(Feb) EAST AR: 1389 to 1425
(NC) Summ. 1326 to 1356
(Feb) MISS: 1425 to 1435 ; AR & White 1393 to 1422
(NC) Summ. 1336 to 1372
Ark. Processor Bids: (Feb) 1405 to 1405 (NC) 1356 to 1356
Memphis: (Feb) 1434 1/2 to 1436 1/2 (NC) 1371 to - - -
Riceland Foods: (Feb) Stuttgart 1405 ; Pendleton 1425 ; West Memphis 1435
|Chicago Futures:||Mar||down||9||at||1424 1/2|
|Jan '12||down||4||at||1367 1/2|
|Today's Arkansas LDP rate for soybeans is:||0¢|
Soybeans trimmed early gains to close lower. New crop November made a new recent high before backing off just before noon. Prospects of strong competition from South America supported the downturn. U.S. export sales are nearing 90 percent of the projected annual total, which suggests that number could be adjusted upward or sales will fall dramatically. The uptrend in this market remains intact despite today’s weak undertone.
Cash bid for February at Memphis 868 3/4 to 874 3/4;
|Bids to farmers at Local Elevators||857-864;|
|Chicago Futures:||Mar||up||5||at||858 3/4|
|May||up||5 3/4||at||890 1/2|
|July||up||8 1/2||at||916 3/4|
|Sept||up||9 3/4||at||940 1/2|
|Dec||up||10 1/4||at||954 1/2|
|Today's Arkansas LDP rate for wheat is:||0¢|
Cash bid for February at Memphis 1123 to 1125;
|Bids to farmers at River Elevators||1093-1154;|
|Today's Arkansas LDP rate for sorghum is:||0¢|
|Cash bid for||February at Memphis 668 3/4 to - - -;|
|New Crop at Memphis 623 3/4 to 628 3/4;|
|Bids to farmers at River Elevators||640 to 660|
|Chicago Futures:||Mar||down||3 3/4||at||674 3/4|
|May||down||3 1/2||at||685 3/4|
|Today's Arkansas LDP rate for corn is:||0¢|
Wheat futures turned higher today, mainly supported by export news. Egypt issued its first wheat tender in a month. Iraq, Turkey and Algeria are also looking to purchase large quantities of wheat. July could still test resistance at the contract high of $9.40.
Corn futures hit new recent highs before reversing just before noon. Today’s new highs represent the highest price in over 30 months. The trend remains up and any downturn is expected to be limited until the market is satisfied that 2011 plantings will meet expected demand.
Cotton & Rice Date: February 7, 2011
|Spot Price, Grade 41 Staple 34:||Memphis up 665 at 16801|
|Greenwood up 665 at 16801|
|New York Futures:||Mar||up||665||at||17451|
|This week's LDP rate for cotton is||0 cents|
|The estimate for next week is||0 cents|
Cotton made huge advances with December essentially negating last week’s key reversal top. Old crop March is still almost 700 points below last week’s high of just over $1.81. Export demand remains strong and the National Cotton Council planting survey indicated just 14 percent more acreage. Their projected production for 2011 was just five percent higher than 2010 at 19.2 million bales. Production was based on average state yields with normal abandonment. Good moisture in Texas in 2010 kept abandonment below the norm; while that could happen again in 2011, much of Texas and the rest of the southern production area are drier than normal.
|Long Grain Cash Bid for||Feb||1224/cwt||to||- - -|
|April/May||1155/cwt||to||- - -|
|Chicago Futures:||Mar||down||25 1/2||at||1554 1/2|
|May||down||24 1/2||at||1585 1/2|
|July||down||24 1/2||at||1609 1/2|
|Sept||down||19 1/2||at||1594 1/2|
|Today's Arkansas LDP rate for long grain rice is||0¢|
|medium grain rice is||0¢|
Rice futures moved back near last week’s highs before making a sharp dip late to close sharply lower. This market has been driven higher by fund buying and is subject to a correction when profit-taking begins. U.S. milled rice exports remain slow with quotes generally holding about $100 or so above Asian origins. Recent gains appear to be predicated on smaller U.S. planting expectations for 2011. However, big carryover stocks are projected for long grain and therefore no shortage of rice is anticipated. A March close below $15.50 will bring the next support around $14.60 into play.
Cattle & Hogs Date: February 7, 2011
As reported by Federal-State Market News, receipts were 874 head at sales in Ash Flat. Compared with last week, feeder steers sold $2 to $7 lower .
|Medium & Large Frame 1||450||to||500 lbs.||138.00||to||- - -|
|500||to||550 lbs.||137.00||to||- - -|
|600||to||650 lbs.||115.00||to||- - -|
|Medium & Large Frame - - -||- - -||to||- - - lbs.||- - -||to||- - -|
|Medium & Large Frame 1||500||to||550 lbs.||116.50||to||- - -|
|Medium & Large Frame 2||400||to||450 lbs.||117.00||to||- - -|
Slaughter Cows, Boners 60.00 to 69.00
Light Weight - - - to - - -
Bulls, Yield Grade 1 1000 to 2100 lbs. 69.50 to 79.50
Midwest Steers - - - at - - - to - - -
Panhandle Steers - - - at - - - to - - -
|Oklahoma City Feeders
|Steers||- - -||to||- - - lbs.||- - -||to||- - -|
|- - -||to||- - - lbs.||- - -||to||- - -|
|Heifers||- - -||to||- - - lbs.||- - -||to||- - -|
|- - -||to||- - - lbs.||- - -||to||- - -|
Cattle futures were lower again today, and April charted an outside day down. That means downside movement could accelerate. The market is near a test of support at $111.60, and a move below that level could signal a quick move to support around $110. Downside below that point is questionable though, thanks to shrinking supplies.
Peoria: were at 53.00 to 55.00
Hog futures turned higher. Strong export prospects and higher cash values were supportive.
Poultry Date: February 7, 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
Prices are steady to about steady. Supplies of all sizes are at least moderate to satisfy current trade needs. Demand following the weekend is light to moderate. Market activity is slow to moderate. In production areas, live supplies are moderate. Weights are mixed but mostly desirable.