Arkansas Farm Bureau
Arkansas Farm Bureau
Grain & Soybean Date: March 14, 2011

Soybeans

Local Elevators:
(Mar) EAST AR:  1304 to 1340
(NC) Summ. 1268 to 1298
River Elevators:
(Mar) MISS: 1337 to 1350 ; AR & White 1308 to 1335
(NC) Summ. 1265 to 1314
Ark. Processor Bids: (Mar) 1320 to 1320  (NC) 1288 to 1298
Memphis:  (Mar) 1350 to - - - (NC)  1303 to 1304
Riceland Foods:  (Mar) Stuttgart 1320 ; Pendleton 1340 ; West Memphis 1350

Chicago Futures: May up 5 1/2 at  1340
  July  up  5 1/2  at  1348
  Aug up 7 1/4  at  1343 1/2
  Nov up at  1308
  Jan '12 up 8 1/2  at  1312 1/2
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans reversed overnight pressures to close slightly higher for the day. The disaster in Japan led to heavy fund liquidation and the question is where, or whether they will re-enter the market. Fundamentals are unchanged with tight U.S. stocks and a big South American crop acting as offsetting factors. Surveys of projected plantings have been taken and that information will be released the last of March. General feeling is acreage has shifted to corn, but that may change. November support around $12.70 is a key point.

Wheat
Cash bid for March at Memphis  705 3/4 to 707 3/4;
Bids to farmers at Local Elevators 693-700;
River Elevators 690-723;

Chicago Futures: May up  at  720 3/4 
  July up 2 1/4  at  753 
  Sept up  1 3/4  at  789 1/2 
  Dec up  1 3/4  at  814 1/2 
  Mar '12 down  1/2  at  833 1/4 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for March at Memphis  1091 to 1111;
Bids to farmers at River Elevators 1064-1125;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for March at Memphis   652 to 656;
  New Crop at Memphis   597 to 599;
Bids to farmers at River Elevators  636 to 666

Chicago Futures: May up  1 3/4  at  666 
  July up  1 3/4  at  672 1/2 
  Sept up  1 1/4  at  624 
  Dec up  1/4  at  578 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat futures recovered a bit today after losing 14% of their value in the last two weeks. This market had obviously built too much optimism regarding exports into the market. A July close below $7.34 will suggest a retest of the key $7 level.

Corn rebounded to close steady to slightly higher. Major concern centers on the Japanese feed industry and the recent disaster’s impact on imports. Near term demand is likely to decline, while long term it could go either way. December support near $5.60 to $5.70 has held, but a close below that level would bring a test of support around $5.40 or perhaps $4.75.



Cotton & Rice  Date: March 14, 2011


Cotton
Spot Price, Grade 41 Staple 34: Memphis down 7.00 at  192.94
  Greenwood down  7.00 at 192.94

New York Futures: May down  700  at  19794 
  July down  700  at  18625 
 Oct down  677  at  14680 
 Dec down  555  at  12277 
 Mar '12 down  465  at  11537 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton futures were sharply lower with old crop holding limit declines throughout the session. May futures have support around $1.75. New crop December has support between $1.15 and $1.20. 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 1087/cwt  to  1165/cwt
  - - - - - -  to  - - -

Chicago Futures: May up  36 1/2  at  1337 1/2 
 July up  36 1/2  at  1366 1/2 
 Sept up  33  at  1437 
 Nov up  33 1/2  at  1465 1/2 
 Jan '12 up  31  at  1492 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice continued to retrace recent losses after making a big reverse on Friday. Initial resistance starts around $15.25 for September and for May around $13.50, then $14.40. 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 14, 2011

Cattle
As reported by Federal-State Market News, receipts were 4,101 head at sales in Ash Flat, Springdale and Ola.  Compared with last week, feeder steers sold $2 to $8 higher .

Steers:
 Medium & Large Frame 1   450 to 500 lbs. 164.25 to - - -
  500 to 550 lbs. 158.25 to - - -
  600 to 650 lbs. 144.25 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 150.00 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 136.50 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 135.25 to - - -

Slaughter Cows, Boners 64.00   to   72.00
Light Weight 50.00 to 58.00
Bulls, Yield Grade   1   1000   to   2100 lbs.   79.00   to   87.00
Midwest Steers   were   at   117.00   to   118.00
Panhandle Steers   were   at   118.00   to   - - -

Oklahoma City Feeders
Steers 550 to 600 lbs. 150.00 to 156.25
  650 to 700 lbs. 135.00 to 145.00
Heifers 550 to 600 lbs. 133.00 to 142.00
  600 to 650 lbs. 130.50 to 135.00

Chicago Futures:
Live Cattle: April down 62 at 11650
  June down 30 at 11665
Feeders: April down 87 at 13365
  August down 77 at 13685

Cattle Comment
Cattle futures ended lower. Concern about the situation in Japan and their demand for U.S. beef added pressure, but losses were limited by cash market strength.

Hogs
Peoria: were $3 lower to $1     higher   at   54.50   to   56.50

Chicago Futures: April down 220 at 8595
  June down 195 at 9755

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



Poultry  Date: March 14, 2011

Eggs
New York:  Ex. Lg. 93-97; Lg. 91-95; Med. 84-88;
Chicago:  Ex. Lg. 84-92; Lg. 82-90; Med. 76-84;

National Turkeys
Hens: 8-16 lbs 91.00
Toms: 16-24 lbs 91.00
 

Delmarva Broilers
U.S. Grade A
Prices continue to trend higher for whole broilers and fryers. Offerings are light to satisfy current trade needs. Demand is moderate to good following the weekend. Market activity is active. In production areas, live supplies are moderate at mixed, but mostly desirable weights.