Arkansas Farm Bureau
Arkansas Farm Bureau
Grain & Soybean Date: March 29, 2010

Soybeans

Local Elevators:
(March) EAST AR:  898 to 938
(New Crop) Summ. 874 to 896
River Elevators:
(March) MISS: 912 to 971 ; AR & White 897 to 907
(New Crop) Summ. 870 to 906
Ark. Processor Bids: (March) 903 to 910  (New Crop) 881 to 884
Memphis:  (March) 977 1/2 to - - - (New Crop)  910 1/2 to - - -
Riceland Foods:  (March) Stuttgart 910 ; Pendleton 901 ; West Memphis 961

Chicago Futures: May up 15 1/2 at  967 1/2
  July  up  14 3/4  at  974 1/2
  Sept up 9 1/2  at  941 1/2
  Nov up 7 1/2  at  925 1/2
  Jan up at  933 1/2
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybean prices posted strong gains today. Continued concern over availability of South American soybeans continues to provide support for soybean prices. Labor strikes and wet weather have slowed the availability of this year’s crop. One thing to watch for will be if those supplies get backed up to the point they compete with U.S. exports this fall. Weakening dollar as well as higher crude oil prices added additional support to today’s prices. The trade continues to be anxious for Wednesday’s planting intentions and stocks report. While many feel soybean acres will be up around 1 million acres, strong crush and export numbers through February should lead to even tighter stocks. Soybean prices face resistance at $9.50 and have support at $9.15 and $9.00.

Wheat
Cash bid for March at Memphis  414 3/4 to 439 3/4;
Bids to farmers at Local Elevators 418-440;
River Elevators 434-468;

Chicago Futures: May unchanged    at  464 3/4 
  July unchanged   at  478 
  Sept up  1/4  at  494 
  Dec up  1/2  at  522 1/4 
  March 2011 up  1/2  at  548 1/4 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for March at Memphis  634 to - - -;
Bids to farmers at River Elevators 486-561;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for March at Memphis   357 to 359;
  New Crop at Memphis   357 1/4 to - - -;
Bids to farmers at River Elevators  324 to 354

Chicago Futures: May up  3/4  at  357 
  Sept up  at  377 1/4 
  Dec up  at  386 1/2 
  March 2011 up  1 1/4  at  397 3/4 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat prices closed the day up slightly. The market continues to hope for new export demand to help relieve some of the excess stocks. Wheat prices continue to remain weak, with little new fundamental or technical news to support higher prices.

Corn prices closed the day with modest gains. Corn never could take advantage of the higher oil prices and weaker dollars; this news simply helped corn maintain current prices. Weaker than expected hog numbers in Friday’s hog report means there will be fewer hogs to feed in coming months. Combine this with our weak U.S. exports and the demand situation for corn does not look so good. Additionally, 2010 corn acres are expected to come in just under 90 million acres, up 2.5 to 3 million acres from 2009.



Cotton & Rice  Date: March 29, 2010


Cotton
Spot Price, Grade 41 Staple 34: Memphis up 74 at  7593
  Greenwood up  74 at 7593

New York Futures: May up  74  at  8043 
  July up  68  at  8164 
 Oct up  60  at  7614 
 Dec up  38  at  7504 
 March 2011 up  69  at  7645 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton prices closed the day up, regaining most of Friday’s losses. A weak dollar remains supportive for cotton prices. We will finally get our first “official” look at the 2010 crop on Wednesday when the USDA releases the planting intentions report. Recent strengthening in cotton prices relative to other crops should support higher cotton acres. Most trade estimates are for 1 to 1.5 million acre increase to a 16 million bale crop.

Rice
Long Grain Cash Bid for  March/April 1152/cwt  to  - - -
  - - - - - -  to  - - -

Chicago Futures: May down  8 1/2  at  1237 1/2 
 July down  7 1/2  at  1268 
 Sept down  6 1/2  at  1251 
 Nov down  7 1/2  at  1267 1/2 
 March 2011 down  11 1/2  at  1322 1/2 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice closed the day lower. Today’s weaker dollar was not enough to help U.S. rice exports. The market continues to look for Wednesday’s stock report and planting intentions report to 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 29, 2010

Cattle
As reported by Federal-State Market News, receipts were 2745 head at sales in Ash Flat, Springdale and Ola.  Compared with last week, feeder steers sold near steady .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 132.25 to - - -
  500 to 550 lbs. 119.50 to - - -
  600 to 650 lbs. 114.00 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 118.25 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 108.50 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 105.75 to - - -

Slaughter Cows, Boners 48   to   55
Light Weight 35 to 44
Bulls, Yield Grade   1   1000   to   2100 lbs.   61   to   68
Midwest Steers   were   at   96.00   to   97.00
Panhandle Steers   were   at   95.50   to   97.00

Oklahoma City Feeders
Steers 450 to 500 lbs. 129.50 to 134.00
  500 to 600 lbs. 127.00 to 129.00
Heifers 400 to 500 lbs. 115.00 to 121.00
  500 to 600 lbs. 108.50 to 110.45

Chicago Futures:
Live Cattle: April up 135 at 9537
  June up 132 at 9290
Feeders: April up 117 at 10837
  May up 175 at 10990

Cattle Comment
Cattle prices posted strong gains today. Cattle received an extra boost today from limit up hog prices. However, cattle prices continue to find support in strengthening exports and stronger cutout values.

Hogs
Peoria: were     steady   at   42   to   44

Chicago Futures: April up 220 at 7187
  May up 300 at 7955

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

Hogs Comment
Hog prices closed up the limit today. Friday’s hog report added some much needed support to the market. The 3% decline in inventory and 4% decline in sows were significantly more than the market expected.



Poultry  Date: March 29, 2010

Eggs
New York:  Ex. Lg. 136-140; Lg. 134-138; Med. 109-113;
Chicago:  Ex. Lg. 129-137; Lg. 127-135; Med. 104-112;

Eastern Region Turkeys
Hens: 8-16 lbs 83.00
Toms: 16-24 lbs 85.00
 

Delmarva Broilers
U.S. Grade A
The market tone was barely steady to instances weak. Demand following the weekend was light with trading usually limited to regular commitments. Supplies of sizes were at least adequate to fully 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.