Arkansas Farm Bureau
Arkansas Farm Bureau
Grain & Soybean Date: March 31, 2011

Farm Bureau invites you to attend the Market Update Webinar on Friday, April 8 at 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:  1379 to 1410
(NC) Summ. 1355 to 1383
River Elevators:
(Mar) MISS: 1403 to 1415 ; AR & White 1381 to 1403
(NC) Summ. 1356 to 1394
Ark. Processor Bids: (Mar) 1390 to 1395  (NC) 1378 to 1382
Memphis:  (Mar) 1402 1/4 to 1412 1/4 (NC)  1380 to - - -
Riceland Foods:  (Mar) Stuttgart 1395 ; Pendleton 1410 ; West Memphis 1415

Chicago Futures: May up 38 1/4 at  1410 1/4
  July  up  38 1/4  at  1421
  Aug up 37 1/2  at  1419 1/4
  Nov up 31 1/2  at  1395
  Jan '12 up 30 1/4  at  1398 1/4
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans closed sharply higher following this morning’s reports. Planting intentions were near pre-report estimates at 76.6 million acres, down 800,000 from 2010. Arkansas acreage was up 2 percent at 3.3 million acres. It will take exceptional yields to add to stocks. The quarterly stocks were a surprise with just 1.249 billion bushels. That was 50 million below pre-report estimates, below the lowest estimate, and below year ago. Obviously, demand is continuing to run high. November futures moved to a new contract, closing just below $14. Additional upside potential is likely.

Wheat
Cash bid for March at Memphis  748 1/4 to 775 1/4;
Bids to farmers at Local Elevators 759-779;
River Elevators 769-798;

Chicago Futures: May up  36  at  763 1/4 
  July up 36  at  799 1/4 
  Sept up  36 3/4  at  838 
  Dec up  37 3/4  at  866 1/2 
  Mar '12 up  40  at  888 3/4 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for March at Memphis  1140 to 1158;
Bids to farmers at River Elevators 1113-1173;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for March at Memphis   693 1/4 to - - -;
  New Crop at Memphis   625 1/4 to 630 1/4;
Bids to farmers at River Elevators  663 to 693

Chicago Futures: May up  30  at  693 1/4 
  July up  30  at  701 
  Sept up  30  at  655 1/4 
  Dec up  30  at  625 1/4 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat was sharply higher following corn and soybeans, despite the fact that the wheat reports were mildly bearish. The quarterly stocks report showed larger than expected stocks, indicating that demand hasn’t been quite as strong as it was believed to be. The prospective plantings report showed 58 million acres seeded to wheat, compared with 53.6 million last year. July’s close above $7.90 could extend the rebound toward retracement objectives of $8.21 and $8.52.

Corn closed up the limit across the board. Like soybeans, planting intentions at 92.2 million acres were in line with expectations. But use continues above expectations and quarterly stocks were 167 million bushels below pre-report estimates, almost 1.2 million bushels below a year ago. Price has not rationed use and cool, damp weather in the Midwest hasn’t allowed producers to do much planting preparation. December futures blasted through very strong resistance at $6.20 to close at a new high. A move to $6.50 to $6.60 is probable.



Cotton & Rice  Date: March 31, 2011


Cotton
Spot Price, Grade 41 Staple 34: Memphis up 6.56 at  195.73
  Greenwood up  6.56 at 195.73

New York Futures: May up  656  at  20023 
  July up  605  at  19290 
 Oct up  560  at  15400 
 Dec up  700  at  13250 
 Mar '12 up  700  at  12658 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton was sharply higher with the only major surprise as far as planting intentions. Pre-report estimates were 13.2 million acres, but the actual number was just 12.57 million acres; that’s 400,000 acres below the lowest estimate. Even the higher projection was thought to be short of needs. December futures moved up the limit of 700 points and may have more steam left. The close of $1.32-plus is less 100 points from the previous high close, and a little over 225 points from the contract high.

Rice
Long Grain Cash Bid for  March 1111/cwt  to  1118/cwt
  April/May 1022/cwt  to  1118/cwt

Chicago Futures: May up  20 1/2  at  1398 1/2 
 July up  21  at  1430 1/2 
 Sept up  17 1/2  at  1505 
 Nov up  14 1/2  at  1532 
 Jan '12 up  10  at  1557 1/2 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice futures rode the coattails of other commodities to close firm. The market was up and down during the session. Stocks, as expected, were up sharply from year ago levels; planting intentions as expected were sharply lower at 3.02 million acres, down 17 percent from 2010. Medium grain plantings were up 8 percent at 812,000 acres, while long grain was down 24 percent at 2.17 million acres. In Arkansas long grain plantings are projected to be down 26 percent at 1.2 million acres, while medium grain is up 25,000 acres at 220,000. All rice in Arkansas is just 1.4 million acres, down 22 percent.



Cattle & Hogs  Date: March 31, 2011

Cattle
As reported by Federal-State Market News, receipts were 931 head at sales in Charlotte, Green Forest and Ratcliff.  Compared with last week, feeder steers - - - .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 171.00 to - - -
  500 to 550 lbs. 157.50 to - - -
  600 to 650 lbs. 144.25 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 149.00 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 135.00 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 132.75 to - - -

Slaughter Cows, Boners 72.00   to   78.00
Light Weight 55.00 to 60.00
Bulls, Yield Grade   1-2   1000   to   2100 lbs.   80.00   to   91.00
Midwest Steers   were $3 to $2 higher   at   123.00   to   - - -
Panhandle Steers   - - -   at   - - -   to   - - -

Oklahoma City Feeders
Steers 550 to 600 lbs. 152.00 to 159.00
  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 100 at 12155
  June up 140 at 12097
Feeders: April up 32 at 13780
  August up 65 at 14122

Cattle Comment
Live cattle futures were sharply higher following sharp gains in corn futures. Tightening stocks suggest corn prices will continue to climb and cause reductions in livestock production.

Hogs
Peoria: were     steady   at   58.00   to   60.00

Chicago Futures: April up 17 at 9372
  June up 72 at 10387

Hogs Comment
Hogs ended higher, also in reaction to higher corn prices. Strong cash prices and active export demand continue to be supportive.



Poultry  Date: March 31, 2011

Eggs
New York:  Ex. Lg. 119-123; Lg. 117-121; Med. 105-109;
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 holding steady for whole broiler/fryers. Offerings are available for current trade needs. Demand into all channels is moderate. Market activity is moderate. In production areas, live supplies are moderate. Weights are mostly desirable.