Arkansas Farm Bureau
Arkansas Farm Bureau
Grain & Soybean Date: February 8, 2011

REMINDER: The February Market Update Webinar is tomorrow, Wednesday, Feb. 9 at 8:30 a.m. Contact Sandy Reeves, 501-228-1300 or sandra.reeves@arfb.com to register. Space is limited.

Soybeans

Local Elevators:
(Feb) EAST AR:  1398 to 1434
(NC) Summ. 1338 to 1368
River Elevators:
(Feb) MISS: 1434 to 1444 ; AR & White 1402 to 1431
(NC) Summ. 1348 to 1384
Ark. Processor Bids: (Feb) 1414 to 1414  (NC) 1368 to 1368
Memphis:  (Feb) 1446 1/4 to - - - (NC)  1382 1/2 to - - -
Riceland Foods:  (Feb) Stuttgart 1414 ; Pendleton 1434 ; West Memphis 1444

Chicago Futures: Mar up 9 3/4 at  1434 1/4
  May  up  10 1/2  at  1446
  July up 10 1/4  at  1453 1/4
  Nov up 11 1/2  at  1377 1/2
  Jan '12 up 11 1/2  at  1379
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans recouped mid-session declines to close with solid gains. The market lost momentum after China announced another modest hike in interest rates. However, strong demand is expected to boost Chinese soy imports to 54.5 million tonnes this year, up from 46.8 million tonnes last year. Tomorrow’s report could show a modest adjustment in exports with ending stocks reduced slightly from the January figure of 140 million bushels.

Wheat
Cash bid for February at Memphis  884 1/4 to - - -;
Bids to farmers at Local Elevators 873-880;
River Elevators 872-908;

Chicago Futures: Mar up  15 1/2  at  874 1/4 
  May up 15 1/2  at  906 
  July up  15 3/4  at  932 1/2 
  Sept up  15 1/2  at  956 
  Dec up  15 1/2  at  970 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for February at Memphis  1117 to 1123;
Bids to farmers at River Elevators 1082-1143;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for February at Memphis   667 3/4 to - - -;
  New Crop at Memphis   624 1/4 to 629 1/4;
Bids to farmers at River Elevators  638 to 659

Chicago Futures: Mar down  at  673 3/4 
  May down  at  684 3/4 
  Sept up  1/2  at  644 1/2 
  Dec up  2 1/2  at  604 1/2 
  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. Brisk export movement has traders expecting to see USDA bump their export estimate in tomorrow morning’s report. July will likely test resistance at the contract high of $9.40.

Corn closed narrowly mixed after a midday decline. Tomorrow’s report is expected to show only minor changes with ending stocks dropping about 10 million bushels from the January projection of 745 million bushels. Domestic use continues strong with high cattle and hog prices offsetting feed costs.



Cotton & Rice  Date: February 8, 2011


Cotton
Spot Price, Grade 41 Staple 34: Memphis up 78 at  16879
  Greenwood up  78 at 16879

New York Futures: Mar up  78  at  17529 
  May up  288  at  17370 
 July up  496  at  16799 
 Oct up  371  at  13956 
 Dec up  169  at  12056 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton continued higher with December moving near $1.21 and confirming additional upside potential. 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 1261/cwt  to  - - -
  April/May 1155/cwt  to  - - -

Chicago Futures: Mar up  37  at  1591 1/2 
 May up  37 1/2  at  1623 
 July up  39  at  1648 1/2 
 Sept up  48 1/2  at  1643 
 Nov up  44 1/2  at  1656 1/2 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice retraced yesterday’s decline and closed higher. However, 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. Resistance starts at the recent high of $16.30.



Cattle & Hogs  Date: February 8, 2011

Cattle
As reported by Federal-State Market News, receipts were 250 head at sales in Heber Springs and Fort Smith.  Compared with last week, feeder steers sold weak on limited supplies .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 136.50 to - - -
  500 to 550 lbs. 131.50 to - - -
  600 to 650 lbs. 128.00 to - - -
 Medium & Large Frame 2   450 to 500 lbs. 121.25 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 112.00 to - - -
 Medium & Large Frame - - -   - - - to - - - lbs. - - - to - - -

Slaughter Cows, Boners 67.00   to   73.00
Light Weight 46.00 to 52.00
Bulls, Yield Grade   1   1000   to   2100 lbs.   84.00   to   86.50
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 50 at 11125
  June down 67 at 11195
Feeders: April down 65 at 12585
  Aug down 62 at 12777

Cattle Comment
Cattle futures were lower again today after charting a key reversal yesterday. That means downside movement could accelerate. An April close below $111.60 could signal a quick move to support around $110. Downside below that point is questionable though, thanks to shrinking supplies.

Hogs
Peoria: were $1 lower to $3     higher   at   54.00   to   56.00

Chicago Futures: April down 57 at 9125
  June down 45 at 10090

Hogs Comment
Hog futures ended mixed, but it looks like futures are on solid footing with June finding support above the $100 mark. News of an interest rate hike in China was a bit concerning for hogs since China is the third largest customer of U.S. pork.



Poultry  Date: February 8, 2011

Eggs
New York:  Ex. Lg. 111-115; Lg. 109-113; Med. 98-102;
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
Whole broilers and fryers prices are steady. Supplies of all sizes are moderate for current trade needs. Demand is light to mostly moderate with a slight increase in interest noted where promotions are planned or in progress. Market activity is moderate. In production areas, live supplies are moderate at mixed weights.