Arkansas Farm Bureau
Arkansas Farm Bureau
Grain & Soybean Date: March 18, 2010

Soybeans

Local Elevators:
(March) EAST AR:  890 to 930
(New Crop) Summ. 888 to 910
River Elevators:
(March) MISS: 904 to 961 ; AR & White 889 to 899
(New Crop) Summ. 885 to 920
Ark. Processor Bids: (March) 902 to - - -  (New Crop) 895 to 898
Memphis:  (March) 971 1/2 to - - - (New Crop)  920 to - - -
Riceland Foods:  (March) Stuttgart 902 ; Pendleton 893 ; West Memphis 953

Chicago Futures: May up 1/2 at  959 1/2
  July  up  3/4  at  967 1/2
  Sept down at  948 3/4
  Nov down 1/2  at  940
  Jan down 1 1/4  at  948 1/4
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans closed mixed for the day. Despite a positive export report the market started on the defensive with lower crude oil and a stronger dollar providing pressure. November futures have strong resistance just below $9.50.

Wheat
Cash bid for March at Memphis  439 1/4 to 469 1/4;
Bids to farmers at Local Elevators 442-460;
River Elevators 455-490;

Chicago Futures: May down  6 3/4  at  489 1/4 
  July down at  501 3/4 
  Sept down  7 1/2  at  517 1/4 
  Dec down  7 3/4  at  543 1/4 
  March 2011 down  7 1/4  at  568 3/4 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for March at Memphis  675 to - - -;
Bids to farmers at River Elevators 511-586;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for March at Memphis   372 to - - -;
  New Crop at Memphis   376 1/4 to - - -;
Bids to farmers at River Elevators  340 to 371

Chicago Futures: May up  at  376 
  Sept up  1 1/2  at  396 1/4 
  Dec up  1 1/4  at  405 1/4 
  March 2011 up  1 1/4  at  416 1/4 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat gave back a good portion of yesterday’s big gains. 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 ended the session slightly higher after reversing early losses. A good export report gave the market the initial strength. Prospects of more rain and flooding in the upper Midwest are helping keep the market in a positive mode.



Cotton & Rice  Date: March 18, 2010


Cotton
Spot Price, Grade 41 Staple 34: Memphis up 104 at  7771
  Greenwood up  104 at 7771

New York Futures: May up  104  at  8221 
  July up  105  at  8304 
 Oct up  75  at  7679 
 Dec up  60  at  7515 
 March 2011 up  52  at  7607 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton reversed recent declines to close with solid gains. Improving world and U. S. economic conditions bode well for cotton in the long run. Tightening stocks suggest upside potential despite prospects of larger plantings in 2010. December should test the 78.25 cents high at some point.

Rice
Long Grain Cash Bid for  March/April 1177/cwt  to  - - -
  - - - - - -  to  - - -

Chicago Futures: May unchanged  - - -  at  1262 
 July up  1 1/2  at  1292 1/2 
 Sept down  at  1276 
 Nov down  at  1292 
 - - -   - - -  at  - - - 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice was mixed for today’s session. The international markets remain some what subdued, but activity could be picking up soon. Upside potential could be limited until this year's crop is planted and there is a better feel about U.S. and world production.



Cattle & Hogs  Date: March 18, 2010

Cattle
As reported by Federal-State Market News, receipts were 3596 head at sales in Charlotte, Ratcliff and Green Forest.  Compared with last week, feeder steers sold firm to $4 higher .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 126.50 to - - -
  500 to 550 lbs. 119.50 to - - -
  600 to 650 lbs. 110.50 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 119.75 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 104.25 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 98.25 to - - -

Slaughter Cows, Boners 47   to   52
Light Weight 33 to 41
Bulls, Yield Grade   1-2   1000   to   2100 lbs.   57   to   66
Midwest Steers   were $1 higher to steady   at   93.00   to   - - -
Panhandle Steers   - - -   at   - - -   to   - - -

Oklahoma City Feeders
Steers 500 to 550 lbs. 120 to 128
  550 to 600 lbs. 116 to 126
Heifers 500 to 550 lbs. 111 to 115
  550 to 600 lbs. 103.25 to 108.50

Chicago Futures:
Live Cattle: April up 137 at 9752
  June up 120 at 9517
Feeders: April up 160 at 10787
  May up 217 at 10952

Cattle Comment
April live cattle futures gapped to new highs today. The market looks technically strong, but the market is overbought, so a correction could come at any time. There isn’t any technical resistance now for April below $100, and support begins at $96.75. Tight market-ready supplies and low market weights are providing support to the cash market.

Hogs
Peoria: were $1 higher to $3     lower   at   42   to   44

Chicago Futures: April up 127 at 7287
  May up 150 at 8000

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

Hogs Comment
Hogs were higher on support from sharp gains in cattle. 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 18, 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 seasonally moderate to fairly good for late week trading. Supplies of all sizes were light to satisfy current trade needs. In the parts structure, movement was mostly good. In production areas live supplies were moderate at mostly desirable weights.