Arkansas Farm Bureau
Arkansas Farm Bureau
Grain & Soybean Date: February 04, 2010

Soybeans

Local Elevators:
(Feb) EAST AR:  861 to 879
(NC) Summ. 858 to 880
River Elevators:
(Feb) MISS: 879 to 924 ; AR & White 864 to 874
(NC) Summ. 856 to 890
Ark. Processor Bids: (Feb) 876 to 884  (NC) 867 to 868
Memphis:  (Feb) 914 to 929 (NC)  892 to 895
Riceland Foods:  (Feb) Stuttgart 876 ; Pendleton 873 ; West Memphis 917

Chicago Futures: Mar up 6 at  914
  May  up  5 3/4  at  924 3/4
  July up at  933 1/2
  Sept up 5 1/2  at  918
  Nov up at  910
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans reverse early declines to close higher despite lower crude oil, weaker equities markets and a stronger dollar. March and November both dipped to $9 before rallying and closing higher. Volatility will continue with estimates of the South American crop size increasing on a daily basis. Informa raised their estimate of both beans and corn in Brazil and Argentina. In light of all the bearish information, this was a good close. Long term, however, further declines appear probable.

Wheat
Cash bid for February at Memphis  415 3/4 to 445 3/4;
Bids to farmers at Local Elevators 442-454;
River Elevators 447-477;

Chicago Futures: Mar up  6 3/4  at  475 3/4 
  May up 6 1/2  at  490 
  July up  6 3/4  at  502 1/4 
  Sept up  6 3/4  at  518 
  Dec up  6 3/4  at  545 3/4 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for February at Memphis  632 to - - -;
Bids to farmers at River Elevators 500-566;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for February at Memphis   358 to 359;
  New crop at Memphis   312 3/4 to 370 3/4;
Bids to farmers at River Elevators  329 to 355

Chicago Futures: Mar up  at  354 
  May up  3/4  at  365 1/4 
  Sept unchanged  at  382 3/4 
  Dec unchanged  at  389 3/4 
  Today's Arkansas LDP rate for corn is:

Grain Comment
July wheat recovered a bit from yesterdays’ big losses. 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 managed a mixed to slightly higher close. Weekly export sales and shipments were on target. Technically, the market remains oversold, but no significant rebound appears likely at this point. No major adjustments are expected in next week’s supply demand report.



Cotton & Rice  Date: February 04, 2010


Cotton
Spot Price, Grade 41 Staple 34: Memphis down 83 at  6499
  Greenwood down  83 at 6499

New York Futures: Mar down  83  at  6899 
  May down  85  at  7050 
 July down  69  at  7145 
 Oct down  115  at  7050 
 Dec down  67  at  7076 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton reversed gains of the last two days; touching recent support before partially retracing the downturn. Support at this level needs to hold, or the market could move another 2 to 3 cents lower. Negative outside market movement was certainly a factor in today’s weakness. Weak equity markets were a sign of continued concern about the state of the economic recovery.

Rice
Long Grain Cash Bid for  Feb 1318/cwt  to  - - -
  - - - - - -  to  - - -

Chicago Futures: Mar down  19 1/2  at  1418 
 May down  20 1/2  at  1445 1/2 
 July down  21  at  1469 1/2 
 Sept down  17  at  1360 1/2 
 - - -   - - -  at  - - - 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice futures were sharply lower as it followed the early weakness in other grains. Rice failed to get a rebound and made a huge daily reversal off overnight gains which touched the backside of a shallow uptrend that was broken 5 weeks ago. As is often the case, that old support line became technical resistance in today’s move. Recent support is located at the January low of $13.40.



Cattle & Hogs  Date: February 04, 2010

Cattle
As reported by Federal-State Market News, receipts were 1365 head at sales in Charlotte, Ratcliff and Green Forest.  Compared with last week, feeder steers sold weak to $3 lower .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 110.50 to - - -
  500 to 550 lbs. 103 to - - -
  600 to 650 lbs. 94.50 to - - -
 Medium & Large Frame 2   400 to 450 lbs. - - - to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 91.50 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 88 to - - -

Slaughter Cows, Boners 42   to   47.50
Light Weight - - - to - - -
Bulls, Yield Grade   1-2   1000   to   2100 lbs.   52.50   to   57
Midwest Steers   were steady   at   84   to   - - -
Panhandle Steers   were steady   at   84   to   - - -

Oklahoma City Feeders
Steers 500 to 550 lbs. 103.50 to 104.50
  600 to 650 lbs. 97 to 100
Heifers 500 to 550 lbs. 94.75 to 96
  550 to 600 lbs. 92 to 95

Chicago Futures:
Live Cattle: April down 2 at 9007
  June down 20 at 8785
Feeders: Mar down 15 at 9725
  May down 17 at 10025

Cattle Comment
Cattle futures were mostly lower. 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.

Hogs
Peoria: were $1 to $3     higher   at   39   to   41

Chicago Futures: April down 15 at 6692
  June down 25 at 7565

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

Hogs Comment
Cattle futures were mostly lower. 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.



Poultry  Date: February 04, 2010

Eggs
New York:  Ex. Lg. 123-127; Lg. 121-125; Med. 105-109;
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 about steady. Demand approaching the weekend was fair to moderate with limited trading. Supplies of all sizes were at least adequate to handle current trade needs. In production areas live supplies were moderate at mostly desirable weights.