(Mar) EAST AR: 887 to 902
(NC) Summ. 762 to 787
(Mar) MISS: 917 to 995 ; AR & White 884 to 899
(NC) Summ. 774 to 807
Ark. Processor Bids: (Mar) 901 to 902 (NC) 782 to 787
Memphis: (Mar) 914 1/2 to 919 1/2 (NC) 807 to - - -
Riceland Foods: (Mar) Stuttgart 902 ; Pendleton 902 ; West Memphis 922
|Chicago Futures:||May||down||12 1/2||at||904 1/2|
|Sep||down||17 1/4||at||854 1/2|
|Jan '10||down||19||at||852 1/2|
|Today's Arkansas LDP rate for soybeans is:||0¢|
Soybeans was hit by another round of selling ahead of tomorrow’s reports. A stronger $, weaker crude oil and sharp declines on Wall Street all weighed on the commodity markets, particularly soybeans. Early estimates for soybean plantings range from 75.9 million to 81.5 million acres, with an average of 79.3 million acres. Anything above the 79 to 80 million acre range is likely to push beans toward the recent low of $7.84. The market may have already accounted for this in recent days, as trading has certainly favored corn.
Corn was just a little lower going into tomorrow’s report. The current price ratio of November beans to December corn is just over 2 to 1. Of course weather, plantings conditions and finance options will also figure into the final decision. But at current price levels corn comes out on top with respect to the bottom line.
Cash bid for March at Memphis 447 1/2 to 449 1/2;
|Bids to farmers at Local Elevators||426-450;|
|Chicago Futures:||May||up||5 1/4||at||512 1/2|
|Jul||up||5 1/4||at||525 1/4|
|Sep||up||5 3/4||at||551 1/2|
|Mar '10||up||1||at||590 1/2|
|Today's Arkansas LDP rate for wheat is:||0¢|
Cash bid for March at Memphis 565 to 583;
|Bids to farmers at River Elevators||469-550;|
|Today's Arkansas LDP rate for sorghum is:||0¢|
|Cash bid for||March at Memphis 381 1/4 to - - -;|
|new crop at Memphis 366 to - - -;|
|Bids to farmers at River Elevators||351 to 376|
|Chicago Futures:||May||down||3/4||at||386 1/4|
|Today's Arkansas LDP rate for corn is:||0¢|
Wheat futures ended a bit higher. Flooding is expected to significantly reduce the spring wheat crop in the Northern Plains. Much needed precipitation came in the form of show in Kansas, probably improving the condition of the crop somewhat. Volume was light today ahead of tomorrow’s acreage report and especially Thursday’s quarterly stocks report.
Cotton & Rice Date: March 30, 2009
|Spot Price, Grade 41 Staple 34:||Memphis up 105 at 3964|
|Greenwood up 105 at 3964|
|New York Futures:||May||up||105||at||4439|
|n/a||up||- - -||at||- - -|
|This week's LDP rate for cotton is||18.17 cents|
|The estimate for next week is||18.54 cents|
Cotton made a late rally to put 100 points on all contracts. There is obviously a demand problem as the market continues to trade at extremely low levels. With a loan rate of 52 cents the market will need to be above 60 cents to offer producers any real advantage. That doesn’t appear to be in the cards, near term. If tomorrow’s intentions report throws the market a curve ball, it could help start a revival, but in any case it will be a while before the market makes any significant gains.
|Long Grain Cash Bid for||n/a||- - -||to||- - -|
|n/a||- - -||to||- - -|
|Chicago Futures:||May||down||36||at||1201 1/2|
|Jul||down||36 1/2||at||1223 1/2|
|Sep||down||17 1/2||at||1174 1/2|
|- - -||up||- - -||at||- - -|
|Today's Arkansas LDP rate for long grain rice is||0¢|
|medium grain rice is||0¢|
Rice was sharply lower again today, but remains in the overall sideways pattern that has dominated trading for much of the past 10 weeks. There is little indication the market is ready to make any long term move. Medium grain rice continues to steal the show, but the mid-South seed supply is limited. Long grain export sales got a boost with last week’s confirmed sales to Iraq, but the market needs more. There is still concern that Thailand will release government intervention stocks into the market at any time. This year’s plantings are expected to be up slightly from last year, but who knows. Some decisions will be made on the fly – depending on weather and planting conditions.
Cattle & Hogs Date: March 30, 2009
As reported by Federal-State Market News, receipts were 2,381 head at sales in Ash Flat, Springdale & Ola. Compared with last week, feeder steers sold steady, heifers steady to $3 higher .
|Medium & Large Frame 1||400||to||450 lbs.||110.75||to||- - -|
|500||to||550 lbs.||102.25||to||- - -|
|600||to||650 lbs.||92||to||- - -|
|Medium & Large Frame 2||400||to||450 lbs.||99.50||to||- - -|
|Medium & Large Frame 1||400||to||450 lbs.||99.75||to||- - -|
|Medium & Large Frame 2||400||to||450 lbs.||83.25||to||- - -|
Slaughter Cows, Boners 42 to 48
Light Weight 31 to 39
Bulls, Yield Grade 1 1000 to 2100 lbs. 54 to 60.50, high dressing 60.50-67.50
Midwest Steers were $1 lower to $1 higher at 80 to 84
Panhandle Steers were $1 lower to $1 higher at 82 to 84
|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 were lower today following weakness in the stock market. Demand concerns continue to plague the market as well. 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 34.5 to 35
St. Paul sheep shorn slaughter lambs at n/a to - - -
Hogs were mostly lower on weakness in the stock market and continued demand worries. A sharp drop in cutout values last week is expected to curtail packer demand.
Poultry Date: March 30, 2009
|New York:||Ex. Lg. 116-120; Lg. 114-118; Med. 86-90;|
|Chicago:||Ex. Lg. 103-111; Lg. 101-109; Med. 77-85;|
Eastern Region Turkeys
U.S. Grade A
Trade sentiment was steady at best. Demand following the weekend was no better than fair for upcoming first of the month business. Supplies of all sizes were mostly sufficient to satisfy current trade needs. In production areas, live supplies were moderate at mostly desirable weights.