The next Farm Bureau market report will be February 22 due to the President's Day holiday.
(Feb) EAST AR: 1332 to 1368
(NC) Summ. 1302 to 1332
(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|
|Jan '12||down||30 3/4||at||1345 1/2|
|Today's Arkansas LDP rate for soybeans is:||0¢|
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.
Cash bid for February at Memphis 834 1/4 to 838 1/4;
|Bids to farmers at Local Elevators||826-833;|
|Chicago Futures:||Mar||down||28 1/2||at||822 1/4|
|May||down||27 3/4||at||855 3/4|
|Dec||down||22 1/2||at||928 1/4|
|Today's Arkansas LDP rate for wheat is:||0¢|
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:||0¢|
|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||3||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:||0¢|
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
|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|
|This week's LDP rate for cotton is||0 cents|
|The estimate for next week is||0 cents|
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.
|Long Grain Cash Bid for||Feb||1145/cwt||to||- - -|
|Chicago Futures:||Mar||down||34 1/2||at||1475|
|May||down||33 1/2||at||1507 1/2|
|Today's Arkansas LDP rate for long grain rice is||0|
|medium grain rice is||0|
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
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 .
|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||- - -|
|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
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.
Peoria: were steady to 50¢ higher at 55 to - - -
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
|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 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.