Arkansas Farm Bureau
Arkansas Farm Bureau
Grain & Soybean Date: March 18, 2011

Soybeans

Local Elevators:
(Mar) EAST AR:  1327 to 1363
(NC) Summ. 1294 to 1324
River Elevators:
(Mar) MISS: 1345 to 1368 ; AR & White 1331 to 1358
(NC) Summ. 1293 to 1326
Ark. Processor Bids: (Mar) 1343 to 1343  (NC) 1314 to 1324
Memphis:  (Mar) 1371 1/2 to 1372 1/2 (NC)  1330 to 1334
Riceland Foods:  (Mar) Stuttgart 1343 ; Pendleton 1363 ; West Memphis 1373

Chicago Futures: May up 27 1/4 at  1362 1/2
  July  up  28  at  1371 1/2
  Aug up 27 1/2  at  1367 1/4
  Nov up 31 3/4  at  1334
  Jan '12 up 31 1/4  at  1338 1/2
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans made good gains for the third day in a row. November futures stalled out when the market couldn’t hold above a downtrend drawn off recent highs. A smaller than expected projected plantings by Informa gave soybeans a good boost. Their estimate was just 75.3 million acres, over two million less than last year. Heavy rains in Brazil and damage to beans in transport was also positive for the market. November has resistance between $13.40 and $13.58.

Wheat
Cash bid for March at Memphis  708 to 728;
Bids to farmers at Local Elevators 701-719;
River Elevators 700-739;

Chicago Futures: May up  12 3/4  at  723 
  July up 13 1/4  at  758 1/2 
  Sept up  13 1/4  at  797 1/4 
  Dec up  14 1/2  at  826 3/4 
  Mar '12 up  13 3/4  at  846 1/4 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for March at Memphis  1122 to 1146;
Bids to farmers at River Elevators 1096-1157;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for March at Memphis   678 1/2 to 679 1/2;
  New Crop at Memphis   610 to 612;
Bids to farmers at River Elevators  654 to 684

Chicago Futures: May up  37  at  683 1/2 
  July up  36 1/4  at  690 
  Sept up  24  at  637 
  Dec up  19 1/4  at  598 1/2 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat continued to recover from the recent selloff. 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.

Corn futures were sharply higher with old crop leading the way. A rumor of a big Chinese purchase hasn’t been confirmed, but it hasn’t been denied either. In addition, it appears that there will be limited curtailment of sales to Japan. Informa’s corn acreage estimate of 91.76 million acres was near expectations, but may still be short of needs. December futures came within a couple of cents of resistance near $6.20 before backing off to close just under $6.



Cotton & Rice  Date: March 18, 2011


Cotton
Spot Price, Grade 41 Staple 34: Memphis up 7.00 at  194.12
  Greenwood up  7.00 at 194.12

New York Futures: May up  700  at  19912 
  July up  700  at  18946 
 Oct up  206  at  14856 
 Dec up  288  at  12384 
 Mar '12 up  246  at  11682 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton continued to retrace recent declines. New crop December has a 20 cent trading range, $1.35 to $1.15, that has contained the market for the last six or seven weeks. The market is looking for a substantial increase in acreage. While the market top may have been made, there will be limited downside pressure until this year’s crop is well established.

Rice
Long Grain Cash Bid for  March 1113/cwt  to  1165/cwt
  April/May 1111/cwt  to  1113/cwt

Chicago Futures: May up  37 1/2  at  1363 1/2 
 July up  38  at  1393 1/2 
 Sept up  34 1/2  at  1460 1/2 
 Nov up  32  at  1487 
 Jan '12 up  28 1/2  at  1514 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice futures rode the wave higher with new crop September breaking a downtrend. The next resistance is located around $15.25. Smaller 2011 plantings are expected and that is supportive, but upside is likely limited until the actual acreage is well established.



Cattle & Hogs  Date: March 18, 2011

Cattle
As reported by Federal-State Market News, receipts were 11,524 head at sales in Arkansas this week.  Compared with last week, feeder steers sold mostly $3 to $5 lower .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 167.00 to - - -
  500 to 550 lbs. 153.00 to - - -
  600 to 650 lbs. 137.00 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 142.00 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 136.00 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 132.00 to - - -

Slaughter Cows, Boners 68.00   to   75.00
Light Weight 62.00 to 69.00
Bulls, Yield Grade   1   1000   to   2100 lbs.   80.00   to   89.00
Midwest Steers   were   at   112.00   to   - - -
Panhandle Steers   - - -   at   - - -   to   - - -

Oklahoma City Feeders
Steers 400 to 450 lbs. 160.00 to 169.00
  450 to 500 lbs. 160.00 to 168.00
Heifers 450 to 500 lbs. 137.00 to 147.00
  550 to 600 lbs. 129.00 to 143.00

Chicago Futures:
Live Cattle: April up 5 at 11165
  June up 2 at 11180
Feeders: April down 10 at 12917
  Aug down 27 at 13190

Cattle Comment
Live cattle futures ended mixed. Gains in corn were negative for feeders. A close below $110 by April would be negative.

Hogs
Peoria: were     steady   at   54.00   to   56.00

Chicago Futures: April up 17 at 8832
  June up 215 at 9982

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 18, 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
Prices are steady for whole broiler and fryers. Offerings are light to moderate for current trade needs. Demand is moderate entering the weekend. Market activity is moderate. In production areas, live supplies are moderate at mixed, but mostly desirable weights.