(Mar) EAST AR: 872 to 889
(NC) Summ. 762 to 787
(Mar) MISS: 882 to 909 ; AR & White 870 to 885
(NC) Summ. 777 to 807
Ark. Processor Bids: (Mar) 885 to 889 (NC) 782 to 787
Memphis: (Mar) 907 to - - - (NC) 801 1/2 to 806 1/2
Riceland Foods: (Mar) Stuttgart 889 ; Pendleton 889 ; West Memphis 909
|Jul||up||20 3/4||at||881 1/2|
|Nov||up||24 1/2||at||841 1/2|
|Today's Arkansas LDP rate for soybeans is:||0¢|
Soybeans responded to a strong export sales report and gains on Wall Street with another big early move. The big export sales comes on the heels of the March supply demand report that raised projected exports and lowered projected ending stocks. This is a strong showing with the South American harvest rapidly expanding. For now, November futures appear to have limited upside potential as the market consolidates below the $8.50 to $8.60 level.
Corn exports have been good over the last 6 to 8 weeks and today’s report was also. At 43 million bushels exports were above the average needed to reach USDA’s projection. Ethanol prospects are looking better as crude oil is attempting to move higher. The strong possibility of the Obama administration increasing the maximum use of Ethanol from 10 to 15% is also a positive factor.
Cash bid for March at Memphis 462 to 465;
|Bids to farmers at Local Elevators||437-462;|
|Chicago Futures:||May||up||16 3/4||at||525|
|Sep||up||17 1/4||at||562 1/4|
|Dec||up||17 1/2||at||583 1/2|
|Mar '10||up||17 1/4||at||599 1/2|
|Today's Arkansas LDP rate for wheat is:||0¢|
Cash bid for March at Memphis 563 to 572;
|Bids to farmers at River Elevators||458-539;|
|Today's Arkansas LDP rate for sorghum is:||0¢|
|Cash bid for||March at Memphis 385 1/4 to - - -;|
|new crop at Memphis 364 to - - -;|
|Bids to farmers at River Elevators||349 to 385|
|Chicago Futures:||May||up||20 3/4||at||385 1/4|
|Dec||up||19 3/4||at||415 3/4|
|Today's Arkansas LDP rate for corn is:||0¢|
Wheat posted gains, mostly following Wall Street and energy markets. Weekly export inspections were reported at 14.3 million bushels, a good total and within trade expectations. July is trending lower, but tested resistance today just below $5.40.
Cotton & Rice Date: March 12, 2009
|Spot Price, Grade 41 Staple 34:||Memphis up 101 at 3758|
|Greenwood up 101 at 3758|
|New York Futures:||Mar||up||101||at||4283|
|n/a||up||- - -||at||- - -|
|This week's LDP rate for cotton is||cents|
|The estimate for next week is||cents|
Cotton firmed in early trading but as indicate in prior reports it has to make huge gains to really impact the bottom line for farmers. In yesterday’s report, 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 have done little for the cotton market.
|Long Grain Cash Bid for||n/a||- - -||to||- - -|
|n/a||- - -||to||- - -|
|Jul||down||37 1/2||at||1224 1/2|
|n/a||- - -||at||- - -|
|Today's Arkansas LDP rate for long grain rice is||0¢|
|medium grain rice is||0¢|
Rice was sharply lower again in today’s early trade. In yesterday’s report 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 Tuesday but the offers have been extended for several days.
Cattle & Hogs Date: March 12, 2009
As reported by Federal-State Market News, receipts were 1,096 head at sales in Ratcliff & Green Forest. Compared with last week, feeder steers calves sold $1-3 lower, yearlings $1-3 higher. Feeder heifers sold $2-4 higher .
|Medium & Large Frame 1||400||to||450 lbs.||112||to||- - -|
|500||to||550 lbs.||106.50||to||- - -|
|600||to||650 lbs.||99||to||- - -|
|Medium & Large Frame 2||400||to||450 lbs.||99.25||to||- - -|
|Medium & Large Frame 1||400||to||450 lbs.||93.75||to||- - -|
|Medium & Large Frame 2||400||to||450 lbs.||84.50||to||- - -|
Slaughter Cows, Boners 38 to 43
Light Weight 30 to 36
Bulls, Yield Grade 1-2 1000 to 2100 lbs. 54 to 57.50, high dressing untested
Midwest Steers were $1 higher at 81 to - - -
Panhandle Steers were $1 higher at 81 to - - -
|Oklahoma City Feeders
|Steers||n/a||to||- - - lbs.||- - -||to||- - -|
|n/a||to||- - - lbs.||- - -||to||- - -|
|Heifers||n/a||to||- - - lbs.||- - -||to||- - -|
|n/a||to||- - - lbs.||- - -||to||- - -|
Cattle futures posted across-the-board gains today. Strength in the energy markets and on Wall Street was supportive. The market continues to be under pressure from general economic concerns, however. Traders continue to worry about the strength of beef demand both domestically and globally in light of current economic woes.
Peoria: were $1 lower at 36.5 to 37
St. Paul sheep shorn slaughter lambs at n/a to - - -
Hog futures were also higher in reaction to gains on Wall Street and in energy markets. A seasonal decline in supplies should be supportive. June is trying to build support at $71.
Poultry Date: March 12, 2009
|New York:||Ex. Lg. 96-100; Lg. 94-98; 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 to fair with limited trading. 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.