REMINDER: The February Market Update Webinar is tomorrow, Wednesday, Feb. 9 at 8:30 a.m. Contact Sandy Reeves, 501-228-1300 or email@example.com to register. Space is limited.
(Feb) EAST AR: 1398 to 1434
(NC) Summ. 1338 to 1368
(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|
|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:||0¢|
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.
Cash bid for February at Memphis 884 1/4 to - - -;
|Bids to farmers at Local Elevators||873-880;|
|Chicago Futures:||Mar||up||15 1/2||at||874 1/4|
|July||up||15 3/4||at||932 1/2|
|Today's Arkansas LDP rate for wheat is:||0¢|
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:||0¢|
|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||1||at||673 3/4|
|Dec||up||2 1/2||at||604 1/2|
|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. 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
|Spot Price, Grade 41 Staple 34:||Memphis up 78 at 16879|
|Greenwood up 78 at 16879|
|New York Futures:||Mar||up||78||at||17529|
|This week's LDP rate for cotton is||0 cents|
|The estimate for next week is||0 cents|
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.
|Long Grain Cash Bid for||Feb||1261/cwt||to||- - -|
|April/May||1155/cwt||to||- - -|
|Chicago Futures:||Mar||up||37||at||1591 1/2|
|Nov||up||44 1/2||at||1656 1/2|
|Today's Arkansas LDP rate for long grain rice is||0¢|
|medium grain rice is||0¢|
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
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 .
|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||- - -|
|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||- - -|
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.
Peoria: were $1 lower to $3 higher at 54.00 to 56.00
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
|New York:||Ex. Lg. 111-115; Lg. 109-113; Med. 98-102;|
|Chicago:||Ex. Lg. 103-111; Lg. 101-109; Med. 92-100;|
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.