Grain & Soybean Date: February 10, 2012
Soybeans
Local Elevators:
(Feb) EAST AR: 1208 to 1236
(NC) Summ. 1208 to 1235
River Elevators:
(Feb) MISS: 1256 to 1259 ; AR & White 1217
to 1245
(NC) Summ. 1220 to 1250
Ark. Processor Bids: (Feb) 1234 to - - -
(NC) 1230 to - - -
Memphis:
(Feb) 1256 to 1257 (NC)
1247 1/2 to 1249 1/2
Riceland Foods:
(Feb) Stuttgart 1234 ; Pendleton
1236
(NC) Stuttgart 1230 ; Pendleton
1240
| Chicago Futures: |
March |
up |
1 1/2 |
at |
1229 |
| |
May |
up |
1 1/2 |
at |
1237 1/2 |
| |
July |
up |
1 1/4 |
at |
1247 |
| |
Aug |
up |
1 3/4 |
at |
1245 3/4 |
| |
Nov |
up |
1 |
at |
1239 1/2 |
| |
Today's Arkansas LDP rate for soybeans is: |
0¢ |
Soybean Comment
Soybeans posted small gains today in reaction to dry weather in key growing regions in Brazil. Yesterday futures narrowly missed charting a bearish reversal as the market faded in late trading. USDA made no changes in the U.S. supply demand report. Ending stocks were expected to be slightly lower, but were unchanged at 275 million bushels. That was not the case for world numbers where 5.5 mmt were pared from projected production. The majority of the decline came from Argentina (down 2.5 mmt) and Brazil (down 2 mmt). That was considered to be a confirmation of what the market already knew, and resulted in weakness late in the trading day. Further adjustments are possible in future reports, though. New crop November is in position to test resistance at the 50% retracement objective at $12.58. This and subsequent rebounds should be viewed as pricing opportunities.
Wheat
Cash bid for February at Memphis 650 to 655;
| Bids to farmers at Local Elevators |
599-629; |
| River Elevators |
616-659; |
| Chicago Futures: |
March |
down |
16 |
at |
630 |
| |
May |
down |
17 1/4 |
at |
638 |
| |
July |
down |
16 |
at |
652 |
| |
Sept |
down |
17 3/4 |
at |
668 |
| |
Dec |
down |
19 1/4 |
at |
686 |
| |
Today's Arkansas LDP rate for wheat is: |
0¢ |
Grain Sorghum
Cash bid for February at Memphis 1110 to 1119;
| Bids to farmers at River Elevators |
1066-1093; |
| Today's Arkansas LDP rate for sorghum is: |
0¢ |
Corn
| Cash bid for |
February at Memphis
661 3/4 to - - -; |
| |
New Crop at Memphis
574 1/2 to 579 1/2; |
| Bids to farmers at River Elevators |
632 to 662 |
| Chicago Futures: |
March |
down |
5 1/4 |
at |
631 3/4 |
| |
May |
down |
6 |
at |
635 1/2 |
| |
July |
down |
6 1/2 |
at |
639 1/4 |
| |
Sept |
down |
8 1/2 |
at |
584 1/2 |
| |
Today's Arkansas LDP rate for corn is: |
0¢ |
Grain Comment
Selling accelerated today in the wheat pit. Several big tenders for wheat were announced, but none were for U.S. wheat. Yesterday’s report showed the world carryout number increasing to a record setting 3 million metric tons. July has support at the recent low of $6.13.
Corn futures were also lower today. U.S. corn exports were boosted 50 million bushels in this month’s report. A 5 million bushel increase in imports left ending stocks at 801 million bushels, down 45 million from January. World production was lowered 4 mmt, with all of that coming from Argentina. A slight increase in beginning stocks left projected ending stocks almost 3 mmt lower at 125.4 mmt. Corn futures remain in a sideways pattern. New crop December will likely need fresh demand, or lower South American production to move through resistance around $5.80 to $6.
Cotton & Rice Date: February 10, 2012
Cotton
| Spot Price, Grade 41 Staple 34: |
Memphis up 23 at
8436 |
| |
Greenwood up
23 at 8436 |
| New York Futures: |
March |
up |
23 |
at |
9061 |
| |
May |
up |
18 |
at |
9206 |
| | July |
up |
12 |
at |
9357 |
| | Oct |
up |
12 |
at |
9377 |
| | Dec |
up |
9 |
at |
9297 |
| This week's LDP rate for cotton is |
0 cents |
| |
The estimate for next week is |
0 cents |
Cotton Comment
Cotton futures were a bit higher today. World cotton stocks continue to build. Beginning stocks were increased 1.6 million bales, while projected ending stocks were increased by 2.4 million bales. China’s import needs were increased a million bales. The only U.S. changes were 100,000 bales less in domestic use, which bumped ending stocks up to 3.8 million bales. China continues to rebuild their stocks by buying when futures dip below 90 cents. The market continues under pressure with December retracing recent gains that carried the market above 97 cents.
