(Feb) EAST AR: 969 to 999
(NC) Summ. 849 to 879
(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
|May||down||7 1/4||at||1000 1/4|
|Jul||down||7 1/4||at||1007 1/4|
|Today's Arkansas LDP rate for soybeans is:||0¢|
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.
Cash bid for February at Memphis 456 to 466;
|Bids to farmers at Local Elevators||462-477;|
|Today's Arkansas LDP rate for wheat is:||0¢|
Cash bid for February at Memphis 521 to - - -;
|Bids to farmers at River Elevators||608;|
|Today's Arkansas LDP rate for sorghum is:||0¢|
|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|
|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:||0¢|
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
|Spot Price, Grade 41 Staple 34:||Memphis down 300 at 4248|
|Greenwood down 300 at 4248|
|New York Futures:||Mar||down||300||at||4698|
|- - -||- - -||at||- - -|
|This week's LDP rate for cotton is||12.73 cents|
|The estimate for next week is||13.17 cents|
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.
|Long Grain Cash Bid for||n/a||- - -||to||- - -|
|n/a||- - -||to||- - -|
|Chicago Futures:||Mar||down||50||at||1260 1/2|
|- - -||- - -||at||- - -|
|Today's Arkansas LDP rate for long grain rice is||0¢|
|medium grain rice is||0¢|
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
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 .
|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||- - -|
|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
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.
Peoria: were steady at 34.5 to 35
St. Paul sheep shorn slaughter lambs at n/a to - - -
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
|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
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.