Grain & Soybean Date: March 12, 2010

Soybeans

Local Elevators:
(March) EAST AR:  856 to 896
(New Crop) Summ. 862 to 884
River Elevators:
(March) MISS: 872 to 927 ; AR & White 857 to 867
(New Crop) Summ. 860 to 894
Ark. Processor Bids: (March) 871 to 873  (New Crop) 869 to 872
Memphis:  (March) 930 1/2 to 939 1/2 (New Crop)  889 to 894
Riceland Foods:  (March) Stuttgart 873 ; Pendleton 866 ; West Memphis 919

Chicago Futures:	May	down	5	at	925 1/2
	July	down	5 1/2	at	933 1/2
	Sept	down	3 1/2	at	922
	Nov	down	2 1/2	at	914
	Jan	down	2 1/4	at	923 1/2
	Today's Arkansas LDP rate for soybeans is:				0¢

Soybean Comment
Soybeans failed to hold early gains despite a weaker dollar and a sizeable sale of soybeans for 2010/11 to China. The undertone of the market is somewhat negative. Inability to rebound from yesterday’s losses suggests further declines are probable. The market could still have a seasonal rally during planting time but the question is from where.

Wheat
Cash bid for March at Memphis  435 1/4 to 462 1/4;

Bids to farmers at Local Elevators	438-460;
River Elevators	448-483;

Chicago Futures:	May	up	6 1/2	at	485 1/4
	July	up	6 1/2	at	498
	Sept	up	5 3/4	at	514
	Dec	up	5 3/4	at	540 1/4
	March 2011	up	5 3/4	at	564 3/4
	Today's Arkansas LDP rate for wheat is:				0¢

Grain Sorghum
Cash bid for March at Memphis  647 to - - -;

Bids to farmers at River Elevators	489-564;
Today's Arkansas LDP rate for sorghum is:	0¢

Corn

Cash bid for	March at Memphis   360 1/4 to 361 1/4;
	New Crop at Memphis   364 1/4 to - - -;
Bids to farmers at River Elevators	329 to 359

Chicago Futures:	May	down	1	at	364 1/4
	Sept	down	1 1/4	at	384 1/4
	Dec	down	1 1/2	at	393 3/4
	March 2011	down	1 1/2	at	405
	Today's Arkansas LDP rate for corn is:				0¢

Grain Comment
Wheat ended the week on a positive note. July is hovering just above the $4.84 contract low. Downside appears limited, but there is not much upside potential with big world supplies weighing on the market.<br><br>Corn traded in a narrow range but ended the day slightly lower. Big stocks and the possibility of increased U.S. plantings in 2010 will limit upside potential. Technically a September close below $3.76 would be extremely negative.

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Cotton & Rice  Date: March 12, 2010

Cotton

Spot Price, Grade 41 Staple 34:	Memphis up 170 at  75.97
	Greenwood up  170 at 75.97

New York Futures:	May	up	17	at	8047
	July	up	174	at	8102
	Oct	up	53	at	7691
	Dec	up	49	at	7562
	March 2011	up	35	at	7678
This week's LDP rate for cotton is					0 cents
	The estimate for next week is				0 cents

Cotton Comment
Cotton reversed yesterday’s losses with old crop leading the upturn. In the March report released earlier this week, USDA made a smaller than expected downward adjustment in China’s production estimate. USDA knocked 500,000 bales off their estimate, while China’s estimate was lowered 3 million bales last week. USDA did increase domestic use 100,000 bales, dropping projected ending stocks at 3.2 million bales. New crop December closed at 75.62 cents. A test of resistance at 78.25 cents is a long term possibility.

Rice

Long Grain Cash Bid for	March/April	1158/cwt	to	- - -
	- - -	- - -	to	- - -

Chicago Futures:	May	up	3	at	1243
	July	up	2 1/2	at	1273
	Sept	down	3 1/2	at	1262 1/2
	Nov	down	5	at	1276
	- - -		- - -	at	- - -
Today's Arkansas LDP rate for long grain rice is					0¢
medium grain rice is					0¢

Rice Comment
Rice managed a very weak mixed close and remains in a strong downtrend. Earlier this week USDA lowered long grains exports 1 million cwt. In addition, world production was increased 4 million metric tonnes. A big portion of that was in India, where production was raised 2.5 mmt. That is likely a factor in India’s decision to not import rice, at least to this point. Further weakness is probable with the next chart support at $11.75.

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Cattle & Hogs  Date: March 12, 2010

Cattle
As reported by Federal-State Market News, receipts were 9,921 head at sales in Arkansas this week.  Compared with last week, feeder steers sold firm to $3 higher .

Steers:
Medium & Large Frame 1	400	to	450 lbs.	127.75	to	- - -
	500	to	550 lbs.	118.25	to	- - -
	600	to	650 lbs.	108.25	to
Medium & Large Frame 2	400	to	450 lbs.	115.00	to	- - -
Heifers:
Medium & Large Frame 1	500	to	550 lbs.	104	to	- - -
Medium & Large Frame 2	450	to	500 lbs.	103.75	to	- - -

Slaughter Cows, Boners 47   to   54
Light Weight 33 to 39
Bulls, Yield Grade   1   1000   to   2100 lbs.   58   to   65
Midwest Steers   were   at   94   to   - - -
Panhandle Steers   were   at   94   to   - - -

Oklahoma City Feeders
Steers	500	to	550 lbs.	115.00	to	130.50
	550	to	600 lbs.	102.00	to	126.00
Heifers	500	to	550 lbs.	100.00	to	115.00
	550	to	600 lbs.	99.00	to	111.50

Chicago Futures:

Live Cattle:	April	up	127	at	9510
	June	up	85	at	9280
Feeders:	April	up	87	at	10597
	May	up	155	at	10730

Cattle Comment
Cattle futures turned higher on the weaker dollar and higher cash trade today. Expected seasonal demand will limit downside movement. April live cattle have support around $93.25. April feeders have support at $104.

Hogs
Peoria: were     steady   at   46   to   48

Chicago Futures:	April	up	77	at	7265
	June	up	60	at	8080

Sheep
St. Paul - - -   at   - - -   to   - - -

Hogs Comment
Hogs were higher on carryover strength from cattle prices and a weaker dollar. News that Russia has cleared the way for some US imports was also a positive. The downside appears limited despite weak packer margins. Seasonally, the market tends to move higher and this year’s smaller pork production estimate suggests a tighter supply situation near term.

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Poultry  Date: March 12, 2010

Eggs

New York:	Ex. Lg. 141-145; Lg. 139-143; Med. 114-118;
Chicago:	Ex. Lg. 116-124; Lg. 114-122; Med. 100-108;

Eastern Region Turkeys

Hens:	8-16 lbs	83
Toms:	16-24 lbs	83

Delmarva Broilers
U.S. Grade A
The market tone was fully steady to firm. Demand was moderate to fairly good entering the weekend. Supplies of all sizes were light to satisfy current trade needs. In the parts structure, movement was moderate to instances good for late week business. In production areas live supplies were moderate at mostly desirable weights.