Arkansas Farm Bureau
Arkansas Farm Bureau
Grain & Soybean Date: March 17, 2011

Soybeans

Local Elevators:
(Mar) EAST AR:  1299 to 1335
(NC) Summ. 1262 to 1292
River Elevators:
(Mar) MISS: 1332 to 1345 ; AR & White 1303 to 1330
(NC) Summ. 1259 to 1308
Ark. Processor Bids: (Mar) 1315 to 1315  (NC) 1282 to 1292
Memphis:  (Mar) 1342 1/4 to 1344 1/4 (NC)  1298 1/4 to 1302 1/4
Riceland Foods:  (Mar) Stuttgart 1315 ; Pendleton 1335 ; West Memphis 1345

Chicago Futures: May up 48 1/4 at  1335 1/4
  July  up  48 1/4  at  1343 1/2
  Aug up 49  at  1339 3/4
  Nov up 51 1/2  at  1302 1/4
  Jan '12 up 51  at  1307 1/4
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans closed the deal today holding big gains into the end of the session. Stronger crude oil and equities and a weaker dollar provided a strong base for continuation of yesterday’s higher close. Export sales continued to decline as expected, but on the positive, shipments remain strong indicating cancellations are not a problem. November bounced off key trendline support around $12.40 and has initial resistance around $13.40.

Wheat
Cash bid for March at Memphis  695 1/4 to 712 1/4;
Bids to farmers at Local Elevators 687-705;
River Elevators 685-716;

Chicago Futures: May up  48 1/4  at  710 1/4 
  July up 49 1/4  at  745 1/4 
  Sept up  49 1/2  at  784 
  Dec up  48 3/4  at  812 1/4 
  Mar '12 up  47 1/4  at  832 1/2 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for March at Memphis  1056 to 1076;
Bids to farmers at River Elevators 1030-1091;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for March at Memphis   641 1/2 to 642 1/2;
  New Crop at Memphis   586 to 588;
Bids to farmers at River Elevators  617 to 647

Chicago Futures: May up  30  at  646 1/2 
  July up  30  at  653 3/4 
  Sept up  30  at  613 
  Dec up  30  at  579 1/4 
  Today's Arkansas LDP rate for corn is:

Grain Comment
After slipping more than $2.50 the last two months, wheat made a strong recovery. Technical selling pushed the market much lower than anticipated, so hopefully the recovery will be stronger. Initial resistance for July is seen between $7.90 and $8.15. Dry conditions are still persisting in the Western regions of the hard red wheat belt. Good export numbers are expected.

Corn closed up the limit of 30 cents in across the board gains. Strong export bookings suggest the recent break brought in bargain hunters. For example, China is rumored to have bought 250 to 500,000 tons of corn from the United States. May futures dipped over $1.20 from highs of just two weeks ago. A 50 percent retracement would give May an upside objective of $6.76. December declined about 75 cents and is only a nickel away from a 50 percent retracement. Additional resistance remains around the recent highs near $6.20.



Cotton & Rice  Date: March 17, 2011


Cotton
Spot Price, Grade 41 Staple 34: Memphis up 7.00` at  187.12
  Greenwood up  7.00 at 187.12

New York Futures: May up  700  at  19212 
  July up  700  at  18246 
 Oct up  506  at  14650 
 Dec up  427  at  12096 
 Mar '12 up  439  at  11436 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton held big gains throughout today’s trade. Like the grains, it appears the selloff was overdone and bargain hunting brought buyers back to the table. December held above key support near $1.15 and remains in a 20 cents trading range with resistance seen around $1.35.

Rice
Long Grain Cash Bid for  March 1076/cwt  to  1165/cwt
  April/May 1076/cwt  to  1111/cwt

Chicago Futures: May up  50  at  1326 
 July up  50  at  1355 1/2 
 Sept up  50  at  1426 
 Nov up  50  at  1455 
 Jan '12 up  50  at  1485 1/2 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice followed the other grains higher and posted limit gains. A smaller U.S. acreage is expected in 2011 and that is positive. The industry and producers will continue to be frustrated by this year’s poor quality which will make marketing very difficult.



Cattle & Hogs  Date: March 17, 2011

Cattle
As reported by Federal-State Market News, receipts were 2,608 head at sales in Charlotte, Green Forest and Ratcliff.  Compared with last week, feeder steers sold unevenly,near steady .

Steers:
 Medium & Large Frame 1   350 to 400 lbs. 164.00 to - - -
  450 to 500 lbs. 150.50 to - - -
  500 to 550 lbs. 142.25 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 153.00 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 132.00 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 131.75 to - - -

Slaughter Cows, Boners 65.00   to   71.00
Light Weight 49.00 to 56.00
Bulls, Yield Grade   1-2   1000   to   2100 lbs.   75.00   to   86.50
Midwest Steers   - - -   at   - - -   to   - - -
Panhandle Steers   - - -   at   - - -   to   - - -

Oklahoma City Feeders
Steers 550 to 600 lbs. 139.00 to 155.00
  600 to 650 lbs. 135.00 to 150.00
Heifers 550 to 600 lbs. 127.00 to 139.00
  600 to 650 lbs. 118.00 to 128.00

Chicago Futures:
Live Cattle: April up 110 at 11160
  June up 112 at 11177
Feeders: April up 157 at 12927
  Aug up 132 at 13217

Cattle Comment
Live cattle futures bounced off support at the bottom of a $5 trading range to post good gains today. However, the close was well off the day’s highs and seems to suggest there is some reluctance to this market retracing recent declines. A close below $110 by April would be negative.

Hogs
Peoria: were     steady   at   54.00   to   56.00

Chicago Futures: April up 285 at 8815
  June up 232 at 9767

Hogs Comment
Hogs bounced back on reduced concerns about cancellation of shipments to Japan. Japanese buying has continued and it appears the disaster may bring additional purchases. April futures have resistance around $90.



Poultry  Date: March 17, 2011

Eggs
New York:  Ex. Lg. 94-98; Lg. 92-96; Med. 86-90;
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 steady. Offerings are moderate for current trade needs. Demand is moderate approaching the weekend with trading usually limited to regular commitments. Market activity is moderate. In production areas, live supplies are moderate. Weights are mostly desirable.