Arkansas Farm Bureau
Arkansas Farm Bureau
Grain & Soybean Date: March 16, 2010

Soybeans

Local Elevators:
(March) EAST AR:  875 to 915
(New Crop) Summ. 874 to 896
River Elevators:
(March) MISS: 890 to 948 ; AR & White 875 to 885
(New Crop) Summ. 872 to 906
Ark. Processor Bids: (March) 887 to 892  (New Crop) 881 to 884
Memphis:  (March) 950 to 960 (New Crop)  901 to 906
Riceland Foods:  (March) Stuttgart 892 ; Pendleton 885 ; West Memphis 938

Chicago Futures: May up 15 at  945
  July  up  15 1/4  at  952 3/4
  Sept up 14 1/4  at  935 3/4
  Nov up 12  at  926
  Jan up 11 3/4  at  935 1/4
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans closed higher with solid across-the-board gains. A weaker dollar and higher equities and crude oil provided a positive undercurrent for today’s trade. On the fundamental side the only positive was the threat of a strike by Argentine port workers. Otherwise the market is dealing with a huge South American crop versus strong world demand. Long term the market appears to have a downside bias. November has strong resistance just under $9.50.

Wheat
Cash bid for March at Memphis  437 to 464;
Bids to farmers at Local Elevators 440-462;
River Elevators 451-485;

Chicago Futures: May up  7 3/4  at  487 
  July up 7 3/4  at  499 3/4 
  Sept up  8 1/4  at  515 3/4 
  Dec up  7 3/4  at  542 3/4 
  March 2011 up  8 1/4  at  568 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for March at Memphis  658 to - - -;
Bids to farmers at River Elevators 495-570;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for March at Memphis   361 3/4 to 363 3/4;
  New Crop at Memphis   367 1/4 to - - -;
Bids to farmers at River Elevators  331 to 362

Chicago Futures: May up  3 1/2  at  366 3/4 
  Sept up  3 1/2  at  387 1/4 
  Dec up  3 3/4  at  396 3/4 
  March 2011 up  at  408 1/4 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat was mostly higher today. The potential for flooding in the Red River Valley is providing some support, but favorable conditions across much of winter wheat country and large old-crop supplies are keeping a lid on prices. July is hovering just above the $4.84 contract low.

Corn firmed in today’s trade, and like soybeans was supported by positive outside markets. The Federal Reserve’s decision to keep interest rates at the current rate for the near future was also a positive factor. Long term corn will tend to have a downside bias, just like soybeans. September has resistance around $4.05 with support just above $3.75. A close outside this range would suggest further movement in the direction of the break out.



Cotton & Rice  Date: March 16, 2010


Cotton
Spot Price, Grade 41 Staple 34: Memphis up 108 at  7734
  Greenwood up  108 at 7734

New York Futures: May up  108  at  8184 
  July up  107  at  8239 
 Oct down  48  at  7633 
 Dec down  56  at  7507 
 March 2011 down  51  at  7618 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton closed mixed with old crop gaining versus new crop. Strong demand in a tightening supply situation should keep the market firm. New crop has been able to maintain an upward bias, albeit gains have been small. Long term the market could work higher despite prospects of increased 2010 U.S. plantings. Improving economic conditions should keep demand good.

Rice
Long Grain Cash Bid for  March/April 1175/cwt  to  - - -
  - - - - - -  to  - - -

Chicago Futures: May up  12  at  1260 1/2 
 July up  11 1/2  at  1290 1/2 
 Sept up  13 1/2  at  1278 1/2 
 Nov up  14 1/2  at  1293 1/2 
 - - -   - - -  at  - - - 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice was firm again today. While the market hasn’t confirmed a bottom, it did close a small gap that was left last Friday. Fundamentals are generally to the negative side, buy may be mostly accounted for in recent declines. There is some thought that El Nino influences could reduce Southeast Asia’s production. The international market remains lackluster, and prospects of increased U.S. 2010 plantings is keeping pressure on the market. Initial new crop retracements for the September contract are $13.11 to $13.43.



Cattle & Hogs  Date: March 16, 2010

Cattle
As reported by Federal-State Market News, receipts were 1805 head at sales in Heber Springs & Ft. Smith.  Compared with last week, feeder steers sold firm to $3 higher .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 128.50 to - - -
  500 to 550 lbs. 118.00 to - - -
  600 to 650 lbs. 110.50 to - - -
 Medium & Large Frame 2   450 to 500 lbs. 113.50 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 101.25 to - - -
 Medium & Large Frame 2   500 to 550 lbs. 98.50 to - - -

Slaughter Cows, Boners 46   to   52
Light Weight 30 to 34
Bulls, Yield Grade   1   1000   to   2100 lbs.   57   to   66
Midwest Steers   - - -   at   - - -   to   - - -
Panhandle Steers   - - -   at   - - -   to   - - -

Oklahoma City Feeders
Steers 500 to 550 lbs. 120 to 125
  550 to 600 lbs. 116 to 124.50
Heifers 500 to 550 lbs. 105 to 114.50
  550 to 600 lbs. 104 to 110.25

Chicago Futures:
Live Cattle: April down 17 at 9547
  June up 2 at 9362
Feeders: April down 17 at 7175
  May down 37 at 10700

Cattle Comment
April live cattle futures are trading just under the new contract high set Monday. The trend is up, but the market has become overbought and a technical correction could come at any time.

Hogs
Peoria: were $1 higher to $3     lower   at   44   to   46

Chicago Futures: April down 5 at 7175
  May up 6 at 7817

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

Hogs Comment
Hogs continue to be pressured by 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 16, 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 for early week business. Supplies of all sizes were light to satisfy current trade needs. In the parts structure, movement was moderate to good. In production areas live supplies were moderate at mostly desirable weights.