(Feb) EAST AR: 885 to 903
(NC) Summ. 864 to 886
(Feb) MISS: 899 to 947 ; AR & White 884 to 894
(NC) Summ. 860 to 896
Ark. Processor Bids: (Feb) 900 to 905 (NC) 873 to 874
Memphis: (Feb) 937 1/2 to 955 1/2 (NC) 895 1/2 to 900 1/2
Riceland Foods: (Feb) Stuttgart 900 ; Pendleton 897 ; West Memphis 941
|Chicago Futures:||Mar||up||13||at||937 1/2|
|July||up||10 1/2||at||954 1/2|
|Sept||up||5 3/4||at||931 1/2|
|Today's Arkansas LDP rate for soybeans is:||0¢|
Soybeans closed higher as the market reversed yesterday’s late decline. USDA tightened projected stocks by increasing export use. However, they also raised the Brazilian crop estimate to 66 mmt. That was up 1 mmt from last month, and is still less than some private estimates. Continued strong Chinese buying is a positive.
Cash bid for February at Memphis 436 3/4 to 468 3/4;
|Bids to farmers at Local Elevators||464-476;|
|Chicago Futures:||Mar||up||14 1/2||at||496 3/4|
|May||up||14 1/2||at||511 3/4|
|July||up||14 1/4||at||524 1/4|
|Today's Arkansas LDP rate for wheat is:||0¢|
Cash bid for February at Memphis 646 to - - -;
|Bids to farmers at River Elevators||505-580;|
|Today's Arkansas LDP rate for sorghum is:||0¢|
|Cash bid for||February at Memphis 370 3/4 to 371 3/4;|
|New crop at Memphis 320 1/4 to 375 1/4;|
|Bids to farmers at River Elevators||336 to 364|
|Chicago Futures:||Mar||up||3 1/4||at||361 3/4|
|Today's Arkansas LDP rate for corn is:||0¢|
Corn was higher again today as the market appears to be putting in a temporary low. Yesterday’s report increased ethanol usage 100 million bushels, while reducing exports 50 million bushels. The net result was slightly lower projected ending stocks. Upside potential appears limited. September has initial resistance around $3.95, and then $4.15. Any move into this range should be used to price expected 2010 production.
Wheat prices were bumped higher by short covering, but the overall tone of the market is still weak. Prices continue to be pressured by the large stocks both here in the U.S. and around the World. It’s likely that next week’s USDA report will reduce total U.S. wheat consumption and push stocks-to-use over the 50% mark. Barring a catastrophic crop failure in a major producing country, it will take a while for the U.S. to work through its large stocks. Wheat prices will depend on outside markets to provide support. Support for July is now the contract low of $4.86.
Cotton & Rice Date: February 10, 2010
|Spot Price, Grade 41 Staple 34:||Memphis at 6882|
|Greenwood at 6882|
|New York Futures:||Mar||up||66||at||7282|
|This week's LDP rate for cotton is||0 cents|
|The estimate for next week is||0 cents|
Cotton continued to move higher with a late decline trimming early gains. Old crop March has gained over 600 points from Friday’s close. Strong export demand led to USDA increasing their estimate by 1 million bales. Projected ending stocks were estimated at just 3.3 million bales, the lowest in 15 years. The National Cotton Council’s planting intentions survey suggests a 10% increase in 2010 with a total just over 10 million acres.
|Long Grain Cash Bid for||Feb||1332/cwt||to||- - -|
|- - -||- - -||to||- - -|
|May||down||13 1/2||at||1463 1/2|
|July||down||11 1/2||at||1488 1/2|
|- - -||- - -||at||- - -|
|Today's Arkansas LDP rate for long grain rice is||0¢|
|medium grain rice is||0¢|
Rice closed lower, but remains in a consolidation phase that has a slight upward bias. USDA increased both export and domestic use slightly in yesterday’s report. Indications are U.S. 2010 plantings will increase. Producers should keep this in mind and price some of their expected 2010 production on rallies in the September contract. Resistance starts at $13.95 and then $14.10.
Cattle & Hogs Date: February 10, 2010
As reported by Federal-State Market News, receipts were 2271 head at sales in Ash Flat, Springdale and Ola. Compared with last week, feeder steers were unavailable .
|Medium & Large Frame 1||400||to||450 lbs.||112||to||- - -|
|500||to||550 lbs.||106.50||to||- - -|
|600||to||650 lbs.||94.25||to||- - -|
|Medium & Large Frame 2||400||to||450 lbs.||99||to||- - -|
|Medium & Large Frame 1||500||to||550 lbs.||92||to||- - -|
|Medium & Large Frame 2||400||to||450 lbs.||87.25||to||- - -|
Slaughter Cows, Boners 47 to 53
Light Weight 32 to 39
Bulls, Yield Grade 1 1000 to 2100 lbs. 55 to 62
Midwest Steers n/a at - - - to - - -
Panhandle Steers n/a at - - - to - - -
|Oklahoma City Feeders
Cattle futures were up slightly. Strengthening cash prices at local markets combined with poor weather are supporting futures.
Peoria: were steady at 39 to 41
St. Paul n/a at - - - to - - -
Hogs ended higher on weather-related strength in the cash market. Tightening hog supplies are providing underlying support, but pork demand will be the key to strength in this market.
Poultry Date: February 10, 2010
|New York:||Ex. Lg. 115-119; Lg. 113-117; Med. 99-103;|
|Chicago:||Ex. Lg. 115-123; Lg. 113-121; Med. 96-104;|
Eastern Region Turkeys
U.S. Grade A
The market tone was steady to fully steady. Demand was fair to moderate with limited trading. Supplies were sufficient to satisfy current trade needs. In production areas live supplies were moderate at mostly desirable weights.