Arkansas Farm Bureau
Arkansas Farm Bureau
Grain & Soybean Date: March 23, 2010

Soybeans

Local Elevators:
(March) EAST AR:  898 to 938
(New Crop) Summ. 884 to 906
River Elevators:
(March) MISS: 913 to 970 ; AR & White 898 to 908
(New Crop) Summ. 881 to 916
Ark. Processor Bids: (March) 903 to 910  (New Crop) 891 to 894
Memphis:  (March) 976 to - - - (New Crop)  921 to - - -
Riceland Foods:  (March) Stuttgart 910 ; Pendleton 901 ; West Memphis 961

Chicago Futures: May down 1/2 at  968
  July  down  1 1/4  at  975 1/2
  Sept down 6 1/4  at  951 1/4
  Nov down 9 3/4  at  936
  Jan down 9 3/4  at  944
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans closed lower with the greatest pressure on new crop. Clearing Midwest weather and reduced concern about widespread flooding added to downside pressure. New crop November again failed to move through key resistance at $9.50. For the time being trade appears to be locked in a 50¢ range. Long term it appears the current price ratio between corn and beans could pull acreage to beans. USDA will release their survey results next week.

Wheat
Cash bid for March at Memphis  426 3/4 to 450 3/4;
Bids to farmers at Local Elevators 429-451;
River Elevators 444-479;

Chicago Futures: May down  9 3/4  at  476 3/4 
  July down 9 3/4  at  489 1/4 
  Sept down  8 3/4  at  505 1/4 
  Dec down  6 1/2  at  534 1/4 
  March 2011 down  at  560 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for March at Memphis  644 to - - -;
Bids to farmers at River Elevators 496-571;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for March at Memphis   360 3/4 to 362 3/4;
  New Crop at Memphis   362 3/4 to - - -;
Bids to farmers at River Elevators  328 to 360

Chicago Futures: May down  at  362 3/4 
  Sept down  7 1/4  at  382 3/4 
  Dec down  at  392 1/4 
  March 2011 down  6 3/4  at  403 1/4 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat turned lower today, giving back all of yesterday’s gains and then some. July is holding just above support at the October low of $4.86 for the time being. The upside appears limited without major crop problems.

Corn was pushed sharply lower with today’s trade leaving the market just recent key support; $3.60 for May and $3.76 for September. Because of the big carryover of corn the market will tend to pressure any weather premium in corn more than soybeans. Prospects of plantings of 88 to 90 million acres will put additional pressure on the market.



Cotton & Rice  Date: March 23, 2010


Cotton
Spot Price, Grade 41 Staple 34: Memphis up 40 at  7839
  Greenwood up  40 at 7839

New York Futures: May up  40  at  8289 
  July up  35  at  8368 
 Oct up  36  at  7694 
 Dec up  42  at  7538 
 March 2011 up  39  at  7640 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton was higher again today as new crop December continues in a consolidation pattern based around 75¢. There is little fresh fundamental news and the market is working off the improving world and U. S. economic conditions which 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 1189/cwt  to  - - -
  - - - - - -  to  - - -

Chicago Futures: May down  8 1/2  at  1274 1/2 
 July down  at  1304 
 Sept down  at  1272 
 Nov down  6 1/2  at  1289 
 March 2011 down  at  1350 1/2 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice was unable to sustain yesterday’s upturn and gave back a good portion of those gains today. There are few fresh fundamentals to give the market direction. 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 23, 2010

Cattle
As reported by Federal-State Market News, receipts were 522 head at sales in Heber Springs and Ft. Smith.  Compared with last week, feeder steers sold steady to $3 higher .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 128.50 to - - -
  500 to 550 lbs. 113.75 to - - -
  600 to 650 lbs. 107.50 to - - -
 Medium & Large Frame 2   450 to 500 lbs. 106.50 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 101.00 to - - -
 Medium & Large Frame 2   500 to 550 lbs. 97.75 to - - -

Slaughter Cows, Boners 48   to   55
Light Weight 35 to 39
Bulls, Yield Grade   1   1000   to   2100 lbs.   64   to   69
Midwest Steers   were $1 lower   at   96   to   - - -
Panhandle Steers   $1 to $2 lower   at   96   to   - - -

Oklahoma City Feeders
Steers 400 to 450 lbs. 137.00 to 143.25
  500 to 600 lbs. 119.75 to 127.00
Heifers 400 to 500 lbs. 112.25 to 121.00
  500 to 600 lbs. 108.50 to 111.50

Chicago Futures:
Live Cattle: April down 140 at 9570
  June down 170 at 9237
Feeders: April down 40 at 10705
  May down 55 at 10875

Cattle Comment
Cattle futures gapped lower today. Open interest in the cattle pits has been record large over the past three weeks, meaning that the funds have largely been driving this market. The market was overbought and due a correction. Strong cash fundamentals should limit the downside, however.

Hogs
Peoria: 50¢ higher to $2     lower   at   42   to   44

Chicago Futures: April down 117 at 7192
  May down 62 at 7922

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

Hogs Comment
Hogs were pulled lower by carryover weakness from the cattle pit. Strong exports have kept this market strong, and with cutouts still valued 25% higher than a year ago, that is expected to continue.



Poultry  Date: March 23, 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 85.00
Toms: 16-24 lbs 85.00
 

Delmarva Broilers
U.S. Grade A
The market tone was steady. Demand was seasonally fair to moderate. Supplies of all sizes were light to moderate 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.