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, firstname.lastname@example.org or Sandy Reeves, 501-228-1300, email@example.com.
(Mar) EAST AR: 1379 to 1410
(NC) Summ. 1355 to 1383
(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|
|Aug||up||37 1/2||at||1419 1/4|
|Jan '12||up||30 1/4||at||1398 1/4|
|Today's Arkansas LDP rate for soybeans is:||0¢|
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.
Cash bid for March at Memphis 748 1/4 to 775 1/4;
|Bids to farmers at Local Elevators||759-779;|
|Chicago Futures:||May||up||36||at||763 1/4|
|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:||0¢|
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:||0¢|
|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|
|Today's Arkansas LDP rate for corn is:||0¢|
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
|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|
|This week's LDP rate for cotton is||0 cents|
|The estimate for next week is||0 cents|
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.
|Long Grain Cash Bid for||March||1111/cwt||to||1118/cwt|
|Chicago Futures:||May||up||20 1/2||at||1398 1/2|
|Jan '12||up||10||at||1557 1/2|
|Today's Arkansas LDP rate for long grain rice is||0¢|
|medium grain rice is||0¢|
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
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 - - - .
|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||- - -|
|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
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.
Peoria: were steady at 58.00 to 60.00
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
|New York:||Ex. Lg. 119-123; Lg. 117-121; Med. 105-109;|
|Chicago:||Ex. Lg. 103-111; Lg. 101-109; Med. 94-102;|
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.