(Mar) EAST AR: 867 to 884
(NC) Summ. 746 to 781
(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
|Jul||up||13 3/4||at||876 3/4|
|Jan '10||up||18 3/4||at||845|
|Today's Arkansas LDP rate for soybeans is:||0¢|
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.
Cash bid for March at Memphis 470 3/4 to 472 3/4;
|Bids to farmers at Local Elevators||435-470;|
|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¢|
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¢|
|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¢|
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.
Cotton & Rice Date: March 10, 2009
|Spot Price, Grade 41 Staple 34:||Memphis up 62 at 3655|
|Greenwood up 62 at 3655|
|New York Futures:||May||up||62||at||4180|
|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 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.
|Long Grain Cash Bid for||n/a||- - -||to||- - -|
|n/a||- - -||to||- - -|
|Chicago Futures:||May||up||41 1/2||at||1265 1/2|
|n/a||up||- - -||at||- - -|
|Today's Arkansas LDP rate for long grain rice is||0¢|
|medium grain rice is||0¢|
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.
Cattle & Hogs Date: March 10, 2009
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 .
|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||- - -|
|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
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.
Peoria: were $3 higher at 37 to 38
St. Paul sheep shorn slaughter lambs at n/a to - - -
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.
Poultry Date: March 10, 2009
|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
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.