(Mar) EAST AR: 852 to 869
(NC) Summ. 727 to 762
(Mar) MISS: 867 to 889 ; AR & White 854 to 869
(NC) Summ. 752 to 782
Ark. Processor Bids: (Mar) 865 to 869 (NC) 757 to 762
Memphis: (Mar) 882 to 890 (NC) 782 to - - -
Riceland Foods: (Mar) Stuttgart 869 ; Pendleton 869 ; West Memphis 889
|Today's Arkansas LDP rate for soybeans is:||0¢|
Soybeans lost early gains resulting from this month’s positive supply demand adjustments. USDA increased projected exports by 35 million bushels, which in turn lowered projected ending stocks to 185 million bushels. In addition the production estimate for Argentina was trimmed by 800,000 metric tonnes. That leaves Brazil at 57 and Argentina at 43 mmt down from a combined production of 107 mmt last year. These numbers boosted early trading, but by the close the market had given back yesterday’s gains as well.
Corn closed lower after starting the session higher. USDA added a 100 million bushels back to ethanol use, while reducing exports 50 million bushels. This was positive because the net result was a slightly lower ending stocks projection. Most thoughts prior to the report was that the ending stocks number would move the other way. But like beans, the market gave back yesterday’s gains.
Cash bid for March at Memphis 446 1/4 to 448 1/4;
|Bids to farmers at Local Elevators||410-445;|
|Chicago Futures:||May||down||24 1/2||at||508 1/4|
|Jul||down||24 1/2||at||520 1/2|
|Mar '10||down||23 1/2||at||582 1/4|
|Today's Arkansas LDP rate for wheat is:||0¢|
Cash bid for March at Memphis 526 to - - -;
|Bids to farmers at River Elevators||421-501;|
|Today's Arkansas LDP rate for sorghum is:||0¢|
|Cash bid for||March at Memphis 362 1/2 to 364 1/2;|
|new crop at Memphis 343 3/4 to - - -;|
|Bids to farmers at River Elevators||328 to 365|
|Chicago Futures:||May||down||11||at||364 1/2|
|Sep||down||10 3/4||at||383 3/4|
|Today's Arkansas LDP rate for corn is:||0¢|
Wheat was lower all day, although early strength in other markets limited losses somewhat. The USDA increased U.S. ending stocks by 57 million bushels and world ending stocks by 218 million bushels. July is trending lower, and looks headed for a retest of the recent low of $5.12 ½.
Cotton & Rice Date: March 11, 2009
|Spot Price, Grade 41 Staple 34:||Memphis up 2 at 3657|
|Greenwood up 2 at 3657|
|New York Futures:||May||up||2||at||4182|
|- - -||- - -||at||- - -|
|This week's LDP rate for cotton is||19.21 cents|
|The estimate for next week is||20.21 cents|
Cotton closed steady to slightly higher. USDA reduced domestic use by 150,000 bales to just 3.75 million bales. At the same time, exports were raised 500,000 bales reducing projected ending stocks to 7.3 million bales. A slight reduction in China’s ’08 production resulted in an upward revision in their import needs. That in turn boosted the U.S. export number. However, the positive numbers did little for the cotton market.
|Long Grain Cash Bid for||n/a||- - -||to||- - -|
|n/a||- - -||to||- - -|
|Chicago Futures:||May||down||42 1/2||at||1244|
|Sep||down||38 1/2||at||1173 1/2|
|- - -||- - -||at||- - -|
|Today's Arkansas LDP rate for long grain rice is||0¢|
|medium grain rice is||0¢|
Rice reversed yesterday’s gains and closed sharply lower. USDA made minor adjustments in the supply demand report with overall exports being reduced by 4 million cwt. That was equally split between milled and rough rice, and also long and medium grain. Net results are ending stocks of 30.2 million cwt. USDA also lowered the projected price by 50 cents on both sides of their range. This puts long grain at $14.50 to $15.50 per cwt. The market continues to wait for confirmation on the recent tender by Iraq. That announcement was supposed to be made yesterday but the offers have been extended for several days.
Cattle & Hogs Date: March 11, 2009
As reported by Federal-State Market News, receipts were 1,009 head at sales in Conway & Pocahontas. Compared with last week, feeder steers sold weak to $3 lower .
|Medium & Large Frame 1||400||to||450 lbs.||105.75||to||- - -|
|500||to||550 lbs.||95.25||to||- - -|
|600||to||650 lbs.||85.75||to||- - -|
|Medium & Large Frame 2||400||to||450 lbs.||92.50||to||- - -|
|Medium & Large Frame 1||400||to||450 lbs.||87||to||- - -|
|Medium & Large Frame 2||400||to||450 lbs.||82.25||to||- - -|
Slaughter Cows, Boners 39 to 44.50
Light Weight 30 to 34
Bulls, Yield Grade 1 1000 to 2100 lbs. 53.50 to 58.50, high dressings $59-63
Midwest Steers remained at 80 to - - -
Panhandle Steers were quoted at 80 to - - -
|Oklahoma City Feeders
Cattle prices were lower across the board, with April setting a new contract low of $82 before closing near the middle of the day’s trading range. 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 $.5 higher to steady at 37.5 to 38
St. Paul sheep shorn slaughter lambs at n/a to - - -
Hog futures closed mixed. 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 11, 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 about steady to barely steady. Demand into all channels was light and unaggressive and usually limited to regular commitments. Supplies of all sizes were at least adequate to satisfy current trade needs. In production areas, live supplies were moderate at mixed, but mostly desirable weights.