(Mar) EAST AR: 1376 to 1412
(NC) Summ. 1323 to 1353
(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|
|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:||0¢|
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.
Cash bid for March at Memphis 808 1/2 to 812 1/2;
|Bids to farmers at Local Elevators||793-800;|
|Chicago Futures:||May||up||12 1/4||at||823 1/2|
|Mar '12||up||10 3/4||at||914|
|Today's Arkansas LDP rate for wheat is:||0¢|
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:||0¢|
|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|
|Dec||up||10 1/4||at||615 3/4|
|Today's Arkansas LDP rate for corn is:||0¢|
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
|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|
|This week's LDP rate for cotton is||0 cents|
|The estimate for next week is||0 cents|
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.
|Long Grain Cash Bid for||Mar||1135/cwt||to||- - -|
|Chicago Futures:||May||up||8 1/2||at||1410|
|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||0¢|
|medium grain rice is||0¢|
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
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 .
|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||- - -|
|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
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.
Peoria: were steady at 54.00 to 56.00
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
|New York:||Ex. Lg. 93-97; Lg. 91-95; Med. 84-88;|
|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 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.