(Feb) EAST AR: 850 to 880
(NC) Summ. 738 to 773
(Feb) MISS: 875 to 890 ; AR & White 855 to 870
(NC) Summ. 762 to 793
Ark. Processor Bids: (Feb) 866 to 870 (NC) 768 to 773
Memphis: (Feb) 894 1/2 to 899 1/2 (NC) 787 1/2 to 792 1/2
Riceland Foods: (Feb) Stuttgart 870 ; Pendleton 880 ; West Memphis 887
|Chicago Futures:||Mar||up||5 1/4||at||874 1/2|
|Nov||down||10 1/2||at||827 1/2|
|Today's Arkansas LDP rate for soybeans is:||0¢|
The spread between old and new crop soybeans widen further today. Old crop ended the day higher supported by tightening of available stocks and light deliveries against the March contract. Discontent in Argentina was also a positive factor. Prospects of a big ’09 U.S. acreage pressure new crop contracts.
Corn was sharply lower in all contracts. Heavy deliveries against the March contract added to pressure from the outlook conference where USDA projected larger plantings than expected. Export demand also appears to be softening as few new orders have been seen in recent days. This has renewed speculation that in future reports ending stocks will be increased to 2 billion bushels.
Cash bid for February at Memphis 440 1/2 to 450 1/2;
|Bids to farmers at Local Elevators||413-458;|
|Chicago Futures:||Mar||down||3 1/2||at||510 1/2|
|May||down||3 1/2||at||521 1/2|
|Jul||down||3 1/2||at||533 1/4|
|Today's Arkansas LDP rate for wheat is:||0¢|
Cash bid for February at Memphis 475 to 483;
|Bids to farmers at River Elevators||394-475;|
|Today's Arkansas LDP rate for sorghum is:||0¢|
|Cash bid for||February at Memphis 358 3/4 to 360 3/4;|
|new crop at Memphis 337 3/4 to - - -;|
|Bids to farmers at River Elevators||326 to 356|
|Chicago Futures:||Mar||down||11 1/4||at||350 3/4|
|Sep||down||11 3/4||at||377 3/4|
|Today's Arkansas LDP rate for corn is:||0¢|
Wheat ended the day lower, under pressure from the strong dollar and weak exports. Losses were limited by continued dry conditions in the Southern Plains. July held above support at $5.28 ¼.
Cotton & Rice Date: February 27, 2009
|Spot Price, Grade 41 Staple 34:||Memphis down 98 at 3801|
|Greenwood down 98 at 3801|
|New York Futures:||Mar||down||102||at||4206|
|- - -||- - -||at||- - -|
|This week's LDP rate for cotton is||17.60 cents|
|The estimate for next week is||17.79 cents|
Cotton was hit with another round of selling which pushed December below 49 cents. Worldwide economic conditions continue to weigh on cotton use, slowing demand for cotton in importing countries like China. While ’09 plantings are expected to be lower, recent declines in the price of fertilizer and lower bean and corn prices appear to be bringing some acreage back into cotton. Ending stocks of 7.7 million bales continue to weigh on the market, however with price levels well below the loan, further decreases don’t figure into producer comparisons with corn to soybeans. So acreage may be growing.
|Long Grain Cash Bid for||n/a||- - -||to||- - -|
|n/a||- - -||to||- - -|
|Chicago Futures:||Mar||up||5||at||1236 1/2|
|- - -||- - -||at||- - -|
|Today's Arkansas LDP rate for long grain rice is||0¢|
|medium grain rice is||0¢|
Rice traded in a wide range before settling a little higher for the day. While there is no evidence of major milled rice sales the market is in the midst of a little bounce. Obviously, USDA expects this market to improve, otherwise their price range for the annual average price would be working lower. In the February report the range was still $15 to $16, well above current futures.
Cattle & Hogs Date: February 27, 2009
As reported by Federal-State Market News, receipts were 8,220 head at sales in Arkansas this week. Compared with last week, feeder steers sold unevenly, mostly steady .
|Medium & Large Frame 1||400||to||450 lbs.||112||to||- - -|
|500||to||550 lbs.||101.75||to||- - -|
|600||to||650 lbs.||94||to||- - -|
|Medium & Large Frame 2||400||to||450 lbs.||98.25||to||- - -|
|Medium & Large Frame 1||400||to||450 lbs.||94.50||to||- - -|
|Medium & Large Frame 2||400||to||450 lbs.||84.25||to||- - -|
Slaughter Cows, Boners 36 to 42
Light Weight 24 to 28
Bulls, Yield Grade 1 1000 to 2100 lbs. 50 to 57, high dressing 57-58
Midwest Steers remained at 78 to 80
Panhandle Steers were steady to $2 lower at 78 to - - -
|Oklahoma City Feeders
Cattle futures ended mixed. Demand concerns will likely keep a lid on prices for the near term. The market is clearly trending lower. Resistance begins at the top of the gap at $86.90.
Peoria: were $1 lower at 32.5 to 33
St. Paul sheep shorn slaughter lambs at n/a to - - -
Hog futures ended the week on a positive note. June charted a bullish key reversal Wednesday, signaling that a significant bottom has been put in. The market will have tough resistance around the February high of $76.95, though.
Poultry Date: February 27, 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 generally steady at best. Supplies of all sizes were at least sufficient to satisfy current trade needs. In production areas, live supplies were moderate at mixed, but mostly desirable weights.