Arkansas Farm Bureau
Arkansas Farm Bureau
Grain & Soybean Date: March 3, 2011

Soybeans

Local Elevators:
(Mar) EAST AR:  1376 to 1412
(NC) Summ. 1323 to 1353
River Elevators:
(Mar) MISS: 1410 to 1422 ; AR & White 1380 to 1411
(NC) Summ. 1330 to 1369
Ark. Processor Bids: (Mar) 1392 to 1392  (NC) 1351 to 1353
Memphis:  (Mar) 1419 to 1420 (NC)  1360 1/2 to 1362 1/2
Riceland Foods:  (Mar) Stuttgart 1392 ; Pendleton 1412 ; West Memphis 1422

Chicago Futures: May up 17 3/4 at  1412
  July  up  17 1/2  at  1419 1/4
  Aug up 16  at  1406 1/4
  Nov up 16 3/4  at  1362 1/2
  Jan '12 up 16 1/2  at  1365 3/4
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans posted solid gains today in reaction to the USDA export report. 13.3 million bushels were sold for export during this marketing year, bringing the sales total to 91% of USDA’s projection for the entire year. Another 10.4 million bushels of new crop beans were sold. Harvest delays in Brazil were also a factor, as were the funds which appear to be re-establishing positions that were vacated last week.

Wheat
Cash bid for March at Memphis  808 1/2 to 812 1/2;
Bids to farmers at Local Elevators 793-800;
River Elevators 791-828;

Chicago Futures: May up  12 1/4  at  823 1/2 
  July up 13 1/4  at  853 
  Sept up  13  at  879 1/2 
  Dec up  11 3/4  at  897 
  Mar '12 up  10 3/4  at  914 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for March at Memphis  1226 to 1241;
Bids to farmers at River Elevators 1191-1252;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for March at Memphis   731 3/4 to 736 3/4;
  New Crop at Memphis   645 to 650;
Bids to farmers at River Elevators  708 to 725

Chicago Futures: May up  15 1/4  at  736 3/4 
  July up  15  at  740 1/4 
  Sept up  12 1/2  at  665 
  Dec up  10 1/4  at  615 3/4 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat posted gains as well. The export report for wheat wasn’t anything special, with 23.9 million bushels sold last week. However, exports are up just under 60% from a year ago. Wet weather moving in to the center of the country is now forecast to miss the driest regions of hard red winter wheat country. July’s inability to move above resistance just below $8.60 is negative. For now the market is in a trading range between $8.60 and $7.90.

Corn closed higher as well, also on positive export numbers. USDA reported 47.3 million bushels sold for export the week ending February 24. 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 3, 2011


Cotton
Spot Price, Grade 41 Staple 34: Memphis up 5.10 at  202.20
  Greenwood up  5.10 at 202.20

New York Futures: May up  510  at  20570 
  July up  373  at  19597 
 Oct down  92  at  15450 
 Dec down  182  at  12680 
 Mar '12 down  195  at  11976 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Old crop cotton was sharply higher based on continued strong demand and fund buying. December posted losses, and 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 1135/cwt  to  - - -
  April/May 1111/cwt  to  1135/cwt

Chicago Futures: May up  8 1/2  at  1410 
 July up  7 1/2  at  1439 
 Sept up  8 1/2  at  1473 1/2 
 Nov up  11 1/2  at  1503 1/2 
 Jan '12 up  9 1/2  at  1531 1/2 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice futures turned a bit higher today. 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 3, 2011

Cattle
As reported by Federal-State Market News, receipts were 3,189 head at sales in Charlotte, Green Forest and Ratcliff.  Compared with last week, feeder steers sold firm to $5 higher .

Steers:
 Medium & Large Frame 1   350 to 400 lbs. 159.25 to - - -
  450 to 500 lbs. 147.50 to - - -
  500 to 550 lbs. 135.00 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 143.50 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 131.00 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 129.50 to - - -

Slaughter Cows, Boners 61.00   to   71.00
Light Weight 45.00 to 50.00
Bulls, Yield Grade   1-2   1000   to   2100 lbs.   70.00   to   82.00
Midwest Steers   - - -   at   - - -   to   - - -
Panhandle Steers   were   at   113.00   to   - - -

Oklahoma City Feeders
Steers 400 to 450 lbs. 159.00 to 166.00
  500 to 550 lbs. 150.00 to 160.00
Heifers 450 to 500 lbs. 137.00 to 145.00
  500 to 550 lbs. 138.00 to 143.00

Chicago Futures:
Live Cattle: April up 200 at 11420
  June up 97 at 11515
Feeders: April up 67 at 13207
  Aug up 87 at 13440

Cattle Comment
Cattle futures ended higher again today. 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 55 at 8880
  June up 87 at 10067

Hogs Comment
Hog futures posted gains. Strong export demand and a manageable slaughter supply should limit further downside price movement, but packer margins will need to improve.



Poultry  Date: March 3, 2011

Eggs
New York:  Ex. Lg. 93-97; Lg. 91-95; Med. 84-88;
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 for current trade needs. Demand is moderate to good approaching the weekend. Market activity is moderate to mostly active. In production areas, live supplies are moderate at mixed, but mostly desirable weights.