Grain & Soybean Date: March 9, 2010

Soybeans

Local Elevators:
(March) EAST AR:  885 to 918
(NC) Summ. 876 to 898
River Elevators:
(March) MISS: 894 to 949 ; AR & White 879 to 889
(NC) Summ. 871 to 908
Ark. Processor Bids: (March) 893 to 905  (NC) 883 to 886
Memphis:  (March) 952 1/2 to 957 1/2 (NC)  907 1/2 to - - -
Riceland Foods:  (March) Stuttgart 895 ; Pendleton 888 ; West Memphis 941

Chicago Futures:	May	down	1/2	at	947 1/2
	July	unchanged	0	at	956
	Sept	down	2 1/2	at	938 1/2
	Nov	down	3 1/2	at	927 1/2
	Jan	down	3 3/4	at	936 1/4
	Today's Arkansas LDP rate for soybeans is:				0¢

Soybean Comment
Soybeans traded lower throughout the session. A stronger dollar and lower crude oil added pressure as did large South American crop prospects. While a big crop has been anticipated, it seems to be growing as Brazil raised its estimate to 67.57 million metric tonnes. Argentina’s crop is expected to also increase from the current 53 mmt projection. USDA could reduce the ’09 U.S. production estimate, but at best only by a little. Exports could increase.

Wheat
Cash bid for March at Memphis  439 1/2 to 469 1/2;

Bids to farmers at Local Elevators	442-464;
River Elevators	454-487;

Chicago Futures:	May	down	5 1/2	at	489 1/2
	July	down	5 1/2	at	502 1/4
	Sept	down	4 1/2	at	518 1/4
	Dec	down	4	at	545 1/4
	March 2011	down	3 3/4	at	570
	Today's Arkansas LDP rate for wheat is:				0¢

Grain Sorghum
Cash bid for March at Memphis  654 to -- -;

Bids to farmers at River Elevators	498-573;
Today's Arkansas LDP rate for sorghum is:	0¢

Corn

Cash bid for	March at Memphis   365 to 369;
	New Crop at Memphis   368 3/4 to 370 3/4;
Bids to farmers at River Elevators	335 to 364

Chicago Futures:	May	down	6	at	369
	Sept	down	6 1/2	at	388 3/4
	Dec	down	6	at	397
	March 2011	down	6	at	407 3/4
	Today's Arkansas LDP rate for corn is:				0¢

Grain Comment
Wheat turned lower today. There isn’t anything new influencing the market at this point. Big world stocks continue to offset potential impact of smaller 2010 U.S. plantings. With a stocks to use ratio of almost 49%, upside remains limited. A July close below $5 would signal another leg lower in this market.<br><br>Corn was under even greater pressure than beans. U.S. export movement has been slow and the trade is anticipating a downward adjustment. While the ’09 production number will likely be lowered, stocks should be about steady. FAPRI has also projected 2010 plantings at 89.6 million acres with production at 13.13 billion bushels. A retest of September support at $3.78 is possible if USDA adjustments for production are less than 70 million bushels.

---

Cotton & Rice  Date: March 9, 2010

Cotton

Spot Price, Grade 41 Staple 34:	Memphis down 171 at  7583
	Greenwood down  171 at 7583

New York Futures:	May	down	171	at	8033
	July	down	192	at	8062
	Oct	up	4	at	7638
	Dec	up	10	at	7537
	March 2011	down	11	at	7631
This week's LDP rate for cotton is					0¢ cents
	The estimate for next week is				0¢ cents

Cotton Comment
Cotton closed mixed with old crop sharply lower and new crop slightly higher. A smaller Chinese crop and increased mill demand is pushing the market higher. USDA adjusted U.S. export projections higher by a million bales in the February report. Another adjustment could be made in Wednesday’s report. December could retest the contract highs at 78.25 cents at some point. Today’s trade narrowed the spread between old and new crop and suggests the market has significant pressure at 80 cents or higher.

Rice

Long Grain Cash Bid for	Mar/April	1217/cwt	to	- - -
	- - -	- - -	to	- - -

Chicago Futures:	May	up	9	at	1302
	July	up	9	at	1331 1/2
	Sept	up	5	at	1299
	Nov	up	2 1/2	at	1312 1/2
	- - -		- - -	at	- - -
Today's Arkansas LDP rate for long grain rice is					0¢
medium grain rice is					0¢

Rice Comment
Rice made a small rebound today but remains in a sharp downtrend. Yesterday’s close below $13 leaves the next chart support at $11.75 on the weekly charts. Further technical weakness appears probable. A weaker international market and probable increase in 2010 U.S. plantings continue to weigh on the charts.

---

Cattle & Hogs  Date: March 9, 2010

Cattle
As reported by Federal-State Market News, receipts were 1805 head at sales in Heber Springs & Fort Smith.  Compared with last week, feeder steers were firm to $5 higher .

Steers:
Medium & Large Frame 1	400	to	450 lbs.	125.50	to	- - -
	500	to	550 lbs.	118.50	to	- - -
	600	to	650 lbs.	107.50	to	- - -
Medium & Large Frame 2	450	to	500 lbs.	110.50	to	- - -
Heifers:
Medium & Large Frame 1	500	to	550 lbs.	100.50	to	- - -
Medium & Large Frame 2	500	to	550 lbs.	97	to	- - -

Slaughter Cows, Boners 46   to   53
Light Weight 32 to 36
Bulls, Yield Grade   1   1000   to   2100 lbs.   58   to   66
Midwest Steers   were $1 to $2 lower   at   90   to   91
Panhandle Steers   were $1 to $2 lower   at   90   to   91

Oklahoma City Feeders
Steers	500	to	550 lbs.	118	to	126
	550	to	600 lbs.	112	to	119
Heifers	500	to	550 lbs.	106	to	113
	550	to	600 lbs.	103	to	109.50

Chicago Futures:

Live Cattle:	April	up	20	at	9440
	June	up	5	at	9232
Feeders:	April	up	2	at	10602
	May	down	2	at	10660

Cattle Comment
April live cattle futures moved higher again today, with a move to resistance at $95 a strong possibility. The market is overbought technically, plus it is trading at a nearly $2 premium to cash. That could limit further gains near term. Seasonal factors tend to be negative also.

Hogs
Peoria: were 50¢ higher to $2     lower   at   46   to   48

Chicago Futures:	April	down	40	at	7240
	June	down	97	at	8047

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

Hogs Comment
Hog futures were lower again today after April failed to penetrate resistance near $74 late last week. Packer margins are extremely tight despite increased pork demand. Tightening hog supplies suggest USDA over estimated this year’s numbers and that should support a stronger market as we move forward.

---

Poultry  Date: March 9, 2010

Eggs

New York:	Ex. Lg. 136-140; Lg. 134-138; Med. 113-117;
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 at least steady. Demand was mostly moderate for early week trading. Supplies of all sizes were sufficient to satisfy current trade needs. In the parts structure, movement was light to instances good. In production areas live supplies were moderate at mostly desirable weights.