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: | 0¢ | ||||
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 | 5 | 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: | 0¢ | ||||
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: | 0¢ |
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: | 0¢ | ||||
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 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 | 0¢ | ||||
| medium grain rice is | 0¢ | ||||
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.
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.
