Arkansas Farm Bureau
Arkansas Farm Bureau
Grain & Soybean Date: March 25, 2010

Soybeans

Local Elevators:
(March) EAST AR:  873 to 913
(New Crop) Summ. 861 to 883
River Elevators:
(March) MISS: 923 to 944 ; AR & White 872 to 882
(New Crop) Summ. 858 to 893
Ark. Processor Bids: (March) 878 to 885  (New Crop) 868 to 871
Memphis:  (March) 952 1/2 to 954 1/2 (New Crop)  898 to - - -
Riceland Foods:  (March) Stuttgart 885 ; Pendleton 876 ; West Memphis 936

Chicago Futures: May down 17 1/2 at  942 1/2
  July  down  17  at  950 1/2
  Sept down 16 1/4  at  925 1/2
  Nov down 14 1/4  at  913
  Jan down 14 1/4  at  921 1/4
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans stabilized on a positive export report which indicated steady sales and good shipments last week. The market remains in a 50¢ trading range ahead of next week’s planting intentions and stocks report. Projected tight ending stocks is keeping old crop firm relative to new crop. November has resistance at $9.50 and support around $9.00. A close to either side of this range would indicate further movement in the direction of the breakout. A big South American crop and expected larger U.S. plantings in 2010 potentially will weigh on the market.

Wheat
Cash bid for March at Memphis  416 1/2 to 441 1/2;
Bids to farmers at Local Elevators 420-442;
River Elevators 434-469;

Chicago Futures: May down  9 1/2  at  466 1/2 
  July down 9 1/4  at  479 1/2 
  Sept down  8 3/4  at  495 1/2 
  Dec down  at  523 1/4 
  March 2011 down  7 3/4  at  549 1/2 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for March at Memphis  630 to - - -;
Bids to farmers at River Elevators 482-541;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for March at Memphis   355 to 357;
  New Crop at Memphis   355 to - - -;
Bids to farmers at River Elevators  321 to 350

Chicago Futures: May down  10  at  355 
  Sept down  10  at  375 
  Dec down  9 1/4  at  384 3/4 
  March 2011 down  at  396 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat moved sharply lower. Uninspiring export sales and shipments this week helped add to the overall negative undertone as yet more evidence that the world just doesn’t need more wheat at this point. The upside appears limited without major crop problems.

Corn remains under pressure with poor ethanol returns beginning to weigh on the major bright spot in this market. Projected big ending stocks and probable increased 2010 plantings are negative factors. September futures have remained in a 30¢ plus trading range for the last 10 weeks. A close above $4.09 or below $3.76 would indicate further movement in the direction of the breakout.



Cotton & Rice  Date: March 25, 2010


Cotton
Spot Price, Grade 41 Staple 34: Memphis down 123 at  7568
  Greenwood down  123 at 7568

New York Futures: May down  123  at  8018 
  July down  99  at  8127 
 Oct up  21  at  7607 
 Dec up  41  at  7498 
 March 2011 up  41  at  7602 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton appears to be in a wait-and-see mode ahead of next week’s report. Economic problems in Europe are creating potential export problems as the dollar reached 9 month highs yesterday. 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 1160/cwt  to  - - -
  - - - - - -  to  - - -

Chicago Futures: May down  22 1/2  at  1245 
 July down  21 1/2  at  1275 1/2 
 Sept down  10 1/2  at  1259 
 Nov down  10  at  1276 1/2 
 March 2011 down  10  at  1338 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice has been unable to generate much upward momentum as the market struggles with a slumping Asian market. 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 25, 2010

Cattle
As reported by Federal-State Market News, receipts were 2,413 head at sales in Charlotte, Ratcliff and Green Forest.  Compared with last week, feeder steers sold steady to $2 higher .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 132.00 to - - -
  500 to 550 lbs. 122.00 to - - -
  600 to 650 lbs. 115.25 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 121.50 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 106.25 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 100.00 to - - -

Slaughter Cows, Boners 46   to   54
Light Weight 34 to 41
Bulls, Yield Grade   1-2   1000   to   2100 lbs.   57   to   67
Midwest Steers   - - -   at   - - -   to   - - -
Panhandle Steers   - - -   at   - - -   to   - - -

Oklahoma City Feeders
Steers 500 to 550 lbs. 124.00 to 127.00
  550 to 600 lbs. 116.00 to 123.00
Heifers 500 to 550 lbs. 105.50 to 111.00
  600 to 650 lbs. 101.00 to 106.75

Chicago Futures:
Live Cattle: April down 97 at 9475
  June down 75 at 9212
Feeders: April down 55 at 10747
  May down 65 at 10887

Cattle Comment
Additional technical selling pulled cattle futures lower in early dealings. 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     steady   at   42   to   44

Chicago Futures: April down 100 at 7012
  May down 120 at 7720

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

Hogs Comment
Hogs gapped lower again today. Cash fundamentals should help support the market at this time of year, but it is looking like too much optimism was built into futures at these price levels. This afternoon’s inventory report is expected to show only a 1% decline in the market hog inventory, meaning demand will have to be strong in order for the market to handle all those hogs at current price levels.



Poultry  Date: March 25, 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 about steady. Demand was seasonally fair to moderate approaching the weekend. 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.