(Feb) EAST AR: 1330 to 1366
(NC) Summ. 1289 to 1319
(Feb) MISS: 1366 to 1376 ; AR & White 1334 to 1363
(NC) Summ. 1296 to 1335
Ark. Processor Bids: (Feb) 1346 to 1346 (NC) 1319 to 1319
Memphis: (Feb) 1372 to 1374 (NC) 1328 3/4 to 1330 3/4
Riceland Foods: (Feb) Stuttgart 1346 ; Pendleton 1366 ; West Memphis 1376
|Chicago Futures:||Mar||down||2 1/4||at||1365 3/4|
|May||down||3 3/4||at||1377 1/2|
|Nov||down||4 1/4||at||1328 1/2|
|Today's Arkansas LDP rate for soybeans is:||0¢|
Soybeans were pushed lower again today. However, losses were significantly less than yesterday. March’s rate of decline slowed considerably with the close coming just above support in the $13.55 to $13.60 area. For November the close is also near support between $13.20 and $13.10. A close below these levels would be negative and suggest a November move toward $12.75.
Cash bid for February at Memphis 849 to 853;
|Bids to farmers at Local Elevators||838-845;|
|Chicago Futures:||Mar||down||3 1/4||at||837|
|May||down||2 3/4||at||869 1/2|
|July||down||2 1/4||at||897 3/4|
|Sept||down||3 1/4||at||921 1/2|
|Dec||down||3 1/2||at||934 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 685 1/2 to - - -;|
|New Crop at Memphis 624 to - - -;|
|Bids to farmers at River Elevators||658 to 676|
|Chicago Futures:||Mar||unchanged||at||690 1/2|
|Sept||down||1 1/4||at||639 1/4|
|Today's Arkansas LDP rate for corn is:||0¢|
Wheat futures continued lower on profit taking on long positions. 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 was also lower with new crop December finding support at $5.85. A close below $5.60 would be considered negative. Fundamentals are unchanged and stocks will be tight. However, it appears the market has accounted for this and it will take fresh news to return the market to the recent uptrend.
Cotton & Rice Date: February 16, 2011
|Spot Price, Grade 41 Staple 34:||Memphis up 700 at 19143|
|Greenwood up 700 at 19143|
|New York Futures:||Mar||up||700||at||19702|
|This week's LDP rate for cotton is||0 cents|
|The estimate for next week is||0 cents|
Cotton raced upward while the grains declined. The first four contracts closed up the expanded level of 7 cents, while new crop December closed just above $1.29. Resistance will be last week’s high of $1.32-plus; however, it may not hold this market. Old crop March made a new high of $1.97 and is less than a nickel from $2. Tight stocks, good demand and continued concern about 2011 plantings is driving the market.
|Long Grain Cash Bid for||Feb||1137/cwt||to||- - -|
|April/May||1155/cwt||to||- - -|
|Chicago Futures:||Mar||down||55 1/2||at||1467 1/2|
|Nov||down||45 1/2||at||1564 1/2|
|Today's Arkansas LDP rate for long grain rice is||0¢|
|medium grain rice is||0¢|
Rice futures ramped up the recent downturn. Although overnight declines reached the 70 cents limit, the market managed a slight retracement during the day session. Old crop March closed at support at $14.80, but still appears vulnerable. The next support is $13.40. The Philippines’ indication of smaller imports appears to have pressured international markets and this is weighing on U.S. price levels which remained well above the Asian offerings. Profit-taking by funds accelerated the downturn. September found support at $15.25.
Cattle & Hogs Date: February 16, 2011
As reported by Federal-State Market News, receipts were 1,195 head at sales in Conway and Pocahontas. Compared with last week, feeder steers - - - .
|Medium & Large Frame 1||450||to||500 lbs.||146.00||to||- - -|
|550||to||600 lbs.||134.25||to||- - -|
|600||to||650 lbs.||123.00||to||- - -|
|Medium & Large Frame 2||400||to||450 lbs.||125.00||to||- - -|
|Medium & Large Frame 1||500||to||550 lbs.||117.50||to||- - -|
|Medium & Large Frame 2||400||to||450 lbs.||114.50||to||- - -|
Slaughter Cows, Boners 67.00 to 77.00
Light Weight 42.00 to 49.00
Bulls, Yield Grade 1 1000 to 2000 lbs. 77.50 to 86.50
Midwest Steers were at 106.00 to - - -
Panhandle Steers were at 106.00 to - - -
|Oklahoma City Feeders
June cattle set a new contract high before backing off just a bit. The market still closed higher. Stronger beef prices and expectations for placements to drop were supportive. Feeders moved to new contract highs as well in reaction to lower corn prices.
Peoria: were $6 lower to steady at 52.00 to 56.00
June hogs charted a bearish key reversal today after climbing to a new all-time high in early dealings. The market was over $18 premium to the CME cash index, so was due a downward correction. There is strong support between $98 and $100.
Poultry Date: February 16, 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 for whole broilers and fryers. Offerings of all sizes are moderate with trading usually limited to regular commitments. Demand is moderate for mid-week business. Market activity is moderate. In production areas,live supplies are moderate at mixed weights.