(Feb) EAST AR: 878 to 908
(NC) Summ. 763 to 793
(Feb) MISS: 903 to 928 ; AR & White 878 to 893
(NC) Summ. 778 to 808
Ark. Processor Bids: (Feb) 894 to 898 (NC) 783 to 793
Memphis: (Feb) 923 to 933 (NC) 808 to - - -
Riceland Foods: (Feb) Stuttgart 898 ; Pendleton 908 ; West Memphis 915
|Chicago Futures:||Mar||down||52 1/2||at||903|
|May||down||53 1/4||at||904 1/2|
|Today's Arkansas LDP rate for soybeans is:||0¢|
Soybeans gapped lower in reaction to big losses on Wall Street. The passage of the stimulus package hasn’t done much to instill confidence in the markets. Gold and the dollar remain strong, however. That is bad news for commodities, because it means U.S. agricultural products are more expensive around the globe. Last week’s exports, however, were an impressive 47.6 million bushels. Today’s gap puts the December low of $7.96 ½ back into play for the November contract.
Corn was also lower, but losses were limited as this market is trying to hold acres. Export inspections were 33.9 million bushels for the week, which is a good total, especially considering the value of the dollar.
Cash bid for February at Memphis 415 1/2 to 435 1/2;
|Bids to farmers at Local Elevators||420-435;|
|Chicago Futures:||Mar||down||20||at||515 1/2|
|Jul||down||20 1/2||at||540 1/4|
|Today's Arkansas LDP rate for wheat is:||0¢|
Cash bid for February at Memphis 472 to - - -;
|Bids to farmers at River Elevators||373-453;|
|Today's Arkansas LDP rate for sorghum is:||0¢|
|Cash bid for||February at Memphis 349 1/4 to 357 1/4;|
|new crop at Memphis 338 1/2 to - - -;|
|Bids to farmers at River Elevators||309 to 349|
|Chicago Futures:||Mar||down||14||at||349 1/4|
|Sep||down||14 3/4||at||378 1/2|
|Dec||down||15 1/4||at||390 1/4|
|Today's Arkansas LDP rate for corn is:||0¢|
Wheat gapped lower as well. Global supplies remain plentiful, and U.S. sellers are having a tough time competing at current prices. Weekly exports were reportedly 10.5 million bushels, which isn’t terribly impressive. Today’s gap lower confirms that the market is trending lower.
Cotton & Rice Date: February 17, 2009
|Spot Price, Grade 41 Staple 34:||Memphis down 154 at 3943|
|Greenwood down 154 at 3943|
|New York Futures:||Mar||down||50||at||4353|
|- - -||- - -||at||- - -|
|This week's LDP rate for cotton is||13.85 cents|
|The estimate for next week is||16.77 cents|
Cotton ended lower, but well off the day’s lows. The market has fallen 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||- - -|
|n/a||up||- - -||at||- - -|
|Today's Arkansas LDP rate for long grain rice is||0¢|
|medium grain rice is||0¢|
Rice gapped lower as well. Dismal export numbers are keeping a lid on rice. USDA has 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 $11.60.
Cattle & Hogs Date: February 17, 2009
As reported by Federal-State Market News, receipts were 3,047 head at sales in Fort Smith, Ola & Springdale. Compared with last week, feeder steers sold uneven, near steady .
|Medium & Large Frame 1||400||to||450 lbs.||119||to||- - -|
|500||to||550 lbs.||104.50||to||- - -|
|600||to||650 lbs.||98.75||to||- - -|
|Medium & Large Frame 2||400||to||450 lbs.||101.25||to||- - -|
|Medium & Large Frame 1||400||to||450 lbs.||95.75||to||- - -|
|Medium & Large Frame 2||400||to||450 lbs.||87.25||to||- - -|
Slaughter Cows, Boners 40 to 45
Light Weight 30 to 36
Bulls, Yield Grade 1 1000 to 2100 lbs. 50 to 56, high dressing 56-59
Midwest Steers were $1-3 higher at 81 to 83
Panhandle Steers were $1-2.50 higher at 81 to 83.50
|Oklahoma City Feeders
Cattle futures gapped sharply lower. Renewed worries about demand in the face of weaker stock markets and a stronger dollar sparked today’s sell-off. April held support at $83.60 today, a drop below that level would signal a retest of the contract low of $82.45.
Peoria: were $1 higher at 37 to 37.5
St. Paul sheep shorn slaughter lambs at n/a to - - -
Hogs gapped lower as well on demand concerns. Today’s move makes a retest of the contract low of $59.85 look likely for April.
Poultry Date: February 17, 2009
|New York:||Ex. Lg. 95-99; Lg. 93-97; Med. 86-90;|
|Chicago:||Ex. Lg. 85-93; Lg. 83-91; Med. 77-85;|
Eastern Region Turkeys
U.S. Grade A
Trade sentiment was mostly steady. Demand following the weekend was mostly fair with trading usually limited to regular commitments. Supplies of all sizes were sufficient to satisfy current trade needs. In production areas, live supplies were moderate at mixed, but mostly desirable weights.