(Feb) EAST AR: 1369 to 1405
(NC) Summ. 1334 to 1364
(Feb) MISS: 1405 to 1415 ; AR & White 1373 to 1402
(NC) Summ. 1341 to 1380
Ark. Processor Bids: (Feb) 1385 to 1385 (NC) 1364 to 1364
Memphis: (Feb) 1413 1/2 to 1414 1/2 (NC) 1373 1/2 to 1375 1/2
Riceland Foods: (Feb) Stuttgart 1385 ; Pendleton 1415 ; West Memphis 1405
|Chicago Futures:||Mar||up||38 1/2||at||1404 1/2|
|July||up||38 1/2||at||1423 3/4|
|Nov||up||44 3/4||at||1373 1/2|
|Jan '12||up||45 1/2||at||1376 1/4|
|Today's Arkansas LDP rate for soybeans is:||0¢|
Soybeans retraced a big portion of recent declines to close sharply higher. A good export report offset news of the settlement of the port workers strike in Argentina. While the market made a solid rebound, it will take a close above the broken trendline in old crop March to suggest this market can resume the uptrend. November retraced to the trendline and appears to be in position to retest resistance at last week’s high, which is just 30 cents away.
Cash bid for February at Memphis 862 3/4 to 866 3/4;
|Bids to farmers at Local Elevators||854-861;|
|Chicago Futures:||Mar||up||13 3/4||at||850 3/4|
|Dec||up||16 1/2||at||950 3/4|
|Today's Arkansas LDP rate for wheat is:||0¢|
Cash bid for February at Memphis 1192 to 1198;
|Bids to farmers at River Elevators||1148-1209;|
|Today's Arkansas LDP rate for sorghum is:||0¢|
|Cash bid for||February at Memphis 709 3/4 to 712 3/4;|
|New Crop at Memphis 647 to - - -;|
|Bids to farmers at River Elevators||680 to 698|
|Chicago Futures:||Mar||up||22 1/4||at||712 3/4|
|Dec||up||23 1/4||at||615 1/4|
|Today's Arkansas LDP rate for corn is:||0¢|
Wheat futures ended higher but weren’t as strong as corn and beans. A weekly export total of 26.7 million bushels was well above trade expectations. Strong exports have continued this week with both Turkey and Japan reportedly purchasing U.S. wheat this week. The drought in China continues, and that could force China to import wheat this year as well.
Corn made huge gains with March moving to a new high, well above $7. New crop December is just 6 or 7 cents below Monday’s high. With use continuing at a heavy pace, it appears corn is ready to resume the uptrend. If that’s the case, soybeans can’t be far behind.
Cotton & Rice Date: February 17, 2011
|Spot Price, Grade 41 Staple 34:||Memphis up 700 at 19843|
|Greenwood up 700 at 19843|
|New York Futures:||Mar||up||700||at||20402|
|This week's LDP rate for cotton is||0 cents|
|The estimate for next week is||0 cents|
Cotton rocketed above $2 with both the March and May contracts moving up the 700 point limit overnight and remaining there the rest of the session. December made a new contract high with a move above $1.33. While there is no indication this market is anywhere near a top, the gap in old crop contracts could be an exhaustion gap, signaling a potential top. Time will tell.
|Long Grain Cash Bid for||Feb||1179/cwt||to||- - -|
|April/May||1155/cwt||to||- - -|
|Chicago Futures:||Mar||up||42||at||1509 1/2|
|July||up||41 1/2||at||1570 1/2|
|Today's Arkansas LDP rate for long grain rice is||0¢|
|medium grain rice is||0¢|
Rice followed wheat, corn and beans higher. Big gains were registered as both old and new crop contracts retraced a portion of recent declines and backfilled a part of yesterday’s big gap. Fundamentals are unchanged; big stocks are going to be available at the end of the year – quality will be a question. No doubt 2011 plantings will be down, but yields should be substantial, better than last year. New export sales are needed to keep mills operating at full capacity.
Cattle & Hogs Date: February 17, 2011
As reported by Federal-State Market News, receipts were 3,080 head at sales in Charlotte, Green Forest and Ratcliff. Compared with last week, feeder steers sold $5 to $10 higher .
|Medium & Large Frame 1||350||to||400 lbs.||150.50||to||- - -|
|450||to||500 lbs.||143.00||to||- - -|
|500||to||550 lbs.||135.50||to||- - -|
|Medium & Large Frame 2||400||to||450 lbs.||142.25||to||- - -|
|Medium & Large Frame 1||500||to||550 lbs.||123.75||to||- - -|
|Medium & Large Frame 2||400||to||450 lbs.||122.50||to||- - -|
Slaughter Cows, Boners 62.00 to 72.00
Light Weight 45.00 to 54.00
Bulls, Yield Grade 1-2 1000 to 2100 lbs. 70.00 to 80.00
Midwest Steers were steady at 106.00 to - - -
Panhandle Steers were steady at 106.00 to - - -
|Oklahoma City Feeders
June cattle shot to a new high this morning. April was limited by resistance at $115.10. Gains were limited in feeders due to renewed strength in corn futures.
Peoria: were $1.50 lower to $3 higher at 54.50 to 55.00
June hogs were a bit higher today after charting a bearish key reversal yesterday 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 17, 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 firm to higher for whole broilers and fryers. Offerings of all sizes are moderate for current trade needs. Demand approaching the weekend is light to moderate. Market activity is moderate to active. In production areas, live supplies are moderate at mixed weights.