(Feb) EAST AR: 900 to 921
(NC) Summ. 883 to 905
(Feb) MISS: 912 to 965 ; AR & White 897 to 907
(NC) Summ. 880 to 915
Ark. Processor Bids: (Feb) 911 to 920 (NC) 890 to 893
Memphis: (Feb) 945 1/4 to 979 1/2 (NC) 914 3/4 to 919 3/4
Riceland Foods: (Feb) Stuttgart 920 ; Pendleton 913 ; West Memphis 956
|Chicago Futures:||Mar||up||3||at||955 1/2|
|Nov||up||7 1/2||at||934 3/4|
|Today's Arkansas LDP rate for soybeans is:||0¢|
Soybeans ended higher but near the middle of the day’s trading range. Funds were early buyers but momentum was not sustained. Inability to hold here could signal near term weakness. The overriding bearish factor in this market is the size of the South American crop. U.S. exports have already slowed, and less than 20% of the crop has been harvested so far.
Cash bid for February at Memphis 460 1/4 to 487 1/4;
|Bids to farmers at Local Elevators||466 - 488;|
|River Elevators||476 - 510;|
|Chicago Futures:||Mar||up||8 1/2||at||500 1/4|
|Sept||up||7 3/4||at||541 1/2|
|Today's Arkansas LDP rate for wheat is:||0¢|
Cash bid for February at Memphis 661 to - - -;
|Bids to farmers at River Elevators||529 - 604;|
|Today's Arkansas LDP rate for sorghum is:||0¢|
|Cash bid for||February at Memphis 386 1/4 to 387 1/4;|
|New Crop at Memphis 383 1/2 to 386 1/2;|
|Bids to farmers at River Elevators||354 to 382|
|Chicago Futures:||Mar||up||7 1/2||at||375 1/4|
|May||up||7 1/2||at||386 1/4|
|Dec||up||6 1/2||at||409 1/2|
|Today's Arkansas LDP rate for corn is:||0¢|
Wheat ended higher but the fundamentals in this market remain quite negative. The recent high of $5.07 ½ could be tough resistance for March, especially since the market is currently struggling with psychological resistance at the $5 mark.
Corn pushed higher, but failed to move above Monday’s high of $3.76. 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 24, 2010
|Spot Price, Grade 41 Staple 34:||Memphis down 36 at 7491|
|Greenwood down 36 at 7491|
|New York Futures:||Mar||down||63||at||7937|
|This week's LDP rate for cotton is||0 cents|
|The estimate for next week is||0 cents|
Cotton was lower across the board. Profit taking was the impetus for the move. Weakness in the dollar was renewed by the announcement that the Federal Reserve plans to keep interest rates exceptionally low for an extended period of time. That helps make U.S. cotton more affordable worldwide. Key resistance is above 80 for March.
|Long Grain Cash Bid for||Feb||1258/cwt||to||- - -|
|- - -||- - -||to||- - -|
|Chicago Futures:||Mar||down||16 1/2||at||1348|
|- - -||- - -||at||- - -|
|Today's Arkansas LDP rate for long grain rice is||0¢|
|medium grain rice is||0¢|
Rice gave back a portion of yesterday’s gains. Upside potential could be limited near term. U.S. values have been pressured by a weaker world market undertone. March is building support at $13.20. A close below that level could suggest another leg down.
Cattle & Hogs Date: February 24, 2010
As reported by Federal-State Market News, receipts were 805 head at sales in Conway and Pocahontas. Compared with last week, feeder steers sold near steady, instances $1 - $2 lower .
|Medium & Large Frame 1||400||to||450 lbs.||118.25||to||- - -|
|500||to||550 lbs.||111||to||- - -|
|600||to||650 lbs.||100.50||to||- - -|
|Medium & Large Frame 2||400||to||450 lbs.||99.50||to||- - -|
|Medium & Large Frame 1||500||to||550 lbs.||96||to||- - -|
|Medium & Large Frame 2||400||to||450 lbs.||87.50||to||- - -|
Slaughter Cows, Boners 46 to 54
Light Weight 34 to 39
Bulls, Yield Grade 1 1400 to 2300 lbs. 58 to 63
Midwest Steers NA at - - - to - - -
Panhandle Steers NA at - - - to - - -
|Oklahoma City Feeders
April cattle futures closed the gap left on the charts last week. The weakness was mostly technical in nature, as the market had become oversold and due a correction.
Peoria: were steady at 44 to 46
St. Paul N/A at - - - to - - -
Hog futures are still trending higher. Tight hog supplies and recent gains in product values are providing support.
Poultry Date: February 24, 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 was fair to moderate with limited trading. Supplies of all sizes were sufficient to satisfy current trade needs. In production areas live supplies were moderate at mostly desirable weights.