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 | 4 | at | 1368 1/2 | |
| Aug | up | 4 1/2 | at | 1367 | |
| Nov | up | 6 3/4 | at | 1350 1/4 | |
| Jan '12 | up | 7 | at | 1355 | |
| Today's Arkansas LDP rate for soybeans is: | 0¢ | ||||
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 | 6 | at | 768 3/4 | |
| Sept | down | 6 | 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: | 0¢ | ||||
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: | 0¢ |
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: | 0¢ | ||||
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 | 9 | at | 12069 | |
| This week's LDP rate for cotton is | 0 cents | ||||
| The estimate for next week is | 0 cents | ||||
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 | 0¢ | ||||
| medium grain rice is | 0¢ | ||||
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.
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.
