Grain & Soybean Date: February 11, 2013

Soybeans

Local Elevators:
(Feb) EAST AR:  1415 to 1452
(NC) Summ. 1239 to 1269
River Elevators:
(Feb) MISS: 1452 to 1470 ; AR & White 1409 to 1445
(NC) Summ. 1244 to 1294
Ark. Processor Bids: (Feb) 1442 to 1462  (NC) 1259 to 1264
Memphis:  (Feb) 1471 1/2 to 1473 1/2 (NC)  1293 1/2 to - - -
Riceland Foods:  (Feb) Stuttgart - - - ; Pendleton - - - 
 (NC) Stuttgart - - - ; Pendleton - -  

Chicago Futures:	March	down	21	at	1431 1/2
	May	down	19 1/2	at	1417 1/4
	July	down	18 1/2	at	1407
	Aug	down	19 1/2	at	1369 1/4
	Sept	down	19 3/4	at	1309 3/4
	Today's Arkansas LDP rate for soybeans is:				0¢

Soybean Comment
Soybeans continued Friday’s negative downturn that was amplified by the potentially large South American crops. The Brazilian crop is now estimated to be 83.5 mmt, a 17 mmt increase over last year. Demand from China remains good and U.S. stocks were adjusted lower by 10 million bushels. However, the strong downturn suggests old crop has topped just below $15 and has potential downside to recent support just above $13.50. New crop November failed in its recent run higher at $13.50 and is likely going to test support around $12.55 or perhaps even $12.25.

Wheat
Cash bid for February at Memphis  781 1/2 to - - -;

Bids to farmers at Local Elevators	711-721;
River Elevators	707-748;

Chicago Futures:	March	down	14 3/4	at	741 1/2
	May	down	13 1/4	at	749 1/4
	July	down	12	at	750 3/4
	Sept	down	12	at	759
	Dec	down	13	at	771 1/2
	Today's Arkansas LDP rate for wheat is:				0¢

Grain Sorghum
Cash bid for February at Memphis  1200 to - - -;

Bids to farmers at River Elevators	1075-1183;
Today's Arkansas LDP rate for sorghum is:	0¢

Corn

Cash bid for	February at Memphis   727 1/4 to - - -;
	New Crop at Memphis   547 1/2 to 557 1/2;
Bids to farmers at River Elevators	691 to 725

Chicago Futures:	March	down	6 3/4	at	702 1/4
	May	down	7 1/4	at	701 1/2
	July	down	7	at	692
	Sept	down	7 1/4	at	577 1/2
	Today's Arkansas LDP rate for corn is:				0¢

Grain Comment
Wheat futures were under pressure again today and the charts are looking technically weak. July violated support at $7.52, which could signal another leg down. The failure of exports to ramp up even as global supplies have dwindled is resulting in weaker markets.

Corn has led this recent decline with old crop March faltering just above $7.40. Inability to hold above $7 will see a test of support at $6.80 with potential of moving to the 62% retracement objective of $6.40. New crop December erased previous support at $5.70 and looks very bearish. The next major support is the mid June low of$5.11. Long term, weekly chart support as low as $4.50 may come into play.

---

Cotton & Rice  Date: February 11, 2013

Cotton

Spot Price, Grade 41 Staple 34:	Memphis up 25 at  7867
	Greenwood up  25 at 7867

New York Futures:	March	up	25	at	7292
	May	up	62	at	8392
	July	up	76	at	8473
	Oct	up	123	at	8475
	Dec	up	92	at	8384
This week's LDP rate for cotton is					0 cents
	The estimate for next week is				0 cents

Cotton Comment
Cotton continued higher with crop contracts leading the way. No doubt the National Cotton Council’s planting intentions report showing just 9 million acres for the U.S in 2013 got the market’s attention. The Mid-South showed a whopping 51% decline in projected plantings with Arkansas leading the downturn with a 63% cut. Just 221,000 acres are projected for Arkansas. The Southeast United States was down 18%, the Southwest United States was down 24.4% with Texas down 1.64 million acres. The West was down about 25%. New crop December appears headed to 85 to 86 cents.

Rice

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

Chicago Futures:	March	down	50	at	1584 1/2
	May	down	50	at	1617
	July	down	50	at	1643
	Sept	down	35	at	1554
	Nov	down	35	at	1537
Today's Arkansas LDP rate for long grain rice is					0¢
medium grain rice is					0¢

Rice Comment
Rice futures failed after moving just above resistance at $16.30. What followed was a sharp limit decline reversal in all the old crop contracts. The big upturn was the result of technical buying, which collapsed when buyers decided to take profits. This likely established near term highs that could exist for a while. Downside retracement objectives are $15.80, $15.63 and $15.46.

---

Cattle & Hogs  Date: February 11, 2013

Cattle
As reported by Federal-State Market News, receipts were 417 head at sales in Springdale.  Compared with last week, feeder steers sodl $4 higher to $9 lower on light test. Feeder heifers under 500 lbs sold steady to $5 higher, weights over 500 lbs sold $2 lower .

Steers:
Medium & Large Frame 1	400	to	450 lbs.	198	to	- - -
	500	to	550 lbs.	177	to	- - -
	600	to	650 lbs.	146	to	- - -
Medium & Large Frame 2	400	to	450 lbs.	- - -	to	- - -
Heifers:
Medium & Large Frame 1	500	to	550 lbs.	148	to	- - -
Medium & Large Frame 2	400	to	450 lbs.	152	to	- - -

Slaughter Cows, Boners 74   to   82
Light Weight 67 to 71
Bulls, Yield Grade   1   1000   to   2100 lbs.   99   to   - - -
Midwest Steers   were   at   - - -   to   - - -
Panhandle Steers   were   at   - - -   to   - - -

Oklahoma City Feeders
Steers	500	to	550 lbs.	176	to	186
	550	to	600 lbs.	161	to	173
Heifers	500	to	550 lbs.	157	to	166
	550	to	600 lbs.	142	to	149

Chicago Futures:

Live Cattle:	Feb	up	42	at	12687
	April	up	2213035	at
Feeders:	March	down	20	at	14480
	April	up	42	at	14862

Cattle Comment
Cattle futures ended the day mixed. April opened weak on follow through selling after Friday’s weak close. The market quickly fell to its lowest level since June. However, buying interest materialized and the market closed higher on the day. Today’s low just above $129 will be the first level of support for April.

Hogs
Peoria: were     steady   at   55   to   57

Chicago Futures:	Feb	up	45	at	8690
	April	up	25	at	8637

Hogs Comment
Hog futures were also mixed. The market moved into oversold territory last week, but that doesn’t guarantee a bottom has been found. 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. The market is focused on negative packer margins and further declines in product values.

---

Poultry  Date: February 11, 2013

Eggs

New York:	Ex. Lg. 119-123; Lg. 117-121; Med. 96-100;
Chicago:	Ex. Lg. 116-124; Lg. 114-122; Med. 84-92;

National Turkeys

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

Delmarva Broilers
U.S. Grade A
n/a