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	8	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:				0¢

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	4	at	761 1/2
	May	up	5	at	769 1/4
	July	up	3 3/4	at	772 1/4
	Sept	up	2	at	782 1/4
	Dec	up	1/2	at	796 1/2
	Today's Arkansas LDP rate for wheat is:				0¢

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:	0¢

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:				0¢

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.

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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	9	at	8255
	July	up	8	at	8332
	Oct	up	21	at	8291
	Dec	up	9	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	5	at	1620
	May	up	5	at	1651 1/2
	July	up	6	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					0¢
medium grain rice is					0¢

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.

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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.

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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