Arkansas Farm Bureau
Arkansas Farm Bureau
Grain & Soybean Date: February 03, 2009

Soybeans

Local Elevators:
(Feb) EAST AR:  928 to 951
(NC) Summ. 805 to 835
River Elevators:
(Feb) MISS: 951 to 961 ; AR & White 921 to 936
(NC) Summ. 815 to 845
Ark. Processor Bids: (Feb) 937 to 941  (NC) 815 to 835
Memphis:  (Feb) 956 to 968 (NC)  840 to 845
Riceland Foods:  (Feb) Stuttgart 941 ; Pendleton 951 ; West Memphis 958

Chicago Futures: Mar '09 down 13 1/2 at  946
  May '09  down  15 1/2  at  950 1/4
  Jul '09 down 17 1/2  at  955 1/2
  Sep '09 down 24  at  924
  Nov '09 down 30  at  895
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans were hit by mixed fundamental signals again today. A reduced production projection in Brazil was neutralized by more rain in Argentina. The net result was lower price levels thoughout the session. March again penetrated support at $9.60 and closed sharply lower for the day. Soybeans look technically weak and appear to have a greater propensity to move lower rather than higher. Key downside objectives range from $9.20 to $8.87. Recent resistance around $10.40 and then $10.60 looks solid.

Corn was also weaker and March after penetrating a shallow uptrend yesterday tested flat support near $3.60. For now, it appears corn doesn’t have the downside pressure that soybeans do, as the market attempts to hold ’09 plantings at a reasonable level. However, that could be decided by mid- March and we could see lower corn values.

Wheat
Cash bid for February at Memphis  452 1/2 to 457 1/2;
Bids to farmers at Local Elevators 447-472;
River Elevators 464-497;

Chicago Futures: Mar '09 down  11 1/4  at  552 1/2 
  May '09 down 11 1/4  at  565 1/2 
  Jul '09 down  11 1/2  at  577 1/4 
  Sep '09 down  11 3/4  at  601 
  Dec '09 down  11 1/2  at  621 1/2 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for February at Memphis  485 to 494;
Bids to farmers at River Elevators 360-441;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for February at Memphis   356 3/4 to 365 3/4;
  new crop at Memphis   353 1/4 to - - -;
Bids to farmers at River Elevators  317 to 357

Chicago Futures: Mar '09 down  8 3/4  at  361 3/4 
  May '09 down  at  372 3/4 
  Sep '09 down  9 1/2  at  383 
  Dec '09 down  9 3/4  at  406 1/4 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat was lower again today. Carryover weakness from other markets and demand concerns are pressuring futures. There are indications export demand is improving, including gulf basis, but there hasn’t been much physical evidence yet. There is evidence of a broadening drought situation in the Southern Plains which could eventually boost the market.



Cotton & Rice  Date: February 03, 2009


Cotton
Spot Price, Grade 41 Staple 34: Memphis down 85 at  4488
  Greenwood down  85 at 4488

New York Futures: Mar '09 down  33  at  4938 
  May '09 down  48  at  5032 
 Jul '09 down  51  at  5140 
 Dec '09 up  56  at  5537 
 - - -   - - -  at  - - - 
This week's LDP rate for cotton is  11.98 cents
  The estimate for next week is  11.98 cents
Cotton Comment
Cotton was a little weaker today as the market continues to consolidate just below recent resistance. Overall fundamentals are unchanged with world economic conditions weighing on use. Upside potential seems limited although a December close above 57.20 cents would open the market to retracement objectives at 69 to 75 cents. That will likely take another substantial cut in plantings, weather problems, and an increase in demand.

Rice
Long Grain Cash Bid for  n/a - - -  to  - - -
  - - - - - -  to  - - -

Chicago Futures: Mar '09 down  8 1/2  at  1198 1/2 
 May '09 down  10 1/2  at  1221 
 Jul '09 down  at  1235 
 Sep '09 up  at  1185 1/2 
 - - -   - - -  at  - - - 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice was lower as the market failed to followthrough on yesterday’s higher close. The market could continue to move toward support at the long term 62% retracement objective of $11.46. The next support lies between $10.70 and $10.20. Fundamentals are unchanged, although the current downturn could begin to bring U.S. milled prices back in line with competition. It may also reduce the possibilities of ’09 plantings increasing.



Cattle & Hogs  Date: February 03, 2009

Cattle
As reported by Federal-State Market News, receipts were 520 head at sales in Fort Smith.  Compared with last week, feeder steers sold mostly $3-5 higher .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 111 to - - -
  500 to 550 lbs. 102.25 to - - -
  600 to 650 lbs. 95.25 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 95.25 to - - -

Heifers:
 Medium & Large Frame 1   400 to 450 lbs. 90.75 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 84.25 to - - -

Slaughter Cows, Boners 44   to   48.50
Light Weight n/a to - - -
Bulls, Yield Grade   1   1000   to   2100 lbs.   n/a,   to   high dressing $61.50-64.50
Midwest Steers   n/a   at   - - -   to   - - -
Panhandle Steers   $1 higher to $2 lower   at   80   to   - - -

Oklahoma City Feeders
Steers 500 to 550 lbs. 105 to 113
  600 to 650 lbs. 96 to 104.50
Heifers 500 to 550 lbs. 90 to 97.50
  600 to 650 lbs. 88 to 93.50

Chicago Futures:
Live Cattle: Apr '09 down 70 at 8612
  Jun '09 down 60 at 8375
Feeders: Mar '09 down 57 at 9342
  May '09 down 55 at 9645

Cattle Comment
Cattle futures gave back some of yesterday's gains due to profit taking and demand concerns. Friday's inventory report showed less supply side pressure, which is bullish news.

Hogs
Peoria: were       at   n/a   to   - - -

Chicago Futures: Apr '09 up 47 at 6215
  Jun '09 up 37 at 7425

Sheep
St. Paul sheep shorn slaughter lambs   at   n/a   to   - - -

Hogs Comment
Hogs turned lower again today as futures were pressured by their premium to cash and concerns about demand. Packers continue a steady kill pace, despite poor margins.



Poultry  Date: February 03, 2009

Eggs
New York:  Ex. Lg. 119-123; Lg. 117-121; Med. 99-103;
Chicago:  Ex. Lg. 114-122; Lg. 112-120; Med. 91-99;

Eastern Region Turkeys
Hens: 8-16 lbs. 69-74
Toms: 16-24 lbs. 69-74
 

Delmarva Broilers
U.S. Grade A
Trade sentiment was mostly steady. Supplies of all sizes were at least sufficient for current trade needs. In production areas, live supplies were moderate at mixed, but mostly desirable weights.