Soybeans
Local Elevators:
(Feb) EAST AR: 1282 to 1318
(NC) Summ. 1246 to 1276
River Elevators:
(Feb) MISS: 1320 to 1328 ; AR & White 1286
to 1317
(NC) Summ. 1253 to 1292
Ark. Processor Bids: (Feb) 1298 to 1298
(NC) 1274 to 1276
Memphis:
(Feb) 1332 1/4 to 1335 1/4 (NC)
1288 1/4 to 1291 1/4
Riceland Foods:
(Feb) Stuttgart 1298 ; Pendleton
1318 ; West Memphis 1328
| Chicago Futures: | Mar | down | 1 3/4 | at | 1318 1/4 |
| May | down | 2 1/4 | at | 1329 1/4 | |
| July | down | 2 1/2 | at | 1337 3/4 | |
| Nov | down | 9 1/2 | at | 1286 1/4 | |
| Jan '12 | down | 9 1/2 | at | 1290 1/2 | |
| Today's Arkansas LDP rate for soybeans is: | 0¢ | ||||
Soybean Comment
Soybeans closed lower for the day, but did retrace a good portion of earlier declines ending well above lows. Fund liquidation is keeping the market under pressure. USDA projected a crop of 3.35 billion bushels at this year’s outlook conference. Based on baseline acreage of 78 million acres, the production would exceed use by 90 million bushels. The market seemed to take this estimate in stride with November again holding above key support near $12.70. Penetration of this support would be bearish.
Wheat
Cash bid for February at Memphis 759 1/4 to 763 1/4;
| Bids to farmers at Local Elevators | 754-761; |
| River Elevators | 752-789; |
| Chicago Futures: | Mar | down | 15 3/4 | at | 747 1/4 |
| May | down | 15 3/4 | at | 782 1/2 | |
| July | down | 17 | at | 814 1/4 | |
| Sept | down | 17 | at | 845 1/4 | |
| Dec | down | 16 | at | 864 | |
| Today's Arkansas LDP rate for wheat is: | 0¢ | ||||
Grain Sorghum
Cash bid for February at Memphis 1144 to 1150;
| Bids to farmers at River Elevators | 1100-1161; |
| Today's Arkansas LDP rate for sorghum is: | 0¢ |
Corn
| Cash bid for | February at Memphis 693 3/4 to - - -; |
| New Crop at Memphis 615 to 625; | |
| Bids to farmers at River Elevators | 658 to 675 |
| Chicago Futures: | Mar | down | 5 3/4 | at | 685 3/4 |
| May | down | 5 3/4 | at | 696 1/2 | |
| Sept | down | 10 1/4 | at | 630 | |
| Dec | down | 8 3/4 | at | 583 | |
| Today's Arkansas LDP rate for corn is: | 0¢ | ||||
Grain Comment
Wheat was sharply lower again today, but July remains above key support near $7.90. Strong export demand had given the market support and helped moved futures higher. Much of that demand was from the region of the world that is experiencing turmoil. Export orders are still being seen, but traders are nervous about what might happen. The U.S. winter crop remains under stress and this could limit downside.
Corn was lower as the market attempts to stabilize after recent sharp declines. Crude oil at $100 a barrel makes ethanol a good buy for blenders. So this should limit downside movement. Comments at the outlook conference suggest it will take at least two years to work out of the tight stocks situation. Seed sales have not been much higher than a year ago; that suggests plantings may not increase the almost four million acres USDA has in their baseline.
Cotton & Rice Date: February 24, 2011
Cotton
| Spot Price, Grade 41 Staple 34: | Memphis down 7.00 at 173.73 |
| Greenwood down 7.00 at 173.73 |
| New York Futures: | Mar | down | 528 | at | 18128 |
| May | down | 700 | at | 17723 | |
| July | down | 700 | at | 16859 | |
| Oct | down | 275 | at | 14109 | |
| Dec | down | 501 | at | 11574 | |
| This week's LDP rate for cotton is | 0 cents | ||||
| The estimate for next week is | 0 cents | ||||
Cotton went on the defensive again as the market suffered heavy losses today. Old crop May closed near support around $1.75, while December remained several cents above yesterday’s low and support around $1.13. Inability to hold this area could see a move toward prior support/resistance at the $1 level. Tight stocks remain a key factor and should limit downside for new crop December.
