Arkansas Farm Bureau
Arkansas Farm Bureau
Grain & Soybean Date: February 18, 2010

Soybeans

Local Elevators:
(Feb) EAST AR:  895 to 913
(NC) Summ. 879 to 901
River Elevators:
(Feb) MISS: 910 to 958 ; AR & White 895 to 905
(NC) Summ. 876 to 911
Ark. Processor Bids: (Feb) 903 to 915  (NC) 886 to 889
Memphis:  (Feb) 938 to 965 (NC)  911 1/4 to 916 1/4
Riceland Foods:  (Feb) Stuttgart 915 ; Pendleton 908 ; West Memphis 951

Chicago Futures: Mar down 3 1/2 at  948
  May  down  3 1/2  at  957 1/2
  July down 3 1/2  at  965 1/4
  Sept down 2 3/4  at  944
  Nov down 1/2  at  931 1/4
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybean prices closed the day down slightly. Strengthening oil prices as well as a strong crush numbers from last month continue to support prices. However with the large South American coming to the market US exports have seen their pace slow, causing the market to decline slightly today.

Wheat
Cash bid for February at Memphis  425 to 464;
Bids to farmers at Local Elevators 452-464;
River Elevators 459-491;

Chicago Futures: Mar down  9 3/4  at  485 
  May down 9 3/4  at  499 1/2 
  July down  9 3/4  at  512 1/4 
  Sept down  9 3/4  at  528 
  Dec down  9 1/4  at  553 1/4 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for February at Memphis  629 to - - -;
Bids to farmers at River Elevators 496-571;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for February at Memphis   367 1/4 to - - -;
  New crop at Memphis   368 1/4 to - - -;
Bids to farmers at River Elevators  331 to 359

Chicago Futures: Mar down  2 3/4  at  357 1/4 
  May down  2 3/4  at  369 
  Sept down  1 3/4  at  388 1/4 
  Dec down  1 1/2  at  395 1/4 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat fell to new lows for the move today. The market has been driven by outside forces recently, particularly by the dollar index. If today's losses don't turn around before the close, it will open the possibility of another leg down.

Corn prices fell again today. Strength in the oil markets minimized losses as the USDA released their first forecast of the 2010 crop at 89 million acres up 1 million acres from 2009. This forecast is not based on surveys, but an estimate by analysts; the first survey based forecast will come at the end of March. Most private firms have the acres closer to 90 million acres. Both forecasts will likely limit upside potential for corn.



Cotton & Rice  Date: February 18, 2010


Cotton
Spot Price, Grade 41 Staple 34: Memphis up 202 at  7363
  Greenwood up  202 at 7363

New York Futures: Mar up  180  at  7697 
  May up  202  at  7813 
 July up  150  at  7789 
 Oct up  46  at  7424 
 Dec up  30  at  7334 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
After a brief pause, cotton resumed its higher push in the old crop contracts. Continued strong demand is widening the spread between old crop/new crop. Prospects of increased world usage are a positive. Increased 2010 plantings are limited new crop. Increased Chinese buying put March above recent resistance and new highs are likely.

Rice
Long Grain Cash Bid for  Feb 1264/cwt  to  - - -
  - - - - - -  to  - - -

Chicago Futures: Mar down  at  1364 
 May down  1 1/2  at  1397 
 July up  1 1/2  at  1427 
 Sept down  3 1/2  at  1344 
 - - -   - - -  at  - - - 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice was slightly lower as the market failed to retrace any of yesterday’s losses. 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 18, 2010

Cattle
As reported by Federal-State Market News, receipts were 1,249 head at sales in Charlotte and Ratcliff.  Compared with last week, feeder steers sold $3 to $10 higher compared to last week's limited test .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 127.75 to - - -
  500 to 550 lbs. 112.75 to - - -
  600 to 650 lbs. 106 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 109 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 99.25 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 90.75 to - - -

Slaughter Cows, Boners 46   to   51
Light Weight - - - to - - -
Bulls, Yield Grade   1-2   1000   to   2100 lbs.   58   to   - - -
Midwest Steers   were steady to $1 higher   at   89   to   - - -
Panhandle Steers   were steady to $1 higher   at   89   to   - - -

Oklahoma City Feeders
Steers 500 to 550 lbs. 113 to 122
  550 to 600 lbs. 111 to 120
Heifers 500 to 550 lbs. 106 to 108.50
  550 to 600 lbs. 100 to 109

Chicago Futures:
Live Cattle: April up 90 at 9305
  June up 77 at 9090
Feeders: Mar up 90 at 10247
  May up 55 at 10430

Cattle Comment
Cattle futures were higher on forecasts for another winter storm to hit the southern plains.

Hogs
Peoria: were     steady   at   45.50   to   46

Chicago Futures: April up 107 at 7027
  June up 60 at 7950

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

Hogs Comment
Hogs were supported today by strength in cattle futures, fund buying and stronger wholesale pork prices.



Poultry  Date: February 18, 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 mostly steady. Demand entering the weekend was fair to moderate with limited trading. Supplies were at least adequate to satisfy current trade needs. In production areas live supplies were moderate at mostly desirable weights.