Arkansas Farm Bureau
Arkansas Farm Bureau
Grain & Soybean Date: March 15, 2011

Soybeans

Local Elevators:
(Mar) EAST AR:  1234 to 1270
(NC) Summ. 1198 to 1228
River Elevators:
(Mar) MISS: 1267 to 1280 ; AR & White 1238 to 1265
(NC) Summ. 1195 to 1244
Ark. Processor Bids: (Mar) 1250 to - - -  (NC) 1218 to 1228
Memphis:  (Mar) 1268 to 1275 (NC)  1233 to 1234
Riceland Foods:  (March) Stuttgart 1250 ; Pendleton 1270 ; West Memphis 1280

Chicago Futures: May down 70 at  1270
  July  down  70  at  1278
  Aug down 70  at  1273 1/2
  Nov down 70  at  1238
  Jan '12 down 69 1/4  at  1243 1/4
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans closed down the limit as funds continue to exit long positions following the Japanese disaster. With financial markets shaken, funds are divesting their long positions as fast as possible; the result was widespread losses in all the major commodities as declines tripped additional sell orders at key price levels. November fell through support at $12.20 which left the market testing trendline support at today’s low and apparently vulnerable to further declines. The next support is just below $11.90 and then all the way down to $11.02.

Wheat
Cash bid for March at Memphis  652 3/4 to 656 3/4;
Bids to farmers at Local Elevators 641-648;
River Elevators 638-671;

Chicago Futures: May down  53  at  667 3/4 
  July down 52 1/2  at  700 1/2 
  Sept down  51 3/4  at  737 3/4 
  Dec down  50 1/4  at  764 1/4 
  Mar '12 down  45 1/2  at  787 3/4 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for March at Memphis  1038 to 1057;
Bids to farmers at River Elevators 1011-1071;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for March at Memphis   622 to 626;
  New Crop at Memphis   567 to 569;
Bids to farmers at River Elevators  606 to 636

Chicago Futures: May down  30  at  636 
  July down  30  at  642 1/2 
  Sept down  30  at  594 
  Dec down  30  at  548 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat futures gapped lower today and July is currently testing the key $7 level. Obviously the uncertainty about the situation in Japan is taking its toll on the markets. Also, there are indications that wheat had priced itself out of competition in the global marketplace.

Corn closed down the limit as concern increases about the near term impact on exports to Japan. December corn, like soybeans, fell through key support at $5.70 triggering additional technical sales and pushing the market near support around $5.40. From here, the market may not find support until reaching the November lows at $4.76.



Cotton & Rice  Date: March 15, 2011


Cotton
Spot Price, Grade 41 Staple 34: Memphis down 7 at  185.94
  Greenwood down  7 at 185.94

New York Futures: May down  700  at  19094 
  July down  700  at  17925 
 Oct down  490  at  14190 
 Dec down  568  at  11709 
 Mar '12 down  528  at  11009 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton was down sharply with December hanging just above key support at $1.15. Obviously, like other commodities the selloff is related to world conditions. Cotton supplies remain tight and there is a major question about how much cotton will be planted in the U.S. and the world in 2011.

Rice
Long Grain Cash Bid for  March 1037/cwt  to  - - -
  April 1037/cwt  to  1111/cwt

Chicago Futures: May down  50  at  1287 1/2 
 July down  50  at  1316 1/2 
 Sept down  50  at  1387 
 Nov down  50  at  1415 1/2 
 Jan '12 down  50  at  1442 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice reversed yesterday’s upturn as it followed grains and soybeans lower and also declined the limit. Last week’s low, just above $13.40, could be vulnerable. There’s not much rhyme or reason to the market. The easiest path is down as longs vacate position. Investors are looking for safe havens, but the disaster in Japan and the unrest in Northern Africa have left little stability for the market to rally around.



Cattle & Hogs  Date: March 15, 2011

Cattle
As reported by Federal-State Market News, receipts were 1,089 head at sales in Heber Springs and Fort Smith.  Compared with last week, feeder steers sold steady to $3 higher, heifers sold steady .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 165 to - - -
  500 to 550 lbs. 152.50 to - - -
  600 to 650 lbs. 142.75 to - - -
 Medium & Large Frame 2   450 to 500 lbs. 138 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 136 to - - -
 Medium & Large Frame 2   500 to 550 lbs. 122.50 to - - -

Slaughter Cows, Boners 68   to   75
Light Weight 45 to 52
Bulls, Yield Grade   1   1000   to   2100 lbs.   84   to   90
Midwest Steers   were $2 to $3 lower   at   115   to   - - -
Panhandle Steers   were $4 lower   at   114   to   - - -

Oklahoma City Feeders
Steers 500 to 550 lbs. 155.75 to 160
  550 to 600 lbs. 151.50 to 159.75
Heifers 500 to 550 lbs. 138.50 to 148
  550 to 600 lbs. 134 to 142.50

Chicago Futures:
Live Cattle: April down 300 at 11350
  June down 300 at 1365
Feeders: April down 300 at 13065
  Aug down 300 at 13385

Cattle Comment
Cattle futures gapped lower. Concern about the situation in Japan and demand for U.S. beef in that country were the driving force today. Sharp declines in stock markets around the world have traders fearing for the health of the global economy.

Hogs
Peoria: were $1.50 lower to $2.50     higher   at   54   to   56

Chicago Futures: April down 107 at 8487
  June down 280 at 9475

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 15, 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
Toms: 16-24 lbs. 91
 

Delmarva Broilers
U.S. Grade A
Whole broiler/fryer prices are trending steady to firm. Offerings are light to moderate for current trade needs. Demand is moderate with trading usually limited to regular commitments. Market activity is moderate. In production areas, live supplies are moderate. Weights are mostly desirable.