Arkansas Farm Bureau
Arkansas Farm Bureau
Grain & Soybean Date: February 3, 2011

Soybeans

Local Elevators:
(Feb) EAST AR:  1400 to 1436
(NC) Summ. 1325 to 1356
River Elevators:
(Feb) MISS: 1436 to 1446 ; AR & White 1404 to 1433
(NC) Summ. 1336 to 1372
Ark. Processor Bids: (Feb) 1416 to 1416  (NC) 1356 to 1356
Memphis:  (Feb) 1445 1/2 to - - - (NC)  1370 1/2 to - - -
Riceland Foods:  (Feb) Stuttgart 1416 ; Pendleton 1436 ; West Memphis 1446

Chicago Futures: Mar down 8 1/2 at  1435 1/2
  May  down  8 1/4  at  1445 3/4
  July down 8 1/4  at  1451
  Nov down 9 1/2  at  1365 1/2
  Jan '12 down 8 3/4  at  1368
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans closed lower despite a very positive export sales report. New sales pushed the yearly export total to almost 89 percent with over half the marketing year remaining. This suggests export projections may be raised in future reports. A stronger dollar and the turmoil in Egypt contributed to the weaker undertone. It would take a March close below trendline support (around $14) to suggest a temporary top.

Wheat
Cash bid for February at Memphis  869 to - - -;
Bids to farmers at Local Elevators 846-859;
River Elevators 851-887;

Chicago Futures: Mar down  at  859 
  May down at  890 
  July down  2 3/4  at  912 
  Sept down  2 1/4  at  934 
  Dec down  1 1/4  at  947 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for February at Memphis  1097 to 1121;
Bids to farmers at River Elevators 1071-1132;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for February at Memphis   658 1/2 to 660 1/2;
  New Crop at Memphis   609 to 614;
Bids to farmers at River Elevators  628 to 648

Chicago Futures: Mar down  6 3/4  at  662 1/2 
  May down  6 1/2  at  673 1/4 
  Sept down  6 3/4  at  629 
  Dec down  9 1/4  at  588 1/2 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat futures were lower, but failed to close yesterday’s large upside gap. 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. However, this apparently factored into prices yesterday. The weekly export report was disappointing, with only 20.8 million bushels sold to foreign buyers last week. July could still test resistance at the contract high of $9.40.

Corn was lower today. Even a solid export report and cold weather across the United States failed to give the market a boost. Exports remain above year ago levels and were the major fundamental factor in the market. Corn doesn’t appear to have substantial downside risk with tightening stocks and recent weather problems in Argentina impacting that crop. However, profit taking on big fund positions could make a big dent in the market. A March close below $6.30 would be a negative signal.



Cotton & Rice  Date: February 3, 2011


Cotton
Spot Price, Grade 41 Staple 34: Memphis down 436 at  16536
  Greenwood down  436 at 16536

New York Futures: Mar down  436  at  17186 
  May down  318  at  16782 
 July down  238  at  16000 
 Oct down  165  at  13173 
 Dec down  231  at  11606 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton futures made a huge key reversal top which could signal a substantial retracement of recent gains. However, it must be said again, the reliability of this particular technical signal is being tested and we could see another reversal to the upside; but for now this looks like real topping action. While 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, that may be enough; especially if other areas of the world make similar gains.

Rice
Long Grain Cash Bid for  Feb 1298/cwt  to  - - -
  Mar/April 1167/cwt  to  - - -

Chicago Futures: Mar up  32 1/2  at  1628 1/2 
 May up  32  at  1659 
 July up  26  at  1679 
 Sept up  17 1/2  at  1649 1/2 
 Nov up  13 1/2  at  1664 1/2 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice futures continued to trend higher despite an apparent disconnect with the cash 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 3, 2011

Cattle
As reported by Federal-State Market News, receipts were 403 head at sales in Charlotte.  Compared with last week, feeder steers sold weak to $5 lower .

Steers:
 Medium & Large Frame 1   350 to 400 lbs. 141.25 to - - -
  450 to 500 lbs. 135.75 to - - -
  500 to 550 lbs. 129.25 to - - -
 Medium & Large Frame - - -   - - - to - - - lbs. - - - to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 111.00 to - - -
 Medium & Large Frame - - -   - - - to - - - lbs. - - - to - - -

Slaughter Cows, Boners 64.00   to   69.00
Light Weight - - - to - - -
Bulls, Yield Grade   1-2   1000   to   2100 lbs.   75.00   to   - - -
Midwest Steers   were steady to $1 higher   at   104.00   to   105.00
Panhandle Steers   were steady   at   104.00   to   - - -

Oklahoma City Feeders
Steers - - - to - - - lbs. - - - to - - -
  - - - to - - - lbs. - - - to - - -
Heifers 600 to 650 lbs. 115.50 to 118.00
  - - - to - - - lbs. - - - to - - -

Chicago Futures:
Live Cattle: April down 32 at 11320
  June down 17 at 11402
Feeders: April down 15 at 12730
  Aug up 12 at 12892

Cattle Comment
Cattle futures were mostly lower again today. Ideas that futures were too far 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 up 15 at 9155
  June up 75 at 10075

Hogs Comment
Hog futures were mixed. Nearby February was pressured by slow cash markets and ideas a backlog of market ready hogs could develop in the country. Strong export prospects were supportive for deferred contracts.



Poultry  Date: February 3, 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 about steady. Supplies of all sizes are moderate to heavy for current trade needs. Demand approaching the weekend is light to moderate with trading mostly limited to regular commitments. Market activity is slow to moderate. In production areas, live supplies are moderate at mixed weights.