Arkansas Farm Bureau
Arkansas Farm Bureau
Grain & Soybean Date: February 12, 2009

Soybeans

Local Elevators:
(Feb) EAST AR:  944 to 974
(NC) Summ. 811 to 841
River Elevators:
(Feb) MISS: 969 to 984 ; AR & White 943 to 958
(NC) Summ. 826 to 855
Ark. Processor Bids: (Feb) 960 to 964  (NC) 834 to 841
Memphis:  (Feb) 988 1/2 to - - - (NC)  855 1/2 to - - -
Riceland Foods:  (Feb) Stuttgart 964 ; Pendleton 974 ; West Memphis 981

Chicago Futures: Mar down 9 1/2 at  968 1/2
  May  down  10 1/2  at  971 1/2
  Jul down 11 3/4  at  976
  Sep down 18 1/2  at  927
  Nov down 17  at  900 1/2
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans ended the session lower after getting an early boost from strong export sales. More pressure was exerted on new crop contracts as the market eyes potentially larger plantings in ’09. China remains a strong buyer. New crop November is testing support just under $9.

Corn lost ground late in the session. New crop contracts continued to gain versus old crop. The market is attempting to hold acres as cost factors appear to be pushing farmers toward soybeans. March has support at $3.56 and September support is just under $3.90.

Wheat
Cash bid for February at Memphis  438 3/4 to 448 3/4;
Bids to farmers at Local Elevators 444-459;
River Elevators 454-484;

Chicago Futures: Mar down  4 1/2  at  538 3/4 
  May down 4 1/2  at  551 1/2 
  Jul down  4 1/2  at  563 3/4 
  Sep down  at  588 3/4 
  Dec down  4 3/4  at  609 3/4 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for February at Memphis  502 to - - -;
Bids to farmers at River Elevators 403-483;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for February at Memphis   366 1/4 to 372 1/4;
  new crop at Memphis   356 to - - -;
Bids to farmers at River Elevators  326 to 366

Chicago Futures: Mar down  2 1/4  at  366 1/4 
  May down  2 1/2  at  376 
  Sep down  2 1/4  at  396 
  Dec down  2 1/4  at  407 3/4 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat traded in a wide range today. Early strength in reaction to the weekly export report (which came in within trade expectations at 16 million bushels) was short lived. Strength in the dollar sparked a selloff, which took out support at last week’s low of $5.64 ½ before the market closed near the middle of the day’s trading range. Today’s low of $5.51 becomes support, while tough resistance looms at $6.



Cotton & Rice  Date: February 12, 2009


Cotton
Spot Price, Grade 41 Staple 34: Memphis down 80 at  4053
  Greenwood down  80 at 4053

New York Futures: Mar down  80  at  4503 
  May down  52  at  4647 
 Jul down  48  at  4796 
 Dec down  40  at  5253 
 - - -   - - -  at  - - - 
This week's LDP rate for cotton is  12.73 cents
  The estimate for next week is  13.85 cents
Cotton Comment
Cotton continued to decline after this week’s bearish report, which 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.

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

Chicago Futures: Mar up  at  1259 1/2 
 May up  at  1275 
 Jul up  3 1/2  at  1291 1/2 
 Sep up  43  at  1278 1/2 
 - - -   - - -  at  - - - 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice ended the session a little higher as the market attempts to steady after this week’s report. The 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 12, 2009

Cattle
As reported by Federal-State Market News, receipts were 1,282 head at sales in Charlotte & Green Forest.  Compared with last week, feeder steers sold steady to $3 higher. Heifers sold $1-4 higher .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 114 to - - -
  500 to 550 lbs. 106.50 to - - -
  600 to 650 lbs. 95.50 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 101.50 to - - -

Heifers:
 Medium & Large Frame 1   400 to 450 lbs. 94 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 85 to - - -

Slaughter Cows, Boners 41   to   46
Light Weight 29 to 35
Bulls, Yield Grade   1-2   1000   to   2100 lbs.   53   to   59, high dressing 60-64.50
Midwest Steers   were steady to $1 lower   at   80   to   - - -
Panhandle Steers   remained   at   80   to   81

Oklahoma City Feeders
Steers n/a to - - - lbs. - - - to - - -
  n/a to - - - lbs. - - - to - - -
Heifers n/a to - - - lbs. - - - to - - -
  n/a to - - - lbs. - - - to - - -

Chicago Futures:
Live Cattle: Apr down 10 at 8750
  Jun up 5 at 8522
Feeders: Mar down 25 at 9515
  May down 10 at 9780

Cattle Comment
Cattle futures closed mixed. 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.

Hogs
Peoria: were $1.5     higher   at   36   to   36.5

Chicago Futures: Apr up 152 at 6380
  Jun up 150 at 7680

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

Hogs Comment
Hogs posted solid gains today on carryover strength from the cash market. April now has resistance between $65 and $66. Support begins at Monday’s gap higher at $61.70.



Poultry  Date: February 12, 2009

Eggs
New York:  Ex. Lg. 95-99; Lg. 93-97; Med. 87-91;
Chicago:  Ex. Lg. 97-105; Lg. 95-103; Med. 88-96;

Eastern Region Turkeys
Hens: 8-16 lbs. 72-76
Toms: 16-24 lbs. 72-76
 

Delmarva Broilers
U.S. Grade A
Trade sentiment was mostly steady. Demand approaching the weekend was mostly fair with trading usually limited to regular commitments. Supplies of all sizes were more than sufficient for current trade needs. In production areas, live supplies were moderate at mixed, but mostly desirable weights.