Arkansas Farm Bureau
Arkansas Farm Bureau
Grain & Soybean Date: March 9, 2011

REMINDER: The March Market Update Webinar is tomorrow, Thursday, March 10 at 8:30 a.m. Contact Sandy Reeves, 501-228-1300 or sandra.reeves@arfb.com to register. Space is limited.

Soybeans

Local Elevators:
(Mar) EAST AR:  1313 to 1349
(NC) Summ. 1280 to 1310
River Elevators:
(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

Chicago Futures: May down 33 at  1349
  July  down  32 3/4  at  1357 1/4
  Aug down 29 1/2  at  1350 3/4
  Nov down 26  at  1320
  Jan '12 down 25 1/2  at  1323 3/4
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
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.

Wheat
Cash bid for March at Memphis  743 3/4 to 745 3/4;
Bids to farmers at Local Elevators 731-738;
River Elevators 728-761;

Chicago Futures: May down  21  at  758 3/4 
  July down 20 1/2  at  791 
  Sept down  19 1/4  at  826 1/4 
  Dec down  17  at  849 
  Mar '12 down  15 1/4  at  870 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
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:

Corn
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 
  July down  at  707 
  Sept down  1 3/4  at  654 1/4 
  Dec up  1/4  at  610 1/4 
  Today's Arkansas LDP rate for corn is:

Grain Comment
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


Cotton
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 
  July down  291  at  19406 
 Oct up  406  at  15301 
 Dec up  585  at  12660 
 Mar '12 up  526  at  11938 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
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.

Rice
Long Grain Cash Bid for  March 1080/cwt  to  - - -
  April/May 1080/cwt  to  1111/cwt

Chicago Futures: May down  24 1/2  at  1355 
 July down  24  at  1384 1/2 
 Sept down  23  at  1457 
 Nov down  24 1/2  at  1483 
 Jan '12 down  25  at  1511 1/2 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
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

Cattle
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 .

Steers:
 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 - - -

Heifers:
 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
Steers 600 to 650 lbs. 137.50 to 152.00
  650 to 700 lbs. 132.75 to 140.00
Heifers 550 to 600 lbs. 130.00 to 138.50
  650 to 700 lbs. 120.00 to 126.00

Chicago Futures:
Live Cattle: April up 272 at 11752
  June up 155 at 11745
Feeders: April up 137 at 13452
  August up 125 at 13737

Cattle Comment
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.

Hogs
Peoria: were     steady   at   54.50   to   56.50

Chicago Futures: April up 62 at 8975
  June up 27 at 10195

Hogs Comment
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

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 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.