Arkansas Farm Bureau
Arkansas Farm Bureau
Grain & Soybean Date: February 24, 2011

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:

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:

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:

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:

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 Comment
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  at  1348 
 May down  at  1381 
 July down  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 
medium grain rice is 
Rice Comment
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.

Hogs
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.