(Mar) EAST AR: 957 to 974
(NC) Summ. 817 to 842
(Mar) MISS: 962 to 994 ; AR & White 953 to 968
(NC) Summ. 828 to 862
Ark. Processor Bids: (Mar) 963 to 974 (NC) 837 to 842
Memphis: (Mar) 987 to - - - (NC) 856 1/2 to 861 1/2
Riceland Foods: (Mar) Stuttgart 974 ; Pendleton 974 ; West Memphis 994
|Chicago Futures:||May||up||11 1/2||at||967|
|Jul||up||11 3/4||at||963 3/4|
|Today's Arkansas LDP rate for soybeans is:||0¢|
Soybeans ended mostly higher, led by old crop contracts. The farm strike in Argentina gave the old crop contracts a boost. This situation has been going on for about a year now, and has the potential to affect Argentina’s soybean exports, thus creating marketing opportunities for U.S. beans. This strength carried over into new crop beans as well, but the strength there was limited. Next week’s acreage report is expected to show large U.S. plantings. Anything over 80 million acres will have a real bearish impact on new crop futures.
Corn was a bit lower after May failed at resistance at $4 yesterday. Farmer selling has tended to increase on previous moves above $4. So far, the wet forecast for the next week or so in the Midwest isn’t impacting the market, but delays in fieldwork and planting will have a bullish impact if they continue.
Cash bid for March at Memphis 465 to 475;
|Bids to farmers at Local Elevators||448-473;|
|Chicago Futures:||May||down||14 1/4||at||535|
|Dec||down||13 3/4||at||594 1/4|
|Mar '10||down||14||at||609 3/4|
|Today's Arkansas LDP rate for wheat is:||0¢|
Cash bid for March at Memphis 587 to - - -;
|Bids to farmers at River Elevators||483-564;|
|Today's Arkansas LDP rate for sorghum is:||0¢|
|Cash bid for||March at Memphis 384 3/4 to 388 3/4;|
|new crop at Memphis 373 1/4 to - - -;|
|Bids to farmers at River Elevators||483 to 564|
|Chicago Futures:||May||down||1 3/4||at||393 3/4|
|Jul||down||1 3/4||at||404 1/4|
|Sep||down||2 1/4||at||413 1/4|
|Mar '10||down||1 1/2||at||437|
|Today's Arkansas LDP rate for corn is:||0¢|
Wheat posted double digit losses. This market continues to feel pressure from poor export movement and a very competitive situation. The Southern Plains have received some much needed rain, especially in Kansas, improving the condition of the crop there.
Cotton & Rice Date: March 24, 2009
|Spot Price, Grade 41 Staple 34:||Memphis down 72 at 3956|
|Greenwood down 72 at 3956|
|New York Futures:||May||down||72||at||4431|
|n/a||- - -||at||- - -|
|This week's LDP rate for cotton is||19.27 cents|
|The estimate for next week is||18.34 cents|
Cotton turned lower today, with December failing to hold above 50 cents. Long term the market will need to be in the 60-62 cent range to mean much to producers, and substantially higher to really encourage production. That won’t likely happen until late in the year or perhaps early next year.
|Long Grain Cash Bid for||n/a||- - -||to||- - -|
|n/a||- - -||to||- - -|
|Chicago Futures:||May||down||24 1/2||at||1244|
|n/a||- - -||at||- - -|
|Today's Arkansas LDP rate for long grain rice is||0¢|
|medium grain rice is||0¢|
Rice was lower across the board. Last week’s confirmed sale to Iraq was a big deal which helps put the industry back on track at least for the time being. Upside potential seems limited, with concern over building government intervention stocks in Thailand and the possibility that India will lift their long term export ban.
Cattle & Hogs Date: March 24, 2009
As reported by Federal-State Market News, receipts were 788 head at sales in Fort Smith. Compared with last week, feeder steers sold $2-6 higher, heifers steady to $5 higher .
|Medium & Large Frame 1||400||to||450 lbs.||116.75||to||- - -|
|500||to||550 lbs.||109.75||to||- - -|
|600||to||650 lbs.||96.50||to||- - -|
|Medium & Large Frame 2||400||to||450 lbs.||106.75||to||- - -|
|Medium & Large Frame 1||400||to||450 lbs.||98||to||- - -|
|Medium & Large Frame 2||400||to||450 lbs.||88.50||to||- - -|
Slaughter Cows, Boners 41 to 45.50
Light Weight n/a to - - -
Bulls, Yield Grade 1 1000 to 2100 lbs. 55 to 58, high dressing 60-65
Midwest Steers n/a at - - - to - - -
Panhandle Steers remained at 81 to 83
|Oklahoma City Feeders
Cattle futures ended mixed. The monthly cattle on feed report provided a boost yesterday. Placements were down 3% and the total on-feed inventory was down 5% to the lowest level for March 1 in 4 years. The problem for this market is on the demand side of the equation. Retailers report it is difficult to keep beef moving through the pipeline. Heavier weight cattle are coming to market as well, meaning more choice cuts are available.
Peoria: were steady at 33 to 33.5
St. Paul sheep shorn slaughter lambs at n/a to - - -
Hogs reversed yesterday’s losses. June found support at $71.60 yesterday. That is the bottom of the recent consolidation range, so no real technical damage was done. This market is carrying a premium to cash, and that is limiting upside potential.
Poultry Date: March 24, 2009
|New York:||Ex. Lg. 106-110; Lg. 104-108; Med. 86-90;|
|Chicago:||Ex. Lg. 94-102; Lg. 92-100; Med. 77-85;|
Eastern Region Turkeys
U.S. Grade A
Trade sentiment was steady to about steady. Demand was no better than fair with limited trading. 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.