(Feb) EAST AR: 863 to 893
(NC) Summ. 746 to 776
(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|
|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:||0¢|
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.
Cash bid for February at Memphis 410 3/4 to 430 3/4;
|Bids to farmers at Local Elevators||415-430;|
|Chicago Futures:||Mar||down||4 3/4||at||510 3/4|
|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:||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 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|
|Dec||down||2 3/4||at||387 1/2|
|Today's Arkansas LDP rate for corn is:||0¢|
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
|Spot Price, Grade 41 Staple 34:||Memphis up 42 at 3985|
|Greenwood up 42 at 3985|
|New York Futures:||Mar||up||35||at||4388|
|- - -||- - -||at||- - -|
|This week's LDP rate for cotton is||13.85 cents|
|The estimate for next week is||16.90 cents|
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.
|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|
|Sep||down||8 1/2||at||1226 1/2|
|- - -||- - -||at||- - -|
|Today's Arkansas LDP rate for long grain rice is||0¢|
|medium grain rice is||0¢|
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
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 .
|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||- - -|
|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
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.
Peoria: were steady at 37 to 37.5
St. Paul sheep shorn slaughter lambs at n/a to - - -
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
|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. Supplies of all sizes were adequate to satisfy current trade needs. In production areas, live supplies were moderate at mixed, but mostly desirable weights.