(Feb) EAST AR: 953 to 983
(NC) Summ. 828 to 858
(Feb) MISS: 978 to 993 ; AR & White 953 to 968
(NC) Summ. 843 to 872
Ark. Processor Bids: (Feb) 869 to 873 (NC) 848 to 858
Memphis: (Feb) 998 to - - - (NC) 872 1/2 to - - -
Riceland Foods: (Feb) Stuttgart 973 ; Pendleton 983 ; West Memphis 990
|Jul||down||19 1/2||at||987 3/4|
|Sep||down||21 1/2||at||945 1/2|
|Nov||down||21 1/2||at||917 1/2|
|Today's Arkansas LDP rate for soybeans is:||0¢|
Good precipitation across the drought stricken areas of Argentina pressured the soybean market. A stronger dollar and weaker crude oil added to the negative undertone. Yesterday’s supply demand report is a thing of the past and the market is trading on planting expectations. The prospect of a significant increase in U.S. soybean acreage could continue to push the market lower - March support near $9.30 and November support just below $9.00.
Corn declined today but remains in a sideways consolidation pattern. While ending stocks will be substantial there is concern that too many acres could move to soybeans. If that appears to be the case corn should begin to firm relative to soybeans.
Cash bid for February at Memphis 443 1/4 to 453 1/4;
|Bids to farmers at Local Elevators||448-463;|
|Chicago Futures:||Mar||down||12 3/4||at||543 1/4|
|Jul||down||13 1/4||at||568 1/4|
|Sep||down||13 1/4||at||593 3/4|
|Dec||down||13 1/2||at||614 1/2|
|Today's Arkansas LDP rate for wheat is:||0¢|
Cash bid for February at Memphis 506 to - - -;
|Bids to farmers at River Elevators||407-487;|
|Today's Arkansas LDP rate for sorghum is:||0¢|
|Cash bid for||February at Memphis 368 1/2 to 376 1/2;|
|new crop at Memphis 358 1/4 to - - -;|
|Bids to farmers at River Elevators||328 to 369|
|Chicago Futures:||Mar||down||8 1/4||at||368 1/2|
|May||down||8 1/2||at||378 1/4|
|Sep||down||9 1/4||at||398 1/4|
|Today's Arkansas LDP rate for corn is:||0¢|
Yesterday’s weakness in wheat despite some positive news in the monthly supply/demand report carried over to today. Double-digit losses were posted across the board. World supplies remain plentiful for now, and U.S. companies are having a tough time competing in the global market. July has found tough resistance at $6, and support begins at last week’s low of $5.64 ½.
Cotton & Rice Date: February 11, 2009
|Spot Price, Grade 41 Staple 34:||Memphis down 115 at 4133|
|Greenwood down 115 at 4133|
|New York Futures:||Mar||down||115||at||4583|
|n/a||- - -||at||- - -|
|This week's LDP rate for cotton is||12.73 cents|
|The estimate for next week is||13.46 cents|
Cotton continued to move lower after being hit yesterday by 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 testing support just below 46 cents.
|Long Grain Cash Bid for||n/a||- - -||to||- - -|
|n/a||- - -||to||- - -|
|Chicago Futures:||Mar||down||5||at||1255 1/2|
|Sep||up||31 1/2||at||1235 1/2|
|- - -||up||- - -||at||- - -|
|Today's Arkansas LDP rate for long grain rice is||0¢|
|medium grain rice is||0¢|
Rice closed mixed with the nearby March contract slightly lower. Yesterday’s report didn’t change rice numbers 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 11, 2009
As reported by Federal-State Market News, receipts were 1,039 head at sales in Conway & Pocahontas. Compared with last week, feeder steers sold $2-3 higher on a light test .
|Medium & Large Frame 1||400||to||450 lbs.||109||to||- - -|
|500||to||550 lbs.||98||to||- - -|
|600||to||650 lbs.||92.50||to||- - -|
|Medium & Large Frame 2||400||to||450 lbs.||94||to||- - -|
|Medium & Large Frame 1||400||to||450 lbs.||91||to||- - -|
|Medium & Large Frame 2||400||to||450 lbs.||82.50||to||- - -|
Slaughter Cows, Boners 44 to 48
Light Weight 28 to 34
Bulls, Yield Grade 1 1000 to 2100 lbs. 54 to 59
Midwest Steers were quoted at 80 to 81
Panhandle Steers were quoted at 80 to 81
|Oklahoma City Feeders
Cattle futures turned lower after April backed away from trendline resistance near $89 yesterday. Ideas that the beef market has bottomed are supportive, but traders are being cautious amid worries that the weak economy will further cut beef demand.
Peoria: were steady at 34.5 to 35
St. Paul sheep shorn slaughter lambs at n/a to - - -
April hogs traded within yesterday’s trading range all day today. The bottom of yesterday’s gap should provide solid support at $61.70, and yesterday’s high of $62.75 proved to be resistance today, as well.
Poultry Date: February 11, 2009
|New York:||Ex. Lg. 97-101; Lg. 95-99; Med. 89-93;|
|Chicago:||Ex. Lg. 97-105; Lg. 95-103; Med. 88-96;|
Eastern Region Turkeys
U.S. Grade A
Trade sentiment was mostly steady. Demand into all channels was no better than fair with limited trading. Supplies of all sizes were sufficient for current trade needs. In production areas, live supplies were moderate at mixed, but mostly desirable weights.