(Feb) EAST AR: 853 to 883
(NC) Summ. 748 to 778
(Feb) MISS: 878 to 903 ; AR & White 859 to 874
(NC) Summ. 763 to 803
Ark. Processor Bids: (Feb) 869 to 873 (NC) 778 to 783
Memphis: (Feb) 898 to 903 (NC) 798 to 803
Riceland Foods: (Feb) Stuttgart 873 ; Pendleton 883 ; West Memphis 890
|Today's Arkansas LDP rate for soybeans is:||0¢|
Soybeans turned lower. Early pressure came from weakness in the stock market. News that China has cancelled 3 cargos of U.S. beans also added to the negative undertone. Harvest activity in South America and concerns about this year’s U.S. acreage also limited the upside today. 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 449 3/4 to 464 3/4;
|Bids to farmers at Local Elevators||428-453;|
|Chicago Futures:||Mar||up||9 1/2||at||524 3/4|
|May||up||9 1/2||at||535 3/4|
|Sep||up||9 1/2||at||571 3/4|
|Today's Arkansas LDP rate for wheat is:||0¢|
Cash bid for February at Memphis 498 to - - -;
|Bids to farmers at River Elevators||417-498;|
|Today's Arkansas LDP rate for sorghum is:||0¢|
|Cash bid for||February at Memphis 371 3/4 to - - -;|
|new crop at Memphis 350 3/4 to - - -;|
|Bids to farmers at River Elevators||339 to 369|
|Chicago Futures:||Mar||up||9 1/2||at||363 3/4|
|May||up||9 1/4||at||372 1/4|
|Sep||up||9 1/4||at||390 3/4|
|Dec||up||9 1/2||at||403 3/4|
|Today's Arkansas LDP rate for corn is:||0¢|
Wheat followed corn higher today. Support from dry conditions in the Southern Plains also helped push the market higher. July found resistance at the chart gap at $5.51.
Cotton & Rice Date: February 25, 2009
|Spot Price, Grade 41 Staple 34:||Memphis down 22 at 4831|
|Greenwood down 22 at 4831|
|New York Futures:||Mar||down||22||at||4256|
|n/a||down||- - -||at||- - -|
|This week's LDP rate for cotton is||16.89 cents|
|The estimate for next week is||17.51 cents|
Cotton was slightly lower again today. 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 posted sharp gains. 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. There is some optimism building that the U.S. will get the Iraqi tender, but that remains to be seen. 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 25, 2009
As reported by Federal-State Market News, receipts were 1,013 head at sales in Conway & Pocahontas. Compared with last week, feeder steers sold $4-7 lower .
|Medium & Large Frame 1||400||to||450 lbs.||100.50||to||- - -|
|500||to||550 lbs.||94.50||to||- - -|
|600||to||650 lbs.||84.75||to||- - -|
|Medium & Large Frame 2||400||to||450 lbs.||87.25||to||- - -|
|Medium & Large Frame 1||400||to||450 lbs.||86||to||- - -|
|Medium & Large Frame 2||400||to||450 lbs.||77.75||to||- - -|
Slaughter Cows, Boners 37 to 42
Light Weight 25 to 31
Bulls, Yield Grade 1 1000 to 2100 lbs. 49 to 53, high dressing 54.50-55
Midwest Steers were quoted at 78 to - - -
Panhandle Steers were quoted at 78 to - - -
|Oklahoma City Feeders
Cattle futures turned lower on profit taking after yesterday’s strong gains. Renewed economic concerns have traders worried about beef demand. The market is clearly trending lower. Resistance begins at the top of the gap at $86.90.
Peoria: were steady at 34.5 to 35
St. Paul sheep shorn slaughter lambs at n/a to - - -
June hogs charted a bullish key reversal today, signaling that an important low has been put in. Look for the market to find tough resistance around the February high of $76.95, however.
Poultry Date: February 25, 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 no better than steady. Demand was fair at best with limited trading. Supplies of all sizes were more than sufficient to satisfy current trade needs. In production areas, live supplies were moderate at mixed, but mostly desirable weights.