Arkansas Farm Bureau
Arkansas Farm Bureau
Grain & Soybean Date: Feburary 17, 2010

Soybeans

Local Elevators:
(Feb) EAST AR:  898 to 917
(NC) Summ. 880 to 902
River Elevators:
(Feb) MISS: 913 to 961 ; AR & White 898 to 908
(NC) Summ. 877 to 912
Ark. Processor Bids: (Feb) 907 to 918  (NC) 887 to 890
Memphis:  (Feb) 941 1/2 to 968 1/2 (NC)  911 3/4 to 916 3/4
Riceland Foods:  (Feb) Stuttgart 918 ; Pendleton 911 ; West Memphis 954

Chicago Futures: Mar down 14 at  951 1/2
  May  down  13 1/2  at  961
  July down 13  at  968 3/4
  Sept down 9 3/4  at  946 3/4
  Nov down 9 1/4  at  931 3/4
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans lost a good portion of yesterday's gains. A stronger dollar contributed to the downturn, as did yesterday's big gains. The market will continue to be influenced by outside markets as portfolio managers adjust their investment mix. Rebounds remain pricing opportunities.

Wheat
Cash bid for February at Memphis  434 3/4 to 473 3/4;
Bids to farmers at Local Elevators 462-474;
River Elevators 469-501;

Chicago Futures: Mar down  10 1/4  at  494 3/4 
  May down 10 1/4  at  509 1/4 
  July down  10 1/4  at  522 
  Sept down  10 1/2  at  537 3/4 
  Dec down  9 3/4  at  562 1/2 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for February at Memphis  634 to - - -;
Bids to farmers at River Elevators 502-577;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for February at Memphis   367 to 370;
  New crop at Memphis   370 to 378;
Bids to farmers at River Elevators  334 to 362

Chicago Futures: Mar down  7 1/4  at  360 
  May down  7 1/4  at  371 3/4 
  Sept down  6 3/4  at  390 
  Dec down  at  396 3/4 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat futures gave back a portion of yesterday's gains but didn't completely close the gap left on the charts. Yesterday's weakness in the value of the dollar was a big factor in the move, and today the dollar regained some strength. The winter wheat crop ratings are so-so, and when combined with the already 14% smaller acreage, have given the market a little support as concerns about global demand for U.S. wheat are eased just a bit.

Corn was lower as the trade has growing concern about the quality of the 09 crop. Prospects of 90 million acres being planted to corn in 2010 is also pressuring new crop contracts. Upside potential may be limited.



Cotton & Rice  Date: February 17, 2010


Cotton
Spot Price, Grade 41 Staple 34: Memphis down 15 at  7161
  Greenwood down  15 at 7161

New York Futures: Mar down  17  at  7517 
  May down  15  at  7611 
 July down  23  at  7639 
 Oct down  23  at  7378 
 Dec down  at  7904 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton was lower for the first time in over a week, as the market saw some profit taking. Increased export demand has been a factor in the bounce over the last two weeks. USDA added a million bales to their export projection in this month's report. Reports of increased 2010 plantings could limit upside potential.

Rice
Long Grain Cash Bid for  Feb 1266/cwt  to  - - -
  - - - - - -  to  - - -

Chicago Futures: Mar down  50  at  1366 
 May down  50  at  1398 1/2 
 July down  48 1/2  at  1425 1/2 
 Sept down  15  at  1347 1/2 
 - - - unchanged  - - -  at  - - - 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice was sharply lower as yesterday's losses were a precursor to today's downturn. International markets continue to weaken with Vietnam selling rice below their targeted price. Thailand appears to be rethinking their position with other Asian origins selling well below their offering levels. New export demand is needed to give the U.S. market a boost.



Cattle & Hogs  Date: February 17, 2010

Cattle
As reported by Federal-State Market News, receipts were 805 head at sales in Conway and Pocahontas.  Compared with last week, feeder steers sold $8 to $12 higher .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 117.75 to - - -
  500 to 550 lbs. 107 to - - -
  600 to 650 lbs. 100 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 103.75 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 95.50 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 95.50 to - - -

Slaughter Cows, Boners 48   to   55
Light Weight 30 to 34
Bulls, Yield Grade   1   1400   to   2300 lbs.   61.50   to   64.50
Midwest Steers   were steady   at   88   to   89
Panhandle Steers   were steady   at   88   to   89

Oklahoma City Feeders
Steers 500 to 550 lbs. 117 to 124.50
  550 to 600 lbs. 110.25 to 119.75
Heifers 500 to 550 lbs. 100.25 to 106.85
  550 to 600 lbs. 95.25 to 103

Chicago Futures:
Live Cattle: April down 2 at 9215
  June up 15 at 9012
Feeders: Mar up 45 at 10157
  May up 60 at 10375

Cattle Comment
Cattle futures were mostly higher. Feeders were supported by lower corn prices and live futures were supported by stronger beef prices and expectations for higher cash cattle prices. Slow movement has limited the upside.

Hogs
Peoria: were 50¢ lower to $2 higher       at   45.50   to   46

Chicago Futures: April up 92 at 6920
  June up 67 at 7890

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

Hogs Comment
Hog futures were also higher. Firm wholesale pork prices and improved product movement were supportive.



Poultry  Date: February 17, 2010

Eggs
New York:  Ex. Lg. 109-113; Lg. 107-111; Med. 95-99;
Chicago:  Ex. Lg. 100-108; Lg. 98-106; Med. 86-94;

Eastern Region Turkeys
Hens: 8-16 lbs. 77.50
Toms: 16-24 lbs. 77.50
 

Delmarva Broilers
U.S. Grade A
The market tone was steady to fully steady. Demand was fair to moderate with limited trading for mid week business. Supplies were sufficient to satisfy current trade needs. In production areas live supplies were moderate at mostly desirable weights.