Arkansas Farm Bureau
Arkansas Farm Bureau
Grain & Soybean Date: February 11, 2011

Due to inclement weather this week there is no report from Arkansas or Oklahoma stockyards.

Soybeans

Local Elevators:
(Feb) EAST AR:  1380 to 1416
(NC) Summ. 1340 to 1369
River Elevators:
(Feb) MISS: 1414 to 1426 ; AR & White 1384 to 1411
(NC) Summ. 1347 to 1385
Ark. Processor Bids: (Feb) 1396 to 1396  (NC) 1369 to 1370
Memphis:  (Feb) 1428 to 1432 (NC)  1384 1/2 to - - -
Riceland Foods:  (Feb) Stuttgart 1396 ; Pendleton 1416 ; West Memphis 1426

Chicago Futures: Mar down 17 at  1416
  May  down  16 1/4  at  1429
  July down 15 1/2  at  1437
  Nov down at  1379 1/2
  Jan '12 down at  1381 1/4
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans declined for the second day in a row. Improving South American crop conditions and recent cancellations by China contributed to a weaker undertone. Downside would appear to be limited, but March closed just above trendline support and appears vulnerable. A close below this support would push the market toward the next support in the $13.50 to $13.60 area. November has been under less pressure as concerns about 2011 plantings remain.

Wheat
Cash bid for February at Memphis  883 to - - -;
Bids to farmers at Local Elevators 865-872;
River Elevators 862-900;

Chicago Futures: Mar up  4 1/4  at  867 
  May up 4 1/4  at  898 3/4 
  July up  4 1/2  at  925 1/2 
  Sept up  at  950 1/2 
  Dec up  at  963 1/2 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for February at Memphis  1181 to 1186;
Bids to farmers at River Elevators 1135-1196;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for February at Memphis   701 1/4 to - - -;
  New Crop at Memphis   648 1/4 to - - -;
Bids to farmers at River Elevators  670 to 692

Chicago Futures: Mar up  at  706 1/2 
  May up  7 3/4  at  717 1/4 
  Sept up  3 1/4  at  663 1/4 
  Dec up  3 3/4  at  618 1/4 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat futures ended higher after moving lower in early dealings. Early weakness was sparked by strength in the dollar and carryover from soybeans. News that Egypt bought 55,000 tons of U.S. wheat gave the market a boost. Wednesday’s new contract high of $9.49 is now resistance for July.

Corn moved a little higher as the market continues to reflect a tightening stocks situation. The USDA adjusted use upward, and in so doing dropped projected ending stocks another 70 million bushels. This tells the market price has not yet rationed a limited supply, and additional acreage may be needed in 2011. Old crop corn may move toward the 2008 top at $7.65, while new crop has the contract high of $6.65 as a possible objective.



Cotton & Rice  Date: February 11, 2011


Cotton
Spot Price, Grade 41 Staple 34: Memphis up 239 at  18347
  Greenwood up  239 at 18347

New York Futures: Mar up  239  at  18997 
  May up  58  at  18556 
 July up  82  at  18029 
 Oct down  297  at  14798 
 Dec down  250  at  12900 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton closed mixed with new crop December declining after making a new high just over $1.32 per pound. The National Cotton Council’s planting survey showed a 14 percent increase in acreage for 2011, but their production number was less than a million bales above 2010 production of 18.3 million bales. No substantial increase in U.S. stocks is seen. However, higher price levels may be bringing additional acres into cotton.

Rice
Long Grain Cash Bid for  Feb 1258/cwt  to  - - -
  April/May 1155/cwt  to  - - -

Chicago Futures: Mar down  27 1/2  at  1588 1/2 
 May down  28 1/2  at  1619 
 July down  28  at  1646 
 Sept down  13  at  1646 1/2 
 Nov down  11  at  1660 1/2 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice futures trimmed recent gains closing lower for the second day in a row. Investment funds have been a big factor in pushing rice futures higher and this could be the beginning of a profit taking induced retracement. Funds appear to have been captivated by a substantial decline in rice acres for 2011. However, this month’s supply demand report reduced projected long grain exports one million hundredweight, and raised overall ending stocks a like amount to 52.8 million hundredweight of which 42.9 is long grain. That suggests that even with smaller plantings there should be ample supplies. Upside potential for cash markets will be limited unless new export sales are made.



Cattle & Hogs  Date: February 11, 2011

Cattle
As reported by Federal-State Market News, receipts were - - - head at sales in - - -.  Compared with last week, feeder steers - - - .

Steers:
 Medium & Large Frame - - -   - - - to - - - lbs. - - - to - - -
  - - - to - - - lbs. - - - to - - -
  - - - to - - - lbs. - - - to - - -
 Medium & Large Frame - - -   - - - to - - - lbs. - - - to - - -

Heifers:
 Medium & Large Frame - - -   - - - to - - - lbs. - - - to - - -
 Medium & Large Frame - - -   - - - to - - - lbs. - - - to - - -

Slaughter Cows, Boners - - -   to   - - -
Light Weight - - - to - - -
Bulls, Yield Grade   - - -   - - -   to   - - - lbs.   - - -   to   - - -
Midwest Steers   were   at   104   to   105
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 37 at 11270
  June down 20 at 11325
Feeders: April up 12777 at 110
  Aug up 12940 at 100

Cattle Comment
Cattle futures charted bullish key reversals in several contracts on Thursday. April looks poised to retest resistance around $115, while June could retest the contract high of $115.50.

Hogs
Peoria: were $1 higher to $5     higher   at   57.00   to   59.00

Chicago Futures: April down 132 at 9237
  June down 95 at 10145

Hogs Comment
Hogs were a bit lower today after posting impressive gains Thursday. Cold weather is thought to be impacting performance, but it is also causing a backlog of market ready hogs, which will cause at least short term weakness.



Poultry  Date: February 11, 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
Prices are trending firm for whole broiler and fryers. Supplies of all sizes are moderate to satisfy current trade needs. Demand entering the weekend is moderate to at times good. Market activity is moderate. In production areas, live supplies are moderate. Weights are mixed but mostly desirable.