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Closing Grains: from the Arkansas Farm Bureau Commodity Staff
Grain & Soybean
March 10, 2010
Soybeans
Local Elevators:
(March) EAST AR: 888 to 928
(New Crop) Summ. 883 to 905
River Elevators:
(March) MISS: 905 to 960 ;
AR & White 890 to 900
(NC) Summ. 881 to 915
Ark. Processor Bids: (March) 903 to 905
(NC) 890 to 893
Memphis: (March) 963 to 968 (NC) 915
1/4 to - - -
Riceland Foods: (March) Stuttgart
905 ; Pendleton 898 ;
West Memphis 951
| Chicago Futures: | May | up | 10 1/2 | at | 958 |
| July | up | 9 1/2 | at | 965 1/2 | |
| Sept | up | 8 3/4 | at | 947 1/4 | |
| Nov | up | 7 3/4 | at | 935 1/4 | |
| Jan | up | 7 1/2 | at | 943 3/4 | |
| Today's Arkansas LDP rate for soybeans is: | 0¢ | ||||
Soybean Comment
Soybeans firmed after USDA projected bigger exports and smaller
ending stocks. 2009 U.S. production was reduced a mere 2 million
bushels, but exports were raised 20 million bushels. When all the
changes were included,projected ending stocks fell to 190 million
bushels, just a 3 week supply. Normally that would be enough to push
the market sharply higher, but bigger projections for South America
will limit upside potential. November should test resistance near
$9.50.
Wheat
Cash bid for March at Memphis 436
1/2 to 460 1/2;
| Bids to farmers at Local Elevators | 435-457; |
| River Elevators | 446-480; |
| Chicago Futures: | May | down | 8 | at | 481 1/2 |
| July | down | 7 3/4 | at | 494 1/2 | |
| Sept | down | 7 1/4 | at | 511 | |
| Dec | down | 7 1/4 | at | 538 | |
| March 2011 | down | 7 3/4 | at | 562 1/4 | |
| Today's Arkansas LDP rate for wheat is: | 0¢ | ||||
Grain Sorghum
Cash bid for March at Memphis 649 to -
- -;
| Bids to farmers at River Elevators | 491-566; |
| Today's Arkansas LDP rate for sorghum is: | 0¢ |
Corn
| Cash bid for | March at Memphis 361 1/2 to 365 1/2; |
| New Crop at Memphis 365 1/2 to 367 1/2; | |
| Bids to farmers at River Elevators | 331 to 361 |
| Chicago Futures: | May | down | 3 1/2 | at | 365 1/2 |
| Sept | down | 3 1/4 | at | 385 1/2 | |
| Dec | down | 2 1/4 | at | 394 3/4 | |
| March 2011 | down | 2 | at | 405 3/4 | |
| Today's Arkansas LDP rate for corn is: | 0¢ | ||||
Grain Comment
Wheat was lower for the day, as USDA lowered the export projection
instead of increasing it, as was expected. Ending stocks are
projected above one billion bushels. July appears headed to or below
the contract low of $4.83 and ¾.
Corn was pressured by a smaller than expected adjustment, just 20 million
bushels, in the ’09 production estimate. It was widely anticipated
that it could be near 100 million bushels. In addition, USDA lowered
the export projection by 100 million bushels, resulting in a higher
ending stocks of 1.799 billion bushels. These bearish numbers will
push May to the recent low of $3.59 and September to $3.76, or
perhaps lower.