Arkansas Farm Bureau
Arkansas Farm Bureau
Grain & Soybean Date: February 22, 2011

Soybeans

Local Elevators:
(Feb) EAST AR:  1262 to 1298
(NC) Summ. 1234 to 1264
River Elevators:
(Feb) MISS: 1298 to 1308 ; AR & White 1266 to 1295
(NC) Summ. 1241 to 1280
Ark. Processor Bids: (Feb) 1278 to 1278  (NC) 1262 to 1264
Memphis:  (Feb) 1308 to - - - (NC)  1276 1/4 to 1279 1/4
Riceland Foods:  (Feb) Stuttgart 1278 ; Pendleton 1298 ; West Memphis 1308

Chicago Futures: Mar down 70 at  1298
  May  down  70  at  1311
  July down 70  at  1319
  Nov down 67 3/4  at  1274 1/4
  Jan '12 down 67 1/2  at  1278
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans extended recent declines as investment funds bail out on concerns about ongoing turmoil in Libya. Even sharply higher oil failed to stem fund selling. November soybeans fell to the second level of support near $12.70. Further declines are probable; support is seen around $12, then $11.25.

Wheat
Cash bid for February at Memphis  774 1/4 to 778 1/4;
Bids to farmers at Local Elevators 767-774;
River Elevators 765-802;

Chicago Futures: Mar down  60  at  762 1/4 
  May down 60  at  795 3/4 
  July down  59 1/2  at  826 1/2 
  Sept down  58 1/2  at  854 1/2 
  Dec down  56 1/2  at  871 3/4 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for February at Memphis  1133 to 1139;
Bids to farmers at River Elevators 1089-1150;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for February at Memphis   683 3/4 to - - -;
  New Crop at Memphis   614 1/4 to 624 1/4;
Bids to farmers at River Elevators  650 to 667

Chicago Futures: Mar down  30  at  679 3/4 
  May down  30  at  690 1/4 
  Sept down  30  at  629 1/4 
  Dec down  30  at  582 1/2 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat fell below trendline support near $9. Accelerated selling sent the market sharply lower as there was little resistance to the downward pressure. Like corn and soybeans, the market will seek support at lower levels. For July, it starts around $7.90 to $8, and then near $7.

Corn declines accelerated at midday carrying December below trendline support at $5.90. While sharply higher crude oil would normally be supportive, funds are headed to higher ground. Additional support near $5.50, and then around $4.80 could be tested.



Cotton & Rice  Date: February 22, 2011


Cotton
Spot Price, Grade 41 Staple 34: Memphis down 7.00 at  184.43
  Greenwood down  7.00 at 184.43

New York Futures: Mar down  908  at  18794 
  May down  700  at  18793 
 July down  700  at  17956 
 Oct down  700  at  14547 
 Dec down  700  at  11939 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton losses were extended in today’s trade. After making a key reversal ahead of the three day weekend, there was little support in today’s market. Limitless March saw huge declines, while new crop December and other contracts were down the 7-cents limit. December has trendline support around $1.16, but may be headed toward $1 support.

Rice
Long Grain Cash Bid for  Feb 1135/cwt  to  - - -
  April/May 1111/cwt  to  1135/cwt

Chicago Futures: Mar down  50  at  1425 
 May down  50  at  1457 1/2 
 July down  50  at  1487 1/2 
 Sept down  50  at  1502 
 Nov down  48  at  1520 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice futures followed everything lower. Investments funds have little concern about fundamentals and tend to follow the leader. In this case, profit taking has September headed toward $14 support, or perhaps lower.



Cattle & Hogs  Date: February 22, 2011

Cattle
As reported by Federal-State Market News, receipts were 7,169 head at sales in Heber Springs, Ft. Smith, Springdale, Ash Flat & Ola.  Compared with last week, feeder steers had no price comparison due to inclement weather the past few weeks .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 157.00 to - - -
  500 to 550 lbs. 145.50 to - - -
  600 to 650 lbs. 133.50 to - - -
 Medium & Large Frame 2   450 to 500 lbs. 142.75 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 127.75 to - - -
 Medium & Large Frame 2   500 to 550 lbs. 120.75 to - - -

Slaughter Cows, Boners 63.00   to   73.00
Light Weight 45.00 to 55.00
Bulls, Yield Grade   1   1000   to   2100 lbs.   75.00   to   85.00
Midwest Steers   were $2.50 to $3 lower   at   107.00   to   - - -
Panhandle Steers   - - -   at   - - -   to   - - -

Oklahoma City Feeders
Steers 550 to 600 lbs. 147.00 to 155.00
  600 to 650 lbs. 137.50 to 148.00
Heifers 450 to 500 lbs. 135.00 to 144.25
  500 to 550 lbs. 133.50 to 143.00

Chicago Futures:
Live Cattle: April down 150 at 11365
  June down 140 at 11477
Feeders: April down 115 at 13060
  Aug down 80 at 13200

Cattle Comment
Cattle futures lost ground as the market reacted negatively to last week’s report. The February 1 inventory indicated big placements, and almost six percent more cattle on feed when compared to year earlier numbers. Feeders also declined, but sharply lower corn tempered that decline.

Hogs
Peoria: were steady to $2     lower   at   53.00   to   55.00

Chicago Futures: April steady at 9227
  June down 37 at 10240

Hogs Comment
Hogs were mostly lower with only the nearby contract showing positive numbers. Weakness may be short-lived as seasonally supplies are expected to decrease. Pork supplies were down over three percent last week.



Poultry  Date: February 22, 2011

Eggs
New York:  Ex. Lg. 111-115; Lg. 109-113; Med. 95-99;
Chicago:  Ex. Lg. 103-111; Lg. 101-109; Med. 90-98;

National Turkeys
Hens: 8-16 lbs 90.40
Toms: 16-24 lbs 90.40
 

Delmarva Broilers
U.S. Grade A
Prices are trending steady to firm for whole broiler and fryers. Offerings are light to moderate for current trade needs. Demand following the weekend is moderate. Market activity is moderate to active. In production areas, live supplies are moderate. Weights are mixed but mostly desirable.