Arkansas Farm Bureau
Arkansas Farm Bureau
Grain & Soybean Date: March 8, 2011

Soybeans

Local Elevators:
(Mar) EAST AR:  1346 to 1382
(NC) Summ. 1306 to 1336
River Elevators:
(Mar) MISS: 1379 to 1392 ; AR & White 1350 to 1377
(NC) Summ. 1311 to 1352
Ark. Processor Bids: (Mar) 1362 to 1362  (NC) 1334 to 1336
Memphis:  (Mar) 1384 to 1390 (NC)  1341 to 1344
Riceland Foods:  (Mar) Stuttgart 1362 ; Pendleton 1382 ; West Memphis 1392

Chicago Futures: May down 13 at  1382
  July  down  12 3/4  at  1390
  Aug down 11 1/2  at  1380 1/4
  Nov down 8 3/4  at  1346
  Jan '12 down 8 3/4  at  1349 1/4
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans lost ground as the undertone of ag commodities weakened. Pressure from improving harvest activities in South America and prospects of a big crop also weighed on the market. Some reports suggest a crop of 71-72 million metric tons may be harvested in Brazil. It is assumed world buying interest will shift to South America as the crop moves from the field. November futures have strong support around $13, with resistance at $13.70 to $14.

Wheat
Cash bid for March at Memphis  764 3/4 to 768 3/4;
Bids to farmers at Local Elevators 752-759;
River Elevators 749-782;

Chicago Futures: May down  21  at  779 3/4 
  July down 18 3/4  at  811 1/2 
  Sept down  16 1/4  at  845 1/2 
  Dec down  14 1/4  at  866 
  Mar '12 down  12 1/2  at  885 1/4 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for March at Memphis  1162 to 1185;
Bids to farmers at River Elevators 1136-1196;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for March at Memphis   695 1/2 to 697 1/2;
  New Crop at Memphis   633 to 634;
Bids to farmers at River Elevators  677 to 706

Chicago Futures: May down  12  at  705 1/2 
  July down  11 1/2  at  711 
  Sept down  5 1/2  at  656 
  Dec down  1/2  at  610 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Pressure from outside markets combined with weather issues in major wheat growing areas continue to push wheat prices lower. 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 has again backed off after old crop May failed to penetrate resistance near $7.40. Indications of export interest moving from corn to wheat added to the negative undertone. Concern that congress will allow ethanol tax breaks to expire, which would limit corn use, added to the downturn. May support starts around $6.70 to $6.50, while December support starts at $5.90, and then $5.70.



Cotton & Rice  Date: March 8, 2011


Cotton
Spot Price, Grade 41 Staple 34: Memphis down 7.00 at  203.64
  Greenwood down  7.00 at 203.64

New York Futures: May down  700  at  20714 
  July down  700  at  19697 
 Oct down  526  at  14895 
 Dec down  578  at  12075 
 Mar '12 down  527  at  11412 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton declined as old crop backed off recent record highs. New crop December continues to consolidate between the recent low near $1.15 and the recent high just below $1.36. The market should remain in this 20 cents range until this year’s crop is fairly well established. Most estimates place plantings in the 12.5 to 13 million acre range, but producers appear to be moving that number higher. The USDA planting intentions report will be released at the end of the month.

Rice
Long Grain Cash Bid for  March 1104/cwt  to  - - -
  April/May 1104/cwt  to  1111/cwt

Chicago Futures: May down  15  at  1379 1/2 
 July down  15  at  1408 1/2 
 Sept down  23 1/2  at  1480 
 Nov down  23 1/2  at  1507 1/2 
 Jan '12 down  24  at  1536 1/2 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice futures didn’t have much support as other grains tumbled. May is in position to retest support at $13.40 to $13.60. New crop September is faring a little better as the market looks at potentially smaller plantings in 2011. For now September is consolidating just above $14.60. The recent spike low just under $14 should be good support for the time being. While U.S. price levels have adjusted with the recent price break, they remain well above other offerings. New export sales are needed.



Cattle & Hogs  Date: March 8, 2011

Cattle
As reported by Federal-State Market News, receipts were 1,410 head at sales in Heber Springs and Ft. Smith.  Compared with last week, feeder steers sold $5 to $10 higher .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 167.25 to - - -
  500 to 550 lbs. 155.00 to - - -
  600 to 650 lbs. 143.75 to - - -
 Medium & Large Frame 2   450 to 500 lbs. 143.75 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 138.50 to - - -
 Medium & Large Frame 2   500 to 550 lbs. 127.50 to - - -

Slaughter Cows, Boners 66.00   to   73.00
Light Weight 48.00 to 52.00
Bulls, Yield Grade   1   1000   to   2100 lbs.   82.00   to   90.00
Midwest Steers   - - -   at   - - -   to   - - -
Panhandle Steers   - - -   at   - - -   to   - - -

Oklahoma City Feeders
Steers 550 to 600 lbs. 145.00 to 163.25
  600 to 650 lbs. 137.50 to 152.00
Heifers 450 to 500 lbs. 137.00 to 146.00
  650 to 700 lbs. 120.00 to 126.00

Chicago Futures:
Live Cattle: April up 120 at 11480
  June up 115 at 11590
Feeders: April up 145 at 13315
  Aug up 137 at 13612

Cattle Comment
Cattle futures closed the day higher. April made a move toward resistance at $115 despite extremely slow cash cattle activity.

Hogs
Peoria: were $2.50 lower to $1.50     higher   at   54.50   to   56.50

Chicago Futures: April up 272 at 8912
  June up 220 at 10167

Hogs Comment
Hog futures closed the day higher. Higher cash prices supported today’s strong close. Hog prices continue to trade in the $86 to $90 range.



Poultry  Date: March 8, 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 trending higher for whole broilers and fryers. Offerings of all sizes are light for current trade needs. Demand is moderate to good. Market activity is moderate to mostly active. In the parts structure, movement is moderate to good for early week trading. In production areas, live supplies are moderate at mixed, but mostly desirable weights.