The markets will be closed on Monday, February 16 in observance of the holiday. The next report will be available on Tuesday, February 17.
(Feb) EAST AR: 931 to 961
(NC) Summ. 803 to 833
(Feb) MISS: 956 to 971 ; AR & White 930 to 945
(NC) Summ. 819 to 947
Ark. Processor Bids: (Feb) 947 to 951 (NC) 823 to 833
Memphis: (Feb) 975 1/2 to 980 1/2 (NC) 847 1/2 to - - -
Riceland Foods: (Feb) Stuttgart 951 ; Pendleton 961 ; West Memphis 968
|Chicago Futures:||Mar||down||13||at||955 1/2|
|May||down||13 3/4||at||957 3/4|
|Sep||down||13 1/2||at||913 1/2|
|Today's Arkansas LDP rate for soybeans is:||0¢|
Soybeans ended lower, with old-crop contracts leading the way down. A weaker tone on Wall Street carried over into soybeans. The market has also stopped worrying so much about the South American crop now that USDA has adjusted their crop estimate. November fell below support around $9, and we could see additional pressure as we move toward planting. USDA says 80 million acres will be seeded to soybeans today.
Corn lost ground as well. 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.
Cash bid for February at Memphis 435 1/2 to 450 1/2;
|Bids to farmers at Local Elevators||441-456;|
|Chicago Futures:||Mar||down||3 1/4||at||535 1/2|
|May||down||3 1/4||at||548 1/4|
|Dec||down||3 1/2||at||606 1/4|
|Today's Arkansas LDP rate for wheat is:||0¢|
Cash bid for February at Memphis 497 to - - -;
|Bids to farmers at River Elevators||398-478;|
|Today's Arkansas LDP rate for sorghum is:||0¢|
|Cash bid for||February at Memphis 363 1/4 to 369 1/4;|
|new crop at Memphis 353 1/4 to - - -;|
|Bids to farmers at River Elevators||323 to 363|
|Chicago Futures:||Mar||down||3||at||363 1/4|
|May||down||2 3/4||at||373 1/4|
|Sep||down||2 3/4||at||393 1/4|
|Dec||down||2 1/4||at||405 1/2|
|Today's Arkansas LDP rate for corn is:||0¢|
Wheat was also lower today. Global supplies remain plentiful, and U.S. sellers are having a tough time competing at current prices. This week’s low of $5.51 is support, while tough resistance looms at $6.
Cotton & Rice Date: February 13, 2009
|Spot Price, Grade 41 Staple 34:||Memphis up 44 at 4097|
|Greenwood up 44 at 4097|
|New York Futures:||Mar||down||100||at||4403|
|- - -||- - -||at||- - -|
|This week's LDP rate for cotton is||12.73 cents|
|The estimate for next week is||13.85 cents|
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 falling below support at 52 cents. Today’s move certainly leaves the market vulnerable to further declines.
|Long Grain Cash Bid for||n/a||- - -||to||- - -|
|n/a||- - -||to||- - -|
|Chicago Futures:||Mar||down||8 1/2||at||1251|
|May||down||6 1/2||at||1268 1/2|
|- - -||- - -||at||- - -|
|Today's Arkansas LDP rate for long grain rice is||0¢|
|medium grain rice is||0¢|
Rice also ended the week on a negative note. 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. March could retest support at $11.55.
Cattle & Hogs Date: February 13, 2009
As reported by Federal-State Market News, receipts were 8,570 head at sales in Arkansas this week. Compared with last week, feeder steers sold steady to $2 higher .
|Medium & Large Frame 1||400||to||450 lbs.||113.50||to||- - -|
|500||to||550 lbs.||99.50||to||- - -|
|600||to||650 lbs.||93.50||to||- - -|
|Medium & Large Frame 2||400||to||450 lbs.||98.25||to||- - -|
|Medium & Large Frame 1||400||to||450 lbs.||94||to||- - -|
|Medium & Large Frame 2||400||to||450 lbs.||85.50||to||- - -|
Slaughter Cows, Boners 40 to 47
Light Weight 28 to 36
Bulls, Yield Grade 1 1000 to 2100 lbs. 53 to 59, high dressing 59-61
Midwest Steers remained at 80 to - - -
Panhandle Steers remained at 80 to 81
|Oklahoma City Feeders
Cattle futures turned lower today. 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 36 to 36.5
St. Paul sheep shorn slaughter lambs at n/a to - - -
Hogs were mixed in reaction to this week’s higher cash prices. April now has resistance between $65 and $66. Support begins at Monday’s gap higher at $61.70.
Poultry Date: February 13, 2009
|New York:||Ex. Lg. 95-99; Lg. 93-97; Med. 86-90;|
|Chicago:||Ex. Lg. 97-105; Lg. 95-103; Med. 88-96;|
Eastern Region Turkeys
U.S. Grade A
Trade sentiment was mostly steady. Demand entering the weekend was mostly fair with limited trading. Supplies of all sizes were sufficient to satisfy current trade needs. In production areas, live supplies were moderate at mixed, but mostly desirable weights.