Arkansas Farm Bureau
Arkansas Farm Bureau
Grain & Soybean Date: March 11, 2011

Soybeans

Local Elevators:
(Mar) EAST AR:  1299 to 1335
(NC) Summ. 1260 to 1290
River Elevators:
(Mar) MISS: 1332 to 1345 ; AR & White 1303 to 1330
(NC) Summ. 1257 to 1306
Ark. Processor Bids: (Mar) 1315 to 1315  (NC) 1280 to 1290
Memphis:  (Mar) 1349 1/2 to - - - (NC)  1290 to 1296
Riceland Foods:  (Mar) Stuttgart 1315 ; Pendleton 1335 ; West Memphis 1345

Chicago Futures: May down 21 at  1334 1/2
  July  down  21 1/4  at  1342 1/2
  Aug down 21  at  1336 1/4
  Nov down 21  at  1300
  Jan '12 down 21  at  1304
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans retraced a portion of overnight declines, but still ended the day sharply lower. Last night’s big earthquake in Japan shook financial markets which in turn kept the recent downturn moving lower. November soybeans bounced off key support at $12.70, closing at $13. Ability to hold this level was important. Inability to hold here would send the market toward trendline support near $12.40, or perhaps support at $11.85.

Wheat
Cash bid for March at Memphis  703 3/4 to 705 3/4;
Bids to farmers at Local Elevators 691-698;
River Elevators 688-721;

Chicago Futures: May down  21 3/4  at  718 3/4 
  July down 21 3/4  at  750 3/4 
  Sept down  21  at  787 3/4 
  Dec down  20  at  812 3/4 
  Mar '12 down  19 3/4  at  833 3/4 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for March at Memphis  1088 to 1108;
Bids to farmers at River Elevators 1061-1121;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for March at Memphis   650 1/4 to 654 1/4;
  New Crop at Memphis   595 3/4 to 597 3/4;
Bids to farmers at River Elevators  634 to 664

Chicago Futures: May down  18 1/2  at  664 1/4 
  July down  18 1/4  at  670 3/4 
  Sept down  12 3/4  at  622 3/4 
  Dec down  9 1/2  at  577 3/4 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat futures were under heavy selling pressure again today. News of the severe earthquake and resulting tsunami in Japan sent both the stock market and the commodity markets into a selloff this morning. It has taken very little “real” bearish news to send this market into a tailspin, suggesting that futures prices were overinflated. A July close below $7.34 will suggest a retest of the key $7 level.

Corn declined, but closed well above overnight lows. December futures penetrated support at $5.70, falling to $5.60 before rebounding. Again the market needs to hold this level or technical selling could send the market to support at $5.40 or $5.20.



Cotton & Rice  Date: March 11, 2011


Cotton
Spot Price, Grade 41 Staple 34: Memphis up 3.96 at  199.94
  Greenwood up  3.96 at 199.94

New York Futures: May up  396  at  20494 
  July up  266  at  19325 
 Oct down  140  at  15357 
 Dec down  48  at  12832 
 Mar '12 down  71  at  12002 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton closed mixed with old crop higher and new crop slightly lower. The long term outlook indicates tightening U.S. and world stocks. However, world production outside the United States could close the supply gap in a hurry. Southern Hemisphere production, namely Argentina, Brazil and Australia, will likely increase their production more than 75 percent from last year. Foreign production could add as much as 10 million bales to stocks this year. U.S. acreage will increase, but it will take moisture in the dry areas of Texas in particular to add significantly to stocks.

Rice
Long Grain Cash Bid for  March 1051/cwt  to  - - -
  April/May 1051/cwt  to  1111/cwt

Chicago Futures: May down  at  1301 
 July down  4 1/2  at  1330 
 Sept down  at  1404 
 Nov down  at  1432 
 Jan '12 down  1/2  at  1461 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice closed just a few cents lower after declining almost 60 cents overnight. May futures closed above support at $12.70, while September climbed back above $14 after penetrating support at $13.54 during the night session. The worst of the selloff could be over, particularly for new crop contract months. Reduced U.S. plantings in 2011 should limit downside pressure.



Cattle & Hogs  Date: March 11, 2011

Cattle
As reported by Federal-State Market News, receipts were 11,753 head at sales in Arkansas this week.  Compared with last week, feeder steers sold $3 to $8 higher .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 162.00 to - - -
  500 to 550 lbs. 155.75 to - - -
  600 to 650 lbs. 142.75 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 147.75 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 141.00 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 134.50 to - - -

Slaughter Cows, Boners 66.00   to   74.00
Light Weight 48.00 to 55.00
Bulls, Yield Grade   1   1000   to   2100 lbs.   80.00   to   90.00
Midwest Steers   - - -   at   - - -   to   - - -
Panhandle Steers   - - -   at   - - -   to   - - -

Oklahoma City Feeders
Steers 550 to 600 lbs. 137.00 to 163.25
  600 to 650 lbs. 133.50 to 152.00
Heifers 550 to 600 lbs. 123.00 to 144.00
  600 to 650 lbs. 121.00 to 139.00

Chicago Futures:
Live Cattle: April down 52 at 11712
  June steady at 11695
Feeders: April up 32 at 13452
  August up 35 at 13762

Cattle Comment
Cattle futures ended the day mixed. Japan is a large importer of U.S. beef, and early losses were attributed to the situation there. Ideas that cash markets will improve next week sparked a recovery by the end of the day.

Hogs
Peoria: were     steady   at   55.50   to   57.50

Chicago Futures: April down 170 at 8815
  June down 195 at 9950

Hogs Comment
Hog futures were under sharp selling pressure. Japan is the largest customer of U.S. pork, and news of the earthquake and tsunami there sent prices lower.



Poultry  Date: March 11, 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 entering the weekend. Market activity is active In production areas, live supplies are moderate at mixed, but mostly desirable weights.