REMINDER: The March Market Update Webinar is tomorrow, Thursday, March 10 at 8:30 a.m. Contact Sandy Reeves, 501-228-1300 or email@example.com to register. Space is limited.
(Mar) EAST AR: 1313 to 1349
(NC) Summ. 1280 to 1310
(Mar) MISS: 1346 to 1359 ; AR & White 1317 to 1344
(NC) Summ. 1285 to 1326
Ark. Processor Bids: (Mar) 1329 to 1329 (NC) 1308 to 1310
Memphis: (Mar) 1351 to 1361 (NC) 1315 to 1316
Riceland Foods: (Mar) Stuttgart 1329 ; Pendleton 1349 ; West Memphis 1359
|July||down||32 3/4||at||1357 1/4|
|Aug||down||29 1/2||at||1350 3/4|
|Jan '12||down||25 1/2||at||1323 3/4|
|Today's Arkansas LDP rate for soybeans is:||0¢|
Soybeans declined for the third day in a row as funds continued to liquidate positions ahead of tomorrow’s report. Strong South American harvest pressure and indications production estimates for Brazil and Argentina will rise added to the negative undertone. On the positive side, price appears to favor corn and may be pulling acreage that way. If that is the case, soybeans make another move higher in an effort to reclaim acreage. November is trading in a range between $12.70 and $14. A close outside this range will mean further movement in the direction of the breakout.
Cash bid for March at Memphis 743 3/4 to 745 3/4;
|Bids to farmers at Local Elevators||731-738;|
|Chicago Futures:||May||down||21||at||758 3/4|
|Sept||down||19 1/4||at||826 1/4|
|Mar '12||down||15 1/4||at||870|
|Today's Arkansas LDP rate for wheat is:||0¢|
Cash bid for March at Memphis 1154 to 1173;
|Bids to farmers at River Elevators||1127-1188;|
|Today's Arkansas LDP rate for sorghum is:||0¢|
|Cash bid for||March at Memphis 689 to 691;|
|New Crop at Memphis 627 1/2 to 631 1/2;|
|Bids to farmers at River Elevators||672 to 701|
|Chicago Futures:||May||down||4 1/2||at||701|
|Sept||down||1 3/4||at||654 1/4|
|Today's Arkansas LDP rate for corn is:||0¢|
Wheat futures were under heavy selling pressure again today. July is testing support in the $7.90 area. Hard red winter wheat acreage has received much needed rain this week, but some of the driest areas were missed again. Outside markets are also adding selling pressure.
Corn appeared headed toward a mixed close with new crop moving to the positive side late in the session. There is growing concern that ethanol tax breaks will expire this year and limit corn use. But for now, the market is focused on getting acres planted to corn. May futures have good support at $6.67 ½. December support is about a dollar lower.
Cotton & Rice Date: March 9, 2011
|Spot Price, Grade 41 Staple 34:||Memphis down 3.73 at 199.91|
|Greenwood down 3.73 at 199.91|
|New York Futures:||May||down||273||at||20441|
|This week's LDP rate for cotton is||0 cents|
|The estimate for next week is||0 cents|
Cotton was mixed with further selling pushing old crop lower while new crop contracts were mostly higher. This market continues to be extremely volatile, and that will likely be the case until this year’s crop is up and growing. December remains in a range between $1.15 and $1.35.
|Long Grain Cash Bid for||March||1080/cwt||to||- - -|
|Chicago Futures:||May||down||24 1/2||at||1355|
|Jan '12||down||25||at||1511 1/2|
|Today's Arkansas LDP rate for long grain rice is||0¢|
|medium grain rice is||0¢|
May rice penetrated support near $143.40 and could be subject to additional technical selling. Initial support on further pressure will be $12.72. A weaker undertone in the international market will add fuel to the fire. Minor adjustments may be seen in tomorrow’s supply demand report.
Cattle & Hogs Date: March 9, 2011
As reported by Federal-State Market News, receipts were 652 head at sales in Conway and Pocahontas. Compared with last week, feeder steers sold steady to $2 higher .
|Medium & Large Frame 1||450||to||500 lbs.||157.50||to||- - -|
|550||to||600 lbs.||146.25||to||- - -|
|600||to||650 lbs.||131.00||to||- - -|
|Medium & Large Frame - - -||- - -||to||- - - lbs.||- - -||to||- - -|
|Medium & Large Frame 1||500||to||550 lbs.||129.00||to||- - -|
|Medium & Large Frame 2||400||to||450 lbs.||122.00||to||- - -|
Slaughter Cows, Boners 65.00 to 73.00
Light Weight 43.00 to 47.00
Bulls, Yield Grade 1 1000 to 2000 lbs. 85.00 to 92.00
Midwest Steers were at 111.00 to - - -
Panhandle Steers were at 111.00 to - - -
|Oklahoma City Feeders
Cattle futures exploded to the upside. The April contract set a historic-high for the nearby month. May feeders have also moved to new contract highs and could test resistance at the $137.50 top of their current trading channel.
Peoria: were steady at 54.50 to 56.50
April hogs are consolidating in a narrow range between $86 and $90. A move above that $90 level is needed to suggest an additional leg up.
Poultry Date: March 9, 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 trending firm for whole broiler/fryers. Offerings of all sizes are light to moderate for current trade needs. Demand is moderate to at times good. Market activity is moderate to active. In production areas, live supplies are moderate. Weights are mostly desirable.