Arkansas Farm Bureau
Arkansas Farm Bureau
Grain & Soybean Date: March 2, 2011

Soybeans

Local Elevators:
(Mar) EAST AR:  1358 to 1394
(NC) Summ. 1306 to 1336
River Elevators:
(Mar) MISS: 1392 to 1404 ; AR & White 1362 to 1389
(NC) Summ. 1313 to 1352
Ark. Processor Bids: (Mar) 1374 to 1374  (NC) 1334 to 1336
Memphis:  (Mar) 1404 1/4 to 1406 1/4 (NC)  1345 3/4 to - - -
Riceland Foods:  (Mar) Stuttgart 1374 ; Pendleton 1394 ; West Memphis 1404

Chicago Futures: May up 19 at  1394 1/4
  July  up  19 3/4  at  1401 3/4
  Aug up 20 1/4  at  1390 1/4
  Nov up 17 1/2  at  1345 3/4
  Jan '12 up 16 1/2  at  1349 1/4
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans made a strong move based largely on thoughts China will remove price controls on vegetable oils. Harvest delays in Brazil were also a factor, as were the funds which appear to be re-establishing positions that were vacated last week. Today’s gains in beans left the price ratio to corn at 2.22, or slightly favoring soybeans. Outside markets, including a weaker dollar and stronger equities and crude oil, were supportive for beans.

Wheat
Cash bid for March at Memphis  796 1/4 to 806 1/4;
Bids to farmers at Local Elevators 780-787;
River Elevators 778-815;

Chicago Futures: May up  at  811 1/4 
  July down at  839 3/4 
  Sept down  3 3/4  at  866 1/2 
  Dec down  4 1/4  at  885 1/4 
  Mar '12 down  4 3/4  at  903 1/4 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for March at Memphis  1199 to 1208;
Bids to farmers at River Elevators 1150-1211;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for March at Memphis   721 1/2 to 723 1/2;
  New Crop at Memphis   637 1/2 to 642 1/2;
Bids to farmers at River Elevators  689 to 706

Chicago Futures: May down  14  at  721 1/2 
  July down  13  at  725 1/4 
  Sept down  2 1/4  at  652 1/2 
  Dec up  3/4  at  605 1/2 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat closed narrowly mixed after failing to hold early gains. A big sale to an unknown buyer, thought perhaps to be China, gave the market the early boost. However, inability to hold gains is a negative, as is July’s inability to move above resistance just below $8.60. For now the market is in a trading range between $8.60 and $7.90.

Corn closed mixed and this is somewhat negative. While corn was not hit as hard as soybeans and other grains and soybeans in last week’s selloff, it hasn’t moved above previous resistance. For the market to make another leg up, December needs to close above $6.20 and May needs to close above $7.44.



Cotton & Rice  Date: March 2, 2011


Cotton
Spot Price, Grade 41 Staple 34: Memphis up 7.00 at  197.10
  Greenwood up  7.00 at 197.10

New York Futures: May up  700  at  20060 
  July up  700  at  19224 
 Oct up  324  at  15542 
 Dec up  374  at  12862 
 Mar '12 up  383  at  12171 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton was sharply higher based on continued strong demand and fund buying. December rebounded to close on a strong note, but has resistance just above $1.35, which may be difficult to penetrate. While next year’s plantings are projected to be 12.5 to 13 million acres, production estimates are generally less than a million bales above 2010. Normal abandonment in cotton is ten percent or more, but last year it was barely two percent. Dry conditions suggest this year could be near the norm. So it could take additional acreage to make a real difference.

Rice
Long Grain Cash Bid for  Mar 1126/cwt  to  - - -
  April/May 1111/cwt  to  1126/cwt

Chicago Futures: May down  15 1/2  at  1401 1/2 
 July down  15 1/2  at  1431 1/2 
 Sep down  11  at  1465 
 Nov down  at  1492 
 Jan '12 down  at  1522 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice futures were weaker as the market continues in a consolidation pattern just above last week’s low. While futures pared over $2.50 per hundredweight over the last two weeks, the United States has yet to make any significant sales. Even with the selloff, the U.S. price remains above rice from other origins. Inability to make new sales will soon limit milling activity. The only positive in the market appears to be prospects of a significant cut in 2011 plantings in the Southern rice area.



Cattle & Hogs  Date: March 2, 2011

Cattle
As reported by Federal-State Market News, receipts were 1,010 head at sales in Conway and Pocahontas.  Compared with last week, feeder steers sold very unevenly, averaging near steady .

Steers:
 Medium & Large Frame 1   450 to 500 lbs. 156.00 to - - -
  550 to 600 lbs. 147.25 to - - -
  600 to 650 lbs. 125.00 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 127.00 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 128.00 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 115.25 to - - -

Slaughter Cows, Boners 61.00   to   71.00
Light Weight 42.00 to 50.00
Bulls, Yield Grade   1   1000   to   2000 lbs.   74.50   to   89.00
Midwest Steers   were at   at   108.00   to   - - -
Panhandle Steers   - - -   at   - - -   to   - - -

Oklahoma City Feeders
Steers 550 to 600 lbs. 149.00 to 159.00
  600 to 650 lbs. 137.00 to 150.00
Heifers 550 to 600 lbs. 133.50 to 139.00
  600 to 650 lbs. 124.00 to 136.00

Chicago Futures:
Live Cattle: April up 80 at 11220
  June up 57 at 11417
Feeders: April up 77 at 13140
  August up 132 at 13352

Cattle Comment
Cattle reversed early declines to close higher. While cattle prices don’t normally top until later in the spring, there is some thought this market is about over following record cash bids last week. Live cattle futures bounced off strong support near $1.11, and have not given a topping signal yet.

Hogs
Peoria: were     steady   at   54.00   to   56.00

Chicago Futures: April up 15 at 8825
  June down 12 at 9980

Hogs Comment
Hog futures closed mixed with April finding some support after closing a chart gap near $87.50. Strong export demand and a manageable slaughter supply should limit further downside price movement, but packer margins will need to improve.



Poultry  Date: March 2, 2011

Eggs
New York:  Ex. Lg. 94-98; Lg. 92-96; Med. 85-89;
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 firm to higher for whole broilers and fryers. Offerings of all sizes are light. Demand is moderate to good for early week business. Market activity is moderate to active. In production areas, live supplies are moderate at mixed, but mostly desirable weights.