Arkansas Farm Bureau
Arkansas Farm Bureau
Grain & Soybean Date: February 26, 2010

Soybeans

Local Elevators:
(Feb) EAST AR:  898 to 916
(NC) Summ. 889 to 911
River Elevators:
(Feb) MISS: 908 to 961 ; AR & White 893 to 903
(NC) Summ. 886 to 921
Ark. Processor Bids: (Feb) 906 to 918  (NC) 896 to 899
Memphis:  (Feb) 941 to 976 (NC)  921 to 926
Riceland Foods:  (Feb) Stuttgart 918 ; Pendleton 911 ; West Memphis 954

Chicago Futures: Mar up 9 1/2 at  951
  May  up  11  at  961
  July up 11 1/2  at  969
  Sept up 11 1/2  at  951 1/2
  Nov up 11 1/2  at  941
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans recovered yesterday’s gains on carryover strength from wheat and corn. The overriding 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. Only 8.9 million bushels were sold to foreign buyers last week. November has resistance at the recent high of $9.45.

Wheat
Cash bid for February at Memphis  464 1/4 to 495 1/2;
Bids to farmers at Local Elevators 471-493;
River Elevators 481-516;

Chicago Futures: Mar up  16 3/4  at  506 1/2 
  May up 15 1/2  at  519 1/4 
  July up  15  at  531 1/4 
  Sept up  13 3/4  at  545 
  Dec up  13 1/4  at  568 1/2 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for February at Memphis  6.66 to - - -;
Bids to farmers at River Elevators 534-609;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for February at Memphis   390 to 392;
  New Crop at Memphis   386 to 389;
Bids to farmers at River Elevators  357 to 385

Chicago Futures: Mar up  5 3/4  at  378 
  May up  5 3/4  at  389 
  Sept up  5 3/4  at  406 
  Dec up  6 1/4  at  413 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat reversed yesterday’s losses and gapped higher today, primarily on short covering. July could test resistance at the recent high of $5.34. However, fundamentals remain negative and a weekly export total of only 15 million bushels for both old and new crop wheat was further evidence of that.

Corn gapped higher as well. There are questions about the quality of the 2009 crop and how well it will store. The market may be in a sideways mode until there is a better handle on domestic use. Overhead resistance begins at $3.84 ½ for March.



Cotton & Rice  Date: February 26, 2010


Cotton
Spot Price, Grade 41 Staple 34: Memphis up 129 at  7821
  Greenwood up  129 at 7821

New York Futures: Mar up  123  at  8261 
  May up  129  at  8246 
 July up  153  at  8193 
 Oct up  42  at  7628 
 Dec up  45  at  7442 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton followed through on yesterday’s gains and ended the week on a positive note. Reports of a smaller crop in China gave the market a boost. Export sales slowed this week, but shipments hit a marketing year high. For the second day in a row, May set a new high for the up-move.

Rice
Long Grain Cash Bid for  Feb 1253/cwt  to  - - -
  - - - - - -  to  - - -

Chicago Futures: Mar up  13  at  1343 
 May up  12  at  1376 
 July up  10 1/2  at  1404 
 Sept up  14 1/2  at  1338 
 - - -   - - -  at  - - - 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice followed other commodities higher. 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 26, 2010

Cattle
As reported by Federal-State Market News, receipts were 12,335 head at sales in Arkansas this week.  Compared with last week, feeder steers sold weak to $3 lower .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 120 to - - -
  500 to 550 lbs. 112.75 to - - -
  600 to 650 lbs. 107.25 to - - -
 Medium & Large Frame 2   450 to 500 lbs. 109.50 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 97.75 to - - -
 Medium & Large Frame 2   450 to 500 lbs. 96.75 to - - -

Slaughter Cows, Boners 46   to   53
Light Weight 36 to 38
Bulls, Yield Grade   1   1000   to   2100 lbs.   56   to   63
Midwest Steers   - - -   at   - - -   to   - - -
Panhandle Steers   - - -   at   - - -   to   - - -

Oklahoma City Feeders
Steers 500 to 550 lbs. 109 to 128.50
  550 to 600 lbs. 106 to 124
Heifers 500 to 550 lbs. 99 to 113
  550 to 600 lbs. 94.75 to 111

Chicago Futures:
Live Cattle: April up 17 at 9192
  June up 10 at 9040
Feeders: Mar up 15 at 10105
  May up 35 at 10345

Cattle Comment
Cattle futures were mostly higher. Expectations for demand to pick up into spring were supportive. A weaker dollar and higher crude were also supportive.

Hogs
Peoria: were     steady   at   45   to   47

Chicago Futures: April up 67 at 7280
  June up 50 at 8140

Sheep
St. Paul NA   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 26, 2010

Eggs
New York:  Ex. Lg. 114-118; Lg. 112-116; Med. 98-102;
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 entering the weekend was fair to moderate with trading usually limited to regular commitments. Supplies of all sizes were at least adequate to satisfy current trade needs. In production areas live supplies were moderate at mostly desirable weights.