(Feb) EAST AR: 1332 to 1368
(NC) Summ. 1293 to 1323
(Feb) MISS: 1366 to 1378 ; AR & White 1336 to 1363
(NC) Summ. 1300 to 1339
Ark. Processor Bids: (Feb) 1348 to 1348 (NC) 1323 to 1323
Memphis: (Feb) 1376 to - - - (NC) 1332 3/4 to 1334 3/4
Riceland Foods: (Feb) Stuttgart 1348 ; Pendleton 1368 ; West Memphis 1378
|Chicago Futures:||Mar||down||34 3/4||at||1368|
|May||down||34 3/4||at||1381 1/4|
|Nov||down||32 3/4||at||1332 3/4|
|Jan '12||down||32 3/4||at||1336|
|Today's Arkansas LDP rate for soybeans is:||0¢|
Soybeans moved sharply lower after showing technical weakness yesterday. November fell through trendline support in overnight trading and continued lower to the close. Key support is located near $13, then $12.75. Inability to hold here would confirm a market top. USDA’s baseline acreage projection, while for budget purposes only, gave the market a reason for a downward retracement. Another sale cancellation, likely China, added fuel to the fire.
Cash bid for February at Memphis 854 1/4 to 856 1/4;
|Bids to farmers at Local Elevators||840-847;|
|Chicago Futures:||Mar||down||31 3/4||at||840 1/4|
|May||down||31 3/4||at||872 1/4|
|Today's Arkansas LDP rate for wheat is:||0¢|
Cash bid for February at Memphis 1153 to 1158;
|Bids to farmers at River Elevators||1109-1170;|
|Today's Arkansas LDP rate for sorghum is:||0¢|
|Cash bid for||February at Memphis 682 1/2 to 685 1/2;|
|New Crop at Memphis 625 1/2 to - - -;|
|Bids to farmers at River Elevators||655 to 676|
|Chicago Futures:||Mar||down||5 1/4||at||690 1/2|
|Sept||down||11 3/4||at||640 1/2|
|Today's Arkansas LDP rate for corn is:||0¢|
Wheat futures gapped lower. July dropped down below trendline support, which signals that further weakness is possible. It is possible that all the bullish news is fully factored into prices at these levels. The market continues to receive good export business, however, so that could limit the downside.
Corn closed lower with USDA’s baseline acreage of 92 million acres providing initial impetus for the downturn. December futures quietly marked a key reversal yesterday, and today’s follow-through seems to suggest a top. Initial support just below $5.90 held as the market closed above that level. The next major support should be limited by tight stocks and strong demand, but it doesn’t mean the market hasn’t topped.
Cotton & Rice Date: February 15, 2011
|Spot Price, Grade 41 Staple 34:||Memphis up 487 at 18443|
|Greenwood up 487 at 18443|
|New York Futures:||Mar||up||397||at||19002|
|This week's LDP rate for cotton is||0 cents|
|The estimate for next week is||0 cents|
Cotton partially retraced recent declines to close higher, as cotton firmed while grains declined. The market will need to retest recent contract highs to suggest there is additional upside potential. While tight supplies and strong demand are expected to limit any further downside movement, the unexpected is possible.
|Long Grain Cash Bid for||Feb||1193/cwt||to||- - -|
|April/May||1155/cwt||to||- - -|
|Sept||down||40 1/2||at||1591 1/2|
|Today's Arkansas LDP rate for long grain rice is||0¢|
|medium grain rice is||0¢|
Rice futures were hammered by the general weak undertone in wheat, soybeans, and corn. Market gains were attributed to prospects of a substantially smaller U.S. acreage in 2011. However, ending stocks are projected to be quite large and recent indications of smaller imports by the Philippines suggested a weaker undertone to the international market. With U.S. quotes well above Asian offerings, it pushes futures sharply lower. March support at $15.13 and $14.67 stand between the market and substantial support around $13.40. September futures have support around $15 and then $14.
Cattle & Hogs Date: February 15, 2011
As reported by Federal-State Market News, receipts were 846 head at sales in Heber Springs and Fort Smith. Compared with last week, feeder steers sold mostly firm to $6 higher .
|Medium & Large Frame 1||400||to||450 lbs.||149.50||to||- - -|
|500||to||550 lbs.||136.00||to||- - -|
|600||to||650 lbs.||126.50||to||- - -|
|Medium & Large Frame 2||450||to||500 lbs.||132.50||to||- - -|
|Medium & Large Frame 1||500||to||550 lbs.||122.25||to||- - -|
|Medium & Large Frame 2||500||to||550 lbs.||115.00||to||- - -|
Slaughter Cows, Boners 69.00 to 76.00
Light Weight 50.00 to 54.50
Bulls, Yield Grade 1 1000 to 2100 lbs. 82.00 to 92.00
Midwest Steers - - - at - - - to - - -
Panhandle Steers - - - at - - - to - - -
|Oklahoma City Feeders
Cattle futures ended the day a bit lower. April failed below resistance at $115, and June failed to challenge resistance at the contract high of $115.50. Strength is being limited by weakness in wholesale product values and futures’ premium to cash.
Peoria: were $3 lower to $1 higher at 56.00 to 58.00
Hog prices were higher today on strong export demand for U.S. pork and ideas that recent cash weakness will be short lived. April looks to be forming a bull flag, and a breakout of the top would suggest an additional $4-$5 upside potential.
Poultry Date: February 15, 2011
|New York:||Ex. Lg. 111-115; Lg. 109-113; Med. 98-102;|
|Chicago:||Ex. Lg. 103-111; Lg. 101-109; Med. 90-98;|
U.S. Grade A
Prices are trending steady to firm for whole broilers and fryers. Supplies of all sizes are moderate for current trade needs. Demand is moderate for early week business. Market activity is moderate. In production areas, live supplies are moderate at mixed weights.