Arkansas Farm Bureau
Arkansas Farm Bureau
Grain & Soybean Date: March 25, 2011

Soybeans

Local Elevators:
(Mar) EAST AR:  1327 to 1358
(NC) Summ. 1310 to 1340
River Elevators:
(Mar) MISS: 1355 to 1363 ; AR & White 1331 to 1353
(NC) Summ. 1312 to 1356
Ark. Processor Bids: (Mar) 1338 to 1343  (NC) 1333 to 1340
Memphis:  (Mar) 1370 1/4 to - - - (NC)  1340 1/4 to - - -
Riceland Foods:  (Mar) Stuttgart 1343 ; Pendleton 1358 ; West Memphis 1363

Chicago Futures: May up 3 3/4 at  1358 1/4
  July  up  at  1368 1/2
  Aug up 4 1/2  at  1367
  Nov up 6 3/4  at  1350 1/4
  Jan '12 up at  1355
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans firmed with November making a brief push above Monday’s high of $13.58. However, the market couldn’t hold that level and backed slightly at the close. Rain in Brazil is hampering harvest and movement of beans to export facilities. However, the February crush figure was down and it appears use is slowing. Technically, a November close above $13.60 would give an upside target around $14. Thursday’s plantings report may hold the key.

Wheat
Cash bid for March at Memphis  718 1/4 to 739 1/4;
Bids to farmers at Local Elevators 719-729;
River Elevators 719-758;

Chicago Futures: May down  6 1/4  at  733 1/4 
  July down at  768 3/4 
  Sept down  at  806 1/2 
  Dec down  6 1/2  at  833 1/2 
  Mar '12 down  3 3/4  at  852 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for March at Memphis  1133 to 1160;
Bids to farmers at River Elevators 1107-1168;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for March at Memphis   691 1/2 to 694 1/2;
  New Crop at Memphis   617 3/4 to - - -;
Bids to farmers at River Elevators  660 to 690

Chicago Futures: May down  13  at  689 1/2 
  July down  12 1/2  at  695 1/2 
  Sept down  13 3/4  at  644 3/4 
  Dec down  9 1/4  at  609 1/2 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat hit trendline resistance at $7.87 and then retraced gains to close lower for the day. Poor crop conditions have yet to register as a major problem, although dry conditions persist in the western part of the hard red production area. July will need to close above $7.90 to extend the rebound toward retracement objectives of $8.21 and $8.52.

Corn got confirmation on a big sale with 1.25 million bushels going to an unknown buyer; one million bushels for delivery this marketing year. That was double the rumors earlier in the week. It again proved the old market saying – buy the rumor, sell the fact – as corn declined. December made a brief push above key resistance around $6.20, but like old crop contracts, declined into the close.



Cotton & Rice  Date: March 25, 2011


Cotton
Spot Price, Grade 41 Staple 34: Memphis down 4.33 at  199.49
  Greenwood down  4.33 at 199.49

New York Futures: May down  433  at  20449 
  July down  338  at  19711 
 Oct up  76  at  15451 
 Dec up  11  at  12792 
 Mar '12 down  at  12069 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
The volatility in the cotton market continues with old crop contracts sharply lower to close the week. On the other hand, December is in a consolidation phase as the market has remained in a fairly tight range the last several days. Overall trading remains in 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/cwt  to  1149/cwt
  April 1075/cwt  to  1149/cwt

Chicago Futures: May up  10 1/2  at  1429 1/2 
 July up  10  at  1460 
 Sept up  7 1/2  at  1520 
 Nov up  5 1/2  at  1546 1/2 
 Jan '12 up  6 1/2  at  1572 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice futures ended the week on a firm note as the market inched higher again today. 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 market. (Please note the Informa acreage projection was 3.2 million acres and not 2.2 million acres as indicated earlier.)



Cattle & Hogs  Date: March 25, 2011

Cattle
As reported by Federal-State Market News, receipts were 10,888 head at sales in Arkansas this week.  Compared with last week, feeder steers sold somewhat unevenly, mostly steady to $3 higher .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 164.75 to - - -
  500 to 550 lbs. 156.50 to - - -
  600 to 650 lbs. 143.00 to - - -
 Medium & Large Frame - - -   - - - to - - - lbs. - - - to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 134.25 to - - -
 Medium & Large Frame - - -   - - - to - - - lbs. - - - to - - -

Slaughter Cows, Boners 69.00   to   75.00
Light Weight 50.00 to 56.00
Bulls, Yield Grade   1   1000   to   2000 lbs.   80.00   to   90.00
Midwest Steers   - - -   at   - - -   to   - - -
Panhandle Steers   - - -   at   - - -   to   - - -

Oklahoma City Feeders
Steers 550 to 600 lbs. 141.00 to 162.00
  600 to 650 lbs. 133.00 to 157.00
Heifers 550 to 600 lbs. 126.00 to 145.00
  600 to 650 lbs. 122.00 to 139.00

Chicago Futures:
Live Cattle: April up 277 at 11860
  June up 297 at 11775
Feeders: April up 222 at 13485
  August up 240 at 13852

Cattle Comment
Cattle futures were sharply higher as packer margins remain solid. Finished cattle supplies appear tight as feedlots are pushing marketings based on current strong prices. Funds appear to be establishing large feeder positions.

Hogs
Peoria: were     steady   at   54.50   to   56.50

Chicago Futures: April up 215 at 9247
  June up 252 at 10370

Hogs Comment
Hogs closed the day with strong gains. Slaughter numbers are down 3 percent from a year ago, and cutout values have risen to almost 25 percent. Export demand is good and Japan appears to be ramping up their purchases.



Poultry  Date: March 25, 2011

Eggs
New York:  Ex. Lg. 111-115; Lg. 109-113; Med. 103-107;
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 holding steady for whole broilers and fryers, but with a barely steady undertone. Offerings of all sizes are moderate to at times heavy. Demand entering the weekend is mostly light. Market activity is slow to moderate. In production areas, live supplies are moderate at mixed, but mostly desirable weights.