Arkansas Farm Bureau
Arkansas Farm Bureau
Grain & Soybean Date: February 10, 2009

Soybeans

Local Elevators:
(Feb) EAST AR:  969 to 999
(NC) Summ. 849 to 879
River Elevators:
(Feb) MISS: 994 to 1009 ; AR & White 969 to 984
(NC) Summ. 864 to 894
Ark. Processor Bids: (Feb) 985 to 989  (NC) 869 to 879
Memphis:  (Feb) 1009 to 1014 (NC)  894 to - - -
Riceland Foods:  (Feb) Stuttgart 989 ; Pendleton 999 ; West Memphis 1006

Chicago Futures: Mar down 8 at  994
  May  down  7 1/4  at  1000 1/4
  Jul down 7 1/4  at  1007 1/4
  Sep down at  967
  Nov down at  939
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans closed the day lower despite a positive supply demand report. USDA cut the domestic crush by 35 million bushels, but more than offset that with a 50 million bushel increase in exports. That left projected ending stocks at 210 million bushels, down 15 from last month. USDA also trimmed South American estimates, dropping Argentina to 43.8 mmt and Brazil to 57. That was a total cut of 7.7 mmt from the January estimates. The March contract remains in a sideways pattern with support at $9.35 and resistance near $10.20. November is a slight downtrend with support at the recent low near $8.90, while resistance is seen at $10.40.

Corn was slightly lower after USDA left the U.S. supply demand report unchanged from a month ago. Most pre-report estimates suggested use would decline and projected stocks would inch toward the 2 billion bushel mark. Both world production and use were lowered with most of the production cut coming from drought stricken Argentina. For now, corn remains in a tight consolidation trading range.

Wheat
Cash bid for February at Memphis  456 to 466;
Bids to farmers at Local Elevators 462-477;
River Elevators 472-502;

Chicago Futures: Mar down  at  556 
  May down at  569 
  Jul down  at  581 1/2 
  Sep down  8 1/4  at  607 
  Dec down  7 3/4  at  628 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for February at Memphis  521 to - - -;
Bids to farmers at River Elevators 608;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for February at Memphis   376 3/4 to 379 3/4;
  new crop at Memphis   367 1/2 to - - -;
Bids to farmers at River Elevators  337 to 377

Chicago Futures: Mar down  3/4  at  376 3/4 
  May down  at  387 
  Sep down  1 1/4  at  407 1/2 
  Dec down  1 1/4  at  420 1/2 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat futures turned lower today as well. USDA didn’t change the balance sheet for US wheat. They did cut the Argentine production estimate down to half what it was a year ago. Export sales to South Korea and Japan also should have been good news. July has found tough resistance at $6, and support begins at last week’s low of $5.64 ½.



Cotton & Rice  Date: February 10, 2009


Cotton
Spot Price, Grade 41 Staple 34: Memphis down 300 at  4248
  Greenwood down  300 at 4248

New York Futures: Mar down  300  at  4698 
  May down  266  at  4795 
 Jul down  260  at  4934 
 Dec down  242  at  5207 
 - - -   - - -  at  - - - 
This week's LDP rate for cotton is  12.73 cents
  The estimate for next week is  13.17 cents
Cotton Comment
Cotton was hit with another bearish report that featured a 300,000 bale dip in domestic mill use and exports that declined 500,000 bales. The export number is the direct result of a lower Chinese use, 47 million bales compared to 48.5 a month ago, that trimmed their import projection by a million bales. The net result was projected U.S. ending stocks of 7.7 million bales and sharply lower futures. The market dropped out of a very tight sideways pattern with December likely to test recent support just under 52 cents, while March is headed to 46 cents or lower.

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

Chicago Futures: Mar down  50  at  1260 1/2 
 May down  50  at  1270 
 Jul down  50  at  1281 
 Sep down  36  at  1204 
 - - -   - - -  at  - - - 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice numbers weren’t changed a lot but enough to suggest the market can go lower if export sales aren’t forthcoming soon. USDA lowered milled rice export projections from 53 to 50 million cwt, with all of that coming out of long grain. It also sent the price projection 50 cents lower to a range of $15 to $16. The question is how soon the U.S. will get back in the export market and at what price level. Current quotes are just under $600 per tonne, while Vietnam continues to move rice at around $400 per tonne. Today’s reversal may send March back near support at $11.55.



Cattle & Hogs  Date: February 10, 2009

Cattle
As reported by Federal-State Market News, receipts were 730 head at sales in Fort Smith.  Compared with last week, feeder steers sold $2-5 higher .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 118.50 to - - -
  500 to 550 lbs. 106.25 to - - -
  600 to 650 lbs. 93.75 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 103.25 to - - -

Heifers:
 Medium & Large Frame 1   400 to 450 lbs. 96.50 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 84.75 to - - -

Slaughter Cows, Boners 42   to   46.50
Light Weight n/a to - - -
Bulls, Yield Grade   1   1000   to   2100 lbs.   50   to   55.50, high dressing 61.50-64.50
Midwest Steers   n/a   at   - - -   to   - - -
Panhandle Steers   n/a   at   - - -   to   - - -

Oklahoma City Feeders
Steers 500 to 550 lbs. 106 to 114.50
  600 to 650 lbs. 98 to 107
Heifers 550 to 600 lbs. 88 to 93
  650 to 700 lbs. 87 to 93.75

Chicago Futures:
Live Cattle: Apr up 30 at 8805
  Jun up 47 at 8540
Feeders: Mar up 15 at 9570
  May down 5 at 9847

Cattle Comment
Cattle futures opened strong today on follow-through from yesterday’s strong close. Weakness in the U.S. stock market, however, put a stop to the upward movement. April has overhead, trendline resistance near $89.

Hogs
Peoria: were     steady   at   34.5   to   35

Chicago Futures: Apr up 222 at 6230
  Jun up 200 at 7505

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

Hogs Comment
Hogs gapped higher today on strength from higher pork values. Packer margins are back in the black thanks to higher prices this week. USDA’s export projection capped gains at 719 million pounds below last year’s total. Today’s gap should provide solid support at $61.70.



Poultry  Date: February 10, 2009

Eggs
New York:  Ex. Lg. 100-104; Lg. 98-102; Med. 92-96;
Chicago:  Ex. Lg. 97-105; Lg. 95-103; Med. 88-96;

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. Supplies of all sizes were sufficient for current trade needs. In production areas, live supplies were moderate at mixed, but mostly desirable weights.