(Feb) EAST AR: 1284 to 1320
(NC) Summ. 1256 to 1286
(Feb) MISS: 1322 to 1330 ; AR & White 1288 to 1319
(NC) Summ. 1263 to 1302
Ark. Processor Bids: (Feb) 1300 to 1300 (NC) 1284 to 1286
Memphis: (Feb) 1334 to 1335 (NC) 1297 3/4 to 1300 3/4
Riceland Foods: (Feb) Stuttgart 1300 ; Pendleton 1320 ; West Memphis 1330
|May||up||20 1/2||at||1331 1/2|
|July||up||21 1/4||at||1340 1/4|
|Nov||up||21 1/2||at||1295 3/4|
|Today's Arkansas LDP rate for soybeans is:||0¢|
November soybeans hit support near $12.70 and then stabilized to close a little higher for the day. While the turmoil in Libya continues, the shakeout in soybeans may be over. Tight supplies for the third year in a row could limit further downside movement. China is buying some beans from South America where a good crop is being harvested. However, there will be a need to plant a substantial crop in the United States in 2011, and price can’t drift too far.
Cash bid for February at Memphis 775 to 779;
|Bids to farmers at Local Elevators||771-778;|
|May||up||2 1/2||at||798 1/4|
|July||up||4 3/4||at||831 1/4|
|Sept||up||7 3/4||at||862 1/4|
|Today's Arkansas LDP rate for wheat is:||0¢|
Cash bid for February at Memphis 1154 to 1160;
|Bids to farmers at River Elevators||1111-1171;|
|Today's Arkansas LDP rate for sorghum is:||0¢|
|Cash bid for||February at Memphis 695 1/2 to - - -;|
|New Crop at Memphis 625 1/4 to 635 1/4;|
|Bids to farmers at River Elevators||662 to 679|
|Chicago Futures:||Mar||up||11 3/4||at||691 1/2|
|Dec||up||9 1/4||at||591 3/4|
|Today's Arkansas LDP rate for corn is:||0¢|
Wheat recovered a bit today, but the chart picture was damaged significantly yesterday. July 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 turned to close higher today. December held above key support around $5.66. Tight supplies have everyone bargain hunting and purchasers may be jumping back in the market after this sharp retracement. There is little question that to date, use remains strong and stocks continue to tighten. The top has been made for now, but slow planting, etc. could still drive the market higher.
Cotton & Rice Date: February 23, 2011
|Spot Price, Grade 41 Staple 34:||Memphis down 3.70 at 180.73|
|Greenwood down 3.70 at 180.73|
|New York Futures:||Mar||down||138||at||18656|
|This week's LDP rate for cotton is||0 cents|
|The estimate for next week is||0 cents|
Cotton ended the day mixed with new crop contracts actually closing higher. That comes from the reversal in grains, and cotton’s need to hold recent acreage gains. Good demand and tight supplies have coaxed the acreage for 2011 higher, but it can’t afford to lose any. So, look for new crop cotton to be in lock step with soybeans and corn as we move forward.
|Long Grain Cash Bid for||Feb||1060/cwt||to||- - -|
|Sept||down||66 1/2||at||1435 1/2|
|Today's Arkansas LDP rate for long grain rice is||0¢|
|medium grain rice is||0¢|
Another day, another dollar – lower – well, almost for rice. While other grains and soybeans stabilized, rice was sharply lower again today. Fund liquidation has carried old and new crop futures back near late year lows where the market will hopefully stabilize. Ample Asian supplies and reduced demand interest from the Philippines have allowed that market to drift a little lower. The downturn should bring the United States back into the export picture.
Cattle & Hogs Date: February 23, 2011
As reported by Federal-State Market News, receipts were 1,030 head at sales in Conway and Pocahontas. Compared with last week, feeder steers sold $3 to $6, instances $8 higher .
|Medium & Large Frame 1||400||to||450 lbs.||151.75||to||- - -|
|550||to||600 lbs.||144.50||to||- - -|
|600||to||650 lbs.||129.75||to||- - -|
|Medium & Large Frame 2||400||to||450 lbs.||127.50||to||- - -|
|Medium & Large Frame 1||500||to||550 lbs.||125.50||to||- - -|
|Medium & Large Frame 2||400||to||450 lbs.||116.50||to||- - -|
Slaughter Cows, Boners 65.00 to 72.00
Light Weight 42.00 to 50.00
Bulls, Yield Grade 1 1000 to 2000 lbs. 79.50 to 88.00
Midwest Steers were $1 higher at 108.00 to - - -
Panhandle Steers were at 108.00 to - - -
|Oklahoma City Feeders
Live cattle were a bit higher, but feeders were lower in reaction to higher corn prices. The February 1 inventory indicated big placements, and almost six percent more cattle on feed when compared to year earlier numbers.
Peoria: were $1 lower to $3 higher at 54.00 to 56.00
Hogs were mostly lower across the board and the charts have taken on a bearish appearance. Weakness may be short-lived though, as seasonally supplies are expected to decrease. Pork supplies were down over three percent last week.
Poultry Date: February 23, 2011
|New York:||Ex. Lg. 108-112; Lg. 106-110; Med. 92-96;|
|Chicago:||Ex. Lg. 103-111; Lg. 101-109; Med. 90-98;|
U.S. Grade A
Prices are trending firm for whole broilers and fryers. Offerings of all sizes are moderate for current trade needs. Demand is moderate to at times good. Market activity is moderate to active. In production areas, live supplies are moderate, weights are desirable to heavy.