Arkansas Farm Bureau
Arkansas Farm Bureau
Grain & Soybean Date: March 22, 2010

Soybeans

Local Elevators:
(March) EAST AR:  899 to 939
(New Crop) Summ. 894 to 916
River Elevators:
(March) MISS: 913 to 970 ; AR & White 898 to 908
(New Crop) Summ. 891 to 926
Ark. Processor Bids: (March) 904 to 911  (New Crop) 901 to 904
Memphis:  (March) 968 1/2 to 976 1/2 (New Crop)  925 3/4 to 930 3/4
Riceland Foods:  (March) Stuttgart 908 ; Pendleton 899 ; West Memphis 959

Chicago Futures: May up 6 3/4 at  968 1/2
  July  up  7 1/4  at  976 3/4
  Sept up 5 1/2  at  957 1/2
  Nov up 3 3/4  at  945 3/4
  Jan up 3 1/2  at  953 3/4
  Today's Arkansas LDP rate for soybeans is: 0 ¢

Soybean Comment
Soybeans moved higher again today mostly on technical buying. Weekly export inspections were a respectable 32.1 million bushels. Rains in Brazil are delaying the harvest there, also a supportive factor today. The November contract is now testing resistance in the $9.50 area. A 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  436 1/2 to 461 1/2;
Bids to farmers at Local Elevators 439-461;
River Elevators 454-489;

Chicago Futures: May up  2 3/4  at  486 1/2 
  July up 2 1/2  at  499 
  Sept up  2 1/2  at  514 
  Dec up  2 3/4  at  540 3/4 
  March 2011 up  2 1/2  at  566 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for March at Memphis  666 to - - -;
Bids to farmers at River Elevators 502-577;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for March at Memphis   367 3/4 to - - -;
  New Crop at Memphis   370 to - - -;
Bids to farmers at River Elevators  336 to 368

Chicago Futures: May down  3 3/4  at  370 3/4 
  Sept down  at  390 
  Dec down  4 1/4  at  399 1/4 
  March 2011 down  4 1/2  at  410 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat moved higher following soybeans. 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 couldn’t build any upward momentum on carryover strength, and closed lower. Weak fundamentals, including one report projecting 2010 plantings over 90 million acres limited upside potential.



Cotton & Rice  Date: March 22, 2010


Cotton
Spot Price, Grade 41 Staple 34: Memphis up 31 at  7799
  Greenwood up  31 at 7799

New York Futures: May up  31  at  8249 
  July up  35  at  8333 
 Oct up  at  7658 
 Dec up  22  at  7496 
 March 2011 up  27  at  7601 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton closed a bit higher. 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 1198/cwt  to  - - -
  - - - - - -  to  - - -

Chicago Futures: May up  13  at  1283 
 July up  13  at  1313 
 Sept up  at  1279 
 Nov up  at  1295 1/2 
 March 2011 up  2 1/2  at  1354 1/2 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice moved higher with old crop leading the way. 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 22, 2010

Cattle
As reported by Federal-State Market News, receipts were 2347 head at sales in Springdale and Ola.  Compared with last week, feeder steers sold $3 to $7 higher .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 131.25 to - - -
  500 to 550 lbs. 122.75 to - - -
  600 to 650 lbs. 115.50 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 121.50 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 104.75 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 105.25 to - - -

Slaughter Cows, Boners 49   to   55
Light Weight 34 to 42
Bulls, Yield Grade   1   1000   to   2100 lbs.   56   to   68
Midwest Steers   were $1 to $2 higher   at   97.00   to   - - -
Panhandle Steers   were $6 to $4 higher   at   97   to   98

Oklahoma City Feeders
Steers 450 to 500 lbs. 123.00 to 125.75
  500 to 550 lbs. 121.00 to 123.50
Heifers 450 to 500 lbs. 112.25 to 119.75
  500 to 600 lbs. 108.50 to 111.50

Chicago Futures:
Live Cattle: April down 87 at 9710
  June down 105 at 9407
Feeders: April down 122 at 10745
  May down 107 at 10930

Cattle Comment
Cattle futures posted losses across the board. 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: $2 higher to 50¢     lower   at   43.50   to   44.00

Chicago Futures: April down 25 at 7310
  May down 5 at 7985

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

Hogs Comment
Hogs ended mixed. April has resistance at the January high of $74.25. Strength in the product market and now the cash hog market are keeping hog futures in an uptrend.



Poultry  Date: March 22, 2010

Eggs
New York:  Ex. Lg. 141-145; Lg. 139-143; Med. 114-118;
Chicago:  Ex. Lg. 129-137; Lg. 127-135; Med. 104-112;

Eastern Region Turkeys
Hens: 8-16 lbs 85
Toms: 16-24 lbs 85
 

Delmarva Broilers
U.S. Grade A
The market tone was mostly steady. Demand following the weekend was moderate. Supplies of all sizes were sufficient 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.