02/01/2010 Farm Bureau Market Report

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Grain & Soybean Date: February 01, 2010 Soybeans Local Elevators: (Feb) EAST AR:  857 to 875 (NC) Summ. 857 to 879 River Elevators: (Feb) MISS: 875 to 917 ; AR & White 860 to 870 (NC) Summ. 857 to 889 Ark. Processor Bids: (Feb) 872 to 880  (NC) 866 to 867 Memphis:  (Feb) 909 3/4 to 926 3/4 (NC)  890 3/4 to - - - Riceland Foods:  (Feb) Stuttgart 872 ; Pendleton 869 ; West Memphis 913 Chicago Futures: Mar down 4 1/4 at  909 3/4   May  down  4  at  920 3/4   July down 4  at  928 3/4   Sept down 3 1/4  at  913 3/4   Nov down 2 1/2  at  908 3/4   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans failed to hold early gains and ended the session lower. This is a little troubling since the market is heavily oversold and due a technical rebound. Inability to hold gains and continue lower suggests big crops in South America are now the major influence. November appears headed to the early October low at $8.78, or perhaps the early July low at $8.40. March closed just a little over 20 cents above support at $8.88, additional support or weekly charts start at 8.78 then 8.43 and finally $7.76. Wheat Cash bid for February at Memphis  414 3/4 to 445 3/4; Bids to farmers at Local Elevators 442-454; River Elevators 446-477; Chicago Futures: Mar up  3/4  at  474 3/4    May up 1 1/4  at  489 1/2    July up  1 1/4  at  501 1/2    Sept up  1 1/2  at  517 1/4    Dec up  2 1/4  at  543 3/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for February at Memphis  641 to - - -; Bids to farmers at River Elevators 500-575; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for January at Memphis   359 to 361;   New crop at Memphis   317 1/2 to 375 1/2; Bids to farmers at River Elevators  333 to 359 Chicago Futures: Mar up  2 1/2  at  359    May up  2 1/2  at  370 1/4    Sept up  3 1/4  at  387 1/2    Dec up  3 3/4  at  394 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment July wheat attempted to close the gap left Friday, but couldn’t move above resistance at the top at $5.11. Upside potential remain limited despite six million aces less wheat being planted in the U.S. Large world stocks will keep the market competitive. Corn managed small gains for the day and seems to be under less pressure than beans. Considering the January production estimate and suggestions almost 90 million acres will be planted to corn in 2010, the market is holding pretty well. However, support 20 and then 40 cents lower could still be challenged. Cotton & Rice  Date: February 01, 2010 Cotton Spot Price, Grade 41 Staple 34: Memphis down 92 at  6422   Greenwood down  92 at 6422 New York Futures: Mar down  81  at  6822    May down  77  at  6986    July down  67  at  7080    Oct down  43  at  7012    Dec down  65  at  7019  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton continued to track lower today with March holding above 68 cents and December closing near 70 cents. Losses of another penny or more could be seen. The market is very nervous about world economic conditions and the Chinese government tightening of available credit. As long as that situation persists, it will be difficult to move cotton substantially higher. The market sees little need to bid cotton higher with the current declines being seen in corn and soybeans. Rice Long Grain Cash Bid for  Feb 1315/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Mar down  5  at  1415    May down  3 1/2  at  1447    July down  4 1/2  at  1469    Sept down  2 1/2  at  1377    - - - unchanged  - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice was a little lower after failing to follow through on Friday’s big up move. The market continues to look for fresh fundamentals. Indicated U.S. purchases for Haiti and an Iraq tender for 120,000 metric tonnes or more for March/April delivery have not boosted the market. However, it would be a boost if the U.S. can secure that tender. Otherwise, the international market is steady and fairly quiet. An offer of Thai intervention stocks has been virtually ignored as price offered was well above other Asian offerings. Recent futures movement should have established the low end of the trading range for the time being. Cattle & Hogs  Date: February 01, 2010 Cattle As reported by Federal-State Market News, receipts were - - - head at sales in - - -.  Compared with last week, feeder steers - - - . Steers:  Medium & Large Frame - - -   - - - to - - - lbs. - - - to - - -   - - - to - - - lbs. - - - to - - -   - - - to - - - lbs. - - - to - - -  Medium & Large Frame - - -   - - - to - - - lbs. - - - to - - - Heifers:  Medium & Large Frame - - -   - - - to - - - lbs. - - - to - - -  Medium & Large Frame - - -   - - - to - - - lbs. - - - to - - - Slaughter Cows, Boners - - -   to   - - - Light Weight - - - to - - - Bulls, Yield Grade   - - -   - - -   to   - - - lbs.   - - -   to   - - - Midwest Steers   were   at   83   to   86 Panhandle Steers   were   at   85   to   86 Oklahoma City Feeders Steers 500 to 550 lbs. 108.50 to 114   550 to 600 lbs. 103 to 110 Heifers 500 to 550 lbs. 9475 to 9850   550 to 600 lbs. 9275 to 97 Chicago Futures: Live Cattle: April down 67 at 8870   June down 60 at 8722 Feeders: Mar down 115 at 9772   May down 95 at 10085 Cattle Comment Cattle futures saw renewed weakness after attempting to recover a bit late last week. It appears a temporary top has been made and February could trade back near $84 before stabilizing. Hogs Peoria: were     steady   at   39   to   41 Chicago Futures: April down 245 at 6615   June down 207 at 7465 Sheep St. Paul n/a   at   - - -   to   - - - Hogs Comment Hogs were sharply lower today, with February violating the long-term up trend. Expect a retest of support at $63.70. Expected cash market weakness and futures’ premium to cash are weighing on futures. Poultry  Date: February 01, 2010 Eggs New York:  Ex. Lg. 136-140; Lg. 134-138; Med. 106-110; Chicago:  Ex. Lg. 129-137; Lg. 127-135; Med. 98-106; Eastern Region Turkeys Hens: 8-16 lbs. 79 Toms: 16-24 lbs. 76   Delmarva Broilers U.S. Grade A The market tone was barely steady. Demand following the weekend was light to moderate with limited trading for first of the month business. Supplies of all sizes were moderate to heavy to satisfy current trade needs. In production areas live supplies were moderate at mostly desirable weights. ---------------------------------------- HOW TO UNSUBSCRIBE You are receiving this newsletter because you requested that your e-mail address be added to the Arkansas Farm Bureau Market Report. To unsubscribe or change your subscription information, go to http://www.arfb.com/commodity_marketing/email/ ---------------------------------------- QUESTIONS OR COMMENTS? If you have any comments or questions about this e-newsletter please e-mail us at mktrpt@arfb.com Arkansas Farm Bureau 10720 Kanis Road Little Rock, AR 72211 501-224-4400 Copyright 2010 Arkansas Farm Bureau, Inc. All rights reserved Terms of Use