(Jan) EAST AR: 932 to 955
(NC) Summ. 800 to 830
(Jan) MISS: 955 to 970 ; AR & White 924 to 939
(NC) Summ. 810 to 840
Ark. Processor Bids: (Jan) 941 to 945 (NC) 810 to 830
Memphis: (Jan) 969 1/2 to 974 1/2 (NC) 840 to - - -
Riceland Foods: (Jan) Stuttgart 945 ; Pendleton 955 ; West Memphis 962
|Chicago Futures:||Mar||up||3 1/2||at||949 1/2|
|May||up||3 1/2||at||953 3/4|
|Sep||down||3 1/2||at||920 1/2|
|Today's Arkansas LDP rate for soybeans is:||0¢|
Soybeans closed mixed with old crop contracts slightly higher for the day. New crop contracts traded lower on the fear of big ’09 plantings and potential stocks that would result. November may be headed for a retest of the recent low near $8.
Corn closed lower over growing concern that demand numbers will be cut further in upcoming reports. Some analysts are projecting stocks of more than 2 billion bushels. On the other hand, this year’s plantings are projected lower with stocks tightening next year. March is testing support just under $3.60.
Cash bid for January at Memphis 442 1/4 to 447 1/4;
|Bids to farmers at Local Elevators||438-463;|
|Chicago Futures:||Mar||down||10 1/4||at||542 1/4|
|May||down||10 1/4||at||555 1/4|
|Jul||down||9 1/2||at||567 3/4|
|Sep||down||8 1/4||at||592 3/4|
|Dec||down||8 1/4||at||613 1/4|
|Today's Arkansas LDP rate for wheat is:||0¢|
Cash bid for January at Memphis 479 to 488;
|Bids to farmers at River Elevators||353-433;|
|Today's Arkansas LDP rate for sorghum is:||0¢|
|Cash bid for||January at Memphis 358 1/4 to 364 1/4;|
|new crop at Memphis 349 to - - -;|
|Bids to farmers at River Elevators||313 to 353|
|Chicago Futures:||Mar||down||3 1/2||at||358 1/4|
|Dec||down||4 1/2||at||401 3/4|
|Today's Arkansas LDP rate for corn is:||0¢|
Wheat declined closing below support at the bottom of the recent sideways trading range. Poor export movement continues to push the market lower as the U.S. remains uncompetitive in world markets. Drought conditions in the Southern Plains is a supporting factor.
Cotton & Rice Date: February 04, 2009
|Spot Price, Grade 41 Staple 34:||Memphis up 29 at 4517|
|Greenwood up 29 at 4517|
|New York Futures:||Mar||up||29||at||4967|
|- - -||- - -||at||- - -|
|This week's LDP rate for cotton is||11.98 cents|
|The estimate for next week is||11.98 cents|
Cotton firmed slightly as the market remains in a very tight sideways trading range. Economic conditions have reduced cotton use, particularly in China, and that has continued to weigh on the U.S. exports. The first survey of ’09 U.S. plantings will be released by the National Cotton Council next week. Current estimates range from unchanged to 2 million acres below 68. Long term this will lead to higher cotton price later this year.
|Long Grain Cash Bid for||n/a||- - -||to||- - -|
|n/a||- - -||to||- - -|
|Chicago Futures:||Mar '09||up||2 1/2||at||1201|
|Jul '09||down||1 1/2||at||1233 1/2|
|Sep '09||unchanged||at||1185 1/2|
|- - -||- - -||at||- - -|
|Today's Arkansas LDP rate for long grain rice is||0¢|
|medium grain rice is||0¢|
Rice was slightly higher as the market is attempting to consolidate just above $11.80. Long term charts have another downside objective at $11.46. Demand for U.S. milled rice remains very poor, and some mills are beginning to offer discounts in order to move rice. There are few takers at this point. Price levels in Vietnam have firmed following big sales to Iraq, Cuba and the Philippines. While budgets seemed to favor rice over beans, corn and cotton - that may change.
Cattle & Hogs Date: February 04, 2009
As reported by Federal-State Market News, receipts were 829 head at sales in Conway & Pocahontas. Compared with last week, feeder steers sold steady to $2 higher, advance on yearlings .
|Medium & Large Frame 1||400||to||450 lbs.||103||to||- - -|
|500||to||550 lbs.||95.50||to||- - -|
|600||to||650 lbs.||91||to||- - -|
|Medium & Large Frame 2||400||to||450 lbs.||93||to||- - -|
|Medium & Large Frame 1||400||to||450 lbs.||88||to||- - -|
|Medium & Large Frame 2||400||to||450 lbs.||79||to||- - -|
Slaughter Cows, Boners 43 to 48
Light Weight 28 to 34
Bulls, Yield Grade 1 1000 to 2100 lbs. 56.50 to 60.50
Midwest Steers were quoted at 80 to - - -
Panhandle Steers remained at 80 to - - -
|Oklahoma City Feeders
Cattle were mixed with a stronger $ weighing on potential exports. Feed lot offerings and packer bids are generally several $’s apart with activity limited. No changes are expected until late tomorrow or Friday. Big declines in beef cutout values are weighing on the market.
Peoria: were higher at 35.5 to 36
St. Paul sheep shorn slaughter lambs at n/a to - - -
Hogs were sharply lower, pressured by a stronger $, weak cash bids and negative packer margins.
Poultry Date: February 04, 2009
|New York:||Ex. Lg. 113-117; Lg. 111-115; Med. 99-103;|
|Chicago:||Ex. Lg. 114-122; Lg. 112-120; Med. 91-99;|
Eastern Region Turkeys
U.S. Grade A
Trade sentiment was steady to about 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.