Arkansas Farm Bureau
Arkansas Farm Bureau
Grain & Soybean Date: February 18, 2011

The next Farm Bureau market report will be February 22 due to the President's Day holiday.

Soybeans

Local Elevators:
(Feb) EAST AR:  1332 to 1368
(NC) Summ. 1302 to 1332
River Elevators:
(Feb) MISS: 1368 to 1378 ; AR & White 1336 to 1365
(NC) Summ. 1309 to 1348
Ark. Processor Bids: (Feb) 1348 to - - -  (NC) 1332 to - - -
Memphis:  (Feb) 1377 to 1378 (NC)  1342 to 1344
Riceland Foods:  (Feb) Stuttgart 1348 ; Pendleton 1368 ; West Memphis 1378

Chicago Futures: Mar down 36 1/2 at  1368
  May  down  35 1/2  at  1381
  July down 34 3/4  at  1389
  Nov down 31 1/2  at  1342
  Jan '12 down 30 3/4  at  1345 1/2
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans reversed yesterday’s gains to close on a weak note. Inability to push back through the uptrend that was broken earlier in the week gives the market a negative look. March will test support just above $13.50. The next layer of support is $13.15, then $12.50. Cancelation of several orders and further adjustment in monetary policy are making the market nervous about China. November futures have support around $13.10 and then $12.75.

Wheat
Cash bid for February at Memphis  834 1/4 to 838 1/4;
Bids to farmers at Local Elevators 826-833;
River Elevators 824-861;

Chicago Futures: Mar down  28 1/2  at  822 1/4 
  May down 27 3/4  at  855 3/4 
  July down  27 3/4  at  886 
  Sept down  25  at  913 
  Dec down  22 1/2  at  928 1/4 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for February at Memphis  1187 to 1192;
Bids to farmers at River Elevators 1143-1204;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for February at Memphis   709 3/4 to - - -;
  New Crop at Memphis   644 1/4 to 654 1/4;
Bids to farmers at River Elevators  680 to 697

Chicago Futures: Mar down  at  709 3/4 
  May down  2 3/4  at  720 1/4 
  Sept down  2 3/4  at  659 1/4 
  Dec down  2 3/4  at  612 1/2 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat futures followed soybeans lower today, but the trend remains solidly higher. 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 closed slightly lower, but was not as weak as beans, wheat and rice. Tight stocks are an underlying concern. There is a real question whether there will be corn available in some areas before harvest. So the market will need a big crop to replenish stocks. December futures have support at this week’s low near $5.85.



Cotton & Rice  Date: February 18, 2011


Cotton
Spot Price, Grade 41 Staple 34: Memphis down 7.00 at  191.43
  Greenwood down  7.00 at 191.43

New York Futures: Mar down  700  at  19702 
  May down  700  at  19493 
 July down  700  at  18656 
 Oct down  700  at  15247 
 Dec down  700  at  12639 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton swarmed after moving up the new limit of seven cents with March topping out just above $2.11 before reversing to trade down the limit, a swing of 14 cents. This left a huge key reversal which suggests further declines. New crop December was never able to generate any overnight upside movement. The results were the same down the limit and potentially subject to further downside correction. Initial support starts around $1.20 with major trendline support around $1.10.

Rice
Long Grain Cash Bid for  Feb 1145/cwt  to  - - -
  April/May 1145/cwt  to  1155/cwt

Chicago Futures: Mar down  34 1/2  at  1475 
 May down  33 1/2  at  1507 1/2 
 July down  33  at  1537 1/2 
 Sept down  23  at  1552 
 Nov down  22  at  1570 
Today's Arkansas LDP rate for long grain rice is  0
medium grain rice is  0
Rice Comment
Rice futures reversed after closing the gap that was left on charts Wednesday. March support at $14.50 could be tested. Inability to hold there would bring support just above $13.30 into play. Fear of sharply lower plantings in 2011 brought funds into play. Weakness in wheat and beans resulted in profit taking and the resulting sell off in rice. Big stocks of rice will limit upside potential.



Cattle & Hogs  Date: February 18, 2011

Cattle
As reported by Federal-State Market News, receipts were 9,080 head at sales in Arkansas this week.  Compared with last week, feeder steers sold $5 to $10 higher .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 157 to - - -
  500 to 550 lbs. 144.50 to - - -
  600 to 650 lbs. 130.25 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 138 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 129 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 124 to - - -

Slaughter Cows, Boners 62   to   72
Light Weight 45 to 56
Bulls, Yield Grade   1   1000   to   2100 lbs.   78   to   88, high dressing 88.50 to 97
Midwest Steers   were $3.50 to $4.00 higher   at   109.50   to   110
Panhandle Steers   were $4 higher   at   110   to   - - -

Oklahoma City Feeders
Steers 500 to 550 lbs. 133 to 160
  550 to 600 lbs. 131 to 150
Heifers 500 to 550 lbs. 121 to 139
  550 to 600 lbs. 115 to 137

Chicago Futures:
Live Cattle: April up 5 at 11515
  June down 12 at 11617
Feeders: April down 62 at 13175
  Aug down 65 at 13280

Cattle Comment
Cattle futures were mixed. April has resistance at $116.30. Several deferred contracts have moved above $120, it is the first time in history prices have closed above that level.

Hogs
Peoria: were steady to 50¢     higher   at   55   to   - - -

Chicago Futures: April up 10 at 9227
  June up 25 at 10055

Hogs Comment
Hog futures were under pressure today from profit taking. 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 for June.



Poultry  Date: February 18, 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 broiler/fryers. Offerings are light to moderate for current trade needs. Demand entering the weekend is moderate to instances good. Market activity is moderate to active. In production areas, live supplies are moderate. Weights are mixed but mostly desirable.