Arkansas Farm Bureau
Arkansas Farm Bureau
Grain & Soybean Date: March 31, 2010

Soybeans

Local Elevators:
(March) EAST AR:  871 to 911
(New Crop) Summ. 866 to 888
River Elevators:
(March) MISS: 886 to 945 ; AR & White 871 to 881
(New Crop) Summ. 864 to 898
Ark. Processor Bids: (March) 876 to 883  (New Crop) 873 to 876
Memphis:  (March) 941 to 943 (New Crop)  903 to - - -
Riceland Foods:  (March) Stuttgart 883 ; Pendleton 874 ; West Memphis 934

Chicago Futures: May down 33 at  941
  July  down  30 3/4  at  950
  Sept down 17 1/2  at  926
  Nov down 8 1/2  at  918
  Jan down 8 1/4  at  926 1/4
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans were sharply lower with old crop under the greatest pressure. Stocks at 1.27 billion bushels were 70 million above trade expectations. Seemingly not a lot, but when added to projected ending stocks it raises concern, especially with sales switching to South America. Record plantings of 78.1 million acres are projected, but that was only 650,000 acres over 2009, and less than expected. Old crop futures were pushed toward the bottom of the recent trading range and could test support at $9.22 and $9.11. November futures recouped a portion of the early decline, but remains shaky with recent support at $8.99 appearing vulnerable.

Wheat
Cash bid for March at Memphis  400 1/2 to 425 1/2;
Bids to farmers at Local Elevators 404-426;
River Elevators 420-454;

Chicago Futures: May down  21 1/2  at  450 1/2 
  July down 21 1/4  at  464 
  Sept down  21  at  480 1/2 
  Dec down  20 3/4  at  509 
  March 2011 down  20 1/2  at  535 1/2 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for March at Memphis  611 to - - -;
Bids to farmers at River Elevators 464-539;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for March at Memphis   349 to 350;
  New Crop at Memphis   346 to - - -;
Bids to farmers at River Elevators  312 to 342

Chicago Futures: May down  9 1/2  at  345 
  Sept down  8 3/4  at  366 
  Dec down  7 1/2  at  376 1/4 
  March 2011 down  at  388 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat charted a new leg down today in reaction to the report. USDA found an additional 600,000 acres of winter wheat seedings. The stocks report wasn’t as bad as feared, but still 1.352 billion bushels, meaning the market is dealing with a big oversupply problem. The market continues to hope for new export demand to help relieve some of the excess stocks. Funds continue to drive the wheat market. Wheat is approaching the point of being oversold, which should help prices rebound in the near term. However, fundamentals remain weak and prices will have difficulty maintaining any kind of rally.

Corn was hit hard by stocks of 7.69 billion bushels, almost 200 million bushels above trade expectations. That could be enough to push ending stocks above 2 billion bushels. In addition, USDA projected 2010 plantings would be 2.3 million acres above last year. That was less than expected but enough to pressure futures toward fall lows; for September that was $3.44.



Cotton & Rice  Date: March 31, 2010


Cotton
Spot Price, Grade 41 Staple 34: Memphis up 101 at  7605
  Greenwood up  101 at 7605

New York Futures: May up  101  at  8055 
  July up  100  at  8182 
 Oct up  93  at  7650 
 Dec up  44  at  7501 
 March 2011 up  19  at  7628 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton weathered lower grains and a 15% increase in projected plantings to close higher across the board. Old crop contracts were the strongest, but December moved back near 75¢. U.S. acreage was projected at 10.51 million acres with big increases in Texas, North Carolina, Alabama, Georgia and California. Arkansas was projected unchanged and along with Louisiana and Kansas were the only states not increasing acreage in 2010.

Rice
Long Grain Cash Bid for  March/April 1136/cwt  to  - - -
  - - - - - -  to  - - -

Chicago Futures: May down  36  at  1221 1/2 
 July down  36  at  1252 1/2 
 Sept down  44  at  1226 1/2 
 Nov down  43  at  1241 
 March 2011 down  42 1/2  at  1301 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice acreage and stocks were up from year ago levels. USDA projected 2010 plantings at 3.41 million acres, a 9% increase. In Arkansas plantings were up 10% at 1.63 million acres. Of that, 1.43 million was long grain. At 200,000 acres medium grain plantings in Arkansas were projected 11% lower. Nationwide, medium grain was down 1% with California up 7%. Combined with bigger stocks and continued weakness in Asia, the market was sharply down. September fell to $12.26 and could be headed toward weekly chart support at $11.80 or perhaps lower.



Cattle & Hogs  Date: March 31, 2010

Cattle
As reported by Federal-State Market News, receipts were 985 head at sales in Conway and Pocahontas.  Compared with last week, feeder steers sold firm to $5 higher .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 127.00 to - - -
  500 to 550 lbs. 117.50 to - - -
  - - - to - - - lbs. - - - to - - -
 Medium & Large Frame 2   400 to 450 lbs. 113.50 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 102.00 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 100.50 to - - -

Slaughter Cows, Boners 48   to   56
Light Weight 36 to 40
Bulls, Yield Grade   1   1400   to   2300 lbs.   64.00   to   70.50
Midwest Steers   were   at   94   to   - - -
Panhandle Steers   - - -   at   - - -   to   - - -

Oklahoma City Feeders
Steers 500 to 550 lbs. 126.00 to 134.00
  550 to 600 lbs. 120.50 to 130.50
Heifers 500 to 550 lbs. 108.50 to 116.25
  550 to 600 lbs. 107.00 to 114.50

Chicago Futures:
Live Cattle: April up 50 at 9655
  June up 37 at 9355
Feeders: April up 170 at 11042
  May up 200 at 11297

Cattle Comment
Cattle prices posted gains again today. Cattle continue to receive an extra boost from hog prices. Tight supplies should help maintain higher prices going forward.

Hogs
Peoria: were $3 higher to $1     lower   at   43   to   45

Chicago Futures: April up 27 at 7332
  May down 22 at 8062

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

Hogs Comment
Hog prices continue to move higher today. Friday’s hog report continues to add some much needed support. The 3% decline in inventory and 4% decline in sows were significantly more than the market expected.



Poultry  Date: March 31, 2010

Eggs
New York:  Ex. Lg. 122-126; Lg. 120-124; Med. 95-99;
Chicago:  Ex. Lg. 129-137; Lg. 127-135; Med. 104-112;

Eastern Region Turkeys
Hens: 8-16 lbs 83
Toms: 16-24 lbs 85
 

Delmarva Broilers
U.S. Grade A
The market tone was weak. Demand was seasonally light with limited trading for mid week business. Supplies of all sizes were moderate to heavy to satisfy current trade needs. In the parts structure, movement was moderate. In production areas, live supplies were moderate at mostly desirable weights.