(Feb) EAST AR: 873 to 891
(NC) Summ. 870 to 892
(Feb) MISS: 891 to 933 ; AR & White 876 to 886
(NC) Summ. 870 to 902
Ark. Processor Bids: (Feb) 888 to 896 (NC) 879 to 880
Memphis: (Feb) 925 1/2 to 937 1/2 (NC) 903 1/2 to 906 1/2
Riceland Foods: (Feb) Stuttgart 888 ; Pendleton 885 ; West Memphis 929
|Chicago Futures:||Mar||up||15 3/4||at||925 1/2|
|May||up||15 3/4||at||936 1/2|
|Sept||up||13 3/4||at||927 1/2|
|Nov||up||12 3/4||at||921 1/2|
|Today's Arkansas LDP rate for soybeans is:||0¢|
Soybeans posted sharp gains today. Stronger crude oil and a weaker dollar provided strength. The market was heavily oversold and due a corrective bounce. Strong demand for U.S. beans is also supportive. Significant resistance in the form of chart gaps stand in the way of a significant recovery, starting around $9.37 for November.
Cash bid for February at Memphis 427 1/4 to 457 1/4;
|Bids to farmers at Local Elevators||453-465;|
|Chicago Futures:||Mar||up||12 1/2||at||487 1/4|
|Today's Arkansas LDP rate for wheat is:||0¢|
Cash bid for February at Memphis 652 to - - -;
|Bids to farmers at River Elevators||511-586;|
|Today's Arkansas LDP rate for sorghum is:||0¢|
|Cash bid for||February at Memphis 370 to - - -;|
|New crop at Memphis 324 to 382;|
|Bids to farmers at River Elevators||338 to 365|
|Today's Arkansas LDP rate for corn is:||0¢|
July wheat gapped higher today. A surprising drop in the crop ratings in Kansas was given partial credit for the strength. 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 also gapped higher on carryover strength from crude oil and weakness in the dollar. The market was oversold and due a correction. 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 02, 2010
|Spot Price, Grade 41 Staple 34:||Memphis up 104 at 6526|
|Greenwood up 104 at 6526|
|New York Futures:||Mar||up||104||at||6926|
|This week's LDP rate for cotton is||0 cents|
|The estimate for next week is||0 cents|
Cotton followed other markets and closed higher. 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.
|Long Grain Cash Bid for||Feb||1345/cwt||to||- - -|
|- - -||- - -||to||- - -|
|May||up||26 1/2||at||1473 1/2|
|July||up||28 1/2||at||1497 1/2|
|- - -||- - -||at||- - -|
|Today's Arkansas LDP rate for long grain rice is||0¢|
|medium grain rice is||0¢|
Rice also climbed higher thanks to the influence of outside markets. 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. Recent futures movement should have established the low end of the trading range for the time being.
Cattle & Hogs Date: February 02, 2010
As reported by Federal-State Market News, receipts were 80 head at sales in Fort Smith. Compared with last week, feeder steers were poorly tested .
|Medium & Large Frame 1||450||to||500 lbs.||100||to||- - -|
|500||to||550 lbs.||- - -||to||- - -|
|600||to||650 lbs.||- - -||to||- - -|
|Medium & Large Frame 2||450||to||500 lbs.||94.50||to||- - -|
|Medium & Large Frame 1||500||to||550 lbs.||89.50||to||- - -|
|Medium & Large Frame 2||500||to||550 lbs.||80.75||to||- - -|
Slaughter Cows, Boners - - - to - - -
Light Weight - - - to - - -
Bulls, Yield Grade 1 1000 to 2100 lbs. - - - to - - -
Midwest Steers were $1 lower to $2 higher at 84 to - - -
Panhandle Steers were $1- $2 higher at 84 to - - -
|Oklahoma City Feeders
|Steers||- - -||to||- - - lbs.||- - -||to||- - -|
|- - -||to||- - - lbs.||- - -||to||- - -|
|Heifers||- - -||to||- - - lbs.||- - -||to||- - -|
|- - -||to||- - - lbs.||- - -||to||- - -|
Cattle futures ended mixed. Weakness in the dollar supported live contracts, but higher corn prices pressured feeders. It appears a temporary top has been made and February could trade back near $84 before stabilizing.
Peoria: were $1 higher to $3 lower at 38 to 40
St. Paul n/a at - - - to - - -
Hogs were higher as well. A weaker dollar renewed optimism for strong exports. Expected cash market weakness and futures’ premium to cash will probably limit the upside.
Poultry Date: February 02, 2010
|New York:||Ex. Lg. 133-137; Lg. 131-135; Med. 106-110;|
|Chicago:||Ex. Lg. 129-137; Lg. 127-135; Med. 98-106;|
Eastern Region Turkeys
U.S. Grade A
The market tone was barely steady. Demand was light to moderate with limited trading. Supplies of all sizes were moderate to heavy to handle trade needs. In production areas live supplies were moderate at mostly desirable weights.