Arkansas Farm Bureau
Arkansas Farm Bureau
Grain & Soybean Date: February 03, 2010

Soybeans

Local Elevators:
(Feb) EAST AR:  855 to 873
(NC) Summ. 855 to 877
River Elevators:
(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
  May  down  17 1/2  at  919
  July down 17 1/4  at  928 1/2
  Sept down 15  at  912 1/2
  Nov down 14 1/2  at  907
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
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.

Wheat
Cash bid for February at Memphis  409 to 439;
Bids to farmers at Local Elevators 436-448;
River Elevators 440-471;

Chicago Futures: Mar down  18 1/4  at  469 
  May down 18  at  483 1/2 
  July down  17 1/2  at  495 1/2 
  Sept down  17 3/4  at  511 1/4 
  Dec down  17  at  539 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for February at Memphis  630 to - - -;
Bids to farmers at River Elevators 489-564;
Today's Arkansas LDP rate for sorghum is:

Corn
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

Chicago Futures: Mar down  12  at  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:

Grain Comment
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


Cotton
Spot Price, Grade 41 Staple 34: Memphis up 56 at  6582
  Greenwood up  56 at 6582

New York Futures: Mar up  56  at  6982 
  May up  63  at  7135 
 July up  50  at  7214 
 Oct up  106  at  7165 
 Dec up  47  at  7143 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
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.

Rice
Long Grain Cash Bid for  Feb 1342/cwt  to  - - -
  - - - - - -  to  - - -

Chicago Futures: Mar down  7 1/2  at  1437 1/2 
 May down  7 1/2  at  1466 
 July down  at  1490 1/2 
 Sept down  7 1/2  at  1377 1/2 
 - - -   - - -  at  - - - 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
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

Cattle
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 .

Steers:
 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 - - -

Heifers:
 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
Steers 500 to 550 lbs. 108.50 to 114
  550 to 600 lbs. 103 to 110
Heifers 500 to 550 lbs. 94.75 to 98.50
  550 to 600 lbs. 92.75 to 97

Chicago Futures:
Live Cattle: April up 22 at 9010
  June up 27 at 8805
Feeders: Mar up 17 at 9740
  May up 12 at 10042

Cattle Comment
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.

Hogs
Peoria: were     steady   at   38   to   40

Chicago Futures: April up 22 at 6707
  June up 62 at 7590

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

Hogs Comment
Hogs ended higher. Cutout values have rebounded this week, providing underlying support for cash prices and futures.



Poultry  Date: February 03, 2010

Eggs
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
Hens: 8-16 lbs 79
Toms: 16-24 lbs 76
 

Delmarva Broilers
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.