Grain & Soybean Date: February 03, 2012

Soybeans

Local Elevators:
(Feb) EAST AR:  1212 to 1240
(NC) Summ. 1203 to 1227
River Elevators:
(Feb) MISS: 1263 to 1265 ; AR & White 1221 to 1253
(NC) Summ. 1215 to 1247
Ark. Processor Bids: (Feb) 1238 to - - -  (NC) 1225 to 1227
Memphis:  (Feb) 1264 1/2 to 1269 1/2 (NC)  1244 1/4 to 1247 1/4
Riceland Foods:  (Feb) Stuttgart 1238 ; Pendleton 1240 
 (NC) Stuttgart 1225 ; Pendleton 1227 

Chicago Futures:	March	up	15 1/2	at	1232 1/2
	May	up	15 1/4	at	1240 3/4
	July	up	15 1/4	at	1250 1/4
	Aug	up	15 1/4	at	1248
	Nov	up	13 1/2	at	1237 1/4
	Today's Arkansas LDP rate for soybeans is:				0¢

Soybean Comment
Soybeans finished the week on a strong note with the lead March contract closing above resistance at $12.31. That is the highest close since early November and leaves a spike high of $12.45 as the only resistance between today’s close and $12.90. New crop November’s close leaves the 50% retracement objective of $12.58 just 20 cents higher. It appears soybeans may be attempting to buy some acres from corn.

Wheat
Cash bid for February at Memphis  682 3/4 to 685 3/4;

Bids to farmers at Local Elevators	639-664;
River Elevators	656-699;

Chicago Futures:	March	down	2	at	660 3/4
	May	down	4	at	674
	July	down	2 3/4	at	689
	Sept	down	2	at	706
	Dec	down	1 1/2	at	723 1/4
	Today's Arkansas LDP rate for wheat is:				0¢

Grain Sorghum
Cash bid for February at Memphis  1133 to 1142;

Bids to farmers at River Elevators	1089-1152;
Today's Arkansas LDP rate for sorghum is:	0¢

Corn

Cash bid for	February at Memphis   673 1/2 to 674 1/2;
	New Crop at Memphis   589 3/4 to 591 3/4;
Bids to farmers at River Elevators	650 to 670

Chicago Futures:	March	up	1 1/2	at	644 1/2
	May	up	1 1/4	at	650 3/4
	July	up	2	at	655 1/2
	Sept	up	3 1/4	at	604 3/4
	Today's Arkansas LDP rate for corn is:				0¢

Grain Comment
Wheat lost ground again today. After making big gains earlier, the market got fit with an unexpected announcement that Russia was raising their export quota, instead of shutting things down. So, for the time being, July futures halted at previous resistance just above $7. A close above that level likely adds another quarter to the market.

Corn closes on the positive side after trading lower most of the day. Corn continues to inch closer to key resistance, at $6.58 for March and $5.88 for December. Ninety-five million acres is expected to be planted in the U.S. this year, but that depends on weather and what happens with soybeans.

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Cotton & Rice  Date: February 03, 2012

Cotton

Spot Price, Grade 41 Staple 34:	Memphis up 238 at  9009
	Greenwood up  238 at 9009

New York Futures:	March	up	213	at	9634
	May	up	199	at	9748
	July	up	189	at	9845
	Oct	up	161	at	9800
	Dec	up	132	at	9638
This week's LDP rate for cotton is					0 cents
	The estimate for next week is				0 cents

Cotton Comment
Cotton made big gains supported by improved U.S. job numbers and stronger equity markets. December future gains were keyed by technical buying after closing above trendline resistance yesterday. December moved near 97 cents at its peak and closed well above 96 cents. It will take additional positive fundamental news and technical buying to move the market toward objectives at 98 cents and then $1.02.

Rice

Long Grain Cash Bid for	Feb	1216	to	1238/cwt
	NC	1295/cwt	to	- - -

Chicago Futures:	March	up	23 1/2	at	1387 1/2
	May	up	23 1/2	at	1414 1/2
	July	up	23	at	1442
	Sept	up	29	at	1445
	Nov	up	26	at	1464
Today's Arkansas LDP rate for long grain rice is					0¢
medium grain rice is					0¢

Rice Comment
Rice firmed today, as the market retraced a portion of this week’s losses. This week’s decline through the month long trading range support triggered technical selling. Yesterday’s decline to a new low triggered additional technical selling ending March to the next level of support at $13.50. Additional downside objectives could come into play if this support does not hold. No doubt the inability to secure any of the Iraqi tender was a major negative factor. Rice exports continue over 670,000 metric tonnes behind last year.

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Cattle & Hogs  Date: February 03, 2012

Cattle
As reported by Federal-State Market News, receipts were 10,095 head at sales in Arkansas this week.  Compared with last week, feeder steers under 550 lbs. sold $5 to $10 higher, weights over 550 lbs sold firm to $5 higher .

Steers:
Medium & Large Frame 1	400	to	450 lbs.	191.50	to	- - -
	500	to	550 lbs.	176.50	to	- - -
	600	to	650 lbs.	156	to	- - -
Medium & Large Frame 2	400	to	450 lbs.	173	to	- - -
Heifers:
Medium & Large Frame 1	500	to	550 lbs.	158.50	to	- - -
Medium & Large Frame 2	400	to	450 lbs.	153	to	- - -

Slaughter Cows, Boners 72   to   80
Light Weight 52 to 60
Bulls, Yield Grade   1   1000   to   2100 lbs.   86   to   94
Midwest Steers   were   at   123   to   - - -
Panhandle Steers   were   at   123   to   - - -

Oklahoma City Feeders
Steers	500	to	550 lbs.	165	to	195.50
	550	to	600 lbs.	156	to	184
Heifers	500	to	550 lbs.	148	to	169
	550	to	600 lbs.	138	to	163

Chicago Futures:

Live Cattle:	April	down	150	at	12740
	June	down	125	at	12685
Feeders:	March	down	92	at	15445
	Aug	down	37	at	15975

Cattle Comment
Cattle futures dipped lower today pressured by poor packer margins and weakening beef values. This is a blip on the radar screen as the long term situation suggests tightening supplies and higher price levels.

Hogs
Peoria: were $2 lower to 50¢     higher   at   57   to   59

Chicago Futures:	April	down	82	at	8892
	June	down	65	at	9810

Hogs Comment
Hog futures were mixed with slightly weaker values on front end contracts. Light packer demand was the order of the day. Most needs were already covered and negative packer margins kept buyers on the sideline. Longer term strong export demand will limit downside pressure.

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Poultry  Date: February 03, 2012

Eggs

New York:	Ex. Lg. 103-107; Lg. 101-105; Med. 88-92;
Chicago:	Ex. Lg. 96-104; Lg. 94-102; Med. 79-87;

National Turkeys

Hens:	8-16 lbs.	95.92
Toms:	16-24 lbs.	96.42

Delmarva Broilers
U.S. Grade A
Whole broiler/fryer prices are steady at best. Offerings are moderate with trading usually limited to regular commitments. Demand entering the weekend is moderate. Market activity is slow to moderate. In production areas, live supplies are moderate. Weights are mixed, but mostly desirable.