Arkansas Farm Bureau
Arkansas Farm Bureau
Grain & Soybean Date: March 28, 2011

Farm Bureau invites you to attend the Market Update Webinar on Thurs. March 31, 8:30 a.m. The update will highlight changes in the USDA report, as well as potential affects these changes will have on the market. The update will last approximately 30 minutes and cover the major crops: rice, cotton, soybeans, corn, and wheat. You can participate in the webinar using a computer, IPhone, or Blackberry. For registration information contact Matt King, 501-228-1297, matt.king@arfb.com or Sandy Reeves, 501-228-1300, sandra.reeves@arfb.com.

Soybeans

Local Elevators:
(Mar) EAST AR:  1318 to 1349
(NC) Summ. 1302 to 1332
River Elevators:
(Mar) MISS: 1346 to 1354 ; AR & White 1322 to 1344
(NC) Summ. 1303 to 1348
Ark. Processor Bids: (Mar) 1329 to 1334  (NC) 1325 to 1332
Memphis:  (Mar) 1360 1/2 to - - - (NC)  1332 to - - -
Riceland Foods:  (Mar) Stuttgart 1334 ; Pendleton 1349 ; West Memphis 1354

Chicago Futures: May down 9 3/4 at  1348 1/2
  July  down  9 1/4  at  1359 1/4
  Aug down 8 3/4  at  1358 1/4
  Nov down 8 1/4  at  1342
  Jan '12 down 8 1/4  at  1346 3/4
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans closed lower for the day, but remained in the same trading range that prevailed last week. Good harvest progress, despite some weather delays in Brazil, will continue to pressure the market. On the other hand, prospects of a smaller U.S. acreage will limit downside pressure. USDA’s annual planting intentions report is set for release on Thursday.

Wheat
Cash bid for March at Memphis  710 1/4 to 731 1/4;
Bids to farmers at Local Elevators 711-721;
River Elevators 714-756;

Chicago Futures: May down  at  725 1/4 
  July down 7 3/4  at  761 
  Sept down  7 3/4  at  798 3/4 
  Dec down  at  825 1/2 
  Mar '12 down  6 3/4  at  845 1/4 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for March at Memphis  1100 to 1127;
Bids to farmers at River Elevators 1073-1134;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for March at Memphis   673 to 676;
  New Crop at Memphis   604 1/4 to - - -;
Bids to farmers at River Elevators  641 to 671

Chicago Futures: May down  18 1/2  at  671 
  July down  17 1/2  at  678 
  Sept down  13 1/2  at  631 1/4 
  Dec down  12 1/2  at  597 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat posted across the board losses. 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 continued Friday’s late downturn and closed lower. New crop December closed below $6 after failing to hold last week’s gains. A brief push above $6.20 led to a big downward reversal on Friday. So, $6.20 continues to be tough resistance, at least for the time being. The market is anticipating planting intentions near 92 million acres, the second largest in history. Even that acreage will require good yields to meet expected demand.



Cotton & Rice  Date: March 28, 2011


Cotton
Spot Price, Grade 41 Staple 34: Memphis down 7.00 at  192.49
  Greenwood down  7.00 at 192.49

New York Futures: May down  700  at  19749 
  July down  700  at  19011 
 Oct down  451  at  15000 
 Dec down  347  at  12445 
 Mar '12 down  295  at  11774 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton moved back to the bottom side of last week’s trading range, following the overall weaker undertone in all commodities. Expectations are for plantings to exceed 13 million acres in 2011. The question is how much over 13, and what U.S. production will be. World plantings will also increase and overall production could be enough to ease the tight stocks situation.

Rice
Long Grain Cash Bid for  March 1109/cwt  to  1111/cwt
  April/May 1022/cwt  to  1109/cwt

Chicago Futures: May down  40 1/2  at  1389 
 July down  40 1/2  at  1419 1/2 
 Sept down  37  at  1483 
 Nov down  34 1/2  at  1512 
 Jan '12 down  30  at  1542 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice futures were sharply lower after seven straight days of gains. December futures completed a 50 percent retracement of recent losses last week. Evening of positions and profit taking took the market lower ahead of Thursday’s report. 2011 plantings are expected to be down from last year as farmers increase corn, beans and cotton.



Cattle & Hogs  Date: March 28, 2011

Cattle
As reported by Federal-State Market News, receipts were 3,048 head at sales in Ash Flat, Springdale and Ola.  Compared with last week, feeder steers sold weak to $5 lower .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 163.00 to - - -
  500 to 550 lbs. 152.00 to - - -
  600 to 650 lbs. 138.00 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 149.00 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 134.00 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 132.00 to - - -

Slaughter Cows, Boners 72.00   to   78.00
Light Weight 55.00 to 62.00
Bulls, Yield Grade   1   1000   to   2100 lbs.   85.00   to   92.00
Midwest Steers   were   at   114.00   to   - - -
Panhandle Steers   were   at   113.00   to   114.00

Oklahoma City Feeders
Steers 450 to 500 lbs. 165.00 to 166.00
  600 to 650 lbs. 146.75 to 155.00
Heifers 400 to 450 lbs. 148.00 to 154.00
  600 to 650 lbs. 132.00 to 139.00

Chicago Futures:
Live Cattle: April down 65 at 11795
  June down 77 at 11697
Feeders: April up 5 at 13490
  Aug up 37 at 13890

Cattle Comment
Cattle futures turned a bit lower today. Last week’s gains pushed futures prices higher than cash prices, so today’s move is mostly just profit taking and a technical correction. 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 50¢ to $3 higher       at   57.00   to   57.50

Chicago Futures: April up 12 at 9260
  June down 45 at 10325

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



Poultry  Date: March 28, 2011

Eggs
New York:  Ex. Lg. 111-115; Lg. 109-113; Med. 103-107;
Chicago:  Ex. Lg. 103-111; Lg. 101-109; Med. 94-102;

National Turkeys
Hens: 8-16 lbs 92.25
Toms: 16-24 lbs 92.80
 

Delmarva Broilers
U.S. Grade A
Prices continue to hold steady for whole broiler and fryers. Offerings are moderate to at times heavy. Demand following the weekend is mostly light. Market activity is slow to moderate. In production areas, live supplies are moderate. Weights are mostly desirable.