Rice
| Long Grain Cash Bid for |
Feb |
1222/cwt |
to |
- - - |
| |
NC |
1297/cwt |
to |
- - - |
| Chicago Futures: |
March |
down |
36 1/2 |
at |
1371 1/2 |
| | May |
down |
37 |
at |
1398 |
| | July |
down |
37 |
at |
1425 1/2 |
| | Sept |
down |
35 1/2 |
at |
1447 |
| | Nov |
down |
36 |
at |
1471 1/2 |
| Today's Arkansas LDP rate for long grain rice is |
0¢ |
| medium grain rice is |
0¢ |
Rice Comment
Rice was lower again today. Overall report numbers were little changed with projected world ending stocks holding just above 100 mmt. The only change in U.S. numbers was a decline of one million cwt. in long grain rough rice exports. That pushed projected ending stocks for long grain to 21.6 million cwt. and all stocks to 39.5 million cwt. March futures appeared to have bottomed at $13.50 but have little incentive to work substantially higher.
Cattle & Hogs Date: February 10, 2012
Cattle
As reported by Federal-State Market News, receipts were 10,315 head
at sales in Arkansas this week.
Compared with last week, feeder steers sold firm to $5 higher .
| Steers: |
| Medium & Large Frame 1 |
400 |
to |
450 lbs. |
200 |
to |
- - - |
|
| |
500 |
to |
550 lbs. |
179.50 |
to |
- - - |
|
| |
600 |
to |
650 lbs. |
160 |
to |
- - - |
|
| Medium & Large Frame 2 |
400 |
to |
450 lbs. |
183.50 |
to |
- - - |
Heifers: |
| Medium & Large Frame 1 |
500 |
to |
550 lbs. |
161.50 |
to |
- - - |
|
| Medium & Large Frame 2 |
400 |
to |
450 lbs. |
162 |
to |
- - - |
Slaughter Cows, Boners 74 to 81
Light Weight 56 to 64
Bulls, Yield Grade 1
1000 to 2100 lbs. 85
to 95
Midwest Steers were $2 higher at 123
to - - -
Panhandle Steers were $2 higher at 123
to - - -
Oklahoma City Feeders
|
| Steers |
500 |
to |
550 lbs. |
170 |
to |
197 |
| |
550 |
to |
600 lbs. |
164 |
to |
189 |
| Heifers |
500 |
to |
550 lbs. |
150 |
to |
176 |
| |
550 |
to |
600 lbs. |
148 |
to |
170 |
Chicago Futures:
| Live Cattle: |
April |
down |
140 |
at |
12680 |
| |
June |
down |
120 |
at |
12595 |
| Feeders: |
March |
down |
152 |
at |
15362 |
| |
Aug |
down |
125 |
at |
15885 |
Cattle Comment
Cattle futures were under pressure today. Weakness in crude oil, stock markets and strength in the dollar combined to pressure prices. Packer margins are still in the red, but are improving. However, increasing prices are raising questions about demand in the longer-term.
Hogs
Peoria: were steady
at 57.50 to 59.50
| Chicago Futures: |
April |
down |
135 |
at |
8830 |
| |
June |
down |
60 |
at |
9785 |
Hogs Comment
Hog futures were also under pressure from outside markets. The April contract has resistance at the recent high just below $91, with support below $86.
Poultry Date: February 10, 2012
Eggs
| New York: |
Ex. Lg. 103-107; Lg. 101-105; Med. 83-87; |
| Chicago: |
Ex. Lg. 96-104; Lg. 94-102; Med. 79-87; |
National Turkeys
| Hens: |
8-16 lbs. |
98.07 |
| Toms: |
16-24 lbs. |
98.12 |
| |
|
|
Delmarva Broilers
U.S. Grade AWhole broiler/fryer prices are trending firm to higher. Offerings are light for current trade needs. Demand is moderate to good entering the weekend. Market activity is moderate to active. In production areas, live supplies are moderate. Weights are mixed, but mostly desirable.