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Arkansas Farm Bureau
Grain & Soybean Date: February 08, 2013

Soybeans

Local Elevators:
(Feb) EAST AR:  1446 to 1485
(NC) Summ. 1252 to 1282
River Elevators:
(Feb) MISS: 1473 to 1491 ; AR & White 1430 to 1466
(NC) Summ. 1252 to 1307
Ark. Processor Bids: (Feb) 1473 to 1483  (NC) 1272 to 1277
Memphis:  (Feb) 1492 1/2 to 1495 1/2 (NC)  1307 to - - -
Riceland Foods:  (Feb) Stuttgart 1463 ; Pendleton 1473 
 (NC) Stuttgart 1272 ; Pendleton 1282 

Chicago Futures: March down 34 1/4 at  1452 1/2
  May  down  36 1/2  at  1436 3/4
  July down 36 3/4  at  1425 1/2
  Aug down 42 3/4  at  1388 3/4
  Sept down 44 3/4  at  1329 1/2
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans posted huge losses in the wake of the monthly supply/demand report. USDA raised its estimate of Brazil’s crop to 83.5 million metric tons. The export projection was unchanged, despite the fact that exports are already 93% of the total projection. This illustrates USDA’s belief that exports are about to halt as the record-setting South American crop takes over the global market. March futures fell through support at $15, and now have support at $14.15.

Wheat
Cash bid for February at Memphis  796 1/4 to - - -;
Bids to farmers at Local Elevators 723-733;
River Elevators 719-758;

Chicago Futures: March up  1/4  at  756 1/4 
  May down 1/2  at  762 1/2 
  July down  3/4  at  762 3/4 
  Sept down  1/4  at  771 
  Dec up  1/4  at  784 1/2 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for February at Memphis  1213 to - - -;
Bids to farmers at River Elevators 1088-1195;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for February at Memphis   732 to 734;
  New Crop at Memphis   554 3/4 to 564 3/4;
Bids to farmers at River Elevators  - - - to - - -

Chicago Futures: March down  1 3/4  at  709 
  May down  3 1/4  at  708 3/4 
  July down  2 3/4  at  699 
  Sept down  14 1/4  at  589 1/4 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat futures ended mixed. Today’s supply/demand report showed a surprising 25 million bushel cut in ending stocks, due to a 25 million bushel increase in feed usage. The export projection held steady, but traders are skeptical that will hold, given that exports are now only 77% of the total projection for the marketing year. July is holding support at $7.58 for the time being. A drop below that level would signal a retest of support at $7.52.

Corn futures were higher in early dealings due to position evening ahead of the supply/demand report. The market couldn’t hold gains, however, and closed lower. USDA raised the carryout projection due to weak demand. March futures could be headed for a retest of support near $6.80. New crop December has fallen to the lowest level since late June of last year. The close below $5.70 leaves the market vulnerable to further declines.



Cotton & Rice  Date: February 08, 2013


Cotton
Spot Price, Grade 41 Staple 34: Memphis up 127 at  7842
  Greenwood up  127 at 7842

New York Futures: March up  127  at  8267 
  May up  102  at  8330 
 July up  92  at  8397 
 Oct up  22  at  8352 
 Dec up  54  at  8292 
This week's LDP rate for cotton is  0 cents
  The estimate for next week is  0 cents
Cotton Comment
Cotton futures were higher in reaction to USDA’s supply/demand report. Exports were raised by 300,000 bales and carryout was decreased by the same amount. China’s imports were increased, and as a result, the estimated on-farm price was raised to 69-73 cents. Today’s strength brings a gap area around 85 cents back into play as an upside target.

Rice
Long Grain Cash Bid for  Feb 1525/cwt  to  - - -
  NC 1489/cwt  to  - - -

Chicago Futures: March up  22 1/2  at  1634 1/2 
 May up  23 1/2  at  1667 
 July up  28 1/2  at  1693 
 Sept up  23  at  1589 
 Nov up  11 1/2  at  1572 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice got a boost from today’s supply/demand report. Ending stocks were raised due to imports into this country, but ending stocks still sit at just 13% of projected total use, down from over 19% just a year ago. Upside potential seems limited, but from a technical standpoint today’s close above $16.30 could signal a move toward the March contract high of $16.80.



Cattle & Hogs  Date: February 08, 2013

Cattle
As reported by Federal-State Market News, receipts were 7,900 head at sales in Arkansas this week.  Compared with last week, feeder steers sold firm to $10 higher, most advance on calves .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 198.50 to - - -
  500 to 550 lbs. 176.00 to - - -
  600 to 650 lbs. 153 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 179 to - - -

Heifers:
 Medium & Large Frame 1   500 to 550 lbs. 155 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 151.50 to - - -

Slaughter Cows, Boners 74   to   82
Light Weight 60 to 68
Bulls, Yield Grade   1   1000   to   2100 lbs.   90   to   100
Midwest Steers   were   at   125   to   - - -
Panhandle Steers   were   at   125   to   - - -

Oklahoma City Feeders
Steers 500 to 550 lbs. 165 to 195
  550 to 600 lbs. 156 to 180
Heifers 500 to 550 lbs. 145 to 166
  550 to 600 lbs. 140 to 156

Chicago Futures:
Live Cattle: Feb down 110 at 12645
  April down 140 at 13012
Feeders: March down 220 at 14500
  April down 237 at 14820

Cattle Comment
Cattle futures were under pressure again today and ended lower. Technical selling, a stronger dollar and demand concerns were all negative factors. Further weakness in beef values have pushed packer margins further into the red.

Hogs
Peoria: were steady to $4     lower   at   55   to   57

Chicago Futures: Feb down 52 at 8645
  April down 40 at 8612

Hogs Comment
Hog futures also lower across the board. The market is focused on negative packer margins and further declines in product values. 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 08, 2013

Eggs
New York:  Ex. Lg. 122-126; Lg. 120-124; Med. 96-100;
Chicago:  Ex. Lg. 139-147; Lg. 137-145; Med. 107-115;

National Turkeys
Hens: 8-16 lbs. 95
Toms: 16-24 lbs. 95
 

Delmarva Broilers
U.S. Grade A
Prices are steady to firm in the Eastern and Central regions and steady in the Western region when compared to the previous week. Offerings are light to moderate at most. Buyers are cautious when ordering keeping floor stocks balanced to light. Market activity is slow to moderate.

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