Arkansas Farm Bureau
Arkansas Farm Bureau
Grain & Soybean Date: March 12, 2010

Soybeans

Local Elevators:
(March) EAST AR:  856 to 896
(New Crop) Summ. 862 to 884
River Elevators:
(March) MISS: 872 to 927 ; AR & White 857 to 867
(New Crop) Summ. 860 to 894
Ark. Processor Bids: (March) 871 to 873  (New Crop) 869 to 872
Memphis:  (March) 930 1/2 to 939 1/2 (New Crop)  889 to 894
Riceland Foods:  (March) Stuttgart 873 ; Pendleton 866 ; West Memphis 919

Chicago Futures: May down 5 at  925 1/2
  July  down  5 1/2  at  933 1/2
  Sept down 3 1/2  at  922
  Nov down 2 1/2  at  914
  Jan down 2 1/4  at  923 1/2
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans failed to hold early gains despite a weaker dollar and a sizeable sale of soybeans for 2010/11 to China. The undertone of the market is somewhat negative. Inability to rebound from yesterday’s losses suggests further declines are probable. The market could still have a seasonal rally during planting time but the question is from where.

Wheat
Cash bid for March at Memphis  435 1/4 to 462 1/4;
Bids to farmers at Local Elevators 438-460;
River Elevators 448-483;

Chicago Futures: May up  6 1/2  at  485 1/4 
  July up 6 1/2  at  498 
  Sept up  5 3/4  at  514 
  Dec up  5 3/4  at  540 1/4 
  March 2011 up  5 3/4  at  564 3/4 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for March at Memphis  647 to - - -;
Bids to farmers at River Elevators 489-564;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for March at Memphis   360 1/4 to 361 1/4;
  New Crop at Memphis   364 1/4 to - - -;
Bids to farmers at River Elevators  329 to 359

Chicago Futures: May down  at  364 1/4 
  Sept down  1 1/4  at  384 1/4 
  Dec down  1 1/2  at  393 3/4 
  March 2011 down  1 1/2  at  405 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat ended the week on a positive note. July is hovering just above the $4.84 contract low. Downside appears limited, but there is not much upside potential with big world supplies weighing on the market.

Corn traded in a narrow range but ended the day slightly lower. Big stocks and the possibility of increased U.S. plantings in 2010 will limit upside potential. Technically a September close below $3.76 would be extremely negative.



Cotton & Rice  Date: March 12, 2010


Cotton
Spot Price, Grade 41 Staple 34: Memphis up 170 at  75.97
  Greenwood up  170 at 75.97

New York Futures: May up  17  at  8047 
  July up  174  at  8102 
 Oct up  53  at  7691 
 Dec up  49  at  7562 
 March 2011 up  35  at  7678 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton reversed yesterday’s losses with old crop leading the upturn. In the March report released earlier this week, 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 December closed at 75.62 cents. A test of resistance at 78.25 cents is a long term possibility.

Rice
Long Grain Cash Bid for  March/April 1158/cwt  to  - - -
  - - - - - -  to  - - -

Chicago Futures: May up  at  1243 
 July up  2 1/2  at  1273 
 Sept down  3 1/2  at  1262 1/2 
 Nov down  at  1276 
 - - -   - - -  at  - - - 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice managed a very weak mixed close and remains in a strong downtrend. Earlier this week 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. Further weakness is probable with the next chart support at $11.75.



Cattle & Hogs  Date: March 12, 2010

Cattle
As reported by Federal-State Market News, receipts were 9,921 head at sales in Arkansas this week.  Compared with last week, feeder steers sold firm to $3 higher .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 127.75 to - - -
  500 to 550 lbs. 118.25 to - - -
  600 to 650 lbs. 108.25 to
 Medium & Large Frame 2   400 to 450 lbs. 115.00 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 104 to - - -
 Medium & Large Frame 2   450 to 500 lbs. 103.75 to - - -

Slaughter Cows, Boners 47   to   54
Light Weight 33 to 39
Bulls, Yield Grade   1   1000   to   2100 lbs.   58   to   65
Midwest Steers   were   at   94   to   - - -
Panhandle Steers   were   at   94   to   - - -

Oklahoma City Feeders
Steers 500 to 550 lbs. 115.00 to 130.50
  550 to 600 lbs. 102.00 to 126.00
Heifers 500 to 550 lbs. 100.00 to 115.00
  550 to 600 lbs. 99.00 to 111.50

Chicago Futures:
Live Cattle: April up 127 at 9510
  June up 85 at 9280
Feeders: April up 87 at 10597
  May up 155 at 10730

Cattle Comment
Cattle futures turned higher on the weaker dollar and higher cash trade today. 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 77 at 7265
  June up 60 at 8080

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

Hogs Comment
Hogs were higher on carryover strength from cattle prices and a weaker dollar. News that Russia has cleared the way for some US imports was also a positive. The 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 12, 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 firm. Demand was moderate to fairly good entering the weekend. Supplies of all sizes were light to satisfy current trade needs. In the parts structure, movement was moderate to instances good for late week business. In production areas live supplies were moderate at mostly desirable weights.