Arkansas Farm Bureau
Arkansas Farm Bureau
Grain & Soybean Date: February 28, 2011

Soybeans

Local Elevators:
(Feb) EAST AR:  1321 to 1357
(NC) Summ. 1285 to 1315
River Elevators:
(Feb) MISS: 1359 to 1367 ; AR & White 1325 to 1356
(NC) Summ. 1292 to 1331
Ark. Processor Bids: (Feb) 1337 to 1337  (NC) 1313 to 1315
Memphis:  (Feb) 1376 1/4 to - - - (NC)  1326 3/4 to 1329 3/4
Riceland Foods:  (Feb) Stuttgart 1337 ; Pendleton 1357 ; West Memphis 1367

Chicago Futures: Mar down 8 1/4 at  1357 1/4
  May  down  10 1/4  at  1364 3/4
  July down 10 1/4  at  1372 1/2
  Nov down 4 3/4  at  1324 3/4
  Jan '12 down 4 1/2  at  1329 1/4
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans were a bit weaker today, but traded in a relatively narrow range. A three-point down trendline can be drawn on the November chart, but the market looks to have substantial support around $12.70. Export movement has been good so far this marketing year, but demand has begun to shift to South America as it does every year at this time.

Wheat
Cash bid for February at Memphis  782 1/2 to 797 1/2;
Bids to farmers at Local Elevators 788-795;
River Elevators 786-823;

Chicago Futures: Mar up  at  782 1/2 
  May up 5 3/4  at  817 
  July up  7 1/4  at  848 1/4 
  Sept up  8 3/4  at  879 1/4 
  Dec up  11  at  900 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for February at Memphis  1210 to - - -;
Bids to farmers at River Elevators 1166-1227;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for February at Memphis   732 1/2 to - - -;
  New Crop at Memphis   635 1/4 to 640 1/4;
Bids to farmers at River Elevators  694 to 711

Chicago Futures: Mar up  10 1/2  at  722 1/2 
  May up  at  731 
  Sept up  4 1/4  at  650 1/4 
  Dec up  at  606 3/4 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat was higher again today. Exports continue to move at a brisk pace and the U.S. winter crop remains under stress, both of which are providing support. July appears to have put in a top for the time being, and February’s high of $9.49 provides formidable resistance.

March corn moved to a new high today, but new crop December has tough resistance around $6.19. Unless that level is bested, it appears December has put in at least a short-term high. 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 28, 2011


Cotton
Spot Price, Grade 41 Staple 34: Memphis up 7.00 at  187.73
  Greenwood up  7.00 at 187.73

New York Futures: Mar up  518  at  20514 
  May up  700  at  19123 
 July up  700  at  18259 
 Oct up  700  at  15509 
 Dec up  700  at  12974 
This week's LDP rate for cotton is  cents
  The estimate for next week is  cents
Cotton Comment
Cotton posted limit gains today. 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 looks poised to test resistance at the recent high.

Rice
Long Grain Cash Bid for  Feb 1135/cwt  to  - - -
  April/May 1111/cwt  to  1135/cwt

Chicago Futures: Mar down  10 1/2  at  1385 
 May down  10  at  1421 
 July down  at  1452 
 Sept down  10 1/2  at  1480 1/2 
 Nov down  at  1504 1/2 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice futures reversed early gains to close lower. 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 28, 2011

Cattle
As reported by Federal-State Market News, receipts were 2,601 head at sales in Ash Flat, Springdale and Ola.  Compared with last week, feeder steers sold uneven, mostly steady to $2 lower .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 154.50 to - - -
  500 to 550 lbs. 148.25 to - - -
  600 to 650 lbs. 132.00 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 144.25 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 126.75 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 124.25 to - - -

Slaughter Cows, Boners 63.00   to   71.00
Light Weight 47.00 to 53.00
Bulls, Yield Grade   1   1000   to   2100 lbs.   74.50   to   84.50
Midwest Steers   were   at   110.00   to   111.50
Panhandle Steers   - - -   at   - - -   to   - - -

Oklahoma City Feeders
Steers 500 to 550 lbs. 157.00 to 164.00
  550 to 600 lbs. 149.00 to 157.50
Heifers 550 to 600 lbs. 131.00 to 140.00
  600 to 650 lbs. 126.00 to 131.00

Chicago Futures:
Live Cattle: April down 120 at 11290
  June down 120 at 11465
Feeders: April up 15 at 13177
  Aug up 52 at 13310

Cattle Comment
June live cattle futures posted a huge bearish reversal today. The market is concerned about what $3+ gas will do to meat demand. Record-high cash cattle prices were recorded last week, but futures were already trading a few dollars premium to that level.

Hogs
Peoria: were     steady   at   54.00   to   56.00

Chicago Futures: April down 140 at 8880
  June down 125 at 10020

Hogs Comment
Hog futures turned lower as well. April held above support around $88. Pork demand has been strong and is limiting the downside.



Poultry  Date: February 28, 2011

Eggs
New York:  Ex. Lg. 101-105; Lg. 99-103; Med. 88-92;
Chicago:  Ex. Lg. 95-103; Lg. 93-101; Med. 82-90;

National Turkeys
Hens: 8-16 lbs 90.33
Toms: 16-24 lbs 90.50
 

Delmarva Broilers
U.S. Grade A
Prices are holding steady to fully steady for whole broiler and fryers. Offerings are light to moderate to satisfy current trade needs. Retail and food service demand is mostly moderate. Market activity is moderate.In production areas, live supplies are moderate at mixed, but mostly desirable weights.