Arkansas Farm Bureau
Arkansas Farm Bureau
Grain & Soybean Date: February 14, 2011

Due to inclement weather last week, there is no report from Arkansas or Oklahoma stockyars.

Soybeans

Local Elevators:
(Feb) EAST AR:  1367 to 1403
(NC) Summ. 1323 to 1356
River Elevators:
(Feb) MISS: 1401 to 1413 ; AR & White 1371 to 1398
(NC) Summ. 1333 to 1372
Ark. Processor Bids: (Feb) 1383 to 1383  (NC) 1356 to 1356
Memphis:  (Feb) 1409 3/4 to 1414 3/4 (NC)  1365 3/4 to 1370 3/4
Riceland Foods:  (Feb) Stuttgart 1383 ; Pendleton 1403 ; West Memphis 1413

Chicago Futures: Mar down 13 1/4 at  1402 3/4
  May  down  13  at  1416
  July down 13 1/2  at  1423 1/2
  Nov down 14  at  1365 1/2
  Jan '12 down 12 1/2  at  1368 3/4
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Late decline leaves soybeans with potential downside risk. Old crop March penetrated trendline support while November closed just above support. Improved crop prospects in South America coupled with last week’s bean cancellations by China provided today’s downward impetus. March could be pushed toward support at $13.50 to $13.60, and a close below that level would be negative. Be alert to a change in price direction; it is generally thought it will be later when this happens! However, the strong influence of funds and potential profit taking can’t be ignored. The turn could happen at any time.

Wheat
Cash bid for February at Memphis  886 to 888;
Bids to farmers at Local Elevators 871-878;
River Elevators 869-906;

Chicago Futures: Mar up  at  872 
  May up 5 1/4  at  904 
  July up  5 1/2  at  931 
  Sept up  5 1/4  at  955 3/4 
  Dec up  4 1/4  at  967 3/4 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for February at Memphis  1162 to 1167;
Bids to farmers at River Elevators 1118-1179;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for February at Memphis   690 3/4 to - - -;
  New Crop at Memphis   637 1/4 to - - -;
Bids to farmers at River Elevators  660 to 681

Chicago Futures: Mar down  10 3/4  at  695 3/4 
  May down  10 3/4  at  706 1/2 
  Sept down  11  at  652 1/4 
  Dec down  10 3/4  at  607 1/2 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat futures continue to receive bullish export news. Both Iraq and Tunisia were buyers of U.S. wheat over the weekend. Egypt is expected to continue to make regular purchases of wheat as their government transitions. Wednesday’s new contract high of $9.49 is now resistance for July.

Corn was lower, as the market lost momentum late in the session. At this point, downside still seems limited. Tight stocks, good demand and a smaller Argentine crop, while well known, will still prop the market up unless there is a wholesale bailout by funds. There is no indication that price has yet rationed this year’s limited supply as ending stocks projections are still headed lower. However, don’t let these pricing opportunities disappear.



Cotton & Rice  Date: February 14, 2011


Cotton
Spot Price, Grade 41 Staple 34: Memphis down 391 at  17956
  Greenwood down  391 at 17956

New York Futures: Mar down  392  at  18605 
  May down  250  at  18306 
 July down  375  at  17654 
 Oct down  506  at  14292 
 Dec down  632  at  12268 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton was sharply lower as the market has retraced a portion of last week’s gains. New crop December could test support at $1.13 and then $1.07. While China continues to buy cotton we could see an increase in blends with cheaper synthetics entering the mix. Extension budgets suggest recent price levels give cotton a substantial comparative advantage over other potential crops. However, a lack of cotton equipment could limit producer participation. Take advantage of current price levels if cotton is in your 2011 plans.

Rice
Long Grain Cash Bid for  Feb 1243/cwt  to  - - -
  April/May 1155/cwt  to  - - -

Chicago Futures: Mar down  15 1/2  at  1573 
 May down  14  at  1605 
 July down  13  at  1633 
 Sept down  14 1/2  at  1632 
 Nov down  10  at  1650 1/2 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice futures made a big reversal and could be vulnerable to further declines. Last week’s low of $15.21 becomes initial support. Big ending stocks could cap upside potential that seems to be derived from prospects of smaller U.S. plantings in 2011. At this point, export sales are needed to keep mills operating. As far as plantings, last year’s poor yields and poor milling quality could color producers outlook for 2011. Water may be a key component, as some overextended their capacity last year. Below normal rain and higher than normal temperatures left bigger acreages dry in some cases; a mistake that mostly likely won’t occur again in 2011.



Cattle & Hogs  Date: February 14, 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 $2.50 to $1.50 higher   at   106.50   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 up 117 at 11387
  June up 135 at 11460
Feeders: April up 210 at 12987
  Aug up 155 at 13095

Cattle Comment
Cattle futures were higher on follow through after they 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. Strength is being limited by weakness in wholesale product values and futures’ premium to cash.

Hogs
Peoria: were     steady   at   57.00   to   59.00

Chicago Futures: April up 7 at 9245
  June up 62 at 10207

Hogs Comment
Cash hog values plummeted on Friday. Packers already have their needs for this week mostly covered. High hog weights and a backlog of hogs caused by winter weather won’t help the situation.



Poultry  Date: February 14, 2011

Eggs
New York:  Ex. Lg. 111-115; Lg. 109-113; Med. 98-102;
Chicago:  Ex. Lg. 103-111; Lg. 101-109; Med. 90-98;

National Turkeys
Hens: 8-16 lbs 87.59
Toms: 16-24 lbs 87.67
 

Delmarva Broilers
U.S. Grade A
Prices are trending firm for whole broiler/fryers. Supplies of all sizes are moderate to satisfy current trade needs. Demand following 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.