Arkansas Farm Bureau
Arkansas Farm Bureau
Grain & Soybean Date: March 21, 2011

Soybeans

Local Elevators:
(Mar) EAST AR:  1327 to 1363
(NC) Summ. 1305 to 1335
River Elevators:
(Mar) MISS: 1360 to 1373 ; AR & White 1331 to 1358
(NC) Summ. 1309 to 1351
Ark. Processor Bids: (Mar) 1343 to 1343  (NC) 1325 to 1335
Memphis:  (Mar) 1373 to 1378 (NC)  1333 to 1340
Riceland Foods:  (Mar) Stuttgart 1343 ; Pendleton 1363 ; West Memphis 1373

Chicago Futures: May up 1/2 at  1363
  July  up  1 1/2  at  1373
  Aug up 2 1/4  at  1369 1/2
  Nov up 11  at  1345
  Jan '12 up 11 1/4  at  1349 3/4
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans ended the session higher, with extended gains in the new crop contracts. Outside markets were mostly positive for the grains with the dollar lower, and equities and oil higher. Prospects of reduced U.S. acres in 2011 gave the new crop months a bigger boost. Old crop gains were smaller as the market looks ahead to a substantial South American crop and reduced demand from importers for U.S. beans.

Wheat
Cash bid for March at Memphis  706 to 723;
Bids to farmers at Local Elevators 699-717;
River Elevators 703-742;

Chicago Futures: May down  at  721 
  July down 1 1/2  at  757 
  Sept down  1/4  at  797 
  Dec down  3/4  at  826 
  Mar '12 up  1/4  at  846 1/2 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for March 21, 2011 at Memphis  1128 to 1146;
Bids to farmers at River Elevators 1102-1163;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for March at Memphis   683 1/2 to 686 1/2;
  New Crop at Memphis   615 1/2 to 618 1/2;
Bids to farmers at River Elevators  657 to 687

Chicago Futures: May up  at  686 1/2 
  July up  3 1/2  at  693 1/2 
  Sept up  8 1/2  at  645 1/2 
  Dec up  11  at  609 1/2 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat traded in a narrow range today and closed a bit lower. Technical selling pushed the market much lower than anticipated in the past couple of weeks, so hopefully the recovery will be stronger. Initial resistance for July is seen between $7.90 and $8.15.

Corn continued to firm but old crop was not as strong as new crop. The market is looking for confirmation of big sales to China that were rumored last week. So far, sales to unknown buyers of 232,000 tons, is well below the rumored sale of 500,000 tons. December futures are about a dime away from strong resistance at $6.20. The market has failed at or near this level numerous times in the last 5 or 6 weeks. A close above this resistance would be technically bullish.



Cotton & Rice  Date: March 21, 2011


Cotton
Spot Price, Grade 41 Staple 34: Memphis down 16 at  193.96
  Greenwood down  16 at 193.96

New York Futures: May down  16  at  19896 
  July up  44  at  18990 
 Oct down  12  at  14844 
 Dec up  53  at  12437 
 Mar '12 up  60  at  11742 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton closed narrowly mixed as the market reflects a tight stocks situation.

Rice
Long Grain Cash Bid for  March/April 1075/cwt  to  1133/cwt
  April/May 1075/cwt  to  - - -

Chicago Futures: May up  20  at  1383 1/2 
 July up  20 1/2  at  1414 
 Sept up  18 1/2  at  1479 
 Nov up  19  at  1506 
 Jan '12 up  16 1/2  at  1530 1/2 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice continued to retrace recent losses with retracement objectives of $15.05 and $15.44 within reach.



Cattle & Hogs  Date: March 21, 2011

Cattle
As reported by Federal-State Market News, receipts were 2,314 head at sales in Ash Flat and Springdale.  Compared with last week, feeder steers sold steady to $5 higher .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 168.00 to - - -
  500 to 550 lbs. 161.00 to - - -
  600 to 650 lbs. 142.00 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 157.50 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 132.75 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 130.50 to - - -

Slaughter Cows, Boners 65.00   to   74.00
Light Weight 51.00 to 59.00
Bulls, Yield Grade   1   1000   to   2100 lbs.   79.00   to   88.00
Midwest Steers   were   at   114.00   to   114.00
Panhandle Steers   - - -   at   - - -   to   - - -

Oklahoma City Feeders
Steers 450 to 500 lbs. 154.00 to 169.00
  600 to 650 lbs. 144.75 to 152.25
Heifers 340 to 500 lbs. 144.00 to 149.00
  600 to 650 lbs. 131.00 to 137.00

Chicago Futures:
Live Cattle: April up 195 at 11360
  June up 187 at 11367
Feeders: April up 182 at 13100
  August up 225 at 13415

Cattle Comment
Cattle futures ended sharply higher. The Dow was up 200 points today, giving cattle futures solid support. The dollar index is down a bit today, giving U.S. beef more of an edge in the export market. April will have resistance at $114.70.

Hogs
Peoria: were     steady   at   54.00   to   56.00

Chicago Futures: April up 7 at 8840
  June up 115 at 10097

Hogs Comment
Hogs were higher but traded in a relatively narrow range. Japanese buying has continued and it appears the disaster may bring additional purchases. April futures have resistance around $90.



Poultry  Date: March 21, 2011

Eggs
New York:  Ex. Lg. 95-99; Lg. 93-97; Med. 87-91;
Chicago:  Ex. Lg. 86-94; Lg. 84-92; Med. 78-86;

National Turkeys
Hens: 8-16 lbs 92.50
Toms: 16-24 lbs 92.50
 

Delmarva Broilers
U.S. Grade A
Prices are steady for whole broiler/fryers. Offerings are light to moderate for current trade needs. Demand is moderate following the weekend with trading usually limited to regular commitments. Market activity is moderate. In production areas, live supplies are moderate at mixed, but mostly desirable weights.