(Mar) EAST AR: 1299 to 1335
(NC) Summ. 1262 to 1292
(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|
|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:||0¢|
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.
Cash bid for March at Memphis 695 1/4 to 712 1/4;
|Bids to farmers at Local Elevators||687-705;|
|Chicago Futures:||May||up||48 1/4||at||710 1/4|
|July||up||49 1/4||at||745 1/4|
|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:||0¢|
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:||0¢|
|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|
|Today's Arkansas LDP rate for corn is:||0¢|
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
|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|
|This week's LDP rate for cotton is||0 cents|
|The estimate for next week is||0 cents|
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.
|Long Grain Cash Bid for||March||1076/cwt||to||1165/cwt|
|Jan '12||up||50||at||1485 1/2|
|Today's Arkansas LDP rate for long grain rice is||0¢|
|medium grain rice is||0¢|
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
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 .
|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||- - -|
|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
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.
Peoria: were steady at 54.00 to 56.00
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
|New York:||Ex. Lg. 94-98; Lg. 92-96; Med. 86-90;|
|Chicago:||Ex. Lg. 84-92; Lg. 82-90; Med. 76-84;|
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.