Rice
| Long Grain Cash Bid for | Feb | 1098/cwt | to | - - - |
| April/May | 1098/cwt | to | 1111/cwt |
| Chicago Futures: | Mar | down | 2 | at | 1348 |
| May | down | 2 | at | 1381 | |
| July | down | 2 | at | 1411 | |
| Oct | up | 5 1/2 | at | 1441 | |
| Dec | up | 7 1/2 | at | 1463 1/2 | |
| Today's Arkansas LDP rate for long grain rice is | 0¢ | ||||
| medium grain rice is | 0¢ | ||||
Rice futures reversed early gains and remains subject to further selling pressure. Both old and new crop contracts tested key support. Big 2010 stocks remain a factor as overall export movement is slow. Upside potential appears limited unless funds re-engage in this market.
Cattle & Hogs Date: February 24, 2011
Cattle
As reported by Federal-State Market News, receipts were 1,414 head
at sales in Charlotte and Ratcliff.
Compared with last week, feeder steers sold firm to $5 higher .
| Steers: | ||||||
| Medium & Large Frame 1 | 350 | to | 400 lbs. | 154.25 | to | - - - |
| 450 | to | 500 lbs. | 145.00 | to | - - - | |
| 500 | to | 550 lbs. | 133.00 | to | - - - | |
| Medium & Large Frame - - - | - - - | to | - - - lbs. | - - - | to | - - - |
|
Heifers: |
||||||
| Medium & Large Frame 1 | 500 | to | 550 lbs. | 126.25 | to | - - - |
| Medium & Large Frame - - - | - - - | to | - - - lbs. | - - - | to | - - - |
Slaughter Cows, Boners 68.00 to 75.00
Light Weight 50.00 to 54.50
Bulls, Yield Grade 1-2 1000 to 2100 lbs. 75.00 to 86.50
Midwest Steers were $2 to $3 higher at 110.00 to 111.00
Panhandle Steers were $3 higher at 111.00 to - - -
| Oklahoma City Feeders |
||||||
| Steers | 400 | to | 450 lbs. | 153.00 | to | 161.00 |
| 450 | to | 500 lbs. | 155.00 | to | 158.00 | |
| Heifers | 450 | to | 500 lbs. | 134.00 | to | 143.00 |
| 500 | to | 550 lbs. | 130.00 | to | 142.00 | |
Chicago Futures:
| Live Cattle: | April | down | 32 | at | 11365 |
| June | down | 25 | at | 11502 | |
| Feeders: | April | up | 42 | at | 13097 |
| Aug | up | 50 | at | 13240 |
Cattle Comment
Cattle futures were mixed with feeders mostly higher. Lower corn prices are keeping feeder demand strong. Seasonal factors suggest price levels should remain firm. However, negative packer margins may give the market a reason to trim the premium of futures to cash, particularly if economic concerns continue.
Peoria: were steady at 54.00 to 56.00
| Chicago Futures: | April | down | 147 | at | 8950 |
| June | down | 117 | at | 10052 |
Hogs Comment
Hog futures were lower despite good export demand. April futures should have good support around $89. Wholesale pork is rising on tightening hog supplies, but large frozen stocks are an offsetting factor.
Poultry Date: February 24, 2011
Eggs
| New York: | Ex. Lg. 103-107; Lg. 101-105; Med. 90-94; |
| 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. Demand is moderate to fairly good approaching the weekend. Market activity is moderate to active. In production areas, live supplies are moderate, weights are desirable to heavy.
