Grain & Soybean Date: March 10, 2009

Soybeans

Local Elevators:
(Mar) EAST AR:  867 to 884
(NC) Summ. 746 to 781
River Elevators:
(Mar) MISS: 882 to 904 ; AR & White 869 to 884
(NC) Summ. 770 to 801
Ark. Processor Bids: (Mar) 880 to 884  (NC) 776 to 781
Memphis:  (Mar) 902 to 905 (NC)  800 1/2 to - - -
Riceland Foods:  (Mar) Stuttgart 884 ; Pendleton 884 ; West Memphis 904

Chicago Futures:	May	up	12	at	877
	Jul	up	13 3/4	at	876 3/4
	Sep	up	16	at	844 1/2
	Nov	up	18	at	835 1/2
	Jan '10	up	18 3/4	at	845
	Today's Arkansas LDP rate for soybeans is:				0¢

Soybean Comment
Soybeans posted sharp gains today, but backed off of the day’s high. Part of the gains may be attributed to short covering ahead of Wednesday’s supply demand report. No major changes are anticipated for soybeans, and the really important report will come at the end of the month when planting intentions are released. There remains a lot of indecision about what to plant.

Corn was also higher, on carryover strength from outside markets and short covering ahead of tomorrow’s report. Corn appears to be gaining versus soybeans in terms of ’09 plantings. However, current price levels will make it difficult to pencil out a profit.

Wheat
Cash bid for March at Memphis  470 3/4 to 472 3/4;

Bids to farmers at Local Elevators	435-470;
River Elevators	462-490;

Chicago Futures:	May	up	9 1/2	at	532 3/4
	Jul	up	9 1/2	at	544 3/4
	Sep	up	9 1/2	at	569 1/4
	Dec	up	9 1/2	at	589 3/4
	Mar '10	up	9 1/2	at	605 3/4
	Today's Arkansas LDP rate for wheat is:				0¢

Grain Sorghum
Cash bid for March at Memphis  546 to - - -;

Bids to farmers at River Elevators	441-521;
Today's Arkansas LDP rate for sorghum is:	0¢

Corn

Cash bid for	March at Memphis   373 1/2 to 375 1/2;
	new crop at Memphis   354 1/2 to - - -;
Bids to farmers at River Elevators	339 to 376

Chicago Futures:	May	up	10	at	375 1/2
	Jul	up	10 1/4	at	385 1/2
	Dec	up	10 3/4	at	406 3/4
	Mar '10	up	10 3/4	at	417 3/4
	Today's Arkansas LDP rate for corn is:				0¢

Grain Comment
Wheat was also higher, supported by gains on Wall Street. The market is expecting an upward revision in ending stocks in Wednesday’s Supply/Demand report. July is still trending lower with overhead resistance near $5.50.

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Cotton & Rice  Date: March 10, 2009

Cotton

Spot Price, Grade 41 Staple 34:	Memphis up 62 at  3655
	Greenwood up  62 at 3655

New York Futures:	May	up	62	at	4180
	Jul	up	61	at	4300
	Dec	up	68	at	4698
	Mar '10	up	62	at	5000
	n/a	up	- - -	at	- - -
This week's LDP rate for cotton is					19.21 cents
	The estimate for next week is				20.32 cents

Cotton Comment
Cotton also ended higher on carryover strength from outside markets. Fundamentals are unchanged with poor U.S. and world economics weighing on cotton use. That in turn weighs on U.S. exports. Current price levels are well below the government loan for cotton. In other words, the market is not really relevant.

Rice

Long Grain Cash Bid for	n/a	- - -	to	- - -
	n/a	- - -	to	- - -

Chicago Futures:	May	up	41 1/2	at	1265 1/2
	Jul	up	40 1/2	at	1302
	Sep	up	26 1/2	at	1212
	Nov	up	27	at	1216
	n/a	up	- - -	at	- - -
Today's Arkansas LDP rate for long grain rice is					0¢
medium grain rice is					0¢

Rice Comment
Rice posted near limit gains in old crop contracts. Prospects of getting a portion, or all of Iraq’s recent tender has U.S. mills discounting earlier offerings in order to be more competitive. A recent export ban by Vietnam has left an opening for the U.S. and Thailand. There is no question the U.S. needs to land this tender. Current support for old crop futures remains at or near $12 and then $11.50.

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Cattle & Hogs  Date: March 10, 2009

Cattle
As reported by Federal-State Market News, receipts were 732 head at sales in Fort Smith.  Compared with last week, feeder steers sold steady to $5 lower, heifers steady to $3 higher .

Steers:
Medium & Large Frame 1	400	to	450 lbs.	105.50	to	- - -
	500	to	550 lbs.	103.25	to	- - -
	600	to	650 lbs.	95.50	to	- - -
Medium & Large Frame 2	400	to	450 lbs.	97	to	- - -
Heifers:
Medium & Large Frame 1	400	to	450 lbs.	98	to	- - -
Medium & Large Frame 2	400	to	450 lbs.	86	to	- - -

Slaughter Cows, Boners 35   to   49.50
Light Weight n/a to - - -
Bulls, Yield Grade   1   1000   to   2100 lbs.   53   to   53.50, high dressing 54-60
Midwest Steers   were steady to $2 lower   at   80   to   - - -
Panhandle Steers   n/a   at   - - -   to   - - -

Oklahoma City Feeders
Steers	500	to	550 lbs.	106..75	to	111.50
	650	to	700 lbs.	93	to	101.50
Heifers	500	to	550 lbs.	91	to	98
	600	to	650 lbs.	83.25	to	92

Chicago Futures:

Live Cattle:	Apr	down	65	at	8287
	Jun	down	32	at	8125
Feeders:	May	up	12	at	9282
	Sep	up	5	at	9690

Cattle Comment
Cattle prices turned mixed. The market continues to be under pressure from general economic concerns. Traders continue to worry about the strength of beef demand both domestically and globally in light of current economic woes.

Hogs
Peoria: were $3     higher   at   37   to   38

Chicago Futures:	Apr	down	17	at	9075
	Jun	down	150	at	7170

Sheep
St. Paul sheep shorn slaughter lambs   at   n/a   to   - - -

Hogs Comment
Hog futures were sharply lower. Tightening hog supplies would normally lead to seasonal gains, but that may not happen as overall demand remains soft. June is trying to build support at $71.

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Poultry  Date: March 10, 2009

Eggs

New York:	Ex. Lg. 95-99; Lg. 93-97; Med. 86-90;
Chicago:	Ex. Lg. 85-93; Lg. 83-91; Med. 77-85;

Eastern Region Turkeys

Hens:	8-16 lbs.	74-76
Toms:	16-24 lbs.	74-76.5

Delmarva Broilers
U.S. Grade A
Trade sentiment was steady at best. Demand was no better than fair with cautious buying interest. Supplies of all sizes were sufficient to satisfy current trade needs. In production areas, live supplies were moderate at mixed, but mostly desirable weights.