Arkansas Farm Bureau
Arkansas Farm Bureau
Grain & Soybean Date: March 22, 2011

Soybeans

Local Elevators:
(Mar) EAST AR:  1335 to 1366
(NC) Summ. 1304 to 1334
River Elevators:
(Mar) MISS: 1363 to 1371 ; AR & White 1331 to 1361
(NC) Summ. 1308 to 1350
Ark. Processor Bids: (Mar) 1346 to 1351  (NC) 1327 to 1334
Memphis:  (Mar) 1370 1/2 to 1380 1/2 (NC)  1332 to 1339
Riceland Foods:  (Mar) Stuttgart 1351 ; Pendleton 1366 ; West Memphis 1371

Chicago Futures: May up 2 1/2 at  1365 1/2
  July  up  at  1375
  Aug up at  1370 1/2
  Nov down at  1344
  Jan '12 down 1 1/4  at  1348 1/2
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans closed mixed as the market traded in a more narrow range. Old crop contracts retraced overnight losses to close slightly higher. Recent private reports suggest that soybeans appear to have lost out to corn and cotton in this year’s acreage race. However, a big South American crop may keep this from being a major problem. The market will remain sensitive to any weather problems associated with the development and harvest of this year’s crop. November continues to honor trendline resistance around $13.45. A close above this level will suggest additional gains.

Wheat
Cash bid for March at Memphis  707 1/4 to 728 1/4;
Bids to farmers at Local Elevators 708-718;
River Elevators 704-743;

Chicago Futures: May up  1 1/4  at  722 1/4 
  July up 3/4  at  757 3/4 
  Sept down  1/2  at  796 1/2 
  Dec down  1/2  at  825 1/2 
  Mar '12 down  4 1/2  at  842 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for March at Memphis  1128 to 1148;
Bids to farmers at River Elevators 1102-1163;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for March at Memphis   686 3/4 to - - -;
  New Crop at Memphis   615 3/4 to 618 3/4;
Bids to farmers at River Elevators  657 to 687

Chicago Futures: May up  1/4  at  686 3/4 
  July up  1/2  at  694 
  Sept up  1/4  at  645 3/4 
  Dec up  2 3/4  at  612 1/4 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat crawled back to the positive side in late trading. The western wheat belt remains dry with only 27 percent of the Kansas crop rated good to excellent. Conditions in Texas and Oklahoma are about the same. July futures have trendline resistance around $7.90.

Corn closed slightly higher despite indications corn plantings will be up around 4 million acres from last year. It now appears interruptions of grain shipments to Japan will be minor with southern ports taking care of grain destined for the ravaged areas in the north. December could test resistance at $6.20, a higher close would be technically positive.



Cotton & Rice  Date: March 22, 2011


Cotton
Spot Price, Grade 41 Staple 34: Memphis up 7.00 at  200.96
  Greenwood up  7.00 at 200.96

New York Futures: May up  700  at  20596 
  July up  700  at  19690 
 Oct up  475  at  15319 
 Dec up  390  at  12827 
 Mar '12 up  385  at  12127 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton volatility returns. After a day of rest, cotton went back into the wheeling and dealing mode with big across the board gains and old crop up the 700 point limit. New crop remains in a 20 cent trading range and is now creeping back toward the upper resistance level at $1.35. Several private plantings projections now have the 2011 average above 13 million. Tight stocks and indications the disaster in Japan won’t limit cotton demand helped boost the market.

Rice
Long Grain Cash Bid for  March 1111/cwt  to  1135/cwt
  April/May 1075/cwt  to  1135/cwt

Chicago Futures: May up  at  1385 1/2 
 July up  at  1416 
 Sept up  at  1481 
 Nov up  2 1/2  at  1508 1/2 
 Jan '12 up  2 1/2  at  1533 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice futures were slightly higher as the September contract remains open to possibly move to retracement objectives at $15.05 and $15.44. Informa projects rice plantings will be just 2.2 million acres in 2011, down 40 percent from 2010. This should be supportive of new crop, and perhaps drag old crop futures higher.



Cattle & Hogs  Date: March 22, 2011

Cattle
As reported by Federal-State Market News, receipts were 1,232 head at sales in Ft. Smith and Heber Springs.  Compared with last week, feeder steers sold unevenly, mostly steady to $3 lower .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 161.50 to - - -
  500 to 550 lbs. 155.00 to - - -
  600 to 650 lbs. 141.25 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 145.25 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 133.50 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 134.00 to - - -

Slaughter Cows, Boners 70.00   to   80.00
Light Weight 42.00 to 51.00
Bulls, Yield Grade   1   1000   to   2100 lbs.   85.50   to   95.00
Midwest Steers   were $1 lower   at   113.00   to   - - -
Panhandle Steers   were   at   113.00   to   - - -

Oklahoma City Feeders
Steers 500 to 550 lbs. 158.00 to 163.85
  550 to 600 lbs. 150.00 to 159.00
Heifers 500 to 550 lbs. 136.00 to 145.00
  600 to 650 lbs. 131.00 to 138.00

Chicago Futures:
Live Cattle: April up 67 at 11427
  June up 17 at 11385
Feeders: April up 40 at 13140
  August up 102 at 13517

Cattle Comment
Cattle futures were slightly higher as the market attempts to retrace recent declines. Improving beef cutout values are a positive, and should allow packers to keep bids near record levels.

Hogs
Peoria: were$1 lower to $3     higher   at   55.00   to   57.00

Chicago Futures: April up 130 at 8970
  June up 47 at 10145

Hogs Comment
Hogs made a strong move ahead of his week’s pig crop report. The market is expecting all three major categories to be slightly lower than year ago levels. That would suggest sow liquidation has slowed; however, breeding herd expansion is likely a ways away.



Poultry  Date: March 22, 2011

Eggs
New York:  Ex. Lg. 100-104; Lg. 98-102; Med. 92-96;
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
Whole broiler and fryer prices are steady to weak. Offerings are moderate to at times heavy for current trade needs. Demand is light to moderate. Market activity is slow to moderate. In production areas, live supplies are moderate. Weights are mostly desirable.