(Feb) EAST AR: 906 to 927
(NC) Summ. 884 to 906
(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|
|July||up||13 1/4||at||975 1/4|
|Nov||up||9 3/4||at||935 3/4|
|Today's Arkansas LDP rate for soybeans is:||0¢|
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.
Cash bid for February at Memphis 416 1/4 to 488 1/4;
|Bids to farmers at Local Elevators||468-480;|
|Chicago Futures:||Mar||up||11 1/2||at||501 1/4|
|May||up||11 1/4||at||515 1/4|
|Sept||up||10 1/2||at||543 1/4|
|Today's Arkansas LDP rate for wheat is:||0¢|
Cash bid for February at Memphis 654 to - - -;
|Bids to farmers at River Elevators||521-596;|
|Today's Arkansas LDP rate for sorghum is:||0¢|
|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|
|Sept||up||10 1/2||at||401 1/4|
|Today's Arkansas LDP rate for corn is:||0¢|
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
|Spot Price, Grade 41 Staple 34:||Memphis up 72 at 7520|
|Greenwood up 72 at 7520|
|New York Futures:||Mar||up||195||at||8074|
|This week's LDP rate for cotton is||0 cents|
|The estimate for next week is||0 cents|
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.
|Long Grain Cash Bid for||Feb||1260/cwt||to||- - -|
|- - -||- - -||to||- - -|
|May||down||12 1/2||at||1384 1/2|
|- - -||- - -||at||- - -|
|Today's Arkansas LDP rate for long grain rice is||0¢|
|medium grain rice is||0¢|
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
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 .
|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||- - -|
|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||- - -|
|Heifers||500||to||550 lbs.||109.50||to||- - -|
|600||to||650 lbs.||100||to||- - -|
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.
Peoria: were steady at 44 to 46
St. Paul n/a at - - - to - - -
Hogs posted gains. Tight hog supplies and Friday’s gains in product values were supportive.
Poultry Date: February 22, 2010
|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
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.