Arkansas Farm Bureau
Arkansas Farm Bureau
Grain & Soybean Date: March 4, 2011

Soybeans

Local Elevators:
(Mar) EAST AR:  1378 to 1414
(NC) Summ. 1321 to 1351
River Elevators:
(Mar) MISS: 1412 to 1424 ; AR & White 1382 to 1413
(NC) Summ. 1328 to 1367
Ark. Processor Bids: (Mar) 1394 to 1394  (NC) 1349 to 1351
Memphis:  (Mar) 1419 to 1422 (NC)  1359 to 1361
Riceland Foods:  (Mar) Stuttgart 1394 ; Pendleton 1414 ; West Memphis 1424

Chicago Futures: May up 2 at  1414
  July  up  at  1421 1/4
  Aug up 1 3/4  at  1408
  Nov down 1 1/2  at  1361
  Jan '12 down 1 3/4  at  1364
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans ended the day mixed with little fundamental news to inspire movement in either direction. Outside markets sent mixed signals. Crude oil made a new high for the move, but stocks were lower despite a positive employment report. The market has found little evidence that higher prices are limiting demand, so the pressure will be on farmers to produce enough in 2011 to increase supplies.

Wheat
Cash bid for March at Memphis  817 1/4 to 821 1/4;
Bids to farmers at Local Elevators 800-807;
River Elevators 797-835;

Chicago Futures: May up  8 3/4  at  832 1/4 
  July up at  860 
  Sept up  6 1/2  at  886 
  Dec up  at  903 
  Mar '12 up  5 3/4  at  919 3/4 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for March at Memphis  1211 to 1225;
Bids to farmers at River Elevators 1175-1236;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for March at Memphis   726 to - - -;
  New Crop at Memphis   640 to 646;
Bids to farmers at River Elevators  699 to 716

Chicago Futures: May down  8 3/4  at  728 
  July down  7 1/2  at  732 3/4 
  Sept down  at  660 
  Dec down  6 1/4  at  609 1/2 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat posted gains across the board. Wet weather moving in to the center of the country is now forecast to miss the driest regions of hard red winter wheat country. Many acres are in poor condition and will likely not be harvested. 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 lower. Sharply higher crude oil should be supportive for corn since more corn will likely be used for ethanol. USDA is currently completing the survey work for the March 31 planting intentions report. The trade is anticipating a significant increase in production. 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 4, 2011


Cotton
Spot Price, Grade 41 Staple 34: Memphis up 7.00 at  209.20
  Greenwood up  7.00 at 209.20

New York Futures: May up  700  at  21270 
  July up  700  at  20297 
 Oct down  20  at  15430 
 Dec down  349  at  12331 
 Mar '12 down  303  at  11673 
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 sharp 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 1144/cwt  to  - - -
  April/May 1111/cwt  to  1144/cwt

Chicago Futures: May up  at  1419 
 July up  10  at  1449 
 Sept up  44 1/2  at  1518 
 Nov up  44  at  1547 1/2 
 Jan '12 up  45  at  1576 1/2 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice futures posted gains across the board, but new crop was far and away the upside leader. Despite the recent selloff, 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 4, 2011

Cattle
As reported by Federal-State Market News, receipts were 13,718 head at sales in Arkansas this week.  Compared with last week, feeder steers sold $3 to $7 higher .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 162.50 to - - -
  500 to 550 lbs. 149.25 to - - -
  600 to 650 lbs. 135.00 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 147.00 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 132.00 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 160.75 to - - -

Slaughter Cows, Boners 63.00   to   71.00
Light Weight 46.00 to 54.00
Bulls, Yield Grade   1   1000   to   2100 lbs.   78.00   to   88.00
Midwest Steers   - - -   at   - - -   to   - - -
Panhandle Steers   - - -   at   - - -   to   - - -

Oklahoma City Feeders
Steers 500 to 550 lbs. 143.00 to 164.00
  550 to 600 lbs. 138.00 to 159.00
Heifers 600 to 650 lbs. 117.50 to 130.00
  650 to 700 lbs. 115.00 to 123.00

Chicago Futures:
Live Cattle: April down 15 at 11405
  June down 10 at 11505
Feeders: April down 25 at 13182
  Aug up 35 at 13472

Cattle Comment
Cattle futures were mostly lower. 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.

Hogs
Peoria: were $1 lower to $3     higher   at   55.00   to   57.00

Chicago Futures: April down 32 at 8847
  June up 32 at 10105

Hogs Comment
Hog futures were mixed. Strong export demand and a manageable slaughter supply should limit further downside price movement, but packer margins will need to improve. There continues to be concern that demand for meat will suffer due to high gasoline prices.



Poultry  Date: March 4, 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 are light to satisfy current trade needs. Retail and food service demand is moderate to good. Market activity is active. In production areas, live supplies are moderate at mixed, but mostly desirable weights.