02/04/2010 Farm Bureau Market Report

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Grain & Soybean Date: February 04, 2010 Soybeans Local Elevators: (Feb) EAST AR:  861 to 879 (NC) Summ. 858 to 880 River Elevators: (Feb) MISS: 879 to 924 ; AR & White 864 to 874 (NC) Summ. 856 to 890 Ark. Processor Bids: (Feb) 876 to 884  (NC) 867 to 868 Memphis:  (Feb) 914 to 929 (NC)  892 to 895 Riceland Foods:  (Feb) Stuttgart 876 ; Pendleton 873 ; West Memphis 917 Chicago Futures: Mar up 6 at  914   May  up  5 3/4  at  924 3/4   July up 5  at  933 1/2   Sept up 5 1/2  at  918   Nov up 3  at  910   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans reverse early declines to close higher despite lower crude oil, weaker equities markets and a stronger dollar. March and November both dipped to $9 before rallying and closing higher. Volatility will continue with estimates of the South American crop size increasing on a daily basis. Informa raised their estimate of both beans and corn in Brazil and Argentina. In light of all the bearish information, this was a good close. Long term, however, further declines appear probable. Wheat Cash bid for February at Memphis  415 3/4 to 445 3/4; Bids to farmers at Local Elevators 442-454; River Elevators 447-477; Chicago Futures: Mar up  6 3/4  at  475 3/4    May up 6 1/2  at  490    July up  6 3/4  at  502 1/4    Sept up  6 3/4  at  518    Dec up  6 3/4  at  545 3/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for February at Memphis  632 to - - -; Bids to farmers at River Elevators 500-566; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for February at Memphis   358 to 359;   New crop at Memphis   312 3/4 to 370 3/4; Bids to farmers at River Elevators  329 to 355 Chicago Futures: Mar up  1  at  354    May up  3/4  at  365 1/4    Sept unchanged  0  at  382 3/4    Dec unchanged  0  at  389 3/4    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment July wheat recovered a bit from yesterdays’ big losses. 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 managed a mixed to slightly higher close. Weekly export sales and shipments were on target. Technically, the market remains oversold, but no significant rebound appears likely at this point. No major adjustments are expected in next week’s supply demand report. Cotton & Rice  Date: February 04, 2010 Cotton Spot Price, Grade 41 Staple 34: Memphis down 83 at  6499   Greenwood down  83 at 6499 New York Futures: Mar down  83  at  6899    May down  85  at  7050    July down  69  at  7145    Oct down  115  at  7050    Dec down  67  at  7076  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton reversed gains of the last two days; touching recent support before partially retracing the downturn. Support at this level needs to hold, or the market could move another 2 to 3 cents lower. Negative outside market movement was certainly a factor in today’s weakness. Weak equity markets were a sign of continued concern about the state of the economic recovery. Rice Long Grain Cash Bid for  Feb 1318/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Mar down  19 1/2  at  1418    May down  20 1/2  at  1445 1/2    July down  21  at  1469 1/2    Sept down  17  at  1360 1/2    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice futures were sharply lower as it followed the early weakness in other grains. Rice failed to get a rebound and made a huge daily reversal off overnight gains which touched the backside of a shallow uptrend that was broken 5 weeks ago. As is often the case, that old support line became technical resistance in today’s move. Recent support is located at the January low of $13.40. Cattle & Hogs  Date: February 04, 2010 Cattle As reported by Federal-State Market News, receipts were 1365 head at sales in Charlotte, Ratcliff and Green Forest.  Compared with last week, feeder steers sold weak to $3 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 110.50 to - - -   500 to 550 lbs. 103 to - - -   600 to 650 lbs. 94.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. - - - to - - - Heifers:  Medium & Large Frame 1   500 to 550 lbs. 91.50 to - - -  Medium & Large Frame 2   400 to 450 lbs. 88 to - - - Slaughter Cows, Boners 42   to   47.50 Light Weight - - - to - - - Bulls, Yield Grade   1-2   1000   to   2100 lbs.   52.50   to   57 Midwest Steers   were steady   at   84   to   - - - Panhandle Steers   were steady   at   84   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 103.50 to 104.50   600 to 650 lbs. 97 to 100 Heifers 500 to 550 lbs. 94.75 to 96   550 to 600 lbs. 92 to 95 Chicago Futures: Live Cattle: April down 2 at 9007   June down 20 at 8785 Feeders: Mar down 15 at 9725   May down 17 at 10025 Cattle Comment Cattle futures were mostly lower. 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. Hogs Peoria: were $1 to $3     higher   at   39   to   41 Chicago Futures: April down 15 at 6692   June down 25 at 7565 Sheep St. Paul n/a   at   - - -   to   - - - Hogs Comment Cattle futures were mostly lower. 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. Poultry  Date: February 04, 2010 Eggs New York:  Ex. Lg. 123-127; Lg. 121-125; Med. 105-109; 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 about steady. Demand approaching the weekend was fair to moderate with limited trading. Supplies of all sizes were at least adequate to handle 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