light Weight 32 to 39
Bulls, Yield Grade   1-2   1000   to   2100 lbs.   57   to   64
Midwest Steers   - - -   at   - - -   to   - - -
Panhandle Steers   - - -   at   - - -   to   - - -

Oklahoma City Feeders
Steers 500 to 550 lbs. 119.50 to 129.00
  550 to 600 lbs. 112.00 to 119.00
Heifers 500 to 550 lbs. 110.00 to 114.00
  550 to 600 lbs. 101.00 to 110.00

Chicago Futures:
Live Cattle: April down 5 at 9382
  June up 22 at 9195
Feeders: April up 7 at 10510
  May up 32 at 10575

Cattle Comment
Cattle futures were mixed 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 down 67 at 7187
  June down 45 at 8020

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

Hogs Comment
Hogs were lower again today with weakness appearing to relate to the ongoing closure of the Tyson’s plant in Logansport, Indiana. The market appears to have made a short term top, and 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 11, 2010

Eggs
New York:  Ex. Lg. 141-145; Lg. 139-143; 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 fully steady to instances firm. Demand approaching the weekend was moderate to fairly good. Supplies of all sizes were balanced to well cleared to satisfy current trade needs. In production areas live supplies were moderate at mostly desirable weights.