Arkansas Farm Bureau
Arkansas Farm Bureau
Grain & Soybean Date: February 2, 2011

Soybeans

Local Elevators:
(Feb) EAST AR:  1408 to 1444
(NC) Summ. 1335 to 1365
River Elevators:
(Feb) MISS: 1444 to 1454 ; AR & White 1412 to 1441
(NC) Summ. 1345 to 1381
Ark. Processor Bids: (Feb) 1424 to 1424  (NC) 1365 to 1365
Memphis:  (Feb) 1454 to - - - (NC)  1380 to - - -
Riceland Foods:  (Feb) Stuttgart 1424 ; Pendleton 1444 ; West Memphis 1454

Chicago Futures: Mar up 6 at  1444
  May  up  at  1454
  July up 6 1/4  at  1459 1/4
  Nov up at  1375
  Jan '12 up 6 3/4  at  1376 3/4
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans ended the session a little higher after experiencing a midday selloff. New recent highs were registered early with improved crop conditions in Argentina weighing on the market at midday. The government has ordered Argentine port workers back to work, and that could pressure the market in the near term. Yesterday’s move put the market above recent resistance, which generally means additional gains in the near term.

Wheat
Cash bid for February at Memphis  873 to - - -;
Bids to farmers at Local Elevators 855-862;
River Elevators 854-890;

Chicago Futures: Mar up  27 1/4  at  863 
  May up 27 3/4  at  894 
  July up  28 3/4  at  914 3/4 
  Sept up  29 1/2  at  936 1/4 
  Dec up  28 1/4  at  948 1/4 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for February at Memphis  1109 to 1133;
Bids to farmers at River Elevators 1100-1182;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for February at Memphis   665 1/4 to 669 1/4;
  New Crop at Memphis   615 3/4 to 620 3/4;
Bids to farmers at River Elevators  634 to 654

Chicago Futures: Mar up  3 1/4  at  669 1/4 
  May up  3 1/4  at  679 3/4 
  Sept up  2 3/4  at  635 3/4 
  Dec up  1 3/4  at  597 3/4 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat futures exploded to the upside today. At this point it doesn’t appear that shipments to Egypt will be interrupted, and that sparked today’s rally. The massive winter storm that moved across the country this week missed some key wheat growing regions, and bitter cold temperatures are following. That means that winterkill could become a serious problem for wheat farmers. July looks poised to test resistance at the contract high of $9.40.

Corn made minor gains as the market continues to extend the long term uptrend. There is little fresh fundamental news as the market awaits confirmation on this year’s U.S. plantings. Downside will be limited until the 2011 crop potential is well established. In the meantime, things like the current snow storm across the Midwest will fuel short term moves. Heavier feed demand, due to this storm, was a factor in today’s slightly higher futures.



Cotton & Rice  Date: February 2, 2011


Cotton
Spot Price, Grade 41 Staple 34: Memphis up 400 at  16972
  Greenwood up  400 at 16972

New York Futures: Mar up  400  at  17622 
  May up  400  at  17100 
 July up  400  at  16238 
 Oct up  151  at  13338 
 Dec up  214  at  11837 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton continued to post new record price levels with March topping $1.76 and new crop December above $1.18. At this stage of the game, there is no indication the market is ready to top. Trendline yields suggest plantings of 12.5 to 13 million acres will probably add less than a million bales to next year’s U.S. stocks, especially if dry conditions in Texas and across areas of the south persist.

Rice
Long Grain Cash Bid for  Feb 1296/cwt  to  - - -
  Mar/April 1167/cwt  to  - - -

Chicago Futures: Mar up  2 1/2  at  1596 
 May up  at  1627 
 July up  9 1/2  at  1653 
 Sept up  7 1/2  at  1632 
 Nov up  11 1/2  at  1651 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice shook off a midday selloff to end the day on a positive side. Yesterday’s move above resistance at the previous high suggests near term technical support for the market. Traders seem to be looking at a much smaller 2011 crop outlook as the major upside factor. The international market, while somewhat active, is steady at best. Thailand’s second crop is expected to be up about 10 percent from last year. Vietnam’s exports are projected to be down about 12 percent from last year. U.S. milled offerings remain about $100 above Asian offerings.



Cattle & Hogs  Date: February 2, 2011

Cattle
As reported by Federal-State Market News, receipts were 770 head at sales in Conway and Pocahontas.  Compared with last week, feeder steers sold $1 - $6 lower .

Steers:
 Medium & Large Frame 1   450 to 500 lbs. 139.00 to - - -
  550 to 600 lbs. 125.25 to - - -
  600 to 650 lbs. 112.50 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 119.00 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 111.75 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 109.50 to - - -

Slaughter Cows, Boners 60.00   to   69.00
Light Weight 43.00 to 48.00
Bulls, Yield Grade   1   1000   to   2000 lbs.   65.00   to   80.00
Midwest Steers   were   at   104.00   to   - - -
Panhandle Steers   were   at   104.00   to   - - -

Oklahoma City Feeders
Steers 500 to 550 lbs. 136.00 to 144.00
  550 to 600 lbs. 133.00 to 138.50
Heifers 550 to 600 lbs. 118.50 to 128.00
  600 to 650 lbs. 115.00 to 121.00

Chicago Futures:
Live Cattle: April down 112 at 11352
  June down 32 at 11420
Feeders: April down 145 at 12745
  Aug down 110 at 12880

Cattle Comment
Cattle futures turned lower across the board today. Ideas that futures were too farm premium to cash prices sparked the selloff. Cash markets are quite this week. April looks like a test of support around $111 could come quickly.

Hogs
Peoria: - - -       at   - - -   to   - - -

Chicago Futures: April down 175 at 9140
  June down 52 at 10000

Hogs Comment
Hog futures were weaker again today. The winter storm has slowed cash market activity, and before long a backlog of market ready hogs could develop in the country.



Poultry  Date: February 2, 2011

Eggs
New York:  Ex. Lg. 111-115; Lg. 109-113; Med. 100-104;
Chicago:  Ex. Lg. 103-111; Lg. 101-109; Med. 92-100;

National Turkeys
Hens: 8-16 lbs 87.04
Toms: 16-24 lbs 87.08
 

Delmarva Broilers
U.S. Grade A
Whole broilers and fryers prices are steady to instances weak. Supplies of all sizes are moderate to heavy. First of the month demand is light with trading mostly limited to regular commitments. Market activity is slow. In production areas, live supplies are moderate at mixed weights.