Arkansas Farm Bureau
Arkansas Farm Bureau
Grain & Soybean Date: February 15, 2011

Soybeans

Local Elevators:
(Feb) EAST AR:  1332 to 1368
(NC) Summ. 1293 to 1323
River Elevators:
(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
  July down 35  at  1388 1/2
  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:

Soybean Comment
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.

Wheat
Cash bid for February at Memphis  854 1/4 to 856 1/4;
Bids to farmers at Local Elevators 840-847;
River Elevators 838-875;

Chicago Futures: Mar down  31 3/4  at  840 1/4 
  May down 31 3/4  at  872 1/4 
  July down  31  at  900 
  Sept down  31  at  924 3/4 
  Dec down  30  at  937 3/4 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
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:

Corn
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 
  May down  5 1/2  at  701 
  Sept down  11 3/4  at  640 1/2 
  Dec down  16  at  591 1/2 
  Today's Arkansas LDP rate for corn is:

Grain Comment
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


Cotton
Spot Price, Grade 41 Staple 34: Memphis up 487 at  18443
  Greenwood up  487 at 18443

New York Futures: Mar up  397  at  19002 
  May up  487  at  18793 
 July up  302  at  17956 
 Oct up  255  at  14547 
 Dec up  208  at  12476 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
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.

Rice
Long Grain Cash Bid for  Feb 1193/cwt  to  - - -
  April/May 1155/cwt  to  - - -

Chicago Futures: Mar down  50  at  1523 
 May down  50  at  1555 
 July down  50  at  1583 
 Sept down  40 1/2  at  1591 1/2 
 Nov down  40 1/2  at  1610 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
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

Cattle
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 .

Steers:
 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 - - -

Heifers:
 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
Steers 400 to 450 lbs. 159.00 to 167.75
  450 to 500 lbs. 158.00 to 164.00
Heifers 450 to 500 lbs. 129.00 to 138.00
  550 to 600 lbs. 128.50 to 137.00

Chicago Futures:
Live Cattle: April down 10 at 11377
  June down 20 at 11440
Feeders: April up 2 at 12990
  Aug up 32 at 13127

Cattle Comment
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.

Hogs
Peoria: were $3 lower to $1     higher   at   56.00   to   58.00

Chicago Futures: April up 10 at 9255
  June up 27 at 10235

Hogs Comment
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

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 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.