Arkansas Farm Bureau
Arkansas Farm Bureau
Grain & Soybean Date: March 26, 2010

Soybeans

Local Elevators:
(March) EAST AR:  882 to 922
(New Crop) Summ. 866 to 888
River Elevators:
(March) MISS: 897 to 954 ; AR & White 882 to 892
(New Crop) Summ. 863 to 898
Ark. Processor Bids: (March) 887 to 894  (New Crop) 873 to 876
Memphis:  (March) 962 to - - - (New Crop)  903 to - - -
Riceland Foods:  (March) Stuttgart 894 ; Pendleton 885 ; West Memphis 945

Chicago Futures: May up 9 1/2 at  952
  July  up  9 1/4  at  959 3/4
  Sept up 6 1/2  at  932
  Nov up at  918
  Jan up 5 1/4  at  926 1/2
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans firmed on short covering ahead of the weekend. While soybeans stopped short of recent lows it is obvious traders are taking a serious look at the big South American crop and expectations of increased 2010 plantings in the U.S. Next Wednesday’s reports should key future price movement. Acreage is projected to be up as much as 2 million acres from 2009. Production should equal or exceed 3.3 billion bushels. It wouldn’t appear there is much upside potential in this market, but that’s why we play the game – everyday.

Wheat
Cash bid for March at Memphis  414 3/4 to 438 3/4;
Bids to farmers at Local Elevators 418-440;
River Elevators 433-468;

Chicago Futures: May down  1 3/4  at  464 3/4 
  July down 1 1/2  at  478 
  Sept down  1 3/4  at  493 3/4 
  Dec down  1 1/2  at  521 3/4 
  March 2011 down  1 3/4  at  547 3/4 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for March at Memphis  633 to - - -;
Bids to farmers at River Elevators 484-559;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for March at Memphis   356 1/4 to 358 1/4;
  New Crop at Memphis   356 1/4 to - - -;
Bids to farmers at River Elevators  321 to 353

Chicago Futures: May up  1 1/4  at  356 1/4 
  Sept up  1 1/4  at  376 1/4 
  Dec up  3/4  at  385 1/2 
  March 2011 up  1/2  at  396 1/2 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat ended a bit lower. New contract lows were charted yesterday, which opens the market to further losses. 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 managed a positive close despite bearish indications yesterday. May and September both closed below recent key support. That suggests further declines are probable. The next support is just above $3.25 for May and $3.45 for September. Next week’s stocks report may be more important than plantings.



Cotton & Rice  Date: March 26, 2010


Cotton
Spot Price, Grade 41 Staple 34: Memphis down 49 at  7519
  Greenwood down  49 at 7519

New York Futures: May down  49  at  7969 
  July down  31  at  8096 
 Oct down  53  at  7554 
 Dec down  32  at  7466 
 March 2011 down  26  at  7576 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton found little support to turn the market higher after sharp old crop losses yesterday. 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 1161/cwt  to  - - -
  - - - - - -  to  - - -

Chicago Futures: May up  at  1246 
 July unchanged    at  1275 1/2 
 Sept down  1 1/2  at  1257 1/2 
 Nov down  1 1/2  at  1275 
 March 2011 down  at  1334 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice closed narrowly mixed with new crop contracts slightly lower. The slumping Asian market remains a factor but 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. September continues to close just below this level but has given no indication of another major downturn.



Cattle & Hogs  Date: March 26, 2010

Cattle
As reported by Federal-State Market News, receipts were 12,180 head at sales in Arkansas this week.  Compared with last week, feeder steers sold mostly steady to $1 higher .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 129.00 to - - -
  500 to 550 lbs. 106.50 to - - -
  600 to 650 lbs. 112.75 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 117.00 to

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 106.50 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 104.00 to - - -

Slaughter Cows, Boners 51   to   60
Light Weight 34 to 40
Bulls, Yield Grade   1   1000   to   2100 lbs.   61   to   70
Midwest Steers   - - -   at   - - -   to   - - -
Panhandle Steers   - - -   at   - - -   to   - - -

Oklahoma City Feeders
Steers 500 to 550 lbs. 119.00 to 132.00
  550 to 600 lbs. 113.00 to 126.00
Heifers 500 to 550 lbs. 102.00 to 115.25
  550 to 600 lbs. 100.00 to 111.00

Chicago Futures:
Live Cattle: April down 72 at 9402
  June down 55 at 9157
Feeders: April down 27 at 10720
  May down 72 at 10815

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. The markets are in better balance at this point, however, so the downside could be limited by smaller supplies.

Hogs
Peoria: were     steady   at   42   to   44

Chicago Futures: April down 45 at 6967
  May down 65 at 7655

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

Hogs Comment
Hogs were sharply 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. Today’s inventory report is expected to show an inventory about 1% smaller than a year ago, meaning demand will have to be strong to handle supplies.



Poultry  Date: March 26, 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 to barely steady. Demand entering the weekend was light with limited trading. Supplies of all sizes were more than 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.