(Mar) EAST AR: 861 to 901
(New Crop) Summ. 865 to 887
(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|
|Sept||down||21 3/4||at||925 1/2|
|Nov||down||18 3/4||at||916 3/4|
|Today's Arkansas LDP rate for soybeans is:||0¢|
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.
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|
|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:||0¢|
Cash bid for March at Memphis 647 to - - -;
|Bids to farmers at River Elevators||491-566;|
|Today's Arkansas LDP rate for sorghum is:||0¢|
|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|
|March 2011||up||3/4||at||406 1/2|
|Today's Arkansas LDP rate for corn is:||0¢|
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
|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|
|This week's LDP rate for cotton is||0 cents|
|The estimate for next week is||0 cents|
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.
|Long Grain Cash Bid for||March/April||1175/cwt||to||- - -|
|- - -||- - -||to||- - -|
|July||down||26 1/2||at||1270 1/2|
|- - -||- - -||at||- - -|
|Today's Arkansas LDP rate for long grain rice is||0¢|
|medium grain rice is||0¢|
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
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 .
|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||- - -|
|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
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.
Peoria: were steady at 46 to 48
St. Paul - - - at - - - to - - -
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
|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
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.