(March) EAST AR: 882 to 922
(New Crop) Summ. 866 to 888
(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|
|Jan||up||5 1/4||at||926 1/2|
|Today's Arkansas LDP rate for soybeans is:||0¢|
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.
Cash bid for March at Memphis 414 3/4 to 438 3/4;
|Bids to farmers at Local Elevators||418-440;|
|Chicago Futures:||May||down||1 3/4||at||464 3/4|
|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:||0¢|
Cash bid for March at Memphis 633 to - - -;
|Bids to farmers at River Elevators||484-559;|
|Today's Arkansas LDP rate for sorghum is:||0¢|
|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|
|March 2011||up||1/2||at||396 1/2|
|Today's Arkansas LDP rate for corn is:||0¢|
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
|Spot Price, Grade 41 Staple 34:||Memphis down 49 at 7519|
|Greenwood down 49 at 7519|
|New York Futures:||May||down||49||at||7969|
|This week's LDP rate for cotton is||0 cents|
|The estimate for next week is||0 cents|
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.
|Long Grain Cash Bid for||March/April||1161/cwt||to||- - -|
|- - -||- - -||to||- - -|
|Sept||down||1 1/2||at||1257 1/2|
|Today's Arkansas LDP rate for long grain rice is||0¢|
|medium grain rice is||0¢|
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
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 .
|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|
|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
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.
Peoria: were steady at 42 to 44
St. Paul - - - at - - - to - - -
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
|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
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.