(Feb) EAST AR: 855 to 873
(NC) Summ. 855 to 877
(Feb) MISS: 873 to 917 ; AR & White 858 to 868
(NC) Summ. 855 to 887
Ark. Processor Bids: (Feb) 870 to 878 (NC) 864 to 865
Memphis: (Feb) 908 to 925 (NC) 889 to 892
Riceland Foods: (Feb) Stuttgart 870 ; Pendleton 867 ; West Memphis 911
|Chicago Futures:||Mar||down||17 1/2||at||908|
|July||down||17 1/4||at||928 1/2|
|Today's Arkansas LDP rate for soybeans is:||0¢|
Soybeans gave back all of yesterday’s gains suggesting further weakness in the near term. So, instead of making a temporary bottom the market has taken on a more bearish look. Estimates of the South American crop continue to grow with Informa raising their Brazilian number to 66.6 million metric tones, and Argentina to 54 million metric tonnes. March and November futures held above the recent lows around $9.05, but it does not feel very comfortable.
Cash bid for February at Memphis 409 to 439;
|Bids to farmers at Local Elevators||436-448;|
|Chicago Futures:||Mar||down||18 1/4||at||469|
|July||down||17 1/2||at||495 1/2|
|Sept||down||17 3/4||at||511 1/4|
|Today's Arkansas LDP rate for wheat is:||0¢|
Cash bid for February at Memphis 630 to - - -;
|Bids to farmers at River Elevators||489-564;|
|Today's Arkansas LDP rate for sorghum is:||0¢|
|Cash bid for||February at Memphis 353 to 357;|
|New crop at Memphis 312 3/4 to 370 3/4;|
|Bids to farmers at River Elevators||327 to 353|
|May||down||11 3/4||at||364 1/2|
|Sept||down||11 1/4||at||382 3/4|
|Dec||down||11 1/4||at||389 3/4|
|Today's Arkansas LDP rate for corn is:||0¢|
July wheat gave back all of yesterday’s gains and continued lower to set a new low for the move. Upside potential remain limited despite six million acres less wheat being planted in the U.S. Large world stocks will keep the market competitive. Support for July is now the contract low of $4.86.
Corn was hit hard today with double digit losses more than offsetting yesterday’s gains. March closed just below key support at $3.55, as did December with a close near $3.90. While corn is technically oversold, the market remains under pressure.
Cotton & Rice Date: February 03, 2010
|Spot Price, Grade 41 Staple 34:||Memphis up 56 at 6582|
|Greenwood up 56 at 6582|
|New York Futures:||Mar||up||56||at||6982|
|This week's LDP rate for cotton is||0 cents|
|The estimate for next week is||0 cents|
Cotton firmed late in the session to close higher for the second day in a row. This could be a temporary low and the bottom of an expected trading range that could hold for sometime. If that is the case, December should move toward 74 cents. Obviously improved fundamentals or poor planting conditions could boost the market out of this range 70-78 cents at some point. For now, that may be an elusive goal.
|Long Grain Cash Bid for||Feb||1342/cwt||to||- - -|
|- - -||- - -||to||- - -|
|Chicago Futures:||Mar||down||7 1/2||at||1437 1/2|
|Sept||down||7 1/2||at||1377 1/2|
|- - -||- - -||at||- - -|
|Today's Arkansas LDP rate for long grain rice is||0¢|
|medium grain rice is||0¢|
Rice lost a little ground as the market was unable to build on yesterday’s gains. Underlying support is being seen as the U.S. continues to purchase rice for distribution in Haiti. The international market remains a little unsettled with Vietnam values continuing to scale back while offerings from Thailand are firm. Rice appears to have made a temporary bottom a little over a week ago and is consolidating above that level with potential to move higher.
Cattle & Hogs Date: February 03, 2010
As reported by Federal-State Market News, receipts were 303 head at sales in Conway and Pocahontas. Compared with last week, feeder steers were poorly tested .
|Medium & Large Frame 1||400||to||450 lbs.||110.41||to||- - -|
|500||to||550 lbs.||- - -||to||- - -|
|600||to||650 lbs.||91||to||- - -|
|Medium & Large Frame 2||400||to||450 lbs.||- - -||to||- - -|
|Medium & Large Frame 1||500||to||550 lbs.||92.50||to||- - -|
|Medium & Large Frame 2||400||to||450 lbs.||84.25||to||- - -|
Slaughter Cows, Boners 45 to 50.50
Light Weight 30 to 34
Bulls, Yield Grade 1 1400 to 2300 lbs. - - - to - - -
Midwest Steers were steady at 84 to - - -
Panhandle Steers were steady at 84 to - - -
|Oklahoma City Feeders
Cattle futures were mixed. It appears a temporary top has been made and February could trade back near $84 before stabilizing. Live futures are under pressure from weaker beef demand, but corn’s losses today provided some support for feeders.
Peoria: were steady at 38 to 40
St. Paul n/a at - - - to - - -
Hogs ended higher. Cutout values have rebounded this week, providing underlying support for cash prices and futures.
Poultry Date: February 03, 2010
|New York:||Ex. Lg. 128-132; Lg. 126-130; 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 fair to moderate with trading usually limited to regular commitments. Supplies of all sizes were moderate to handle trade needs. In production areas live supplies were moderate at mostly desirable weights.