Arkansas Farm Bureau
Arkansas Farm Bureau
Grain & Soybean Date: March 16, 2011

Soybeans

Local Elevators:
(Mar) EAST AR:  1251 to 1287
(NC) Summ. 1211 to 1241
River Elevators:
(Mar) MISS: 1284 to 1297 ; AR & White 1255 to 1282
(NC) Summ. 1208 to 1257
Ark. Processor Bids: (Mar) 1267 to 1267  (NC) 1231 to 1241
Memphis:  (Mar) 1292 to 1294 (NC)  1246 3/4 to 1250 3/4
Riceland Foods:  (Mar) Stuttgart 1267 ; Pendleton 1287 ; West Memphis 1297

Chicago Futures: May up 17 at  1287
  July  up  17 1/4  at  1295 1/4
  Aug up 17 1/4  at  1290 3/4
  Nov up 12 3/4  at  1250 3/4
  Jan '12 up 13  at  1256 1/4
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans closed higher as the market attempted to retrace recent big declines. Overnight gains held in the early trade, but declined as momentum failed and the market closed well off the highs. The major positive of the day was the November contract holding trendline support for the second day in a row. Fundamentally, wet weather delays in the Brazilian harvest added support.

Wheat
Cash bid for March at Memphis  647 to 662;
Bids to farmers at Local Elevators 638-656;
River Elevators 633-666;

Chicago Futures: May down  5 3/4  at  662 
  July down 4 1/2  at  696 
  Sept down  3 1/4  at  734 1/2 
  Dec down  3/4  at  763 1/2 
  Mar '12 down  2 1/2  at  785 1/4 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for March at Memphis  1003 to 1022;
Bids to farmers at River Elevators 977-1038;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for March at Memphis   609 1/2 to 611 1/2;
  New Crop at Memphis   556 to 558;
Bids to farmers at River Elevators  587 to 617

Chicago Futures: May down  19 1/2  at  616 1/2 
  July down  18 3/4  at  623 3/4 
  Sept down  11  at  583 
  Dec up  1 1/4  at  549 1/4 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat futures traded in a wide range with July eventually closing below $7 and charting a bearish reversal. 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. July has support beginning around $6.80.

Corn closed mixed with old crop sharply lower. Bear spreading, selling old crop and buying new crop appeared to be the major factor. It will take investment funds re-entering the market to generate any substantial upward movement. Economic concerns remain in question as Japan attempts to initiate recovery from last week’s disaster.



Cotton & Rice  Date: March 16, 2011


Cotton
Spot Price, Grade 41 Staple 34: Memphis down 5.82 at  180.12
  Greenwood down  5.82 at 180.12

New York Futures: May down  582  at  18512 
  July down  379  at  17546 
 Oct down  46  at  14144 
 Dec down  40  at  11669 
 Mar '12 down  12  at  10997 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton futures flipped from positive to negative during the day session. Old crop moved to the negative side and ended the session sharply lower for the third day in a row. New crop December remained positive until late in the session and held above strong support just above $1.15. Penetration of that level will bring support at $1.10 and perhaps at $1 into play.

Rice
Long Grain Cash Bid for  March 1026/cwt  to  1165/cwt
  April/May 1026/cwt  to  1111/cwt

Chicago Futures: May down  11 1/2  at  1276 
 July down  11  at  1305 1/2 
 Sept down  11  at  1376 
 Nov down  10 1/2  at  1405 
 Jan '12 down  6 1/2  at  1435 1/2 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice failed to hold early gains and closed a little lower for the day. Upside potential appears limited with this year’s poor quality long grain crop hampering export potential. Prospects of a much smaller U.S. crop in 2011 are long term supportive and should limit downside pressure on distant contracts. The international market remains somewhat subdued, but things could change when the Philippines start buying rice.



Cattle & Hogs  Date: March 16, 2011

Cattle
As reported by Federal-State Market News, receipts were 529 head at sales in Conway and Pocahontas.  Compared with last week, feeder steers sold $3 to $5 higher, instances $6 to $10 .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 166.25 to - - -
  500 to 550 lbs. 153.75 to - - -
  - - - to - - - lbs. - - - to - - -
 Medium & Large Frame 2   400 to 450 lbs. 146.00 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 130.50 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 123.00 to - - -

Slaughter Cows, Boners 66.50   to   78.00
Light Weight 47.00 to 53.00
Bulls, Yield Grade   1   1000   to   2000 lbs.   88.00   to   93.00
Midwest Steers   - - -   at   - - -   to   - - -
Panhandle Steers   were 50¢ to $2 lower   at   112.00   to   113.50

Oklahoma City Feeders
Steers 600 to 650 lbs. 146.50 to 153.25
  650 to 700 lbs. 138.00 to 147.50
Heifers 600 to 650 lbs. 129.50 to 139.75
  650 to 700 lbs. 121.00 to 129.50

Chicago Futures:
Live Cattle: April down 300 at 11050
  June down 300 at 11065
Feeders: April down 295 at 12770
  August down 300 at 13085

Cattle Comment
Cattle futures posted significant losses again today. 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     steady   at   54.00   to   56.00

Chicago Futures: April up 42 at 8530
  June up 60 at 9535

Hogs Comment
Hog futures recovered a bit today. Japan is the largest customer of U.S. pork, and there was news today that shipments won’t be interrupted and that Japan will need to replace stocks damaged in the disaster.



Poultry  Date: March 16, 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
Whole broiler and fryer prices are mostly steady. Offerings are light to moderate. 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.