Arkansas Farm Bureau
Arkansas Farm Bureau
Grain & Soybean Date: March 24, 2011

Soybeans

Local Elevators:
(Mar) EAST AR:  1324 to 1355
(NC) Summ. 1304 to 1334
River Elevators:
(Mar) MISS: 1352 to 1360 ; AR & White 1328 to 1350
(NC) Summ. 1306 to 1350
Ark. Processor Bids: (Mar) 1335 to 1340  (NC) 1327 to 1334
Memphis:  (Mar) 1365 1/2 to 1370 1/2 (NC)  1333 1/2 to - - -
Riceland Foods:  (Mar/April) Stuttgart 1340 ; Pendleton 1355 ; West Memphis 1360

Chicago Futures: May up 3 1/4 at  1354 1/2
  July  up  3 1/2  at  1364 1/2
  Aug up at  1362 1/2
  Nov up 10 1/4  at  1343 1/2
  Jan '12 up 10 1/4  at  1348
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans reversed early declines to close higher. Nearby contracts pressured by slowing exports and a big South American crop registered the smallest gains. Prospects of a decrease in U.S. plantings provided new crop contracts a substantial boost. November futures closed above trendline resistance but will need to close above $43.58 to extend the upturn.

Wheat
Cash bid for March at Memphis  724 1/2 to 745 1/2;
Bids to farmers at Local Elevators 725-735;
River Elevators 725-764;

Chicago Futures: May up  25 1/4  at  739 1/2 
  July up 24 1/2  at  774 3/4 
  Sept up  23 1/2  at  812 1/2 
  Dec up  22 3/4  at  840 
  Mar '12 up  22 3/4  at  855 3/4 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for March at Memphis  1156 to 1183;
Bids to farmers at River Elevators 1016-1019;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for March at Memphis   703 1/2 to 704 1/2;
  New Crop at Memphis   631 1/2 to - - -;
Bids to farmers at River Elevators  673 to 703

Chicago Futures: May up  21 1/2  at  702 1/2 
  July up  19 1/2  at  708 
  Sept up  13  at  658 1/2 
  Dec up  at  618 3/4 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat futures were posting strong gains at mid-day. Weekly export reports showed old crop sales of 24.4 million bushels and new crop sales of 3.2 million bushels. The cumulative total for the current marketing year is 60% higher than this time last year. July futures have trendline resistance around $7.90.

Corn closed with strong old crop gains. Talk of potential flooding in the Midwest contributed to the solid gains. December futures again pushed up near substantial resistance at $6.20. A close above this level would give the market a positive technical situation and further upside potential.



Cotton & Rice  Date: March 24, 2011


Cotton
Spot Price, Grade 41 Staple 34: Memphis up 6.95 at  203.82
  Greenwood up  6.95 at 203.82

New York Futures: May up  695  at  20882 
  July up  656  at  20049 
 Oct up  193  at  15375 
 Dec up  114  at  12781 
 Mar '12 up  78  at  12078 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton futures were higher as the market retraced yesterday’s decline after continuing lower in the overnight trade. Very tight stocks are again driving old crop contracts back toward recent highs. December futures have closed outside the recent trading range between $1.15 and $1.35. Recent private reports have 2011 plantings above 13 million acres. However, even that might not generate enough production to build stocks.

Rice
Long Grain Cash Bid for  Mar 1111  to  1139/cwt
  April 1075  to  1139/cwt

Chicago Futures: May up  14 1/2  at  1419 
 July up  15  at  1450 
 Sept up  12  at  1512 1/2 
 Nov up  13  at  1541 
 Jan '12 up  10 1/2  at  1565 1/2 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice futures traded higher throughout most of the session. The market has made some sweeping changes over the last two months as the trade attempts to balance a large supply of old crop rice against anticipated smaller plantings in 2011; old crop rice that for the most part is lower in quality than normal and will be difficult to mark. (Please note the Informa acreage projection was 3.2 million acres and not 2.2 million acres as indicated earlier.)



Cattle & Hogs  Date: March 24, 2011

Cattle
As reported by Federal-State Market News, receipts were 2,914 head at sales in Charlotte, Green Forest and Ratcliff.  Compared with last week, feeder steers sold mostly firm to $5 higher .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 164.00 to - - -
  500 to 550 lbs. 154.00 to - - -
  600 to 650 lbs. 146.00 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 149.00 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 136.50 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 133.00 to - - -

Slaughter Cows, Boners 64.00   to   72.00
Light Weight 50.00 to 57.00
Bulls, Yield Grade   1-2   1000   to   2100 lbs.   80.00   to   90.00, high dressing 90-100
Midwest Steers   - - -   at   - - -   to   - - -
Panhandle Steers   - - -   at   - - -   to   - - -

Oklahoma City Feeders
Steers 500 to 550 lbs. 156 to 162
  550 to 600 lbs. 155 to 160
Heifers 500 to 550 lbs. 149.50 to 152
  550 to 600 lbs. 137.50 to 145

Chicago Futures:
Live Cattle: April up 172 at 11582
  June up 142 at 11477
Feeders: April up 112 at 13262
  Aug up 122 at 13612

Cattle Comment
Cattle futures were trading higher at mid-day. Cash prices remain strong, and the weekly export report showed 3,900 metric tons going to Japan, re-affirming that exports to that country are running smoothly despite the damage.

Hogs
Peoria: were $1.50 higher to $2.50     lower   at   54.50   to   56.50

Chicago Futures: April up 25 at 9032
  June up 65 at 10117

Hogs Comment
Hogs were higher at mid-day. The dollar was a bit weaker, and that is good news for U.S. exports. Japan is continuing with routine purchases, which is a big plus since Japan is the largest importer of U.S. pork by a wide margin.



Poultry  Date: March 24, 2011

Eggs
New York:  Ex. Lg. 110-114; Lg. 108-112; Med. 102-106;
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/fryer prices are trending weak. Offerings are moderate to heavy. Demand approaching the weekend is light to moderate for late week trading. Market activity is slow to moderate. In production areas, live supplies are moderate. Weights are mostly desirable.