(Mar) EAST AR: 905 to 922
(NC) Summ. 776 to 801
(Mar) MISS: 915 to 942 ; AR & White 903 to 918
(NC) Summ. 788 to 821
Ark. Processor Bids: (Mar) 918 to 922 (NC) 796 to 801
Memphis: (Mar) 935 to 939 (NC) 821 to - - -
Riceland Foods: (Mar) Stuttgart 922 ; Pendleton 922 ; West Memphis 942
|Jul||up||1 1/4||at||911 3/4|
|Jan '10||down||7||at||865 1/2|
|Today's Arkansas LDP rate for soybeans is:||0¢|
Soybeans traded in a narrow range as the market appears to be consolidating after big gains on Monday. Soybeans appear to be under-priced relative to corn, but that may not change much until after the USDA planting intentions report.
Corn was slightly lower at mid-day. Upside potential appears limited in the short run, but if acreage moves to beans, corn could firm substantially later in the year.
Cash bid for March at Memphis 460 to 470;
|Bids to farmers at Local Elevators||443-468;|
|Chicago Futures:||May||down||22 1/2||at||530|
|Jul||down||22 1/4||at||542 1/2|
|Dec||down||21 3/4||at||588 1/2|
|Mar '10||down||21 1/4||at||603 3/4|
|Today's Arkansas LDP rate for wheat is:||0¢|
Cash bid for March at Memphis 577 to - - -;
|Bids to farmers at River Elevators||473-553;|
|Today's Arkansas LDP rate for sorghum is:||0¢|
|Cash bid for||March at Memphis 384 1/4 to 386 1/4;|
|new crop at Memphis 367 1/4 to - - -;|
|Bids to farmers at River Elevators||352 to 378|
|Chicago Futures:||May||down||2 1/4||at||388 1/4|
|Jul||down||2 1/4||at||398 1/2|
|Today's Arkansas LDP rate for corn is:||0¢|
Wheat was mostly lower as the market retraced a portion of recent gains. The U.S. is still not competitive in the world export market and stocks are building here and worldwide. The Plains area remains dry but that appears to be factored into the market.
Cotton & Rice Date: March 18, 2009
|Spot Price, Grade 41 Staple 34:||Memphis down 113 at 3697|
|Greenwood down 113 at 3697|
|New York Futures:||May||down||113||at||4172|
|- - -||- - -||at||- - -|
|This week's LDP rate for cotton is||20.15 cents|
|The estimate for next week is||19.10 cents|
Cotton declined again as there appears to be little incentive to push the market higher. USDA raised projected exports in last week’s report, but that was the result of a lower production estimate in China and not the result of increased demand. As producers ponder planting decisions, it appears more cotton will likely be planted than originally thought.
|Long Grain Cash Bid for||n/a||- - -||to||- - -|
|n/a||- - -||to||- - -|
|Chicago Futures:||May||up||13 1/2||at||1209|
|Sep||down||14 1/2||at||1193 1/2|
|- - -||- - -||at||- - -|
|Today's Arkansas LDP rate for long grain rice is||0¢|
|medium grain rice is||0¢|
Rice showed modest followthrough on yesterday’s limit gain. Apparently, the U.S. did garner a good part of the Iraqi tender. About 120,000 metric tonnes are to be U.S. origin. That is good news for the U.S. rice industry, however it appears the price was at levels a little below recent quotes. Perhaps this will get mills back in operation and help get the market moving. Having said that, there is concern that building Thai intervention stocks will be offered at some point. In addition, there are indications the long standing export ban in India may be lifted.
Cattle & Hogs Date: March 18, 2009
As reported by Federal-State Market News, receipts were 1,658 head at sales in Conway & Pocahontas. Compared with last week, feeder steers sold steady to $2 higher, instances $5 higher. Feeder heifers sold steady to $1 higher .
|Medium & Large Frame 1||400||to||450 lbs.||105||to||- - -|
|500||to||550 lbs.||100||to||- - -|
|600||to||650 lbs.||89.75||to||- - -|
|Medium & Large Frame 2||400||to||450 lbs.||92.25||to||- - -|
|Medium & Large Frame 1||400||to||450 lbs.||89.50||to||- - -|
|Medium & Large Frame 2||400||to||450 lbs.||82||to||- - -|
Slaughter Cows, Boners 40 to 46
Light Weight 28 to 32
Bulls, Yield Grade 1 1000 to 2100 lbs. 53.50 to 60, high dressing 60-61
Midwest Steers were quoted at 80 to - - -
Panhandle Steers were quoted at 80 to - - -
|Oklahoma City Feeders
Cattle were mostly mixed despite indications this week’s cattle on feed report will still show numbers down about 5% from year ago levels. However, slow beef movement, particularly in the high end cuts continues to weigh on the market. With cutout values running around $135/cwt, packers aren’t willing to push prices higher.
Peoria: were $1 lower at 34 to 34.5
St. Paul sheep shorn slaughter lambs at n/a to - - -
Hogs appear to have stabilized after losses earlier this week. Slaughter numbers are expected to be light this week as ample pork supplies are already available. Exports appear to be stabilizing with the January number better than expected.
Poultry Date: March 18, 2009
|New York:||Ex. Lg. 100-104; Lg. 98-102; Med. 86-90;|
|Chicago:||Ex. Lg. 87-95; Lg. 85-93; Med. 77-85;|
Eastern Region Turkeys
U.S. Grade A
Trade sentiment was about steady. Demand was fair at best with limited movement. Supplies of all sizes were more than sufficient to satisfy present trade needs. In production areas, live supplies were moderate at mixed, but mostly desirable weights.