Arkansas Farm Bureau
Arkansas Farm Bureau
Grain & Soybean Date: February 11, 2010

Soybeans

Local Elevators:
(Feb) EAST AR:  889 to 908
(NC) Summ. 870 to 892
River Elevators:
(Feb) MISS: 905 to 953 ; AR & White 890 to 900
(NC) Summ. 867 to 902
Ark. Processor Bids: (Feb) 898 to 909  (NC) 877 to 880
Memphis:  (Feb) 943 to 962 (NC)  902 1/2 to 907 1/2
Riceland Foods:  (Feb) Stuttgart 909 ; Pendleton 902 ; West Memphis 945

Chicago Futures: Mar up 5 1/2 at  943
  May  up  at  952
  July up 4 1/4  at  958 3/4
  Sept up 4 3/4  at  936 1/4
  Nov up at  922 1/2
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans continue to inch higher. The market is looking for fresh fundamentals as the USDA report,Chinese buying and the South American crop appear to be accounted for in recent trade. Old crop March futures have retracement objectives of $9.72 and $9.92 but would have to close above resistance around $9.60 first. November has resistance at $9.30 and $9.50.

Wheat
Cash bid for February at Memphis  433 1/2 to 471 1/2;
Bids to farmers at Local Elevators 461-473;
River Elevators 465-496;

Chicago Futures: Mar down  3 1/4  at  493 1/2 
  May down 3 1/4  at  508 1/2 
  July down  at  521 1/4 
  Sept down  at  537 
  Dec down  3 1/4  at  561 3/4 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for February at Memphis  649 to - - -;
Bids to farmers at River Elevators 507-582;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for February at Memphis   368 1/4 to 372 1/2;
  New crop at Memphis   322 1/2 to 377 1/2;
Bids to farmers at River Elevators  337 to 365

Chicago Futures: Mar up  1 1/2  at  363 1/4 
  May up  1 3/4  at  375 
  Sept up  2 1/4  at  392 1/2 
  Dec up  2 1/2  at  398 1/2 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Corn closed firm, but is generally consolidating just above last week’s low. Upside potential will be hampered by big projected ending stocks and potentially bigger plantings in 2010. On the other hand, next month’s resurvey of some Midwest States could alter 2009 production. Strong ethanol use is a positive factor.

Wheat couldn’t hold early gains and ended a bit lower. Prices continue to be pressured by the large stocks both here in the U.S. and around the World. 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 11, 2010


Cotton
Spot Price, Grade 41 Staple 34: Memphis up 10 at  6892
  Greenwood up  10 at 6892

New York Futures: Mar up  10  at  7292 
  May up  18  at  7381 
 July up  at  7465 
 Oct down  25  at  7299 
 Dec up  19  at  7270 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton was slightly higher today as futures registered a fourth consecutive increase, albeit a very small one. March hit the back of the uptrend that was broken about a month ago. This resistance may be tough to break. Since 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.

Rice
Long Grain Cash Bid for  Feb 1336/cwt  to  - - -
  - - - - - -  to  - - -

Chicago Futures: Mar up  4 1/2  at  1436 1/2 
 May up  at  1469 1/2 
 July up  5 1/2  at  1494 
 Sept down  at  1370 
 - - -   - - -  at  - - - 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice firmed slightly and 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. On the international side, Vietnam has lowered price in order to move rice immediately. Some sales to the Philippines will be delayed in order to meet these immediate sales needs. Thai values remain well above other Asian offerings and movement is limited.



Cattle & Hogs  Date: February 11, 2010

Cattle
As reported by Federal-State Market News, receipts were 231 head at sales in Charlotte and Ratliff.  Compared with last week, feeder steers were unavailable .

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

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 86 to - - -
 Medium & Large Frame 2   400 to 450 lbs. - - - to - - -

Slaughter Cows, Boners 46.50   to   - - -
Light Weight - - - to - - -
Bulls, Yield Grade   1-2   1000   to   2100 lbs.   - - -   to   - - -
Midwest Steers   were   at   85   to   86
Panhandle Steers   were   at   85   to   86

Oklahoma City Feeders
Steers 500 to 550 lbs. 110 to 117.60
  550 to 600 lbs. 111 to 115
Heifers 500 to 550 lbs. 102.50 to 103
  550 to 600 lbs. 97.50 to 98.25

Chicago Futures:
Live Cattle: April steady 0 at 9155
  June steady 0 at 8912
Feeders: Mar up 25 at 10050
  May up 30 at 10252

Cattle Comment
Cattle futures were mostly higher. April set a new high for the move and looks poised to test resistance in the $92.80 area.

Hogs
Peoria: were steady to $4     higher   at   41   to   43

Chicago Futures: April down 50 at 6767
  June up 12 at 7727

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

Hogs Comment
Hogs were under pressure today from weaker cash markets. Pork demand is the key to this market, and there are concerns right now that harsh conditions in the Eastern US are hampering meat demand.



Poultry  Date: February 11, 2010

Eggs
New York:  Ex. Lg. 111-115; Lg. 109-113; Med. 95-99;
Chicago:  Ex. Lg. 115-123; Lg. 113-121; Med. 96-104;

Eastern Region Turkeys
Hens: 8-16 lbs. 77.10
Toms: 16-24 lbs. 80
 

Delmarva Broilers
U.S. Grade A
The market tone was fully steady. Demand was fair to moderate with trading usually limited to regular commitments. Supplies were balanced to well cleared to satisfy current trade needs. In production areas live supplies were moderate at mostly desirable weights.