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Arkansas Farm Bureau
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:

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:

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:

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  at  692 
  Sept down  7 1/4  at  577 1/2 
  Today's Arkansas LDP rate for corn is:

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 
medium grain rice is 
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

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