Arkansas Farm Bureau
Arkansas Farm Bureau
Grain & Soybean Date: March 23, 2011

Soybeans

Local Elevators:
(Mar) EAST AR:  1320 to 1351
(NC) Summ. 1293 to 1323
River Elevators:
(Mar) MISS: 1348 to 1356 ; AR & White 1324 to 1346
(NC) Summ. 1295 to 1339
Ark. Processor Bids: (Mar) 1331 to 1336  (NC) 1316 to 1323
Memphis:  (Mar) 1361 1/4 to 1363 1/4 (NC)  1321 1/4 to 1323 1/4
Riceland Foods:  (Mar) Stuttgart 1336 ; Pendleton 1351 ; West Memphis 1356

Chicago Futures: May down 14 1/4 at  1351 1/4
  July  down  14  at  1361
  Aug down 13  at  1357 1/2
  Nov down 10 3/4  at  1333 1/4
  Jan '12 down 10 3/4  at  1337 3/4
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans continued to honor resistance and closed lower. November futures remained below key trendline support as the market failed to hold early gains. Acreage this year remains a question with estimates ranging from less than 76 million to more than 78 million. Double crop acreage might have the figure toward the upper end of this range. A close above $13.58 is needed to resume the upmove.

Wheat
Cash bid for March at Memphis  699 1/4 to 720 1/4;
Bids to farmers at Local Elevators 700-710;
River Elevators 696-735;

Chicago Futures: May down  at  714 1/4 
  July down 7 1/2  at  750 1/4 
  Sept down  7 1/2  at  789 
  Dec down  8 1/4  at  817 1/4 
  Mar '12 down  at  833 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for March at Memphis  1118 to 1138;
Bids to farmers at River Elevators 1091-1152;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for March at Memphis   681 to - - -;
  New Crop at Memphis   615 1/2 to 618 1/2;
Bids to farmers at River Elevators  651 to 681

Chicago Futures: May down  5 3/4  at  681 
  July down  5 1/2  at  688 1/2 
  Sept down  1/4  at  645 1/2 
  Dec down  2 1/2  at  609 3/4 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat traded in a narrow range before closing lower. 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 was lower at the close as both old and new crop failed to follow through on recent gains. Old crop needs confirmation on rumored sales to China. New crop December has moved into position to test well established resistance at $6.20. 2011 plantings are expected to be the second largest in history at 92 million acres.



Cotton & Rice  Date: March 23, 2011


Cotton
Spot Price, Grade 41 Staple 34: Memphis down 4.09 at  196.87
  Greenwood down  4.09 at 196.87

New York Futures: May down  409  at  20187 
  July down  297  at  19393 
 Oct down  137  at  15182 
 Dec down  160  at  12667 
 Mar '12 down  127  at  12000 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton was sharply lower as the market retraced a substantial portion of yesterday’s gains. New crop December remains in a wide trading range, $1.15 to $1.35, historically high, but at the same time well below old crop highs that have been well over $2. Planting estimates for 2011 appear to have edged above 13 million acres, but there is still question about the potential size of the crop.

Rice
Long Grain Cash Bid for  March 1111/cwt  to  1124/cwt
  April/May 1075/cwt  to  1124/cwt

Chicago Futures: May up  19  at  1404 1/2 
 July up  19  at  1435 
 Sept up  19 1/2  at  1500 1/2 
 Nov up  19 1/2  at  1528 
 Jan '12 up  22  at  1555 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice futures moved higher as prospects of a much smaller crop in 2011 continue to be discussed. Recent private estimates suggested acreage will be down 40 percent or 1.4 million acres from last year. Stocks will be large with USDA projecting carryover of 52.8 million hundred weight, the majority of which will be long grain. September futures have a 62 percent retracement objective of $15.44.



Cattle & Hogs  Date: March 23, 2011

Cattle
As reported by Federal-State Market News, receipts were 1,010 head at sales in Conway and Pocahontas.  Compared with last week, feeder steers sold steady to $3 lower .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 162.00 to - - -
  500 to 550 lbs. 147.00 to - - -
  600 to 650 lbs. 134.00 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 140.00 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 132.25 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 124.00 to - - -

Slaughter Cows, Boners 67.50   to   77.50
Light Weight 40.00 to 48.00
Bulls, Yield Grade   1   1000   to   2000 lbs.   85.00   to   95.00
Midwest Steers   were $1 higher   at   114.00   to   - - -
Panhandle Steers   were steady   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 550 to 600 lbs. 134.00 to 142.00
  600 to 650 lbs. 131.00 to 138.00

Chicago Futures:
Live Cattle: April down 17 at 11410
  June down 50 at 11335
Feeders: April down 5 at 13150
  Aug down 27 at 13490

Cattle Comment
Cattle futures ended a bit lower on profit taking. Improving beef cutout values are a positive, and should allow packers to keep bids near record levels.

Hogs
Peoria: were     steady   at   55.00   to   57.00

Chicago Futures: April up 37 at 9007
  June down 92 at 10052

Hogs Comment
Hogs were mostly lower on profit taking. Yesterday’s meat stocks report showed an increase in frozen pork stocks, and that contributed to today’s declines as well.



Poultry  Date: March 23, 2011

Eggs
New York:  Ex. Lg. 105-109; Lg. 103-107; Med. 97-101;
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 trending weak. Offerings are moderate to heavy for current trade needs. Demand is light to moderate for mid-week business. Market activity is slow to moderate. In production areas, live supplies are moderate. Weights are mostly desirable.