Arkansas Farm Bureau
Arkansas Farm Bureau
Grain & Soybean Date: February 18, 2009

Soybeans

Local Elevators:
(Feb) EAST AR:  863 to 893
(NC) Summ. 746 to 776
River Elevators:
(Feb) MISS: 891 to 913 ; AR & White 962 to 873
(NC) Summ. 763 to 791
Ark. Processor Bids: (Feb) 879 to 883  (NC) 766 to 776
Memphis:  (Feb) 912 1/2 to 917 1/2 (NC)  790 3/4 to - - -
Riceland Foods:  (Feb) Stuttgart 883 ; Pendleton 893 ; West Memphis 900

Chicago Futures: Mar down 15 1/2 at  887 1/2
  May  down  18  at  886 1/2
  Jul down 17 1/4  at  890 3/4
  Sep down 17 1/4  at  852 3/4
  Nov down 17 1/4  at  835 3/4
  Today's Arkansas LDP rate for soybeans is:

Soybean Comment
Soybeans continued to move lower today. There wasn’t much fundamental news to drive the market today. The dollar remains strong, however. That is bad news for commodities, because it means U.S. agricultural products are more expensive around the globe. Yesterday’s gap confirms that the market is trending lower and brings the December low of $7.96 ½ back into play for the November contract.

Corn was unchanged to about two cents lower. Weakness was limited by the fact that the market is trying to hold acres. Soybeans hold a big advantage with a significantly lower cost of production.

Wheat
Cash bid for February at Memphis  410 3/4 to 430 3/4;
Bids to farmers at Local Elevators 415-430;
River Elevators 425-455;

Chicago Futures: Mar down  4 3/4  at  510 3/4 
  May down at  523 
  Jul down  5 1/2  at  534 3/4 
  Sep down  6 1/4  at  557 3/4 
  Dec down  6 1/2  at  578 3/4 
  Today's Arkansas LDP rate for wheat is:

Grain Sorghum
Cash bid for February at Memphis  472 to - - -;
Bids to farmers at River Elevators 373-453;
Today's Arkansas LDP rate for sorghum is:

Corn
Cash bid for February at Memphis   357 1/4 to - - -;
  new crop at Memphis   336 to - - -;
Bids to farmers at River Elevators  309 to 349

Chicago Futures: Mar unchanged    at  349 1/4 
  May down  at  358 
  Sep down  2 1/2  at  376 
  Dec down  2 3/4  at  387 1/2 
  Today's Arkansas LDP rate for corn is:

Grain Comment
Wheat also moved lower. Global supplies remain plentiful, and U.S. sellers are having a tough time competing at current prices. July is clearly trending lower with overhead resistance up near $5.70. The market could be headed for a retest of the December low of $4.98 ¼.



Cotton & Rice  Date: February 18, 2009


Cotton
Spot Price, Grade 41 Staple 34: Memphis up 42 at  3985
  Greenwood up  42 at 3985

New York Futures: Mar up  35  at  4388 
  May up  41  at  4509 
 Jul up  37  at  4653 
 Dec up  22  at  5094 
 - - -   - - -  at  - - - 
This week's LDP rate for cotton is  13.85 cents
  The estimate for next week is  16.90 cents
Cotton Comment
Cotton recovered a bit today after trading lower five sessions in a row. The market has become technically oversold and due a rebound. Fundamentals, however, will make it difficult for this market to move higher. The worsening worldwide recession continues to cut into cotton usage and increase ending stocks estimates. USDA will release plantings estimates next week, but they won’t be based upon farmer surveys yet. The market has fallen out of a very tight sideways pattern with December falling below support at 52 cents.

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

Chicago Futures: Mar up  7 1/2  at  1215 1/2 
 May down  2 1/2  at  1220 1/2 
 Jul down  at  1237 
 Sep down  8 1/2  at  1226 1/2 
 - - -   - - -  at  - - - 
Today's Arkansas LDP rate for long grain rice is 
medium grain rice is 
Rice Comment
Rice continued mostly lower today. This market continues to be plagued by negative fundamentals. 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 18, 2009

Cattle
As reported by Federal-State Market News, receipts were 946 head at sales in Conway & Pocahontas.  Compared with last week, feeder steers sold $1-3 higher .

Steers:
 Medium & Large Frame 1   400 to 450 lbs. 109.25 to - - -
  500 to 550 lbs. 104 to - - -
  600 to 650 lbs. 92 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 93.25 to - - -

Heifers:
 Medium & Large Frame 1   400 to 450 lbs. 93.75 to - - -
 Medium & Large Frame 2   400 to 450 lbs. 85.25 to - - -

Slaughter Cows, Boners 40   to   44
Light Weight 22 to 27
Bulls, Yield Grade   1   1000   to   2100 lbs.   54   to   57, high dressing 58-59
Midwest Steers   were $2-3 lower   at   79   to   80
Panhandle Steers   were $2-3.50 lower   at   79   to   80

Oklahoma City Feeders
Steers 500 to 550 lbs. 110 to 119
  600 to 650 lbs. 98.25 to 106.75
Heifers 500 to 550 lbs. 96 to 102
  600 to 650 lbs. 86.50 to 92.50

Chicago Futures:
Live Cattle: Apr down 130 at 8292
  Jun down 117 at 8107
Feeders: Mar down 260 at 8902
  May down 225 at 9190

Cattle Comment
The selloff continued in cattle futures today. This market continues to be plagued with demand concerns as the global recession worsens. April appears headed for a retest of the December low of $82.45.

Hogs
Peoria: were     steady   at   37   to   37.5

Chicago Futures: Apr down 25 at 6080
  Jun down 67 at 7387

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

Hogs Comment
Hogs ended lower as well. Like cattle futures, this market is worried about demand during the global recession. A retest of the contract low of $59.85 looks likely.



Poultry  Date: February 18, 2009

Eggs
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
Hens: 8-16 lbs. 74-76
Toms: 16-24 lbs. 74-76
 

Delmarva Broilers
U.S. Grade A
Trade sentiment was mostly steady. Supplies of all sizes were adequate to satisfy current trade needs. In production areas, live supplies were moderate at mixed, but mostly desirable weights.