Arkansas Farm Bureau
Arkansas Farm Bureau
Grain & Soybean Date: March 10, 2011

Soybeans

Local Elevators:
(Mar) EAST AR:  1320 to 1356
(NC) Summ. 1281 to 1311
River Elevators:
(Mar) MISS: 1353 to 1366 ; AR & White 1324 to 1351
(NC) Summ. 1278 to 1327
Ark. Processor Bids: (Mar) 1336 to 1336  (NC) 1301 to 1311
Memphis:  (Mar) 1370 1/2 to - - - (NC)  1311 to 1317
Riceland Foods:  (Mar) Stuttgart 1336 ; Pendleton 1356 ; West Memphis 1366

Chicago Futures: May up 6 1/2 at  1355 1/2
  July  up  6 1/2  at  1363 3/4
  Aug up 6 1/2  at  1357 1/4
  Nov up at  1321
  Jan '12 up 1 1/4  at  1325
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans firmed during today’s session. USDA made no changes in the U.S. supply demand numbers. However, they raised the production estimate for Brazil by 1.5 million metric tons to 70 million metric tons. Argentina was unchanged at 49.5 million metric tons. Both the USDA estimates are below other projections. Today’s rebound suggests soybeans will attempt to garner more acreage in 2011, as corn declined. Resistance is seen at $14.25 and $14.67 for November.

Wheat
Cash bid for March at Memphis  725 1/2 to 727 1/2;
Bids to farmers at Local Elevators 713-720;
River Elevators 710-743;

Chicago Futures: May down  18 1/4  at  740 1/2 
  July down 18 1/2  at  772 1/2 
  Sept down  17 1/2  at  808 3/4 
  Dec down  16 1/4  at  832 3/4 
  Mar '12 down  16 1/2  at  853 1/2 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for March at Memphis  1121 to 1141;
Bids to farmers at River Elevators 1095-1155;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for March at Memphis   668 3/4 to 672 3/4;
  New Crop at Memphis   608 1/2 to 610 1/2;
Bids to farmers at River Elevators  653 to 683

Chicago Futures: May down  18 1/4  at  682 3/4 
  July down  18  at  689 
  Sept down  18 3/4  at  635 1/2 
  Dec down  23  at  587 1/4 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat futures were under heavy selling pressure again today. Today’s report showed that USDA has more faith in the shipment total than in the export sales total at this point. They cut exports 25 million bushels and increased the carryout by the same amount, mostly in spring wheat. Larger production estimates for Australia and Argentina were probably a big reason for the change. July has support at $7.63 ½.

Like soybeans, corn numbers were unchanged in today’s report. Slower sales and growing comfort with this year’s probable plantings pressured the market. The sharp decline in December will likely allow for a retest of recent support just below $5.70. The market is likely to trade sideways between $5.70 and $6.20.



Cotton & Rice  Date: March 10, 2011


Cotton
Spot Price, Grade 41 Staple 34: Memphis down 3.93 at  195.98
  Greenwood down  3.93 at 195.98

New York Futures: May down  343  at  20098 
  July down  347  at  19059 
 Oct up  196  at  15497 
 Dec up  220  at  12880 
 Mar '12 up  135  at  12073 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton reversed yesterday’s move with old crop declining and new crop contracts higher today. Supply demand numbers were unchanged with both U.S. and world stocks projected to tighten by year’s end. Strong demand is expected to continue and cotton price should remain strong as the market attempts to coax additional acreage in 2011.

Rice
Long Grain Cash Bid for  March 1055/cwt  to  - - -
  April/May 1055/cwt  to  1111/cwt

Chicago Futures: May down  50  at  1305 
 July down  50  at  1334 1/2 
 Sept down  50  at  1407 
 Nov down  50  at  1433 
 Jan '12 down  50  at  1461 1/2 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice futures were sharply lower in overnight trading and that didn’t change after this morning’s report. USDA moved one million hundredweight from rough to milled rice in the export column. Otherwise, the major change came in world use where USDA cut 5.28 million metric tons. That moved world stocks up almost 5 million metric tons to 98.78 million metric tons. Most of the adjustment was in India. Technically, May futures are headed lower with support around $12.72 and then a dollar lower. New crop September has support around $14 and then $13.50. Prospects of sharply reduced 2011 U.S. plantings may limit downside movement in new crop.



Cattle & Hogs  Date: March 10, 2011

Cattle
As reported by Federal-State Market News, receipts were 2,412 head at sales in Charlotte, Green Forest and Ratcliff.  Compared with last week, feeder steers sold firm to $5 higher .

Steers:
 Medium & Large Frame 1   350 to 400 lbs. 163.50 to - - -
  450 to 500 lbs. 151.00 to - - -
  500 to 550 lbs. 153.00 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 145.00 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 135.75 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 129.25 to - - -

Slaughter Cows, Boners 64.00   to   71.00
Light Weight 49.00 to 55.00
Bulls, Yield Grade   1-2   1000   to   2100 lbs.   75.00   to   85.50
Midwest Steers   were $7 higher   at   118.00   to   - - -
Panhandle Steers   - - -   at   - - -   to   - - -

Oklahoma City Feeders
Steers 500 to 550 lbs. 154.00 to 159.00
  600 to 650 lbs. 133.50 to 142.00
Heifers 450 to 500 lbs. 140.00 to 147.00
  500 to 550 lbs. 134.00 to 145.00

Chicago Futures:
Live Cattle: April up 12 at 11765
  June down 50 at 11695
Feeders: April down 32 at 13420
  August down 2 at 13727

Cattle Comment
Cattle futures were mixed. The April contract set a historic-high for the nearby month for the second day in a row. 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 $1 lower to $3     higher   at   55.50   to   57.50

Chicago Futures: April up 10 at 8985
  June down 50 at 10145

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 10, 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
Whole broiler and fryer prices continue to trend higher. Offerings of all sizes are light to moderate. Demand is moderate to good for late week business. Market activity is active. In production areas, live supplies are moderate. Weights are mostly desirable.