Arkansas Farm Bureau
Arkansas Farm Bureau
Grain & Soybean Date: February 25, 2011

Soybeans

Local Elevators:
(Feb) EAST AR:  1330 to 1366
(NC) Summ. 1290 to 1320
River Elevators:
(Feb) MISS: 1368 to 1376 ; AR & White 1334 to 1365
(NC) Summ. 1297 to 1336
Ark. Processor Bids: (Feb) 1346 to 1346  (NC) 1318 to 1320
Memphis:  (Feb) 1380 1/2 to 1382 1/2 (NC)  1331 1/2 to 1334 1/2
Riceland Foods:  (Feb) Stuttgart 1346 ; Pendleton 1366 ; West Memphis 1376

Chicago Futures: Mar up 47 1/4 at  1365 1/2
  May  up  45 3/4  at  1375
  July up 45  at  1382 3/4
  Nov up 43 1/4  at  1329 1/2
  Jan '12 up 43 1/4  at  1333 3/4
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans moved sharply higher today, suggesting the market has established a wide trading range. While the market hasn’t confirmed a short term low, it appears to have found substantial support which for November is near $12.70. Good export movement has current sales near 90 percent of USDA’s projection for the year. With over half of the year remaining, exports may still exceed projections. Tightening stocks are a known factor, but it makes any bobble with this year’s crop important. That could be delayed planting, drought, flooding, etc.

Wheat
Cash bid for February at Memphis  788 1/2 to 792 1/2;
Bids to farmers at Local Elevators 781-788;
River Elevators 779-816;

Chicago Futures: Mar up  29 1/4  at  776 1/2 
  May up 28 3/4  at  811 1/4 
  July up  26 3/4  at  841 
  Sept up  25 1/4  at  870 1/2 
  Dec up  25  at  889 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for February at Memphis  1191 to 1196;
Bids to farmers at River Elevators 1146-1207;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for February at Memphis   720 to - - -;
  New Crop at Memphis   631 to 641;
Bids to farmers at River Elevators  684 to 701

Chicago Futures: Mar up  26 1/4  at  712 
  May up  25 1/2  at  722 
  Sept up  16  at  646 
  Dec up  18 3/4  at  601 3/4 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat posted big gains today as did corn and beans. There has been concern that turmoil in Northern Africa could impact wheat exports. There was no indication of that, however, in this week’s report. USDA reported that 40.9 million bushels were sold for export last week. The U.S. winter crop remains under stress and that is also providing support.

Corn led today’s rally trading near the daily limit early in the session. Fundamentals remain unchanged, except for a positive export report. It appears the downturn has become a buying opportunity for commercials and users. Many buyers appear to be extending coverage of needs. Seed sales suggest acreage intentions may be as high as projected. This and any weather related crop problem will tend to keep the market on alert.



Cotton & Rice  Date: February 25, 2011


Cotton
Spot Price, Grade 41 Staple 34: Memphis up 7.00 at  180.73
  Greenwood up  7.00 at 180.73

New York Futures: Mar up  1006  at  19134 
  May up  700  at  18423 
 July up  700  at  17559 
 Oct up  700  at  14809 
 Dec up  700  at  12274 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton moved sharply higher staying in lock step with corn and soybeans. Tight stocks and good demand will continue to limit downside movement until this year’s planted acreage is known. Early projection suggests 12.5 to 13 million acres will be planted in 2011. However, extended dry conditions in Texas and areas of the South may limit production, keeping stocks tight. New crop December may be in position to retest resistance at the recent high.

Rice
Long Grain Cash Bid for  Feb 1145/cwt  to  - - -
  April/May 1111/cwt  to  1145/cwt

Chicago Futures: Mar up  47 1/2  at  1395 1/2 
 May up  50  at  1431 
 July up  38  at  1461 
 Sept up  50  at  1491 
 Nov up  50  at  1513 1/2 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice futures followed grains higher as yesterday’s late rebound was extended in today’s session. New crop September appears to have established good support around $14. Much smaller plantings are expected in 2011. Dry conditions and low surface water in many reservoirs could limit acreage if the condition persists. However, large stocks will remain a negative factor.



Cattle & Hogs  Date: February 25, 2011

Cattle
As reported by Federal-State Market News, receipts were 9,082 head at sales in Arkansas this week.  Compared with last week, feeder steers calves sold steady .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 156.50 to - - -
  500 to 550 lbs. 144.25 to - - -
  600 to 650 lbs. 137.00 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 141.50 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 131.50 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 122.50 to - - -

Slaughter Cows, Boners 60.00   to   69.00
Light Weight 42.00 to 48.00
Bulls, Yield Grade   1   1000   to   2100 lbs.   80.00   to   85.00
Midwest Steers   - - -   at   - - -   to   - - -
Panhandle Steers   - - -   at   - - -   to   - - -

Oklahoma City Feeders
Steers 550 to 600 lbs. 135.00 to 157.50
  600 to 650 lbs. 130.00 to 149.00
Heifers 550 to 600 lbs. 118.00 to 141.50
  600 to 650 lbs. 117.50 to 136.50

Chicago Futures:
Live Cattle: April up 45 at 11410
  June up 82 at 11585
Feeders: April up 65 at 13162
  Aug up 17 at 13257

Cattle Comment
Cattle futures were higher across the board. 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 up 70 at 9020
  June up 92 at 10145

Hogs Comment
Hog futures ended higher. 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 25, 2011

Eggs
New York:  Ex. Lg. 101-105; Lg. 99-103; Med. 88-92;
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/fryers. Offerings are light to moderate for current trade needs. Demand entering the weekend is moderate to at times good. Market activity is moderate to active. In production areas, live supplies are moderate. Weights are mixed but mostly desirable.