Arkansas Farm Bureau
Arkansas Farm Bureau
Grain & Soybean Date: February 01, 2010

Soybeans

Local Elevators:
(Feb) EAST AR:  857 to 875
(NC) Summ. 857 to 879
River Elevators:
(Feb) MISS: 875 to 917 ; AR & White 860 to 870
(NC) Summ. 857 to 889
Ark. Processor Bids: (Feb) 872 to 880  (NC) 866 to 867
Memphis:  (Feb) 909 3/4 to 926 3/4 (NC)  890 3/4 to - - -
Riceland Foods:  (Feb) Stuttgart 872 ; Pendleton 869 ; West Memphis 913

Chicago Futures: Mar down 4 1/4 at  909 3/4
  May  down  at  920 3/4
  July down at  928 3/4
  Sept down 3 1/4  at  913 3/4
  Nov down 2 1/2  at  908 3/4
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans failed to hold early gains and ended the session lower. This is a little troubling since the market is heavily oversold and due a technical rebound. Inability to hold gains and continue lower suggests big crops in South America are now the major influence. November appears headed to the early October low at $8.78, or perhaps the early July low at $8.40. March closed just a little over 20 cents above support at $8.88, additional support or weekly charts start at 8.78 then 8.43 and finally $7.76.

Wheat
Cash bid for February at Memphis  414 3/4 to 445 3/4;
Bids to farmers at Local Elevators 442-454;
River Elevators 446-477;

Chicago Futures: Mar up  3/4  at  474 3/4 
  May up 1 1/4  at  489 1/2 
  July up  1 1/4  at  501 1/2 
  Sept up  1 1/2  at  517 1/4 
  Dec up  2 1/4  at  543 3/4 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for February at Memphis  641 to - - -;
Bids to farmers at River Elevators 500-575;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for January at Memphis   359 to 361;
  New crop at Memphis   317 1/2 to 375 1/2;
Bids to farmers at River Elevators  333 to 359

Chicago Futures: Mar up  2 1/2  at  359 
  May up  2 1/2  at  370 1/4 
  Sept up  3 1/4  at  387 1/2 
  Dec up  3 3/4  at  394 1/2 
  Today's Arkansas LDP rate for corn is:

Grain Comment
July wheat attempted to close the gap left Friday, but couldn’t move above resistance at the top at $5.11. Upside potential remain limited despite six million aces less wheat being planted in the U.S. Large world stocks will keep the market competitive.

Corn managed small gains for the day and seems to be under less pressure than beans. Considering the January production estimate and suggestions almost 90 million acres will be planted to corn in 2010, the market is holding pretty well. However, support 20 and then 40 cents lower could still be challenged.



Cotton & Rice  Date: February 01, 2010


Cotton
Spot Price, Grade 41 Staple 34: Memphis down 92 at  6422
  Greenwood down  92 at 6422

New York Futures: Mar down  81  at  6822 
  May down  77  at  6986 
 July down  67  at  7080 
 Oct down  43  at  7012 
 Dec down  65  at  7019 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton continued to track lower today with March holding above 68 cents and December closing near 70 cents. Losses of another penny or more could be seen. The market is very nervous about world economic conditions and the Chinese government tightening of available credit. As long as that situation persists, it will be difficult to move cotton substantially higher. The market sees little need to bid cotton higher with the current declines being seen in corn and soybeans.

Rice
Long Grain Cash Bid for  Feb 1315/cwt  to  - - -
  - - - - - -  to  - - -

Chicago Futures: Mar down  at  1415 
 May down  3 1/2  at  1447 
 July down  4 1/2  at  1469 
 Sept down  2 1/2  at  1377 
 - - - unchanged  - - -  at  - - - 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice was a little lower after failing to follow through on Friday’s big up move. The market continues to look for fresh fundamentals. Indicated U.S. purchases for Haiti and an Iraq tender for 120,000 metric tonnes or more for March/April delivery have not boosted the market. However, it would be a boost if the U.S. can secure that tender. Otherwise, the international market is steady and fairly quiet. An offer of Thai intervention stocks has been virtually ignored as price offered was well above other Asian offerings. Recent futures movement should have established the low end of the trading range for the time being.



Cattle & Hogs  Date: February 01, 2010

Cattle
As reported by Federal-State Market News, receipts were - - - head at sales in - - -.  Compared with last week, feeder steers - - - .

Steers:
 Medium & Large Frame - - -   - - - to - - - lbs. - - - to - - -
  - - - to - - - lbs. - - - to - - -
  - - - to - - - lbs. - - - to - - -
 Medium & Large Frame - - -   - - - to - - - lbs. - - - to - - -

Heifers:
 Medium & Large Frame - - -   - - - to - - - lbs. - - - to - - -
 Medium & Large Frame - - -   - - - to - - - lbs. - - - to - - -

Slaughter Cows, Boners - - -   to   - - -
Light Weight - - - to - - -
Bulls, Yield Grade   - - -   - - -   to   - - - lbs.   - - -   to   - - -
Midwest Steers   were   at   83   to   86
Panhandle Steers   were   at   85   to   86

Oklahoma City Feeders
Steers 500 to 550 lbs. 108.50 to 114
  550 to 600 lbs. 103 to 110
Heifers 500 to 550 lbs. 9475 to 9850
  550 to 600 lbs. 9275 to 97

Chicago Futures:
Live Cattle: April down 67 at 8870
  June down 60 at 8722
Feeders: Mar down 115 at 9772
  May down 95 at 10085

Cattle Comment
Cattle futures saw renewed weakness after attempting to recover a bit late last week. It appears a temporary top has been made and February could trade back near $84 before stabilizing.

Hogs
Peoria: were     steady   at   39   to   41

Chicago Futures: April down 245 at 6615
  June down 207 at 7465

Sheep
St. Paul n/a   at   - - -   to   - - -

Hogs Comment
Hogs were sharply lower today, with February violating the long-term up trend. Expect a retest of support at $63.70. Expected cash market weakness and futures’ premium to cash are weighing on futures.



Poultry  Date: February 01, 2010

Eggs
New York:  Ex. Lg. 136-140; Lg. 134-138; Med. 106-110;
Chicago:  Ex. Lg. 129-137; Lg. 127-135; Med. 98-106;

Eastern Region Turkeys
Hens: 8-16 lbs. 79
Toms: 16-24 lbs. 76
 

Delmarva Broilers
U.S. Grade A
The market tone was barely steady. Demand following the weekend was light to moderate with limited trading for first of the month business. Supplies of all sizes were moderate to heavy to satisfy current trade needs. In production areas live supplies were moderate at mostly desirable weights.