Arkansas Farm Bureau
Arkansas Farm Bureau
Grain & Soybean Date: February 19, 2010

Soybeans

Local Elevators:
(Feb) EAST AR:  892 to 910
(NC) Summ. 874 to 896
River Elevators:
(Feb) MISS: 907 to 955 ; AR & White 892 to 902
(NC) Summ. 871 to 906
Ark. Processor Bids: (Feb) 900 to 912  (NC) 881 to 884
Memphis:  (Feb) 935 to 967 (NC)  906 to 911
Riceland Foods:  (Feb) Stuttgart 912 ; Pendleton 905 ; West Memphis 948

Chicago Futures: Mar down 3 at  945
  May  down  at  954 1/2
  July down 3 1/4  at  962
  Sept down at  940
  Nov down 5 1/4  at  926
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans drifted lower following USDA’s release of projected plantings, production and ending stocks for the 2010 crop. A 3% smaller acreage is projected, but reduced usage left projected ending stocks at 330 million bushels. That pressured new crop, while the smallest marketing year export sales pressured old crop. Upside potential may be limited as harvest of a record South American crop proceeds.

Wheat
Cash bid for February at Memphis  429 3/4 to 476 3/4;
Bids to farmers at Local Elevators 457-469;
River Elevators 464-496;

Chicago Futures: Mar up  4 3/4  at  489 3/4 
  May up 4 1/2  at  504 
  July up  4 1/2  at  516 3/4 
  Sept up  4 3/4  at  532 3/4 
  Dec up  4 1/4  at  557 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   370 to 372;
  New crop at Memphis   370 3/4 to - - -;
Bids to farmers at River Elevators  334 to 362

Chicago Futures: Mar up  2 3/4  at  360 
  May up  2 3/4  at  371 3/4 
  Sept up  2 1/2  at  390 3/4 
  Dec up  at  398 1/4 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat recovered a portion of yesterday’s big losses. The market has been driven by outside forces recently, particularly by the dollar index.

Corn managed to firm despite USDA’s projection of another record crop in 2010. Smaller projected ending stocks suggested a high level of use as we go forward. However, good crop conditions during 2010 could change that outlook and move futures lower. Long term support just below $3 may not be out of question.



Cotton & Rice  Date: February 19, 2010


Cotton
Spot Price, Grade 41 Staple 34: Memphis up 85 at  7448
  Greenwood up  85 at 7448

New York Futures: Mar up  182  at  7879 
  May up  85  at  7898 
 July up  51  at  7840 
 Oct down  47  at  7377 
 Dec down  68  at  7266 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
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 limiting new crop. Increased Chinese buying kept March moving higher. March tested 80 cents at one point in today’s trade.

Rice
Long Grain Cash Bid for  Feb 1263/cwt  to  - - -
  - - - - - -  to  - - -

Chicago Futures: Mar down  at  1363 
 May unchanged  at  1397 
 July unchanged  at  1427 
 Sept unchanged  at  1344 
 - - -   - - -  at  - - - 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice was basically unchanged as the market appears to be attempting to consolidate just above the January low. 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 19, 2010

Cattle
As reported by Federal-State Market News, receipts were 7,435 head at sales in Arkansas this week.  Compared with last week, feeder steers sold $1 to $6 higher .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 121.50 to - - -
  500 to 550 lbs. 113 to - - -
  600 to 650 lbs. 105.50 to - - -
 Medium & Large Frame 2   450 to 500 lbs. 110.75 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 100.75 to - - -
 Medium & Large Frame 2   450 to 500 lbs. 96 to - - -

Slaughter Cows, Boners 50   to   58
Light Weight 32 to 36
Bulls, Yield Grade   1   1000   to   2100 lbs.   59   to   65.50
Midwest Steers   were $3 higher   at   92   to   - - -
Panhandle Steers   were $3 to $3.50 higher   at   92   to   92.50

Oklahoma City Feeders
Steers 500 to 550 lbs. 106 to 124.50
  550 to 600 lbs. 103 to 120
Heifers 500 to 550 lbs. 95 to 108.50
  550 to 600 lbs. 94.50 to 109

Chicago Futures:
Live Cattle: April up 25 at 9330
  June down 2 at 9087
Feeders: Mar up 12 at 10260
  May up 22 at 10452

Cattle Comment
April cattle futures moved to new recent highs again today. Forecasts for another winter storm to hit the southern plains are giving futures a boost. Deferred contracts were under pressure from a stronger dollar.

Hogs
Peoria: were $2 lower to 50¢     higher   at   44   to   46

Chicago Futures: April down 62 at 6965
  June down 30 at 7920

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

Hogs Comment
Hogs were also mixed today. Recent strength in cattle futures, fund buying and stronger wholesale pork prices were supportive, while a stronger dollar added pressure.



Poultry  Date: February 19, 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. Demand approaching the weekend was fair to moderate with trading usually limited to regular commitments. Supplies of all sizes were sufficient to satisfy current trade needs. In production areas live supplies were moderate at mostly desirable weights.