Arkansas Farm Bureau
Arkansas Farm Bureau
Grain & Soybean Date: March 24, 2010

Soybeans

Local Elevators:
(March) EAST AR:  890 to 930
(New Crop) Summ. 875 to 897
River Elevators:
(March) MISS: 905 to 962 ; AR & White 890 to 900
(New Crop) Summ. 872 to 907
Ark. Processor Bids: (March) 895 to 902  (New Crop) 882 to 885
Memphis:  (March) 970 to - - - (New Crop)  912 1/4 to - - -
Riceland Foods:  (March) Stuttgart 902 ; Pendleton 893 ; West Memphis 953

Chicago Futures: May down 8 at  960
  July  down  at  967 1/2
  Sept down 9 1/2  at  941 3/4
  Nov down 8 3/4  at  927 1/4
  Jan down 8 1/2  at  935 1/2
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans ended the day lower with a stronger dollar and weaker oil and equities providing the driving force. Economic problems in Greece and Portugal boosted the dollar versus the euro. The dollar moved to its highest level in over 9 months triggering concern about export potential. Prospects of larger 2010 plantings and a big South American crop added to the negative undertone. Old crop held well above recent support at $9.15, where November ended the day near the middle of its 50¢ trading range.

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

Chicago Futures: May down  3/4  at  476 
  July down 1/2  at  488 3/4 
  Sept down  at  504 1/4 
  Dec down  at  531 1/4 
  March 2011 down  2 3/4  at  557 1/4 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for March at Memphis  648 to - - -;
Bids to farmers at River Elevators 500-575;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for March at Memphis   365 to 367;
  New Crop at Memphis   365 to - - -;
Bids to farmers at River Elevators  330 to 362

Chicago Futures: May up  2 1/4  at  365 
  Sept up  2 1/4  at  385 
  Dec up  1 3/4  at  394 
  March 2011 up  1 3/4  at  405 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat ended fractionally lower after July set a new low for the move in early dealings. The upside appears limited without major crop problems thanks to plentiful U.S. and world stocks.

Corn reversed early losses after testing recent support at $3.59 for the May contract. Inability to hold this level would be bearish near term. The next support is around $3.27. Next week’s stock report should help answer the question of use. Some reports suggest use has increased because of the quality of the ’09 crop.



Cotton & Rice  Date: March 24, 2010


Cotton
Spot Price, Grade 41 Staple 34: Memphis down 148 at  7691
  Greenwood down  148 at 7691

New York Futures: May down  148  at  8141 
  July down  142  at  8226 
 Oct down  108  at  7586 
 Dec down  81  at  7457 
 March 2011 down  79  at  7561 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton moved in a wide trading range with both new and old crop registering sharp declines. Strength in the dollar and weaker oil were negative factors which pushed December to the bottom of the recent consolidation area. While the market may experience further near term weakness, the long term outlook still has upside potential. Next week’s planting intentions are expected to show increases of 1 to 1.5 million acres, with potential production of 16 million bales or more.

Rice
Long Grain Cash Bid for  March/April 1182/cwt  to  - - -
  - - - - - -  to  - - -

Chicago Futures: May down  at  1267 1/2 
 July down  at  1297 
 Sept down  2 1/2  at  1269 1/2 
 Nov down  2 1/2  at  1286 1/2 
 March 2011 down  2 1/2  at  1348 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice followed the lead of soybeans and ended the session lower. There is little fresh fundamental news available to give the market direction. Next week’s stock report and planting intentions report will provide a look at use and expectations for U.S. production in 2010. Early estimates suggest a 5% or greater increase in the 2010 acreage. The recent break in rice futures may alter some earlier plans. Support is $12.40 and $12.60 respectfully for May and September contracts.



Cattle & Hogs  Date: March 24, 2010

Cattle
As reported by Federal-State Market News, receipts were 1115 head at sales in Conway and Pocahontas.  Compared with last week, feeder steers were $1 to $3 higher .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 125.50 to - - -
  500 to 550 lbs. 116.25 to - - -
  600 to 650 lbs. 107.00 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 109.00 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 103.50 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 100.25 to - - -

Slaughter Cows, Boners 47   to   55
Light Weight 35 to 42
Bulls, Yield Grade   1   1400   to   2300 lbs.   61   to   68
Midwest Steers   - - -   at   - - -   to   - - -
Panhandle Steers   - - -   at   - - -   to   - - -

Oklahoma City Feeders
Steers 500 to 550 lbs. 119.00 to 124.00
  550 to 600 lbs. 113.00 to 120.00
Heifers 500 to 550 lbs. 102.00 to 111.00
  550 to 600 lbs. 100.00 to 106.50

Chicago Futures:
Live Cattle: April up 2 at 9572
  June up 50 at 9287
Feeders: April up 97 at 10802
  May up 77 at 10952

Cattle Comment
Additional technical selling pulled cattle futures lower in early dealings, but strong fundamentals resulted in a higher close. 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.

Hogs
Peoria: were at     steady   at   42   to   44

Chicago Futures: April down 80 at 7112
  May down 82 at 7840

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

Hogs Comment
Hogs were weaker again today. Cutout values have dropped, reportedly because retailers have met their Easter needs and ham prices are dropping sharply.



Poultry  Date: March 24, 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 steady. Demand was seasonally fair to moderate for mid-week business. Supplies of all sizes were sufficient 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.