Arkansas Farm Bureau
Arkansas Farm Bureau
Grain & Soybean Date: February 7, 2011

Soybeans

Local Elevators:
(Feb) EAST AR:  1389 to 1425
(NC) Summ. 1326 to 1356
River Elevators:
(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
  May  down  at  1435 1/2
  July down at  1443
  Nov down at  1366
  Jan '12 down at  1367 1/2
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
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.

Wheat
Cash bid for February at Memphis  868 3/4 to 874 3/4;
Bids to farmers at Local Elevators 857-864;
River Elevators 856-892;

Chicago Futures: Mar up  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:

Grain Sorghum
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:

Corn
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 
  Sept down  1/4  at  643 3/4 
  Dec up  2 1/4  at  604 
  Today's Arkansas LDP rate for corn is:

Grain Comment
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


Cotton
Spot Price, Grade 41 Staple 34: Memphis up 665 at  16801
  Greenwood up  665 at 16801

New York Futures: Mar up  665  at  17451 
  May up  700  at  17082 
 July up  700  at  16303 
 Oct up  471  at  13585 
 Dec up  496  at  11887 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
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.

Rice
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 
 Nov down  18  at  1612 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
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

Cattle
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 .

Steers:
 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 - - -

Heifers:
 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 - - -

Chicago Futures:
Live Cattle: April down 127 at 11175
  June down 100 at 11262
Feeders: April down 22 at 12650
  Aug down 5 at 12840

Cattle Comment
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.

Hogs
Peoria: were       at   53.00   to   55.00

Chicago Futures: April up 17 at 9182
  June up 47 at 10135

Hogs Comment
Hog futures turned higher. Strong export prospects and higher cash values were supportive.



Poultry  Date: February 7, 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 89.00
Toms: 16-24 lbs 89.00
 

Delmarva Broilers
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.