Arkansas Farm Bureau
Arkansas Farm Bureau
Grain & Soybean Date: March 17, 2010

Soybeans

Local Elevators:
(March) EAST AR:  889 to 929
(New Crop) Summ. 889 to 911
River Elevators:
(March) MISS: 904 to 962 ; AR & White 889 to 899
(New Crop) Summ. 885 to 921
Ark. Processor Bids: (March) 901 to 901  (NC) 896 to 899
Memphis:  (March) 969 to 971 (New Crop)  920 1/2 to - - -
Riceland Foods:  (March) Stuttgart 901 ; Pendleton 899 ; West Memphis 952

Chicago Futures: May up 14 at  959
  July  up  14  at  966 3/4
  Sept up 14  at  949 3/4
  Nov up 14 1/2  at  940 1/2
  Jan up 14 1/4  at  949 1/2
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans added to yesterday’s move as outside markets continued to offer support. A weaker dollar and stronger oil and equities gave the market a boost. Wet conditions, including flooding in some areas, is raising concern about another later crop. Upside potential appears limited with November resistance just below $9.50. Today’s move did break a down trend which should bring a test of that resistance. Tomorrow’s export shipments report will be a key factor in determining whether the upturn continues.

Wheat
Cash bid for March at Memphis  446 to 473;
Bids to farmers at Local Elevators 449-471;
River Elevators 462-497;

Chicago Futures: May up  at  496 
  July up at  508 3/4 
  Sept up  at  524 3/4 
  Dec up  8 1/4  at  551 
  March 2011 up  at  576 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for March at Memphis  671 to - - -;
Bids to farmers at River Elevators 507-582;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for March at Memphis   369 to 370;
  New Crop at Memphis   374 3/4 to - - -;
Bids to farmers at River Elevators  338 to 369

Chicago Futures: May up  7 1/4  at  374 
  Sept up  7 1/2  at  394 3/4 
  Dec up  7 1/4  at  404 
  March 2011 up  6 3/4  at  415 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat posted surprising gains with little fundamental justification for the move. 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.

Corn made good gains despite increasing ethanol stocks, which have reduced profit margins. Like soybeans, upside potential appears limited. Rebounds to $4.00 or better by the September contract should be viewed as a pricing opportunity.



Cotton & Rice  Date: March 17, 2010


Cotton
Spot Price, Grade 41 Staple 34: Memphis down 67 at  7667
  Greenwood down  67 at 7667

New York Futures: May down  67  at  8117 
  July down  40  at  8199 
 Oct down  29  at  7604 
 Dec down  52  at  7455 
 March 2011 down  63  at  7555 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton was mostly lower as the market retraced a portion of recent gains. 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 1177/cwt  to  - - -
  - - - - - -  to  - - -

Chicago Futures: May up  1 1/2  at  1262 
 July up  1/2  at  1291 
 Sept down  1/2  at  1278 
 Nov up  1/2  at  1294 
 - - -   - - -  at  - - - 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice futures were mixed as the market failed to generate any substantial follow-through on recent gains. Fundamentals are generally to the negative side, but 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 17, 2010

Cattle
As reported by Federal-State Market News, receipts were 1045 head at sales in Conway and Pocahontas.  Compared with last week, feeder steers sold steady .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 124.50 to - - -
  500 to 550 lbs. 113.50 to - - -
  600 to 650 lbs. 104.75 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 107.25 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 97.50 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 93 to - - -

Slaughter Cows, Boners 46   to   51
Light Weight 31 to 37
Bulls, Yield Grade   1   1400   to   2300 lbs.   57   to   68
Midwest Steers   - - -   at   92   to   93
Panhandle Steers   - - -   at   92   to   93

Oklahoma City Feeders
Steers 500 to 545 lbs. 117 to 127
  550 to 595 lbs. 111.50 to 117.50
Heifers 500 to 545 lbs. 102 to 109.50
  550 to 594 lbs. 100 to 108

Chicago Futures:
Live Cattle: April up 67 at 9615
  June up 35 at 9397
Feeders: April up 42 at 10627
  May up 35 at 10735

Cattle Comment
April live cattle futures set a new contract high again today. The market looks technically strong, but the market is overbought, so a correction could come at any time. Strong cash fundamentals continue to be supportive.

Hogs
Peoria: were $1 higher to $3     lower   at   43   to   45

Chicago Futures: April down 15 at 7160
  May up 32 at 7850

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

Hogs Comment
Hogs ended mixed. Some weakness in the cash market weighed on futures, while carryover strength from the cattle pits was supportive. 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 17, 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 mid week trading. Supplies of all sizes were light to moderate 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.