02/03/2010 Farm Bureau Market Report

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Grain & Soybean Date: February 03, 2010 Soybeans Local Elevators: (Feb) EAST AR:  855 to 873 (NC) Summ. 855 to 877 River Elevators: (Feb) MISS: 873 to 917 ; AR & White 858 to 868 (NC) Summ. 855 to 887 Ark. Processor Bids: (Feb) 870 to 878  (NC) 864 to 865 Memphis:  (Feb) 908 to 925 (NC)  889 to 892 Riceland Foods:  (Feb) Stuttgart 870 ; Pendleton 867 ; West Memphis 911 Chicago Futures: Mar down 17 1/2 at  908   May  down  17 1/2  at  919   July down 17 1/4  at  928 1/2   Sept down 15  at  912 1/2   Nov down 14 1/2  at  907   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans gave back all of yesterday’s gains suggesting further weakness in the near term. So, instead of making a temporary bottom the market has taken on a more bearish look. Estimates of the South American crop continue to grow with Informa raising their Brazilian number to 66.6 million metric tones, and Argentina to 54 million metric tonnes. March and November futures held above the recent lows around $9.05, but it does not feel very comfortable. Wheat Cash bid for February at Memphis  409 to 439; Bids to farmers at Local Elevators 436-448; River Elevators 440-471; Chicago Futures: Mar down  18 1/4  at  469    May down 18  at  483 1/2    July down  17 1/2  at  495 1/2    Sept down  17 3/4  at  511 1/4    Dec down  17  at  539    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for February at Memphis  630 to - - -; Bids to farmers at River Elevators 489-564; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for February at Memphis   353 to 357;   New crop at Memphis   312 3/4 to 370 3/4; Bids to farmers at River Elevators  327 to 353 Chicago Futures: Mar down  12  at  353    May down  11 3/4  at  364 1/2    Sept down  11 1/4  at  382 3/4    Dec down  11 1/4  at  389 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment July wheat gave back all of yesterday’s gains and continued lower to set a new low for the move. Upside potential remain limited despite six million acres less wheat being planted in the U.S. Large world stocks will keep the market competitive. Support for July is now the contract low of $4.86. Corn was hit hard today with double digit losses more than offsetting yesterday’s gains. March closed just below key support at $3.55, as did December with a close near $3.90. While corn is technically oversold, the market remains under pressure. Cotton & Rice  Date: February 03, 2010 Cotton Spot Price, Grade 41 Staple 34: Memphis up 56 at  6582   Greenwood up  56 at 6582 New York Futures: Mar up  56  at  6982    May up  63  at  7135    July up  50  at  7214    Oct up  106  at  7165    Dec up  47  at  7143  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton firmed late in the session to close higher for the second day in a row. This could be a temporary low and the bottom of an expected trading range that could hold for sometime. If that is the case, December should move toward 74 cents. Obviously improved fundamentals or poor planting conditions could boost the market out of this range 70-78 cents at some point. For now, that may be an elusive goal. Rice Long Grain Cash Bid for  Feb 1342/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Mar down  7 1/2  at  1437 1/2    May down  7 1/2  at  1466    July down  7  at  1490 1/2    Sept down  7 1/2  at  1377 1/2    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice lost a little ground as the market was unable to build on yesterday’s gains. Underlying support is being seen as the U.S. continues to purchase rice for distribution in Haiti. The international market remains a little unsettled with Vietnam values continuing to scale back while offerings from Thailand are firm. Rice appears to have made a temporary bottom a little over a week ago and is consolidating above that level with potential to move higher. Cattle & Hogs  Date: February 03, 2010 Cattle As reported by Federal-State Market News, receipts were 303 head at sales in Conway and Pocahontas.  Compared with last week, feeder steers were poorly tested . Steers:  Medium & Large Frame 1   400 to 450 lbs. 110.41 to - - -   500 to 550 lbs. - - - to - - -   600 to 650 lbs. 91 to - - -  Medium & Large Frame 2   400 to 450 lbs. - - - to - - - Heifers:  Medium & Large Frame 1   500 to 550 lbs. 92.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 84.25 to - - - Slaughter Cows, Boners 45   to   50.50 Light Weight 30 to 34 Bulls, Yield Grade   1   1400   to   2300 lbs.   - - -   to   - - - Midwest Steers   were steady   at   84   to   - - - Panhandle Steers   were steady   at   84   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 108.50 to 114   550 to 600 lbs. 103 to 110 Heifers 500 to 550 lbs. 94.75 to 98.50   550 to 600 lbs. 92.75 to 97 Chicago Futures: Live Cattle: April up 22 at 9010   June up 27 at 8805 Feeders: Mar up 17 at 9740   May up 12 at 10042 Cattle Comment Cattle futures were mixed. It appears a temporary top has been made and February could trade back near $84 before stabilizing. Live futures are under pressure from weaker beef demand, but corn’s losses today provided some support for feeders. Hogs Peoria: were     steady   at   38   to   40 Chicago Futures: April up 22 at 6707   June up 62 at 7590 Sheep St. Paul n/a   at   - - -   to   - - - Hogs Comment Hogs ended higher. Cutout values have rebounded this week, providing underlying support for cash prices and futures. Poultry  Date: February 03, 2010 Eggs New York:  Ex. Lg. 128-132; Lg. 126-130; 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 fair to moderate with trading usually limited to regular commitments. Supplies of all sizes were moderate 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