(Mar) EAST AR: 942 to 959
(NC) Summ. 813 to 838
(Mar) MISS: 952 to 979 ; AR & White 938 to 953
(NC) Summ. 825 to 858
Ark. Processor Bids: (Mar) 948 to 959 (NC) 833 to 838
Memphis: (Mar) 974 to 977 (NC) 853 to 858
Riceland Foods: (Mar) Stuttgart 959 ; Pendleton 959 ; West Memphis 979
|Chicago Futures:||May||up||11 1/2||at||952|
|Sep||up||2 3/4||at||905 1/2|
|Jan '10||up||1 1/2||at||903|
|Today's Arkansas LDP rate for soybeans is:||0¢|
Soybeans managed a firm close with the biggest gains in old crop contracts. Another big purchase by China simply adds concern about tightening old crop stocks. Farmer unrest in Argentina is adding support. Similar actions last year added to importer’s concern about the reliability of Argentina is adding support. Similar actions last year added to importer’s concern about the reliability of Argentina as a soybean supplier. This rally should be seen as a good pricing opportunity, particularly for new crop as long range forecasts suggest bigger stocks will be available next year.
Corn was mixed, as the best the market could do was hold on to yesterday’s gains. Recent gains have pulled some corn out of farmer’s hands, and that limited upside. The next major resistance for old crop is near $4.40, and $4.58 for September.
Cash bid for March at Memphis 480 1/4 to 490 1/4;
|Bids to farmers at Local Elevators||463-488;|
|Chicago Futures:||May||down||5||at||550 1/4|
|Jul||down||5 1/4||at||562 1/2|
|Dec||down||4 1/2||at||608 3/4|
|Mar '10||down||4 1/2||at||624|
|Today's Arkansas LDP rate for wheat is:||0¢|
Cash bid for March at Memphis 592 to - - -;
|Bids to farmers at River Elevators||487-567;|
|Today's Arkansas LDP rate for sorghum is:||0¢|
|Cash bid for||March at Memphis 387 1/2 to 394 1/2;|
|new crop at Memphis 376 to - - -;|
|Bids to farmers at River Elevators||360 to 387|
|Chicago Futures:||May||unchanged||at||396 1/2|
|Today's Arkansas LDP rate for corn is:||0¢|
Wheat was pressured by continued poor export movement and a very competitive situation. Rains moved through part of the drought stricken Plains area but the overall consensus is that it wasn’t enough to really help.
Cotton & Rice Date: March 20, 2009
|Spot Price, Grade 41 Staple 34:||Memphis up 121 at 3933|
|Greenwood up 121 at 3933|
|New York Futures:||May||up||121||at||4408|
|n/a||- - -||at||- - -|
|This week's LDP rate for cotton is||19.27 cents|
|The estimate for next week is||19.24 cents|
Cotton made further improvement today as the market showed good followthrough on yesterday’s gains. 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||28 1/2||at||1282 1/2|
|Sep||down||2 1/2||at||1218 1/2|
|n/a||up||- - -||at||- - -|
|Today's Arkansas LDP rate for long grain rice is||0¢|
|medium grain rice is||0¢|
Rice closed mixed with old crop May closing higher. This put May at recent highs just under $13. 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 20, 2009
As reported by Federal-State Market News, receipts were 8,390 head at sales in Arkansas this week. Compared with last week, feeder steers sold mostly $5-8 higher, heifers $3-6 higher .
|Medium & Large Frame 1||400||to||450 lbs.||109.25||to||- - -|
|500||to||550 lbs.||103.25||to||- - -|
|600||to||650 lbs.||94.50||to||- - -|
|Medium & Large Frame 2||400||to||450 lbs.||95.50||to||- - -|
|Medium & Large Frame 1||400||to||450 lbs.||93||to||- - -|
|Medium & Large Frame 2||400||to||450 lbs.||83||to||- - -|
Slaughter Cows, Boners 42 to 48
Light Weight 28 to 33
Bulls, Yield Grade 1 1000 to 2100 lbs. 53 to 58, high dressing 59-62
Midwest Steers n/a at - - - to - - -
Panhandle Steers n/a at - - - to - - -
|Oklahoma City Feeders
Cattle followed through on yesterday’s good gains and closed higher to end the week on a good note. This week’s cattle on feed report is expected to 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 steady at 33 to 33.5
St. Paul sheep shorn slaughter lambs at n/a to - - -
Hogs closed lower as the market tested support at the bottom of a shallow consolidation area. 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 20, 2009
|New York:||Ex. Lg. 104-108; Lg. 102-106; Med. 86-90;|
|Chicago:||Ex. Lg. 87-95; Lg. 85-93; Med. 77-85;|
Eastern Region Turkeys
U.S. Grade A
Trade sentiment was steady to about steady. Demand entering the weekend was light to fair with limited trading. Supplies of all sizes were at least adequate to satisfy trade needs. In production areas, live supplies were moderate at mostly desirable weights.