(Mar) EAST AR: 1358 to 1394
(NC) Summ. 1306 to 1336
(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:||0¢|
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.
Cash bid for March at Memphis 796 1/4 to 806 1/4;
|Bids to farmers at Local Elevators||780-787;|
|Chicago Futures:||May||up||1||at||811 1/4|
|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:||0¢|
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:||0¢|
|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|
|Sept||down||2 1/4||at||652 1/2|
|Today's Arkansas LDP rate for corn is:||0¢|
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
|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|
|This week's LDP rate for cotton is||0 cents|
|The estimate for next week is||0 cents|
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.
|Long Grain Cash Bid for||Mar||1126/cwt||to||- - -|
|Chicago Futures:||May||down||15 1/2||at||1401 1/2|
|July||down||15 1/2||at||1431 1/2|
|Today's Arkansas LDP rate for long grain rice is||0¢|
|medium grain rice is||0¢|
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
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 .
|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||- - -|
|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
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.
Peoria: were steady at 54.00 to 56.00
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
|New York:||Ex. Lg. 94-98; Lg. 92-96; Med. 85-89;|
|Chicago:||Ex. Lg. 95-103; Lg. 93-101; Med. 82-90;|
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.