Arkansas Farm Bureau
Arkansas Farm Bureau
Grain & Soybean Date: March 19, 2010

Soybeans

Local Elevators:
(March) EAST AR:  892 to 932
(New Crop) Summ. 890 to 912
River Elevators:
(March) MISS: 907 to 964 ; AR & White 892 to 902
(New Crop) Summ. 887 to 922
Ark. Processor Bids: (March) 904 to - - -  (New Crop) 897 to 900
Memphis:  (March) 966 3/4 to 973 3/4 (New Crop)  922 to 927
Riceland Foods:  (March) Stuttgart 904 ; Pendleton 895 ; West Memphis 955

Chicago Futures: May up 2 1/4 at  961 3/4
  July  up  at  969 1/2
  Sept up 3 1/4  at  952
  Nov up at  942
  Jan up at  950 1/4
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans closed slightly higher despite mostly negative fundamentals. Several private forecasts indicated 2010 plantings would increase. In addition, the dollar strengthened while equities and crude oil declined. November soybeans are in position to test resistance just below $9.50. Ability to close above this level would suggest further near term gains and should be viewed as a pricing opportunity.

Wheat
Cash bid for March at Memphis  433 3/4 to 458 3/4;
Bids to farmers at Local Elevators 437-459;
River Elevators 451-486;

Chicago Futures: May down  5 1/2  at  483 3/4 
  July down 5 1/4  at  496 1/2 
  Sept down  5 3/4  at  511 1/2 
  Dec down  5 1/4  at  538 
  March 2011 down  5 1/4  at  563 1/2 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for March at Memphis  672 to - - -;
Bids to farmers at River Elevators 507-582;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for March at Memphis   370 1/2 to - - -;
  New Crop at Memphis   374 to - - -;
Bids to farmers at River Elevators  339 to 371

Chicago Futures: May down  1 1/2  at  374 1/2 
  Sept down  2 1/4  at  394 
  Dec down  1 3/4  at  403 1/2 
  March 2011 down  1 3/4  at  414 1/2 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat was lower as the rising dollar again weighed on export possibilities. Spring wheat plantings are expected to increase from last year; but overall wheat acreage will be down more than 5 million acres. Upside potential remains limited.

Corn was a little lower at end of today’s session. Weak fundamentals, including one report projecting 2010 plantings over 90 million acres limited upside potential. Negative outside markets added to the weaker market undertone. These were partially offset by growing concern about flooding and weather problems in the Midwest.



Cotton & Rice  Date: March 19, 2010


Cotton
Spot Price, Grade 41 Staple 34: Memphis down 3 at  7768
  Greenwood down  3 at 7768

New York Futures: May down  at  8218 
  July down  at  8298 
 Oct down  30  at  7649 
 Dec down  41  at  7474 
 March 2011 down  33  at  7574 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton was a little lower to end the week. 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 1185/cwt  to  - - -
  - - - - - -  to  - - -

Chicago Futures: May up  at  1270 
 July up  7 1/2  at  1300 
 Sept unchanged    at  1276 
 Nov down  1/2  at  1291 1/2 
 - - -   - - -  at  - - - 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice closed higher on the nearby contracts despite mostly negative outside markets. 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 19, 2010

Cattle
As reported by Federal-State Market News, receipts were 13,528 head at sales in Arkansas this week..  Compared with last week, feeder steers sold firm to $3 higher .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 130.00 to - - -
  500 to 550 lbs. 120.00 to - - -
  600 to 650 lbs. 111.00 to - - -
 Medium & Large Frame 2   450 to 500 lbs. 116.00 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 108.00 to - - -
 Medium & Large Frame 2   450 to 500 lbs. 101.00 to - - -

Slaughter Cows, Boners 48.00   to   55.00
Light Weight 34.00 to 42.00
Bulls, Yield Grade   1   1000   to   2100 lbs.   55.00   to   65.00
Midwest Steers   $2 to $3 higher   at   95   to   96
Panhandle Steers   - - -   at   92   to   93

Oklahoma City Feeders
Steers 500 to 550 lbs. 115.00 to 131.00
  550 to 600 lbs. 111.00 to 127.00
Heifers 500 to 550 lbs. 102.00 to 115.00
  550 to 600 lbs. 100.00 to 110.25

Chicago Futures:
Live Cattle: April up 45 at 9797
  June down 5 at 9512
Feeders: April up 80 at 10867
  May up 85 at 11037

Cattle Comment
Cattle futures closed mixed with nearby April slightly higher and other live cattle contracts lower. Feeders also closed higher with April above recent resistance and in position to perhaps test resistance at August ’08 high of $116.50. 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:     steady   at   42   to   44

Chicago Futures: April up 47 at 7335
  May down 10 at 7990

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

Hogs Comment
Hogs were higher despite further declines in pork cutout values. Reports that China will reopen their market to U.S. pork provided support. 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 19, 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 at least steady. Demand entering the week was moderate to occasionally good. Supplies of all sizes were sufficient to satisfy current trade needs. In the parts structure, movement was moderate to good for late week business. In production areas live supplies were moderate at mostly desirable weights.