02/02/2010 Farm Bureau Market Report

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Grain & Soybean Date: February 02, 2010 Soybeans Local Elevators: (Feb) EAST AR:  873 to 891 (NC) Summ. 870 to 892 River Elevators: (Feb) MISS: 891 to 933 ; AR & White 876 to 886 (NC) Summ. 870 to 902 Ark. Processor Bids: (Feb) 888 to 896  (NC) 879 to 880 Memphis:  (Feb) 925 1/2 to 937 1/2 (NC)  903 1/2 to 906 1/2 Riceland Foods:  (Feb) Stuttgart 888 ; Pendleton 885 ; West Memphis 929 Chicago Futures: Mar up 15 3/4 at  925 1/2   May  up  15 3/4  at  936 1/2   July up 17  at  945 3/4   Sept up 13 3/4  at  927 1/2   Nov up 12 3/4  at  921 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans posted sharp gains today. Stronger crude oil and a weaker dollar provided strength. The market was heavily oversold and due a corrective bounce. Strong demand for U.S. beans is also supportive. Significant resistance in the form of chart gaps stand in the way of a significant recovery, starting around $9.37 for November. Wheat Cash bid for February at Memphis  427 1/4 to 457 1/4; Bids to farmers at Local Elevators 453-465; River Elevators 459-488; Chicago Futures: Mar up  12 1/2  at  487 1/4    May up 12  at  501 1/2    July up  11 1/2  at  513    Sept up  11 3/4  at  529    Dec up  12 1/4  at  556    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for February at Memphis  652 to - - -; Bids to farmers at River Elevators 511-586; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for February at Memphis   370 to - - -;   New crop at Memphis   324 to 382; Bids to farmers at River Elevators  338 to 365 Chicago Futures: Mar up  6  at  365    May up  6  at  376 1/4    Sept up  6 1/2  at  394    Dec up  6 1/2  at  401    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment July wheat gapped higher today. A surprising drop in the crop ratings in Kansas was given partial credit for the strength. 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 also gapped higher on carryover strength from crude oil and weakness in the dollar. The market was oversold and due a correction. 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 02, 2010 Cotton Spot Price, Grade 41 Staple 34: Memphis up 104 at  6526   Greenwood up  104 at 6526 New York Futures: Mar up  104  at  6926    May up  86  at  7072    July up  84  at  7164    Oct up  47  at  7059    Dec up  77  at  7096  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton followed other markets and closed higher. 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 1345/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Mar up  30  at  1445    May up  26 1/2  at  1473 1/2    July up  28 1/2  at  1497 1/2    Sept up  8  at  1385    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice also climbed higher thanks to the influence of outside markets. 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. Recent futures movement should have established the low end of the trading range for the time being. Cattle & Hogs  Date: February 02, 2010 Cattle As reported by Federal-State Market News, receipts were 80 head at sales in Fort Smith.  Compared with last week, feeder steers were poorly tested . Steers:  Medium & Large Frame 1   450 to 500 lbs. 100 to - - -   500 to 550 lbs. - - - to - - -   600 to 650 lbs. - - - to - - -  Medium & Large Frame 2   450 to 500 lbs. 94.50 to - - - Heifers:  Medium & Large Frame 1   500 to 550 lbs. 89.50 to - - -  Medium & Large Frame 2   500 to 550 lbs. 80.75 to - - - Slaughter Cows, Boners - - -   to   - - - Light Weight - - - to - - - Bulls, Yield Grade   1   1000   to   2100 lbs.   - - -   to   - - - Midwest Steers   were $1 lower to $2 higher   at   84   to   - - - Panhandle Steers   were $1- $2 higher   at   84   to   - - - Oklahoma City Feeders Steers - - - to - - - lbs. - - - to - - -   - - - to - - - lbs. - - - to - - - Heifers - - - to - - - lbs. - - - to - - -   - - - to - - - lbs. - - - to - - - Chicago Futures: Live Cattle: April up 117 at 8987   June up 55 at 8777 Feeders: Mar down 50 at 9722   May down 55 at 10030 Cattle Comment Cattle futures ended mixed. Weakness in the dollar supported live contracts, but higher corn prices pressured feeders. It appears a temporary top has been made and February could trade back near $84 before stabilizing. Hogs Peoria: were $1 higher to $3     lower   at   38   to   40 Chicago Futures: April up 70 at 6685   June up 62 at 7527 Sheep St. Paul n/a   at   - - -   to   - - - Hogs Comment Hogs were higher as well. A weaker dollar renewed optimism for strong exports. Expected cash market weakness and futures’ premium to cash will probably limit the upside. Poultry  Date: February 02, 2010 Eggs New York:  Ex. Lg. 133-137; Lg. 131-135; 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 was light to moderate with limited trading. Supplies of all sizes were moderate to heavy to handle 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