Arkansas Farm Bureau
Arkansas Farm Bureau
Grain & Soybean Date: March 1, 2011

Soybeans

Local Elevators:
(Mar) EAST AR:  1332 to 1368
(New Crop) Summ. 1288 to 1318
River Elevators:
(Mar) MISS: 1375 to 1383 ; AR & White 1336 to 1374
(NC) Summ. 1295 to 1334
Ark. Processor Bids: (Mar) 1348 to 1355  (NC) 1316 to 1318
Memphis:  (Mar) 1385 1/4 to 1387 1/4 (NC)  1328 1/4 to 1330 1/4
Riceland Foods:  (Mar) Stuttgart 1348 ; Pendleton 1368 ; West Memphis 1378

Chicago Futures: May up 10 1/2 at  1375 1/4
  July  up  9 1/2  at  1382
  Aug up 11  at  1370
  Nov up 3 1/2  at  1328 1/4
  Jan '12 up 3 1/2  at  1332 3/4
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans traded to both sides of yesterday’s close before a late surge left the market a little higher. However, soybeans couldn’t break a minor trendline drawn off the recent high and last week’s high. This may become a major trendline if May can’t move above $14 in the next couple of days. Rumors China might lift price controls on vegetable oils gave the market a boost. A slight increase in projected soybean production in Argentina limited upside movement.

Wheat
Cash bid for March at Memphis  795 1/4 to 810 1/4;
Bids to farmers at Local Elevators 781-788;
River Elevators 779-816;

Chicago Futures: May down  6 3/4  at  810 1/4 
  July down 7 1/2  at  840 3/4 
  Sept down  at  870 1/4 
  Dec down  10 1/2  at  889 1/2 
  Mar '12 down  14 1/4  at  908 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for March at Memphis  1224 to 1233;
Bids to farmers at River Elevators 1189-1250;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for March at Memphis   735 1/2 to 740 1/2;
  New Crop at Memphis   639 3/4 to 644 3/4;
Bids to farmers at River Elevators  707 to 724

Chicago Futures: May up  4 1/2  at  735 1/2 
  July up  at  738 1/4 
  Sept up  4 1/2  at  654 3/4 
  Dec down  at  604 3/4 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat turned lower today, but weakness was somewhat limited. Exports continue to move at a brisk pace and the U.S. winter crop remains under stress, both of which are providing support. In fact, based upon the current crop ratings, yields will be low and many acres will likely be abandoned in western Kansas and in parts of Texas. July appears to have put in a top for the time being, and February’s high of $9.49 provides formidable resistance.

Corn ended the session mixed. However, despite being lower for the day, December remains above $6 and appears poised to test resistance near $6.20. This may not happen for a while as traders look ahead to the USDA planting intentions report which will be released on March 31. If the trade feels acreage will not meet needs, then price will rise.



Cotton & Rice  Date: March 1, 2011


Cotton
Spot Price, Grade 41 Staple 34: Memphis up 2.37 at  190.10
  Greenwood up  2.37 at 190.10

New York Futures: May up  237  at  19360 
  July up  265  at  18524 
 Oct down  291  at  15218 
 Dec down  486  at  12488 
 Mar '12 down  562  at  11788 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton closed mixed after surging sharply higher in the overnight trade. December closed lower after approaching $1.35 overnight. This was near the recent contract high and suggests $1.35 will be stiff resistance in the future. With the exception of expiring March, other old crop contracts managed a positive close. The market remains extremely volatile and subject to big daily moves.

Rice
Long Grain Cash Bid for  Mar 1142/cwt  to  - - -
  April/May 1111/cwt  to  1142/cwt

Chicago Futures: May down  at  1417 
 July down  at  1447 
 Sept down  4 1/2  at  1476 
 Nov down  3 1/2  at  1501 
 Jan '12 down  2 1/2  at  1531 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice futures were slightly lower as the market tries to establish support and regroup following the recent sharp selloff. A weaker undertone in the international market and big U.S. supplies added to the jitters of fund traders to create the recent slide. Upside potential will continue to be limited, unless the U.S. can’t make inroads into the export market.



Cattle & Hogs  Date: March 1, 2011

Cattle
As reported by Federal-State Market News, receipts were 973 head at sales in Heber Springs and Ft. Smith.  Compared with last week, feeder steers sold weak to $4 lower .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 153.50 to - - -
  500 to 550 lbs. 145.00 to - - -
  600 to 650 lbs. 134.00 to - - -
 Medium & Large Frame 2   450 to 500 lbs. 143.50 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 126.75 to - - -
 Medium & Large Frame 2   500 to 550 lbs. 120.75 to - - -

Slaughter Cows, Boners 68.00   to   73.00
Light Weight 43.00 to 50.00
Bulls, Yield Grade   1   1000   to   2100 lbs.   78.00   to   87.00
Midwest Steers   - - -   at   - - -   to   - - -
Panhandle Steers   were   at   108.00   to   - - -

Oklahoma City Feeders
Steers 500 to 550 lbs. 143.00 to 161.50
  550 to 600 lbs. 139.00 to 150.00
Heifers 450 to 500 lbs. 137.00 to 144.00
  550 to 600 lbs. 121.00 to 134.50

Chicago Futures:
Live Cattle: April down 150 at 11140
  June down 105 at 11360
Feeders: April down 115 at 13062
  Aug down 90 at 13220

Cattle Comment
June live cattle futures continued lower today after posting a bearish reversal yesterday. The market is concerned about what $3+ gas will do to meat demand. Record-high cash cattle prices were recorded last week, but packers are operating in the red at present, so there are questions about how long these prices will hold.

Hogs
Peoria: were     steady   at   54.00   to   56.00

Chicago Futures: April down 70 at 8810
  June down 27 at 9992

Hogs Comment
Early losses were tempered before the close in the hog pit. April is testing support at the chart gap between $87.65 and $88.10. Pork demand has been strong and is limiting the downside.



Poultry  Date: March 1, 2011

Eggs
New York:  Ex. Lg. 97-101; Lg. 95-99; Med. 88-92;
Chicago:  Ex. Lg. 95-103; Lg. 93-101; Med. 82-90;

National Turkeys
Hens: 8-16 lbs 90.33
Toms: 16-24 lbs 90.50
 

Delmarva Broilers
U.S. Grade A
Prices are holding steady for whole broilers and fryers. Offerings of all sizes are light to moderate. Demand is moderate for first of the month business. Market activity is moderate. In production areas, live supplies are moderate at mixed, but mostly desirable weights.