Arkansas Farm Bureau
Arkansas Farm Bureau
Grain & Soybean Date: February 24, 2010

Soybeans

Local Elevators:
(Feb) EAST AR:  900 to 921
(NC) Summ. 883 to 905
River Elevators:
(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
  May  up  3 1/2  at  963
  Jul up at  970 1/2
  Sept up 6 1/4  at  949
  Nov up 7 1/2  at  934 3/4
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
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.

Wheat
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 
  May up at  513 3/4 
  July up  at  526 1/4 
  Sept up  7 3/4  at  541 1/2 
  Dec up  6 3/4  at  565 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for February at Memphis  661 to - - -;
Bids to farmers at River Elevators 529 - 604;
Today's Arkansas LDP rate for sorghum is:

Corn
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 
  Sept up  at  403 1/2 
  Dec up  6 1/2  at  409 1/2 
  Today's Arkansas LDP rate for corn is:

Grain Comment
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


Cotton
Spot Price, Grade 41 Staple 34: Memphis down 36 at  7491
  Greenwood down  36 at 7491

New York Futures: Mar down  63  at  7937 
  May down  61  at  7916 
 July down  77  at  7864 
 Oct down  57  at  7434 
 Dec down  44  at  7331 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
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.

Rice
Long Grain Cash Bid for  Feb 1258/cwt  to  - - -
  - - - - - -  to  - - -

Chicago Futures: Mar down  16 1/2  at  1348 
 May down  16  at  1383 1/2 
 July down  14  at  1413 1/2 
 Sept down  at  1342 
 - - -   - - -  at  - - - 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
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

Cattle
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 .

Steers:
 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 - - -

Heifers:
 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
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 50 at 9192
  June down 32 at 9017
Feeders: Mar steady 0 at 10115
  May down 2 at 10320

Cattle Comment
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.

Hogs
Peoria: were     steady   at   44   to   46

Chicago Futures: April up 90 at 7035
  June up 67 at 7972

Sheep
St. Paul N/A   at   - - -   to   - - -

Hogs Comment
Hog futures are still trending higher. Tight hog supplies and recent gains in product values are providing support.



Poultry  Date: February 24, 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. Supplies of all sizes were sufficient to satisfy current trade needs. In production areas live supplies were moderate at mostly desirable weights.