Arkansas Farm Bureau
Arkansas Farm Bureau
Grain & Soybean Date: February 17, 2011

Soybeans

Local Elevators:
(Feb) EAST AR:  1369 to 1405
(NC) Summ. 1334 to 1364
River Elevators:
(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
  May  up  38  at  1416 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:

Soybean Comment
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.

Wheat
Cash bid for February at Memphis  862 3/4 to 866 3/4;
Bids to farmers at Local Elevators 854-861;
River Elevators 852-889;

Chicago Futures: Mar up  13 3/4  at  850 3/4 
  May up 14  at  883 1/2 
  July up  16  at  913 3/4 
  Sept up  16 1/2  at  938 
  Dec up  16 1/2  at  950 3/4 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
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:

Corn
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 
  May up  22  at  723 
  Sept up  22 3/4  at  662 
  Dec up  23 1/4  at  615 1/4 
  Today's Arkansas LDP rate for corn is:

Grain Comment
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


Cotton
Spot Price, Grade 41 Staple 34: Memphis up 700 at  19843
  Greenwood up  700 at 19843

New York Futures: Mar up  700  at  20402 
  May up  700  at  20193 
 July up  700  at  19356 
 Oct up  700  at  15947 
 Dec up  430  at  13339 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
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.

Rice
Long Grain Cash Bid for  Feb 1179/cwt  to  - - -
  April/May 1155/cwt  to  - - -

Chicago Futures: Mar up  42  at  1509 1/2 
 May up  42  at  1541 
 July up  41 1/2  at  1570 1/2 
 Sept up  32  at  1575 
 Nov up  27 1/2  at  1592 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
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

Cattle
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 .

Steers:
 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 - - -

Heifers:
 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
Steers 500 to 550 lbs. 150.50 to 157.00
  550 to 600 lbs. 137.00 to 150.00
Heifers 450 to 500 lbs. 132.50 to 138.50
  500 to 550 lbs. 127.00 to 138.00

Chicago Futures:
Live Cattle: April up 92 at 11510
  June up 120 at 11630
Feeders: April up 15 at 13237
  Aug up 32 at 13345

Cattle Comment
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.

Hogs
Peoria: were $1.50 lower to $3     higher   at   54.50   to   55.00

Chicago Futures: April up 27 at 9217
  June up 62 at 10260

Hogs Comment
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

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 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.