Arkansas Farm Bureau
Arkansas Farm Bureau
Grain & Soybean Date: February 06, 2009

Soybeans

Local Elevators:
(Feb) EAST AR:  983 to 1006
(NC) Summ. 856 to 886
River Elevators:
(Feb) MISS: 1006 to 1021 ; AR & White 976 to 991
(NC) Summ. 866 to 896
Ark. Processor Bids: (Feb) 992 to 996  (NC) 866 to 886
Memphis:  (Feb) 1018 to 1021 (NC)  896 to - - -
Riceland Foods:  (Feb) Stuttgart 996 ; Pendleton 1006 ; West Memphis 1013

Chicago Futures: Mar up 21 at  1001
  May  up  22 3/4  at  1006
  Jul up 24 3/4  at  1012
  Sep up 30 1/2  at  976
  Nov up 31 1/2  at  946
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans posted gains again today, with March back above $10. Fundamentals are unchanged and there is little to “hang your hat on” with respect to this turn around. For that reason it may be just a correction after recent declines. The market is focused on the weather in Argentina, and even though rains have fallen there over the past week, precipitation has been spotty and light, so the drought continues. Argentina’s crop projection has been lowered 7 million metric tons and Brazil’s crop is down almost 2 million metric tons. But, the biggest concern on the negative side is plantings of 78-80 million acres in the U.S. Resistance for March is $10.60 and support around $9.40.

Corn was also higher, following beans and also focusing on the weather in Argentina. Prospects of additional trimming of use numbers will limit near term upside. Support just below $3.60 remains firm.

Wheat
Cash bid for February at Memphis  457 to 467;
Bids to farmers at Local Elevators 452-477;
River Elevators 472-502;

Chicago Futures: Mar down  4 3/4  at  557 
  May down 4 3/4  at  570 
  Jul down  at  582 1/4 
  Sep down  3 3/4  at  607 
  Dec down  3 1/2  at  627 1/4 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for February at Memphis  513 to 522;
Bids to farmers at River Elevators 405-485;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for February at Memphis   377 1/4 to 385 1/4;
  new crop at Memphis   368 1/2 to - - -;
Bids to farmers at River Elevators  332 to 372

Chicago Futures: Mar up  at  377 1/4 
  May up  at  387 1/2 
  Sep up  at  408 1/2 
  Dec up  6 1/2  at  421 3/4 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat futures ended lower. Fundamentals, particularly for old-crop wheat, are bearish. Supplies remain large, and U.S. prices are still well above other quotes from around the globe. Drought conditions in the Southern Plains continue to be a supportive factor.



Cotton & Rice  Date: February 06, 2009


Cotton
Spot Price, Grade 41 Staple 34: Memphis up 15 at  4536
  Greenwood up  15 at 4536

New York Futures: Mar up  15  at  4986 
  May up  at  5043 
 Jul up  34  at  5154 
 Dec up  26  at  5575 
 - - -   - - -  at  - - - 
This week's LDP rate for cotton is  12.73 cents
  The estimate for next week is  13.14 cents
Cotton Comment
Cotton ended a bit higher, 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.

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

Chicago Futures: Mar up  34  at  1278 1/2 
 May up  31  at  1293 
 Jul up  30  at  1304 
 Sep up  19  at  1224 
 - - -   - - -  at  - - - 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice posted large gains for the second day in a row. The market could attempt to retrace a portion of recent declines. If so that would give an objective just above $13. 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 06, 2009

Cattle
As reported by Federal-State Market News, receipts were 6,165 head at sales in Arkansas this week.  Compared with last week, feeder steers sold firm to $4 higher .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 110 to - - -
  500 to 550 lbs. 98.25 to - - -
  600 to 650 lbs. 94.50 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 97.50 to - - -

Heifers:
 Medium & Large Frame 1   400 to 450 lbs. 94.75 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 85.75 to - - -

Slaughter Cows, Boners 45   to   51
Light Weight 28 to 36
Bulls, Yield Grade   1   1000   to   2100 lbs.   54   to   60, high dressing 64-65
Midwest Steers   were steady to $1 higher   at   80   to   81
Panhandle Steers   were steady   at   80   to   - - -

Oklahoma City Feeders
Steers 500 to 550 lbs. 101 to 113
  600 to 650 lbs. 92 to 104.50
Heifers 500 to 550 lbs. 86 to 100
  600 to 650 lbs. 83 to 96

Chicago Futures:
Live Cattle: Apr up 20 at 8670
  Jun up 2 at 8407
Feeders: Mar up 22 at 9435
  May up 22 at 9725

Cattle Comment
Cattle futures ended the day on a positive note on ideas that the beef market is bottoming and strong indications that beef supplies will be considerably smaller in the coming months. Gains are being limited by economic concerns and a stronger dollar.

Hogs
Peoria: were $1.50 lower to     steady   at   34   to   36

Chicago Futures: Apr up 15 at 6040
  Jun up 42 at 7295

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

Hogs Comment
Hogs ended a bit higher today, mostly on profit taking. This market is still concerned with demand for pork in light of the weak economy.



Poultry  Date: February 06, 2009

Eggs
New York:  Ex. Lg. 104-108; Lg. 102-106; Med. 96-100;
Chicago:  Ex. Lg. 114-122; Lg. 112-120; Med. 91-99;

Eastern Region Turkeys
Hens: 8-16 lbs. 72-75
Toms: 16-24 lbs. 72-75
 

Delmarva Broilers
U.S. Grade A
Trade sentiment was steady to about steady. In production areas, live supplies were moderate at mixed, but mostly desirable weights.