(Mar) EAST AR: 941 to 958
(NC) Summ. 800 to 825
(Mar) MISS: 946 to 978 ; AR & White 937 to 952
(NC) Summ. 812 to 845
Ark. Processor Bids: (Mar) 947 to 958 (NC) 820 to 825
Memphis: (Mar) 971 to - - - (NC) 840 to 845
Riceland Foods: (Mar) Stuttgart 958 ; Pendleton 958 ; West Memphis 978
|Today's Arkansas LDP rate for soybeans is:||0¢|
Soybeans ended the day with big declines as traders appeared to be evening up their positions ahead of next week’s reports. Quarterly grain stocks and the ’09 planting intentions reports will be released next Tuesday. While a number of private estimates have been released it appears many farmers are still in the “undecided” category. Some won’t decide until the planters are rolling, and weather will still be a big factor as will financing. Soybean plantings will increase over last year, but how much is the question. Anything over 79 million acres will likely be negative long term for price.
Corn was lower also. While weather forecasts suggest some delays in getting field work done in the Midwest, they proved last year a lot of acres can be planted in a short time. For now the market is trading a big carryover, and weak export movement compared to a year ago. Tight farmer holding appears to weaken when near term futures hit the $4 or better level.
Cash bid for March at Memphis 438 to 448;
|Bids to farmers at Local Elevators||421-446;|
|Jul||down||26 3/4||at||520 3/4|
|Sep||down||25 3/4||at||546 1/4|
|Dec||down||24 1/2||at||569 3/4|
|Mar '10||down||24 1/2||at||585 1/4|
|Today's Arkansas LDP rate for wheat is:||0¢|
Cash bid for March at Memphis 573 to - - -;
|Bids to farmers at River Elevators||469-550;|
|Today's Arkansas LDP rate for sorghum is:||0¢|
|Cash bid for||March at Memphis 376 3/4 to 380 3/4;|
|new crop at Memphis 365 1/4 to - - -;|
|Bids to farmers at River Elevators||351 to 376|
|Chicago Futures:||May||down||8||at||385 3/4|
|Dec||down||7 3/4||at||417 1/2|
|Today's Arkansas LDP rate for corn is:||0¢|
Wheat posted double digit losses for the second day in a row. Much needed rains in hard red winter wheat country have led to the sell-off, erasing much of the weather premium that was built in to this market. July did find support at the recent low of $5.19, which is somewhat encouraging.
Cotton & Rice Date: March 25, 2009
|Spot Price, Grade 41 Staple 34:||Memphis up 27 at 3983|
|Greenwood up 27 at 3983|
|New York Futures:||May||up||27||at||4458|
|n/a||- - -||at||- - -|
|This week's LDP rate for cotton is||19.27 cents|
|The estimate for next week is||18.26 cents|
Cotton was a little higher today, but futures remain well below the loan level. Producers are still on the fence about potential cuts in ’09. Some are swinging back to cotton, because it simply fits their operation. Soil and water considerations, yield history, equipment etc. all have some leaning back toward cotton. No doubt they will watch the market and see if corn and/or soybeans try to claim additional cotton acreage.
|Long Grain Cash Bid for||n/a||- - -||to||- - -|
|n/a||- - -||to||- - -|
|Chicago Futures:||May||down||13 1/2||at||1230 1/2|
|Sep||down||12 1/2||at||1196 1/2|
|Nov||down||5 1/2||at||1214 1/2|
|n/a||- - -||at||- - -|
|Today's Arkansas LDP rate for long grain rice is||0¢|
|medium grain rice is||0¢|
Rice was again under late pressure as overall stocks remain sufficient. U.S. export movement received a boost with last week’s sale to Iraq, but overall milled sales are behind projections and additional sales are needed. Rough rice sales, while steady also have lagged last year’s pace. Early reports suggest a slight increase in ’09 plantings, but that may not be realized as a result of California water problems. Medium grain seed supplies in Arkansas are limited and germination problems for some may tighten the situation even more. The Plant Board seed committee will address the situation.
Cattle & Hogs Date: March 25, 2009
As reported by Federal-State Market News, receipts were 909 head at sales in Conway & Pocahontas. Compared with last week, feeder steers n/a .
|Medium & Large Frame 1||400||to||450 lbs.||109.75||to||- - -|
|500||to||550 lbs.||102.25||to||- - -|
|600||to||650 lbs.||93.75||to||- - -|
|Medium & Large Frame 2||400||to||450 lbs.||94.75||to||- - -|
|Medium & Large Frame 1||400||to||450 lbs.||93.25||to||- - -|
|Medium & Large Frame 2||400||to||450 lbs.||85||to||- - -|
Slaughter Cows, Boners 42 to 47
Light Weight 28 to 33
Bulls, Yield Grade 1 1000 to 2100 lbs. 55 to 61, high dressing untested
Midwest Steers were quoted at 81 to - - -
Panhandle Steers were steady to $2 higher at 81 to 83
|Oklahoma City Feeders
Cattle futures posted across-the-board losses. 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 $1.5 higher at 34.5 to 35
St. Paul sheep shorn slaughter lambs at n/a to - - -
Hogs were mostly lower on continued demand worries. This market is carrying a premium to cash, and that is limiting upside potential.
Poultry Date: March 25, 2009
|New York:||Ex. Lg. 108-112; Lg. 106-110; 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 fair at best with trading 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.