(March) EAST AR: 856 to 896
(New Crop) Summ. 862 to 884
(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|
|Jan||down||2 1/4||at||923 1/2|
|Today's Arkansas LDP rate for soybeans is:||0¢|
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.
Cash bid for March at Memphis 435 1/4 to 462 1/4;
|Bids to farmers at Local Elevators||438-460;|
|Chicago Futures:||May||up||6 1/2||at||485 1/4|
|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:||0¢|
Cash bid for March at Memphis 647 to - - -;
|Bids to farmers at River Elevators||489-564;|
|Today's Arkansas LDP rate for sorghum is:||0¢|
|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||1||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:||0¢|
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
|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|
|This week's LDP rate for cotton is||0 cents|
|The estimate for next week is||0 cents|
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.
|Long Grain Cash Bid for||March/April||1158/cwt||to||- - -|
|- - -||- - -||to||- - -|
|Sept||down||3 1/2||at||1262 1/2|
|- - -||- - -||at||- - -|
|Today's Arkansas LDP rate for long grain rice is||0¢|
|medium grain rice is||0¢|
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
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 .
|Medium & Large Frame 1||400||to||450 lbs.||127.75||to||- - -|
|500||to||550 lbs.||118.25||to||- - -|
|Medium & Large Frame 2||400||to||450 lbs.||115.00||to||- - -|
|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
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.
Peoria: were steady at 46 to 48
St. Paul - - - at - - - to - - -
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
|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 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.