Arkansas Farm Bureau
Arkansas Farm Bureau
Grain & Soybean Date: March 30, 2011

Farm Bureau invites you to attend the Market Update Webinar on Thur. 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:  1341 to 1372
(NC) Summ. 1324 to 1352
River Elevators:
(Mar) MISS: 1367 to 1377 ; AR & White 1345 to 1367
(NC) Summ. 1325 to 1363
Ark. Processor Bids: (Mar) 1352 to 1357  (NC) 1347 to 1351
Memphis:  (Mar) 1374 to 1378 (NC)  1351 1/2 to 1355 1/2
Riceland Foods:  (Mar) Stuttgart 1357 ; Pendleton 1372 ; West Memphis 1377

Chicago Futures: May up 10 1/2 at  1372
  July  up  10 1/2  at  1382 3/4
  Aug up 10  at  1381 3/4
  Nov up 9 1/4  at  1363 1/2
  Jan '12 up 9 1/4  at  1368
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans firmed again today with November closing above recent resistance around $13.60. It appears the market is anticipating positive numbers in tomorrow’s reports; or perhaps it is just looking at plantings. Early estimates are all over the board ranging from almost 2.5 million acres less to one million acres more than last year. Crush numbers and recent export numbers suggest price has slowed demand; if that is the case quarterly stocks could be higher than expected.

Wheat
Cash bid for March at Memphis  712 1/4 to 739 1/4;
Bids to farmers at Local Elevators 723-733;
River Elevators 730-762;

Chicago Futures: May down  10  at  727 1/4 
  July down 9 1/2  at  763 1/4 
  Sept down  at  801 1/4 
  Dec down  7 1/4  at  828 3/4 
  Mar '12 down  at  848 3/4 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for March at Memphis  1086 to 1113;
Bids to farmers at River Elevators 1059-1120;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for March at Memphis   665 1/4 to 668 1/4;
  New Crop at Memphis   598 1/4 to 600 1/4;
Bids to farmers at River Elevators  633 to 663

Chicago Futures: May down  8 1/2  at  663 1/4 
  July down  7 3/4  at  671 
  Sept down  7 1/4  at  625 1/4 
  Dec down  at  595 1/4 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat ended lower today ahead of tomorrow’s production report. 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 is going into tomorrow’s report on a down note which suggests the market is expecting negative numbers. The pre-report estimate is 91.8 million acres, with the top end around 92.5. A number at 91 million acres or lower would likely get the market excited, especially with the wet conditions that are prevalent for much of the Midwest.



Cotton & Rice  Date: March 30, 2011


Cotton
Spot Price, Grade 41 Staple 34: Memphis down 0.71 at  189.17
  Greenwood down  0.71 at 189.17

New York Futures: May down  121  at  19367 
  July down  94  at  18685 
 Oct down  153  at  14840 
 Dec up  53  at  12550 
 Mar '12 up  115  at  11958 
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 1098/cwt  to  1111/cwt
  April/May 1022/cwt  to  1098/cwt

Chicago Futures: May down  7 1/2  at  1378 
 July down  at  1409 1/2 
 Sept down  5 1/2  at  1487 1/2 
 Nov down  4 1/2  at  1517 1/2 
 Jan '12 down  5 1/2  at  1547 1/2 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice futures retraced a portion of recent gains as the market remains under pressure ahead of tomorrow’s reports. There has been little change in overall market fundamentals. The international market has been relatively quiet with the Thai market a little weaker and the Vietnam market showing slight improvement. There appears to be ample rice available for somewhat limited demand. Given that situation, the U.S. market is likely to continue to struggle to move a big crop with quality problems.



Cattle & Hogs  Date: March 30, 2011

Cattle
As reported by Federal-State Market News, receipts were 918 head at sales in Conway and Pocahontas.  Compared with last week, feeder steers sold firm to $6 higher .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 165.00 to - - -
  500 to 550 lbs. 150.50 to - - -
  600 to 650 lbs. 134.00 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 138.50 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 131.00 to - - -
 Medium & Large Frame - - -   - - - to - - - lbs. - - - to - - -

Slaughter Cows, Boners 72.00   to   82.00
Light Weight 45.00 to 53.00
Bulls, Yield Grade   1   1000   to   2000 lbs.   85.00   to   98.50
Midwest Steers   were   at   120.00   to   121.00
Panhandle Steers   were   at   120.00   to   121.00

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 217 at 12055
  June up 167 at 11957
Feeders: April up 177 at 13747
  August up 125 at 14057

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. It is hard to guess when beef prices will reach the point of impacting demand, but product continues to move as prices climb higher this week.

Hogs
Peoria: were 50¢ to $3.50     higher   at   58.00   to   60.00

Chicago Futures: April down 5 at 9355
  June down 32 at 10315

Hogs Comment
Hogs ended mixed after recovering from sharp losses this morning. Profit taking was blamed for early losses, and the lower prices sparked renewed buying interest. Strong cash prices and active export demand continue to be supportive.



Poultry  Date: March 30, 2011

Eggs
New York:  Ex. Lg. 117-121; Lg. 115-119; 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 are steady for whole broiler and fryers. Offerings are moderate for current trade needs. Demand is moderate with good movement. Market activity is moderate. In production areas, live supplies are moderate. Weights are mostly desirable.