(Mar) EAST AR: 1359 to 1395
(NC) Summ. 1315 to 1345
(Mar) MISS: 1393 to 1405 ; AR & White 1363 to 1394
(NC) Summ. 1322 to 1361
Ark. Processor Bids: (Mar) 1375 to 1375 (NC) 1343 to 1345
Memphis: (Mar) 1399 to 1403 (NC) 1352 3/4 to 1354 3/4
Riceland Foods: (Mar) Stuttgart 1375 ; Pendleton 1395 ; West Memphis 1405
|July||down||18 1/2||at||1402 3/4|
|Aug||down||16 1/4||at||1391 3/4|
|Nov||down||6 1/4||at||1654 3/4|
|Today's Arkansas LDP rate for soybeans is:||0¢|
Soybeans posted losses with old crop leading the way. 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. The market may be establishing a consolidation pattern between February’s high of $14.01 and low of $12.72 until the planting intentions report is released on March 31.
Cash bid for March at Memphis 785 3/4 to 789 3/4;
|Bids to farmers at Local Elevators||770-777;|
|Chicago Futures:||May||down||31 1/2||at||800 3/4|
|July||down||29 3/4||at||830 1/4|
|Sept||down||24 1/4||at||861 3/4|
|Dec||down||22 3/4||at||880 1/4|
|Mar '12||down||22||at||897 3/4|
|Today's Arkansas LDP rate for wheat is:||0¢|
Cash bid for March at Memphis 1192 to 1206;
|Bids to farmers at River Elevators||1157-1218;|
|Today's Arkansas LDP rate for sorghum is:||0¢|
|Cash bid for||March at Memphis 711 1/2 to 715 1/2;|
|New Crop at Memphis 641 1/2 to 647 1/2;|
|Bids to farmers at River Elevators||689 to 718|
|Chicago Futures:||May||down||10 1/2||at||717 1/2|
|July||down||10 1/4||at||722 1/2|
|Sept||up||1 1/2||at||661 1/2|
|Today's Arkansas LDP rate for corn is:||0¢|
Wheat posted sharp losses. Wet weather is moving in to the center of the country but is 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 mixed, with old crop sharply lower and new crop up about a penny. 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. However, several commodities are in short supply, and there won’t be enough acres to go around to improve the situation in all of them. 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 7, 2011
|Spot Price, Grade 41 Staple 34:||Memphis up 1.44 at 210.64|
|Greenwood up 1.44 at 210.64|
|New York Futures:||May||up||144||at||21414|
|This week's LDP rate for cotton is||0 cents|
|The estimate for next week is||0 cents|
Cotton was widely mixed. December was higher 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||March/April||1119/cwt||to||- - -|
|- - -||- - -||to||- - -|
|Chicago Futures:||May||down||24 1/2||at||1394 1/2|
|July||down||25 1/2||at||1423 1/2|
|Sept||down||14 1/2||at||1503 1/2|
|Jan '12||down||16||at||1560 1/2|
|Today's Arkansas LDP rate for long grain rice is||0¢|
|medium grain rice is||0¢|
Rice futures gave back a big portion of Friday’s gains. 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 7, 2011
As reported by Federal-State Market News, receipts were 3,601 head at sales in Ash Flat, Springdale and Ola. Compared with last week, feeder steers sold $5 to $10 higher .
|Medium & Large Frame 1||450||to||500 lbs.||161.75||to||- - -|
|500||to||550 lbs.||148.25||to||- - -|
|600||to||650 lbs.||138.00||to||- - -|
|Medium & Large Frame 2||400||to||450 lbs.||149.50||to||- - -|
|Medium & Large Frame 1||500||to||550 lbs.||134.75||to||- - -|
|Medium & Large Frame 2||400||to||450 lbs.||130.50||to||- - -|
Slaughter Cows, Boners 63.00 to 71.00
Light Weight 50.00 to 56.00
Bulls, Yield Grade 1 1000 to 2100 lbs. 78.00 to 85.00
Midwest Steers - - - at - - - to - - -
Panhandle Steers - - - at - - - to - - -
|Oklahoma City Feeders
Cattle futures ended mixed. April looks content to chop around between resistance at $115 and support at $112 for the time being.
Peoria: were steady at 55.00 to 57.00
Hog futures ended lower. This market looks like it has put in a top. Today’s weak close puts April in a position to move back into the $85-$86 range.
Poultry Date: March 7, 2011
|New York:||Ex. Lg. 93-97; Lg. 91-95; Med. 84-88;|
|Chicago:||Ex. Lg. 85-93; Lg. 83-91; Med. 76-84;|
U.S. Grade A
Prices are holding 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.