Arkansas Farm Bureau
Arkansas Farm Bureau
Grain & Soybean Date: March 7, 2011

Soybeans

Local Elevators:
(Mar) EAST AR:  1359 to 1395
(NC) Summ. 1315 to 1345
River Elevators:
(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

Chicago Futures: May down 19 at  1395
  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
  Jan '12 down at  1358
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
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.

Wheat
Cash bid for March at Memphis  785 3/4 to 789 3/4;
Bids to farmers at Local Elevators 770-777;
River Elevators 767-803;

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:

Grain Sorghum
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:

Corn
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 
  Dec up  at  610 1/2 
  Today's Arkansas LDP rate for corn is:

Grain Comment
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


Cotton
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 
  July up  100  at  20397 
 Oct down  at  15421 
 Dec up  322  at  12653 
 Mar '12 up  266  at  11939 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
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.

Rice
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 
 Nov down  16 1/2  at  1531 
 Jan '12 down  16  at  1560 1/2 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
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

Cattle
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 .

Steers:
 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 - - -

Heifers:
 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
Steers 500 to 550 lbs. 157.00 to 165.00
  700 to 750 lbs. 129.75 to 136.75
Heifers 550 to 600 lbs. 132.50 to 144.00
  650 to 700 lbs. 123.50 to 131.00

Chicago Futures:
Live Cattle: April down 45 at 11360
  June down 30 at 11475
Feeders: April down 12 at 13170
  Aug up 2 at 13475

Cattle Comment
Cattle futures ended mixed. April looks content to chop around between resistance at $115 and support at $112 for the time being.

Hogs
Peoria: were     steady   at   55.00   to   57.00

Chicago Futures: April down 207 at 8640
  June down 157 at 9947

Hogs Comment
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

Eggs
New York:  Ex. Lg. 93-97; Lg. 91-95; Med. 84-88;
Chicago:  Ex. Lg. 85-93; Lg. 83-91; Med. 76-84;

National Turkeys
Hens: 8-16 lbs 91.25
Toms: 16-24 lbs 92.00
 

Delmarva Broilers
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.