Click here to view this report online.

Arkansas Farm Bureau
Grain & Soybean Date: April 01, 2013

Soybeans

Local Elevators:
(April) EAST AR:  1374 to 1411
(NC) Summ. 1223 to 1253
River Elevators:
(April) MISS: 1417 to 1426 ; AR & White 1375 to 1406
(NC) Summ. 1223 to 1275
Ark. Processor Bids: (April) 1401 to - - -  (NC) 1243 to 1248
Memphis:  (April) 1412 3/4 to 1425 3/4 (NC)  1277 3/4 to 1280 3/4
Riceland Foods:  (April) Stuttgart 1406 ; Pendleton 1411 
 (NC) Stuttgart 1243 ; Pendleton 1253 

Chicago Futures: May down 14 at  1390 3/4
  July  down  13 1/4  at  1372 1/4
  Aug down 7 3/4  at  1339
  Sept down 1 1/2  at  1283 1/2
  Nov up 1 1/4  at  1252 3/4
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans were mixed today with new crop managing to close on the positive side after retracing early declines. The front two soybean contracts were down double digits but May recovered enough to close right at mid- February support. So, the selling pressure for beans may be dissipating. November held key support just below $12.50 which suggests the market would like to see some acreage move to beans as the November bean/December corn price ratio has improved to 2.33.

Wheat
Cash bid for April at Memphis  669 to 674;
Bids to farmers at Local Elevators 629-649;
River Elevators 638-683;

Chicago Futures: May down  23 3/4  at  664 
  July down 22  at  669 
  Sept down  21  at  678 1/4 
  Dec down  20 1/2  at  692 3/4 
  March down  19 1/4  at  707 1/4 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for April at Memphis  1084 to 1102;
Bids to farmers at River Elevators - - -;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for April at Memphis   662 1/4 to - - -;
  New Crop at Memphis   529 to 531;
Bids to farmers at River Elevators  624 to 677

Chicago Futures: May down  53  at  642 1/4 
  July down  49 1/4  at  626 3/4 
  Sept down  12  at  551 
  Dec down  at  535 1/2 
  Today's Arkansas LDP rate for corn is:

Grain Comment
The selloff in wheat continued. Last week, stocks were estimated at 1.234 billion bushels, 57 million bushels above the average trade guess. However, spillover weakness from the corn pit and favorable weather for production probably had more of an impact today. July fell to levels not seen since late 2011, testing support at $6.61.

Corn was sharply lower with losses of 50 cents or so against expanded trading limits of 60 cents. Last week’s report suggests the April supply demand report will have major adjustments either in use, or production, or imports. Obviously almost 400 million bushels more corn than was anticipated means something is way out of “kilter”. Old crop corn has lost 90 cents in the last two days of trading and could have another day of weakness. New crop December hit $5.25 before retracing much of the day’s declines. The next chart support is $5.11.



Cotton & Rice  Date: April 01, 2013


Cotton
Spot Price, Grade 41 Staple 34: Memphis down 107 at  8389
  Greenwood down  107 at 8389

New York Futures: May down  107  at  8739 
  July down  97  at  8884 
 Oct down  38  at  8735 
 Dec down  44  at  8693 
 March down  51  at  8667 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton started on the positive side but soon gave way to the negative pressure in corn and wheat. Also reemphasized that cotton has limited upside potential without fresh demand. The planting intentions report did indicate a huge shift in the mid-south from cotton to corn. The upturn in cotton may have bought a few acres back, but plantings in the mid-south will be just over 1.1 million acres. Not much for a historically cotton producing region.

Rice
Long Grain Cash Bid for  April 1447/cwt  to  - - -
  NC 1442/cwt  to  - - -

Chicago Futures: May down  9 1/2  at  1526 1/2 
 July down  9 1/2  at  1555 1/2 
 Sept down  10  at  1522 
 Nov down  11  at  1539 1/2 
 Jan down  11  at  1550 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
May rice futures retraced a good portion of early declines to close well off the day’s lows but was still lower for the day. Weakness in corn and wheat bled over into rice. Fundamentals in rice are unchanged except weather could become a factor as rain continues in the near term forecast.



Cattle & Hogs  Date: April 01, 2013

Cattle
As reported by Federal-State Market News, receipts were 941 head at sales in Ash Flat, Springdale & Ola.  Compared with last week, feeder steers sold firm to $10 higher .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 185.00 to - - -
  500 to 550 lbs. 165.00 to - - -
  600 to 650 lbs. 146.00 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 156.00 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 146.00 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 143.00 to - - -

Slaughter Cows, Boners 77.00   to   84.00
Light Weight 64.00 to 70.00
Bulls, Yield Grade   1   1000   to   2100 lbs.   90.00   to   100.00
Midwest Steers   were   at   126.00   to   128.00
Panhandle Steers   were   at   125.00   to   128.00

Oklahoma City Feeders
Steers 450 to 500 lbs. 180.00 to 193.00
  500 to 600 lbs. 162.50 to 172.50
Heifers 450 to 500 lbs. 156.50 to - - -
  500 to 550 lbs. 149.25 to 156.50

Chicago Futures:
Live Cattle: April down 15 at 12875
  June down 27 at 12410
Feeders: April up 212 at 14552
  May up 260 at 14767

Cattle Comment
Feeder cattle gapped higher today, continuing to find support from weakness in corn prices. Weak product values continue to pressure live futures. June live futures broke out of the downtrend last week and now have an upside objective of $125.23, the 38% retracement level.

Hogs
Peoria: were steady to $4     higher   at   48.00   to   50.00

Chicago Futures: April up 70 at 8130
  May up 55 at 9000

Hogs Comment
Hogs posted a bullish reversal in today’s trade. The corn stocks report was positive for hogs as well. Pork values have improved so far this week, as the market expects demand to increase after Easter. June failed at resistance at $92.10.



Poultry  Date: April 01, 2013

Eggs
New York:  Ex. Lg. 143-147; Lg. 141-145; Med. 111-115;
Chicago:  Ex. Lg. 135-143; Lg. 133-141; Med. 95-103;

National Turkeys
Hens: 8-16 lbs 97.50
Toms: 16-24 lbs 98.16
 

Delmarva Broilers
U.S. Grade A
N/A

----------------------------------------

HOW TO UNSUBSCRIBE

You are receiving this newsletter because you requested that your e-mail address be added to the Arkansas Farm Bureau Market Report.

To unsubscribe or change your subscription information, go to

http://www.arfb.com/ag-markets-statistics/email-signup/

----------------------------------------

QUESTIONS OR COMMENTS?

If you have any comments or questions about this e-newsletter please e-mail us at mktrpt@arfb.com