(Feb) EAST AR: 856 to 886
(NC) Summ. 750 to 780
(Feb) MISS: 881 to 906 ; AR & White 862 to 877
(NC) Summ. 765 to 800
Ark. Processor Bids: (Feb) 872 to 876 (NC) 775 to 780
Memphis: (Feb) 901 to 911 (NC) 795 to 805
Riceland Foods: (Feb) Stuttgart 876 ; Pendleton 887 ; West Memphis 893
|Chicago Futures:||Mar||up||8 1/4||at||881|
|May||up||7 1/2||at||883 1/2|
|Jul||up||6 1/4||at||888 1/2|
|Today's Arkansas LDP rate for soybeans is:||0¢|
Soybeans closed mixed with old crop contracts firming on support from tightening available stocks and a farmer strike in Argentina. Exportable supplies of soybeans are tightening as China remains a big buyer and U.S. farmers remain reluctant sellers. However upside potential is being limited by harvest activity in South America and concerns about this year’s U.S. acreage. March support is the Friday low of $8.54. Below that, the fall low of $7.79 ¼.
Corn firmed to close slightly higher for the day. The question is whether acreage will move from corn to beans. The price ratio has fallen to 2.1. Coupled with lower fertilizer costs, it may mean more corn acreage than anticipated. That survey will be taken early next month and released on March 31.
Cash bid for February at Memphis 435 1/4 to 450 1/4;
|Bids to farmers at Local Elevators||419-439;|
|Chicago Futures:||Mar||up||4 3/4||at||515 1/4|
|May||up||4 3/4||at||526 1/4|
|Sep||up||5 1/2||at||562 1/4|
|Today's Arkansas LDP rate for wheat is:||0¢|
Cash bid for February at Memphis 481 to - - -;
|Bids to farmers at River Elevators||400-480;|
|Today's Arkansas LDP rate for sorghum is:||0¢|
|Cash bid for||February at Memphis 362 1/4 to - - -;|
|new crop at Memphis 341 1/2 to - - -;|
|Bids to farmers at River Elevators||329 to 359|
|Chicago Futures:||Mar||up||2 1/2||at||354 1/4|
|Sep||up||1 1/2||at||381 1/2|
|Dec||up||2 3/4||at||394 1/4|
|Today's Arkansas LDP rate for corn is:||0¢|
Wheat turned higher today after posting losses early on. News that Syria purchased Russian wheat and ideas that the U.S. isn’t competitive in the recent Iraqi tender limited gains. Continued drought in the southern plains is supportive.
Cotton & Rice Date: February 24, 2009
|Spot Price, Grade 41 Staple 34:||Memphis down 13 at 3853|
|Greenwood down 13 at 3853|
|New York Futures:||Mar||up||12||at||4278|
|- - -||- - -||at||- - -|
|This week's LDP rate for cotton is||16.89 cents|
|The estimate for next week is||17.42 cents|
Cotton was slightly lower at the close as the market continued to work lower. Poor world economic conditions are battering cotton, however it makes little difference as the market is well below the loan level at this point. Even potentially smaller plantings aren’t giving the market any hope. The National Cotton Council projects 14.4% lower plantings of 8.1 million acres in 2009. Arkansas plantings are projected 28.8 lower at just 441,000 acres.
|Long Grain Cash Bid for||n/a||- - -||to||- - -|
|n/a||- - -||to||- - -|
|- - -||- - -||at||- - -|
|Today's Arkansas LDP rate for long grain rice is||0¢|
|medium grain rice is||0¢|
Rice closed mixed in a lightly traded session. There was little change in fundamentals which remain somewhat negative with U.S. milled rice quoted as low as $575. That is competitive with Thailand but well above Vietnam. Commitments have been made for over 3 mmt of exports by Vietnam, but late harvest is squeezing the market. That might give other countries a small window of opportunity. USDA projections suggest substantial export sales for this year. If that is the case, things will need to shake loose soon.
Cattle & Hogs Date: February 24, 2009
As reported by Federal-State Market News, receipts were 880 head at sales in Fort Smith. Compared with last week, feeder steers sold $2-5 lower .
|Medium & Large Frame 1||400||to||450 lbs.||114||to||- - -|
|500||to||550 lbs.||103.25||to||- - -|
|600||to||650 lbs.||93.50||to||- - -|
|Medium & Large Frame 2||400||to||450 lbs.||101.50||to||- - -|
|Medium & Large Frame 1||400||to||450 lbs.||92.75||to||- - -|
|Medium & Large Frame 2||400||to||450 lbs.||84.75||to||- - -|
Slaughter Cows, Boners 36 to 40.50
Light Weight n/a to - - -
Bulls, Yield Grade 1 1000 to 2100 lbs. 48.50 to 53, high dressing 55-60
Midwest Steers n/a at - - - to - - -
Panhandle Steers n/a at - - - to - - -
|Oklahoma City Feeders
Cattle futures posted strong gains. April moved into the chart gap left earlier this month. Resistance is at the top of the gap at $86.90, with downtrending resistance near $88.
Peoria: were $1 lower at 34.5 to 35
St. Paul sheep shorn slaughter lambs at n/a to - - -
Hogs turned lower again today on bearish fundamentals. April set a new contract low before closing at the top of the day’s trading range. Today’s low of $56.90 becomes the first level of support. Negative packer margins are expected to lead to further cash weakness later this week.
Poultry Date: February 24, 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 steady at best. Demand was no better than fair with trading usually limited to regular commitments. Supplies of all sizes were at least adequate to satisfy current trade needs. In production areas, live supplies were moderate at mixed, but mostly desirable weights.