(Mar) EAST AR: 934 to 949
(NC) Summ. 812 to 837
(Mar) MISS: 942 to 969 ; AR & White 926 to 941
(NC) Summ. 824 to 857
Ark. Processor Bids: (Mar) 942 to 949 (NC) 832 to 837
Memphis: (Mar) 964 to 967 (NC) 857 to - - -
Riceland Foods: (Mar) Stuttgart 949 ; Pendleton 949 ; West Memphis 969
|Chicago Futures:||May||up||47 1/2||at||952|
|Jul||up||48 1/2||at||950 1/2|
|Jan '10||up||49 1/2||at||902|
|Today's Arkansas LDP rate for soybeans is:||0¢|
Soybeans were sharply higher as the USDA planting intentions showed only 76 million acres. Pre-report estimates suggest over 79 million acres would go to soybeans this year. In addition the quarterly stocks report was well below year ago levels suggesting demand was better than thought. This also means demand will have to slow or ending stocks will be significantly lower than the current 185 million bushels projection. November should test resistance at recent highs of $9.13 and then $9.58 ½. We could see a bidding war between corn and beans in the next few weeks.
Corn was higher despite projected plantings of 85 million acres. That is 1 million acres below last year, but above expectations. Quarterly stocks were up 100 million bushels from a year ago, but below pre report estimates. After brief sell off, corn rallied to close with solid gains. The soybean/corn price ratio continues to favor corn. No doubt weather conditions are also beginning to fuel the corn market. September could move toward resistance near $4.60.
Cash bid for March at Memphis 465 3/4 to 472 3/4;
|Bids to farmers at Local Elevators||445-470;|
|Chicago Futures:||May||up||20 1/4||at||532 3/4|
|Mar '10||up||18 1/2||at||609|
|Today's Arkansas LDP rate for wheat is:||0¢|
Cash bid for March at Memphis 598 to 603;
|Bids to farmers at River Elevators||503-583;|
|Today's Arkansas LDP rate for sorghum is:||0¢|
|Cash bid for||March at Memphis 399 3/4 to - - -;|
|new crop at Memphis 384 to - - -;|
|Bids to farmers at River Elevators||370 to 395|
|Chicago Futures:||May||up||18 1/2||at||404 3/4|
|Dec||up||17 1/2||at||435 3/4|
|Today's Arkansas LDP rate for corn is:||0¢|
Wheat futures posted sharp gains even though today’s reports didn’t change the outlook all that much. The USDA total wheat acreage estimate came in within 200,000 acres of the average trade guess at 58.638 million acres. The stocks report showed more than 1 billion bushels on hand March 1, which wasn’t a surprising number.
Cotton & Rice Date: March 31, 2009
|Spot Price, Grade 41 Staple 34:||Memphis up 258 at 4222|
|Greenwood up 258 at 4222|
|New York Futures:||May||up||208||at||4647|
|- - -||- - -||at||- - -|
|This week's LDP rate for cotton is||18.17 cents|
|The estimate for next week is||18.24 cents|
Cotton made the biggest gain in several months despite planting intentions that exceeded expectations. USDA projected a ’09 crop of 8.81 million acres compared to 9.47 in ’08. Over 53% of the acreage will be in Texas, where drought conditions could lead to heavy abandonment. December closed above initial resistance and should test the next resistance at 52 cents. Longer term a move to early January high of 57.2 cents is possible.
|Long Grain Cash Bid for||n/a||- - -||to||- - -|
|n/a||- - -||to||- - -|
|Chicago Futures:||May||up||39 1/2||at||1241|
|Jul||up||39 1/2||at||1264 1/2|
|- - -||- - -||at||- - -|
|Today's Arkansas LDP rate for long grain rice is||0¢|
|medium grain rice is||0¢|
Rice plantings were projected 6% higher at 3.18 million acres. Arkansas and Missouri plantings were up 13% with 1.58 million acres projected for Arkansas. That included a 9% increase in long grain and a 60% increase to 160,000 acres of medium grain. Both old and new crop contracts moved higher despite the higher plantings intentions. May will likely test resistance around $13, while September could challenge the recent high at $12.30. Above that is resistance at $12.47 and $12.86.
Cattle & Hogs Date: March 31, 2009
As reported by Federal-State Market News, receipts were n/a head at sales in - - -. Compared with last week, feeder steers sold 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 higher to $3 lower at 81 to - - -
Panhandle Steers n/a at - - - to - - -
|Oklahoma City Feeders
|n/a||to||- - - lbs.||- - -||to||- - -|
Cattle futures ended higher on profit taking and carryover strength from outside markets. Demand concerns continue to plague the market. 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 posted gains as well, also supported by gains on Wall Street. A sharp drop in cutout values last week is expected to curtail packer demand.
Poultry Date: March 31, 2009
|New York:||Ex. Lg. 120-124; Lg. 118-122; 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 was no better than fair with limited trading. Supplies of all sizes were adequate to satisfy current trade requirements. In production areas, live supplies were moderate at mixed, but mostly desirable weights.