Arkansas Farm Bureau
Arkansas Farm Bureau
Grain & Soybean Date: February 16, 2011

Soybeans

Local Elevators:
(Feb) EAST AR:  1330 to 1366
(NC) Summ. 1289 to 1319
River Elevators:
(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
  July down 3 1/2  at  1385
  Nov down 4 1/4  at  1328 1/2
  Jan '12 down at  1331
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
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.

Wheat
Cash bid for February at Memphis  849 to 853;
Bids to farmers at Local Elevators 838-845;
River Elevators 836-873;

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:

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   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 
  May unchanged    at  701 
  Sept down  1 1/4  at  639 1/4 
  Dec up  1/2  at  592 
  Today's Arkansas LDP rate for corn is:

Grain Comment
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


Cotton
Spot Price, Grade 41 Staple 34: Memphis up 700 at  19143
  Greenwood up  700 at 19143

New York Futures: Mar up  700  at  19702 
  May up  700  at  19493 
 July up  700  at  18656 
 Oct up  700  at  15247 
 Dec up  433  at  12909 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
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.

Rice
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 
 May down  56  at  1499 
 July down  54  at  1529 
 Sept down  48 1/2  at  1543 
 Nov down  45 1/2  at  1564 1/2 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
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

Cattle
As reported by Federal-State Market News, receipts were 1,195 head at sales in Conway and Pocahontas.  Compared with last week, feeder steers - - - .

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 - - -

Heifers:
 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
Steers 550 to 600 lbs. 131.00 to 144.00
  600 to 650 lbs. 121.00 to 137.00
Heifers 550 to 600 lbs. 115.00 to 126.00
  600 to 650 lbs. 114.00 to 124.00

Chicago Futures:
Live Cattle: April up 40 at 11417
  June up 70 at 11510
Feeders: April up 232 at 13222
  Aug up 185 at 13312

Cattle Comment
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.

Hogs
Peoria: were $6 lower to     steady   at   52.00   to   56.00

Chicago Futures: April down 65 at 9190
  June down 37 at 10197

Hogs Comment
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

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 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.