Arkansas Farm Bureau
Arkansas Farm Bureau
Grain & Soybean Date: February 23, 2010

Soybeans

Local Elevators:
(Feb) EAST AR:  897 to 934
(NC) Summ. 875 to 897
River Elevators:
(Feb) MISS: 914 to 967 ; AR & White 899 to 909
(NC) Summ. 872 to 907
Ark. Processor Bids: (Feb) 908 to 917  (NC) 882 to 885
Memphis:  (Feb) 942 1/2 to 976 1/2 (NC)  907 1/4 to 912 1/4
Riceland Foods:  (Feb) Stuttgart 917 ; Pendleton 910 ; West Memphis 953

Chicago Futures: Mar down 9 at  952 1/2
  May  down  9 1/2  at  959 1/2
  July down 9 3/4  at  965 1/2
  Sept down 9 1/4  at  942 3/4
  Nov down 8 1/2  at  927 1/4
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans reversed midday gains to close lower. Funds were early buyers but momentum was not sustained. Inability to hold here could signal near term weakness.

Wheat
Cash bid for February at Memphis  451 3/4 to 478 3/4;
Bids to farmers at Local Elevators 463-480;
River Elevators 468-503;

Chicago Futures: Mar down  9 1/2  at  491 3/4 
  May down 9 1/2  at  505 3/4 
  July down  9 1/2  at  518 1/4 
  Sept down  9 1/2  at  533 3/4 
  Dec down  9 3/4  at  558 1/4 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for February at Memphis  648 to - - -;
Bids to farmers at River Elevators 516-591;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for February at Memphis   379 3/4 to - - -;
  New crop at Memphis   376 1/2 to - - -;
Bids to farmers at River Elevators  347 to 375

Chicago Futures: Mar down  3 3/4  at  367 3/4 
  May down  at  378 3/4 
  Sept down  4 1/2  at  389 1/4 
  Dec down  at  403 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat gave back yesterday’s gains. The dollar was a little lower today. 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 failed to follow through on yesterday's gains. The market may be in a sideways mode until there is a better handle on domestic use. Demand appears strong for both feed and ethanol.



Cotton & Rice  Date: February 23, 2010


Cotton
Spot Price, Grade 41 Staple 34: Memphis up 7 at  7527
  Greenwood up  7 at 7527

New York Futures: Mar down  74  at  8000 
  May up  at  7977 
 July up  38  at  7941 
 Oct up  26  at  7491 
 Dec up  32  at  7375 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton closed mixed with March lower. The spread between old and new crop narrowed after widening to as much as 800 points. Improving world demand has pushed old crop above 80 cents.

Rice
Long Grain Cash Bid for  Feb 1274/cwt  to  - - -
  - - - - - -  to  - - -

Chicago Futures: Mar up  14 1/2  at  1364 1/2 
 May up  15  at  1399 1/2 
 July up  15 1/2  at  1427 1/2 
 Sept up  18  at  1350 
 - - -   - - -  at  - - - 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice finally had a positive day. Early declines gave way to a firmer undertone. Upside potential could be limited near term. U.S. values have been pressured by a weaker world market undertone.



Cattle & Hogs  Date: February 23, 2010

Cattle
As reported by Federal-State Market News, receipts were 1439 head at sales in Heber Springs and Fort Smith.  Compared with last week, feeder steers were $3 to $6 higher .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 120.25 to - - -
  500 to 550 lbs. 114.75 to - - -
  600 to 650 lbs. 106 to - - -
 Medium & Large Frame 2   450 to 500 lbs. 112.25 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 96.50 to - - -
 Medium & Large Frame 2   500 to 550 lbs. 92.50 to - - -

Slaughter Cows, Boners 47   to   55
Light Weight 30 to 34
Bulls, Yield Grade   1   1000   to   2100 lbs.   60   to   68
Midwest Steers   were $1 lower to $4 higher   at   91   to   92
Panhandle Steers   were 50¢ to $2.50 lower   at   92   to   - - -

Oklahoma City Feeders
Steers 500 to 550 lbs. 117 to 124
  550 to 600 lbs. 110 to 120
Heifers 500 to 550 lbs. 99 to 109.50
  550 to 600 lbs. 97 to 104

Chicago Futures:
Live Cattle: April down 80 at 9242
  June down 45 at 9050
Feeders: Mar down 67 at 10115
  May down 82 at 10322

Cattle Comment
The cattle market had become overbought in recent weeks and due a correction. Strong cash fundamentals are supportive. 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 down 85 at 6945
  June down 67 at 7905

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

Hogs Comment
Tight hog supplies and recent gains in product values are providing support for hog futures.



Poultry  Date: February 23, 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 was fair to moderate with limited trading approaching end of the month business. Supplies were at least adequate to satisfy current trade needs. In production areas live supplies were moderate at mostly desirable weights.