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Arkansas Farm Bureau
Grain & Soybean Date: February 06, 2013

Soybeans

Local Elevators:
(Feb) EAST AR:  1481 to 1520
(NC) Summ. 1306 to 1336
River Elevators:
(Feb) MISS: 1508 to 1526 ; AR & White 1465 to 1501
(NC) Summ. 1311 to 1361
Ark. Processor Bids: (Feb) 1508 to 1518  (NC) 1326 to 1331
Memphis:  (Feb) 1527 1/2 to 1530 1/2 (NC)  1361 to - - -
Riceland Foods:  (Feb) Stuttgart - - - ; Pendleton - - - 
 (NC) Stuttgart - - - ; Pendleton - - - 

Chicago Futures: March down 8 at  1487 1/2
  May  down  8 1/2  at  1477 1/4
  July down at  1468 1/2
  Aug down 9 1/4  at  1439 1/2
  Sept down 11  at  1383 1/4
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans once again followed a move towards $15 with a downward retracement. March futures have been unable to move above $15 on 3 successive daily moves. Good Chinese demand and weather concerns in South America have not been able to provide enough upward momentum. The exit of some hedge funds from commodity markets is also limiting upside potential. New crop November has found the same type of resistance at $13.50. At the same time, the soybean/corn price ratio has moved above 2.3 which is beginning to favor beans over corn.

Wheat
Cash bid for February at Memphis  796 1/2 to 801 1/2;
Bids to farmers at Local Elevators 732-742;
River Elevators 728-762;

Chicago Futures: March up  at  761 1/2 
  May up at  769 1/4 
  July up  3 3/4  at  772 1/4 
  Sept up  at  782 1/4 
  Dec up  1/2  at  796 1/2 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for February at Memphis  1237 to - - -;
Bids to farmers at River Elevators 1112-1219;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for February at Memphis   744 1/2 to 747 1/2;
  New Crop at Memphis   573 1/2 to 583 1/2;
Bids to farmers at River Elevators  712 to 743

Chicago Futures: March down  6 1/2  at  722 1/2 
  May down  6 3/4  at  724 
  July down  7 1/4  at  714 3/4 
  Sept down  9 1/2  at  603 1/2 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat futures managed to find buying interest and turned higher today. Weekly exports are expected to be up in tomorrow’s report, as U.S. supplies are now more competitive price-wise with other origins. July found support at $7.58 today.

Corn continued under pressure as ethanol demand remains weak. Current use would suggest a potential total of around 4.3 billion bushels for ethanol instead of the USDA projection of 4.5 billion bushels. It will take improved profit potential to move use toward the higher projection. March corn is testing the trendline that was broken two weeks ago. A move below the trendline would signal a move toward support at $6.80.



Cotton & Rice  Date: February 06, 2013


Cotton
Spot Price, Grade 41 Staple 34: Memphis up 21 at  7747
  Greenwood up  21 at 7747

New York Futures: March up  21  at  8172 
  May up  at  8255 
 July up  at  8332 
 Oct up  21  at  8291 
 Dec up  at  8200 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton firmed slightly after old crop March retraced a good portion of recent gains. New crop December moved to 82 cents again today. Recent strong yarn buying by China was a factor in the upturn. However, upside potential will be limited without continued strong export demand.

Rice
Long Grain Cash Bid for  Feb - - -  to  - - -
  NC - - -  to  - - -

Chicago Futures: March up  at  1620 
 May up  at  1651 1/2 
 July up  at  1673 1/2 
 Sept up  4 1/2  at  1575 1/2 
 Nov up  4 1/2  at  1570 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice was steady to slightly lower following 2 days of sharp gains. Recent TRQ tenders from Columbia, sales to Iran and a continuation of shipments to Haiti have tightened available long grain stocks particularly in Texas and Louisiana. That triggered technical buying as March moved through resistance levels. For now, long term chart resistance around $16.30 has stemmed the upturn. A close above this level would bring the contract high of $16.80 back into play.



Cattle & Hogs  Date: February 06, 2013

Cattle
As reported by Federal-State Market News, receipts were 267 head at sales in Conway.  Compared with last week, feeder steers sold steady to $2 higher, heifers firms to $4 higher .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 186 to - - -
  500 to 550 lbs. 165.50 to - - -
  600 to 650 lbs. 152 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 168 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 144 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 144 to - - -

Slaughter Cows, Boners 77   to   82
Light Weight - - - to - - -
Bulls, Yield Grade   1   1000   to   2000 lbs.   97   to   99.50
Midwest Steers   were   at   - - -   to   - - -
Panhandle Steers   were   at   - - -   to   - - -

Oklahoma City Feeders
Steers 500 to 550 lbs. 173 to 188
  550 to 600 lbs. 166 to 175
Heifers 500 to 550 lbs. 152 to 162
  550 to 600 lbs. 151 to 154.50

Chicago Futures:
Live Cattle: Feb down 35 at 12725
  April down 85 at 13145
Feeders: March down 97 at 14755
  April down 110 at 15092

Cattle Comment
Cattle were lower across the board on negative action in the hog pit. Weakness of the yen against the dollar is also a negative factor, raising doubts that Japan will be able to dramatically increase beef imports from the United States.

Hogs
Peoria: were     steady   at   57   to   59

Chicago Futures: Feb down 142 at 8690
  April down 145 at 8625

Hogs Comment
Hog futures posted huge losses. Another big drop in pork values yesterday pushed packer margins even further into the red. The charts have taken on a very negative appearance. June moved to a 6 month low and looks to have broken out of a bear flag formation, and setting a downward objective of $93.15.



Poultry  Date: February 06, 2013

Eggs
New York:  Ex. Lg. 131-135; Lg. 129-133; Med. 103-107;
Chicago:  Ex. Lg. 139-147; Lg. 137-145; Med. 107-115;

National Turkeys
Hens: 8-16 lbs. 98
Toms: 16-24 lbs. 94.72
 

Delmarva Broilers
U.S. Grade A
n/a

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