(Feb) EAST AR: 983 to 1006
(NC) Summ. 856 to 886
(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
|Today's Arkansas LDP rate for soybeans is:||0¢|
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.
Cash bid for February at Memphis 457 to 467;
|Bids to farmers at Local Elevators||452-477;|
|Chicago Futures:||Mar||down||4 3/4||at||557|
|Dec||down||3 1/2||at||627 1/4|
|Today's Arkansas LDP rate for wheat is:||0¢|
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:||0¢|
|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||6||at||377 1/4|
|Dec||up||6 1/2||at||421 3/4|
|Today's Arkansas LDP rate for corn is:||0¢|
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
|Spot Price, Grade 41 Staple 34:||Memphis up 15 at 4536|
|Greenwood up 15 at 4536|
|New York Futures:||Mar||up||15||at||4986|
|- - -||- - -||at||- - -|
|This week's LDP rate for cotton is||12.73 cents|
|The estimate for next week is||13.14 cents|
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.
|Long Grain Cash Bid for||n/a||- - -||to||- - -|
|n/a||- - -||to||- - -|
|Chicago Futures:||Mar||up||34||at||1278 1/2|
|- - -||- - -||at||- - -|
|Today's Arkansas LDP rate for long grain rice is||0¢|
|medium grain rice is||0¢|
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
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 .
|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||- - -|
|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
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.
Peoria: were $1.50 lower to steady at 34 to 36
St. Paul sheep shorn slaughter lambs at n/a to - - -
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
|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
U.S. Grade A
Trade sentiment was steady to about steady. In production areas, live supplies were moderate at mixed, but mostly desirable weights.