Arkansas Farm Bureau
Arkansas Farm Bureau
Grain & Soybean Date: March 29, 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:
(March) EAST AR:  1331 to 1362
(NC) Summ. 1314 to 1344
River Elevators:
(Mar) MISS: 1359 to 1367 ; AR & White 1335 to 1357
(NC) Summ. 1315 to 1360
Ark. Processor Bids: (Mar) 1342 to 1347  (NC) 1337 to 1344
Memphis:  (Mar) 1363 1/2 to 1367 1/2 (NC)  1342 1/4 to 1346 1/4
Riceland Foods:  (Mar) Stuttgart 1347 ; Pendleton 1362 ; West Memphis 1367

Chicago Futures: May up 13 at  1361 1/2
  July  up  13  at  1372 1/4
  Aug up 13 1/2  at  1371 3/4
  Nov up 12 1/4  at  1354 1/4
  Jan '12 up 12  at  1358 3/4
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans firmed today, but remain in a sideways channel that has contained trade for the last week and a half. The market doesn’t appear to be satisfied that the relatively tight U.S. stocks situation will be resolved with this year’s crop. The old crop/new crop spread is very narrow and will likely stay that way unless Thursday’s report is a big surprise. It is evident the trade is unsure about the 2011 crop. Pre-report acreage estimates range from 2.5 million acres less than last year to more than a million acres more.

Wheat
Cash bid for March at Memphis  722 1/4 to 749 1/4;
Bids to farmers at Local Elevators 723-748;
River Elevators 733-771;

Chicago Futures: May up  12  at  737 1/4 
  July up 11 3/4  at  772 3/4 
  Sept up  11 1/2  at  810 1/4 
  Dec up  10 1/2  at  836 
  Mar '12 up  11 1/2  at  856 3/4 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for March at Memphis  1101 to 1128;
Bids to farmers at River Elevators 1075-1136;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for March at Memphis   673 3/4 to 676 3/4;
  New Crop at Memphis   605 1/2 to 607 1/2;
Bids to farmers at River Elevators  642 to 672

Chicago Futures: May up  3/4  at  671 3/4 
  July up  3/4  at  678 3/4 
  Sept up  1 1/4  at  632 1/2 
  Dec up  3 1/4  at  600 1/4 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat turned higher today. Rains this weekend largely skipped the driest areas of hard red winter wheat country. The average trade estimate pegs the winter wheat crop at 10 percent above last year’s crop, but with drier than normal conditions, abandonment will likely be up as well. July will need to close above $7.90 to extend the rebound toward retracement objectives of $8.21 and $8.52.

Corn closed a little higher for the day, but the spread between old crop/new crop remains fairly wide, suggesting the market is expecting some improvement in the stocks situation. Corn average estimates are keying in on the 92 million acre figure. Unless the upper Midwest sees some drying conditions and warmer temperatures in the near term planting plans could change.



Cotton & Rice  Date: March 29, 2011


Cotton
Spot Price, Grade 41 Staple 34: Memphis down 2.61 at  189.88
  Greenwood down  2.61 at 189.88

New York Futures: May down  261  at  19488 
  July down  232  at  18779 
 Oct down  at  14993 
 Dec up  52  at  12497 
 Mar '12 up  69  at  11843 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton closed mixed with new crop contracts firming slightly and old crop declining. New crop December has traded sideways in a narrow 4 cent range the last week and a half. At the same time, the trading is well within a wider range that has contained the market for the last two months. The trade doesn’t appear to be satisfied that this year’s acreage will relieve the tight stocks situation. Plantings are expected to climb over two million acres to 13 million plus. The concern is dry conditions which could increase abandonment. Yield and abandonment will quickly become the next factors driving the cotton market.

Rice
Long Grain Cash Bid for  March 1105/cwt  to  1111/cwt
  April/May 1022/cwt  to  1105/cwt

Chicago Futures: May down  3 1/2  at  1385 1/2 
 July down  at  1416 1/2 
 Sept up  10  at  1493 
 Nov up  10  at  1522 
 Jan '12 up  11  at  1553 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice futures closed mixed with old crop lower. Fundamentals are unchanged. A large 2010 crop that was below par quality- wise will continue to present marketing problems. The 2011 crop will be smaller as acreage is expected to be down more than 10 percent. A September close above $15.25 would be technically positive.



Cattle & Hogs  Date: March 29, 2011

Cattle
As reported by Federal-State Market News, receipts were 1,081 head at sales in Ft. Smith and Heber Springs.  Compared with last week, feeder steers sold firm to $5 higher .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 166.00 to - - -
  500 to 550 lbs. 156.00 to - - -
  600 to 650 lbs. 148.00 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 151.00 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 139.50 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 125.00 to - - -

Slaughter Cows, Boners 73.00   to   80.00
Light Weight 54.00 to 61.00
Bulls, Yield Grade   1   1000   to   2100 lbs.   84.50   to   97.00
Midwest Steers   - - -   at   - - -   to   - - -
Panhandle Steers   - - -   at   - - -   to   - - -

Oklahoma City Feeders
Steers 500 to 550 lbs. 155.00 to 164.50
  600 to 650 lbs. 145.75 to 155.00
Heifers 550 to 600 lbs. 134.00 to 145.75
  600 to 650 lbs. 130.00 to 143.00

Chicago Futures:
Live Cattle: April up 42 at 11837
  June up 92 at 11790
Feeders: April up 80 at 13570
  August up 42 at 13932

Cattle Comment
Cattle futures were higher across the board today. Finished cattle supplies appear tight as feedlots are pushing marketings based on current strong prices.

Hogs
Peoria: were $1 lower to $1.50     higher   at   56.50   to   58.50

Chicago Futures: April up 100 at 9360
  June up 22 at 10347

Hogs Comment
Hogs turned higher. Strong cash prices and active export demand continue to be supportive.



Poultry  Date: March 29, 2011

Eggs
New York:  Ex. Lg. 114-118; Lg. 112-116; 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. Demand is mostly light to moderate with trading usually limited to regular commitments. Market activity is moderate. In production areas, live supplies are moderate. Weights are mostly desirable.