Arkansas Farm Bureau
Arkansas Farm Bureau
Grain & Soybean Date: February 23, 2011

Soybeans

Local Elevators:
(Feb) EAST AR:  1284 to 1320
(NC) Summ. 1256 to 1286
River Elevators:
(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

Chicago Futures: Mar up 22 at  1320
  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
  Jan '12 up 22  at  1300
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
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.

Wheat
Cash bid for February at Memphis  775 to 779;
Bids to farmers at Local Elevators 771-778;
River Elevators 769-806;

Chicago Futures: Mar up  3/4  at  763 
  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 
  Dec up  8 1/4  at  880 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
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:

Corn
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 
  May up  12  at  702 1/4 
  Sept up  11  at  640 1/4 
  Dec up  9 1/4  at  591 3/4 
  Today's Arkansas LDP rate for corn is:

Grain Comment
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


Cotton
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 
  May down  370  at  18423 
 July down  397  at  17559 
 Oct down  163  at  14384 
 Dec up  136  at  12075 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
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.

Rice
Long Grain Cash Bid for  Feb 1060/cwt  to  - - -
  April/May 1060/cwt  to  1111/cwt

Chicago Futures: Mar down  75  at  1350 
 May down  74 1/2  at  1383 
 July down  74 1/2  at  1413 
 Sept down  66 1/2  at  1435 1/2 
 Nov down  64  at  1456 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
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

Cattle
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 .

Steers:
 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 - - -

Heifers:
 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
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 up 32 at 11397
  June up 50 at 11527
Feeders: April down 5 at 13055
  Aug down 10 at 13190

Cattle Comment
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.

Hogs
Peoria: were $1 lower to $3     higher   at   54.00   to   56.00

Chicago Futures: April down 130 at 9097
  June down 70 at 10170

Hogs Comment
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

Eggs
New York:  Ex. Lg. 108-112; Lg. 106-110; Med. 92-96;
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 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.