(Feb) EAST AR: 1408 to 1444
(NC) Summ. 1335 to 1365
(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
|July||up||6 1/4||at||1459 1/4|
|Jan '12||up||6 3/4||at||1376 3/4|
|Today's Arkansas LDP rate for soybeans is:||0¢|
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.
Cash bid for February at Memphis 873 to - - -;
|Bids to farmers at Local Elevators||855-862;|
|Chicago Futures:||Mar||up||27 1/4||at||863|
|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:||0¢|
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:||0¢|
|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:||0¢|
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
|Spot Price, Grade 41 Staple 34:||Memphis up 400 at 16972|
|Greenwood up 400 at 16972|
|New York Futures:||Mar||up||400||at||17622|
|This week's LDP rate for cotton is||0 cents|
|The estimate for next week is||0 cents|
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.
|Long Grain Cash Bid for||Feb||1296/cwt||to||- - -|
|Mar/April||1167/cwt||to||- - -|
|Chicago Futures:||Mar||up||2 1/2||at||1596|
|Today's Arkansas LDP rate for long grain rice is||0¢|
|medium grain rice is||0¢|
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
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 .
|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||- - -|
|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
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.
Peoria: - - - at - - - to - - -
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
|New York:||Ex. Lg. 111-115; Lg. 109-113; Med. 100-104;|
|Chicago:||Ex. Lg. 103-111; Lg. 101-109; Med. 92-100;|
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.