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, firstname.lastname@example.org or Sandy Reeves, 501-228-1300, email@example.com.
(Mar) EAST AR: 1341 to 1372
(NC) Summ. 1324 to 1352
(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|
|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:||0¢|
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.
Cash bid for March at Memphis 712 1/4 to 739 1/4;
|Bids to farmers at Local Elevators||723-733;|
|Chicago Futures:||May||down||10||at||727 1/4|
|July||down||9 1/2||at||763 1/4|
|Dec||down||7 1/4||at||828 3/4|
|Mar '12||down||8||at||848 3/4|
|Today's Arkansas LDP rate for wheat is:||0¢|
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:||0¢|
|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|
|Sept||down||7 1/4||at||625 1/4|
|Today's Arkansas LDP rate for corn is:||0¢|
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
|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|
|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||1098/cwt||to||1111/cwt|
|Chicago Futures:||May||down||7 1/2||at||1378|
|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||0¢|
|medium grain rice is||0¢|
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
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 .
|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||- - -|
|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
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.
Peoria: were 50¢ to $3.50 higher at 58.00 to 60.00
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
|New York:||Ex. Lg. 117-121; Lg. 115-119; Med. 103-107;|
|Chicago:||Ex. Lg. 103-111; Lg. 101-109; Med. 94-102;|
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.