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, firstname.lastname@example.org or Sandy Reeves, 501-228-1300, email@example.com.
(March) EAST AR: 1331 to 1362
(NC) Summ. 1314 to 1344
(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|
|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:||0¢|
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.
Cash bid for March at Memphis 722 1/4 to 749 1/4;
|Bids to farmers at Local Elevators||723-748;|
|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|
|Mar '12||up||11 1/2||at||856 3/4|
|Today's Arkansas LDP rate for wheat is:||0¢|
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:||0¢|
|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|
|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:||0¢|
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
|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|
|This week's LDP rate for cotton is||0 cents|
|The estimate for next week is||0 cents|
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.
|Long Grain Cash Bid for||March||1105/cwt||to||1111/cwt|
|Chicago Futures:||May||down||3 1/2||at||1385 1/2|
|Today's Arkansas LDP rate for long grain rice is||0¢|
|medium grain rice is||0¢|
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
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 .
|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||- - -|
|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
Cattle futures were higher across the board today. Finished cattle supplies appear tight as feedlots are pushing marketings based on current strong prices.
Peoria: were $1 lower to $1.50 higher at 56.50 to 58.50
Hogs turned higher. Strong cash prices and active export demand continue to be supportive.
Poultry Date: March 29, 2011
|New York:||Ex. Lg. 114-118; Lg. 112-116; Med. 103-107;|
|Chicago:||Ex. Lg. 103-111; Lg. 101-109; Med. 94-102;|
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.