Arkansas Farm Bureau
Arkansas Farm Bureau
Grain & Soybean Date: February 22, 2010

Soybeans

Local Elevators:
(Feb) EAST AR:  906 to 927
(NC) Summ. 884 to 906
River Elevators:
(Feb) MISS: 923 to 975 ; AR & White 908 to 918
(NC) Summ. 881 to 916
Ark. Processor Bids: (Feb) 917 to 926  (NC) 891 to 894
Memphis:  (Feb) 951 1/2 to 983 1/2 (NC)  915 3/4 to 920 3/4
Riceland Foods:  (Feb) Stuttgart 926 ; Pendleton 919 ; West Memphis 962

Chicago Futures: Mar up 16 1/2 at  961 1/2
  May  up  14 1/2  at  969
  July up 13 1/4  at  975 1/4
  Sept up 12  at  952
  Nov up 9 3/4  at  935 3/4
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
With little outside influence the grains, including soybeans, marched to a different drummer, closing with solid gains. A good export inspections report gave the soybean market evidence that most Chinese purchases will be delivered. Over a billion bushels of a projected 1.4 billion bushels in exports have been shipped. So concern about cancellations is growing less each week despite a big South American crop. Minor crop problems in Argentina appear to be insignificant. Early harvest yields in Brazil are excellent! Old crop March may find stiff resistance around today’s high of $9.62, while November has old resistance around $9.50.

Wheat
Cash bid for February at Memphis  416 1/4 to 488 1/4;
Bids to farmers at Local Elevators 468-480;
River Elevators 477-511;

Chicago Futures: Mar up  11 1/2  at  501 1/4 
  May up 11 1/4  at  515 1/4 
  July up  11  at  527 3/4 
  Sept up  10 1/2  at  543 1/4 
  Dec up  10 1/2  at  568 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for February at Memphis  654 to - - -;
Bids to farmers at River Elevators 521-596;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for February at Memphis   383 1/2 to - - -;
  New crop at Memphis   381 1/4 to - - -;
Bids to farmers at River Elevators  363 to 383

Chicago Futures: Mar up  11 1/2  at  371 1/2 
  May up  11  at  382 3/4 
  Sept up  10 1/2  at  401 1/4 
  Dec up  9 3/4  at  408 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat posted sharp gains today, probably influenced by outside markets. The dollar was a little lower today. Wheat could have also been following corn. However, the fundamentals in this market remain quite negative. India’s announcement that it has wheat for export is just another indication that there is plenty of wheat out there for the time being.

Corn made strong gains based on exceptional domestic demand. Both feed and ethanol use appear exceeding expectations. While closing off the day’s high March moved above established resistance at $3.70 and could trade a little higher in the near term. September’s close above $4 looks promising. The next upside objective is $4.11.



Cotton & Rice  Date: February 22, 2010


Cotton
Spot Price, Grade 41 Staple 34: Memphis up 72 at  7520
  Greenwood up  72 at 7520

New York Futures: Mar up  195  at  8074 
  May up  72  at  7970 
 July up  63  at  7903 
 Oct up  88  at  7465 
 Dec up  77  at  7343 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton remains in a sharp uptrend with old crop leading the way. Tightening of available stocks and rapidly improving demand has pushed nearby futures above 80 cents leaving the March ’07 spike of 91.38 cents as a beacon for the market on the weekly charts. Over the last 12-15 years the market has been unable to sustain prices at or above their level for very long. New crop December is in a consolidation mode around 73 cents. Crop problems in 2010, planting or otherwise, could send the market toward the late ’09 high near 78 cents, or perhaps higher.

Rice
Long Grain Cash Bid for  Feb 1260/cwt  to  - - -
  - - - - - -  to  - - -

Chicago Futures: Mar down  13  at  1350 
 May down  12 1/2  at  1384 1/2 
 July down  15  at  1412 
 Sept down  12  at  1332 
 - - -   - - -  at  - - - 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice continued lower after trading in a wide range, to both sides of Friday’s close. A weak undertone in the international market and prospects of increased U.S. plantings in 2010 are continuing to weigh on the market. Vietnam has undercut the international market to make immediate sales for much needed cash. Longer term the market should stabilize and work a little higher.



Cattle & Hogs  Date: February 22, 2010

Cattle
As reported by Federal-State Market News, receipts were 2953 head at sales in Ash Flat.  Compared with last week, feeder steers sold $2 to $7 higher .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 120 to - - -
  500 to 550 lbs. 112.50 to - - -
  600 to 650 lbs. 105.50 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 107.50 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 97.25 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 97.75 to - - -

Slaughter Cows, Boners 47   to   51.50
Light Weight - - - to - - -
Bulls, Yield Grade   1   1000   to   2100 lbs.   57   to   60.50
Midwest Steers   were steady to $4 lower   at   88   to   92
Panhandle Steers   were $3 lower to 50¢ higher   at   89.50   to   92.50

Oklahoma City Feeders
Steers 550 to 600 lbs. 117 to - - -
  600 to 650 lbs. 110.50 to 114
Heifers 500 to 550 lbs. 109.50 to - - -
  600 to 650 lbs. 100 to - - -

Chicago Futures:
Live Cattle: April down 7 at 9322
  June up 7 at 9095
Feeders: Mar down 77 at 10182
  May down 47 at 10405

Cattle Comment
Cattle futures were mostly lower, but the move was mostly corrective in nature. The market had become overbought in recent weeks and due a correction. Strong cash fundamentals limited losses. Friday’s high of $93.52 ½ is the first resistance for April, while support is the chart gap between $92.60 and $92.20.

Hogs
Peoria: were     steady   at   44   to   46

Chicago Futures: April up 65 at 7030
  June up 52 at 7972

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

Hogs Comment
Hogs posted gains. Tight hog supplies and Friday’s gains in product values were supportive.



Poultry  Date: February 22, 2010

Eggs
New York:  Ex. Lg. 109-113; Lg. 107-111; Med. 95-99;
Chicago:  Ex. Lg. 98-106; Lg. 96-104; Med. 86-94;

Eastern Region Turkeys
Hens: 8-16 lbs. 79.75
Toms: 16-24 lbs. 82
 

Delmarva Broilers
U.S. Grade A
The market tone was steady. Demand following 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.