Arkansas Farm Bureau
Arkansas Farm Bureau
Grain & Soybean Date: March 15, 2010

Soybeans

Local Elevators:
(March) EAST AR:  860 to 900
(New Crop) Summ. 862 to 884
River Elevators:
(March) MISS: 877 to 935 ; AR & White 862 to 872
(New Crop) Summ. 860 to 894
Ark. Processor Bids: (March) 872 to 877  (New Crop) 869 to 872
Memphis:  (March) 935 to 945 (New Crop)  889 to 894
Riceland Foods:  (March) Stuttgart 877 ; Pendleton 870 ; West Memphis 923

Chicago Futures: May up 4 1/2 at  930
  July  up  at  937 1/2
  Sept down 1/2  at  921 1/2
  Nov unchanged   at  914
  Jan unchanged   at  923 1/2
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans were under early pressure from weaker crude oil and a stronger dollar. A better-than-expected NOPA crush report gave old crop contracts a boost. The undertone of the market is somewhat negative. The market could still have a seasonal rally during planting time, especially if planting delays are seen.

Wheat
Cash bid for March at Memphis  429 1/4 to 456 1/4;
Bids to farmers at Local Elevators 432-454;
River Elevators 443-477;

Chicago Futures: May down  at  479 1/4 
  July down at  492 
  Sept down  6 1/2  at  507 1/2 
  Dec down  5 1/4  at  535 
  March 2011 down  at  559 3/4 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for March at Memphis  645 to - - -;
Bids to farmers at River Elevators 488-563;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for March at Memphis   359 1/4 to 360 1/4;
  New Crop at Memphis   363 3/4 to - - -;
Bids to farmers at River Elevators  327 to 358

Chicago Futures: May down  at  363 1/4 
  Sept down  1/2  at  383 3/4 
  Dec down  3/4  at  393 
  March 2011 down  3/4  at  404 1/4 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat turned lower. 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 was fractionally to a penny 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 15, 2010


Cotton
Spot Price, Grade 41 Staple 34: Memphis up 29 at  76.26
  Greenwood up  29 at 76.26

New York Futures: May up  29  at  8076 
  July up  30  at  8132 
 Oct down  10  at  7681 
 Dec up  at  7563 
 March 2011 down  at  7669 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton was mixed. USDA made a smaller than expected downward adjustment in China’s production estimate last week. 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. In the long-term new crop December could test resistance at 78.25 cents.

Rice
Long Grain Cash Bid for  March/April 1163/cwt  to  - - -
  - - - - - -  to  - - -

Chicago Futures: May up  5 1/2  at  1248 1/2 
 July up  at  1279 
 Sept up  2 1/2  at  1265 
 Nov up  at  1279 
 - - -   - - -  at  - - - 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice turned higher, but the trend is still down. USDA lowered long grain 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 15, 2010

Cattle
As reported by Federal-State Market News, receipts were 2899 head at sales in Ash Flat, Springdale and Ola.  Compared with last week, feeder steers sold $3 to $6 higher .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 128.00 to - - -
  500 to 550 lbs. 115.25 to - - -
  600 to 650 lbs. 108.25 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 116.75 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 102.00 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 103.50 to - - -

Slaughter Cows, Boners 47.00   to   53.00
Light Weight 32.00 to 41.00
Bulls, Yield Grade   1   1000   to   2100 lbs.   56.00   to   65.00
Midwest Steers   were   at   90.00   to   94.00
Panhandle Steers   were   at   93.00   to   95.00

Oklahoma City Feeders
Steers 450 to 500 lbs. 126.50 to 128.00
  500 to 600 lbs. 116.00 to 124.50
Heifers 400 to 450 lbs. 114.00 to 115.00
  500 to 600 lbs. 106.50 to 114.50

Chicago Futures:
Live Cattle: April up 55 at 9565
  June up 80 at 9360
Feeders: April up 5 at 10602
  May up 7 at 10737

Cattle Comment
Cattle futures were mostly higher. Expected seasonal demand will limit downside movement. April live cattle have support around $93.25. April feeders have support at $104.

Hogs
Peoria: were     higher   at   $1   to   $3 lower

Chicago Futures: down 85 at 7180
  down 22 at 8057

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

Hogs Comment
Hogs were under pressure from lower cash hog and wholesale pork prices. 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 15, 2010

Eggs
New York:  Ex. Lg. 141-145; Lg. 139-143; Med. 114-118;
Chicago:  Ex. Lg. 129-137; Lg. 127-135; Med. 106-114;

Eastern Region Turkeys
Hens: 8-16 lbs 82.50
Toms: 16-24 lbs 85.00
 

Delmarva Broilers
U.S. Grade A
The market tone was firm. Demand was moderate to fairly good following the weekend. Supplies of all sizes were light to satisfy current trade needs. In the parts structure, movement was moderate to good for early week business. In production areas live supplies were moderate at mostly desirable weights.