02/05/2010 Farm Bureau Market Report

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Grain & Soybean Date: February 05, 2010 Soybeans Local Elevators: (Feb) EAST AR:  861 to 879 (NC) Summ. 852 to 874 River Elevators: (Feb) MISS: 878 to 923 ; AR & White 863 to 873 (NC) Summ. 849 to 884 Ark. Processor Bids: (Feb) 876 to 884  (NC) 861 to 862 Memphis:  (Feb) 918 1/2 to 931 1/2 (NC)  883 1/2 to 888 1/2 Riceland Foods:  (Feb) Stuttgart 876 ; Pendleton 873 ; West Memphis 917 Chicago Futures: Mar down 1/2 at  913 1/2   May  down  1/2  at  924 1/4   July down 3/4  at  932 3/4   Sept down 3 3/4  at  914 1/4   Nov down 6 1/2  at  903 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans closed the day down slightly. Prices continue to hold up well given the crop reports that continue to flow out of South America. Most expect the USDA to revise South American production numbers higher on Tuesday. The large crop will likely put the breaks on U.S. soybean exports, which are already at 93% of the USDA projection for 2009/10. Wheat Cash bid for February at Memphis  413 1/4 to 445 1/4; Bids to farmers at Local Elevators 441-453; River Elevators 445-476; Chicago Futures: Mar down  2 1/2  at  473 1/4    May down 2  at  488    July down  1 3/4  at  500 1/2    Sept down  1 1/4  at  516 3/4    Dec down  1  at  544 3/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for February at Memphis  628 to - - -; Bids to farmers at River Elevators 486-561; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for February at Memphis   360 1/2 to 361 1/2;   New crop at Memphis   310 1/4 to 365 1/4; Bids to farmers at River Elevators  326 to 352 Chicago Futures: Mar down  2 1/2  at  351 1/2    May down  2 1/4  at  363    Sept down  2 1/2  at  380 1/4    Dec down  2 3/4  at  387    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment July wheat closed down today. Prices continue to be pressured by the large stocks both here in the U.S. and around the World. Its likely that next week’s USDA report will reduce total U.S. wheat consumption and push stocks-to-use over the 50% mark. Barring a catastrophic crop failure in a major producing country, it will take a while for the U.S. to work through its large stocks. Wheat prices will depend on outside markets to provide support. Support for July is now the contract low of $4.86. Corn prices closed the day down slightly. Prices continue to be plagued by the large U.S. crop reported by the USDA in January. The February report will likely show a larger South American crop which will add further pressure to prices. Combine that with the strong dollar and falling oil prices, and there is little news to support stronger corn prices. Cotton & Rice  Date: February 05, 2010 Cotton Spot Price, Grade 41 Staple 34: Memphis down 212 at  6287   Greenwood down  212 at 6287 New York Futures: Mar down  237  at  6662    May down  227  at  6823    July down  219  at  6926    Oct down  162  at  6888    Dec down  203  at  6873  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton prices fell again today, giving back most of this weeks gains. A strong dollar combined with weak financial markets continues to plague the cotton market. Rice Long Grain Cash Bid for  Feb 1308/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Mar down  9 1/2  at  1408 1/2    May down  6  at  1439 1/2    July down  6 1/2  at  1463    Sept down  6 1/2  at  1354    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice futures were down again today. Weakness in other markets is pressuring rice prices lower. Rice exports continue to lag behind last years exports. While milled exports are slightly lower than larger than last year, they remain well below the 5-year average level. Support is located at the January low of $13.40. Cattle & Hogs  Date: February 05, 2010 Cattle As reported by Federal-State Market News, receipts were 4,465 head at sales in Arkansas this week.  Compared with last week, feeder steers sold $1 to $5 lower . Steers:  Medium & Large Frame 1   400 to 450 lbs. 114 to - - -   500 to 550 lbs. 105 to - - -   600 to 650 lbs. 96 to - - -  Medium & Large Frame 2   450 to 500 lbs. 100 to - - - Heifers:  Medium & Large Frame 1   500 to 550 lbs. 91 to - - -  Medium & Large Frame 2   450 to 500 lbs. 85 to - - - Slaughter Cows, Boners 47   to   53 Light Weight 33 to 38 Bulls, Yield Grade   1   1000   to   2100 lbs.   56   to   63 Midwest Steers   were steady   at   84   to   - - - Panhandle Steers   were steady to $1   at   84   to   85 Oklahoma City Feeders Steers 500 to 550 lbs. 99.50 to 110   550 to 600 lbs. 104 to - - - Heifers 500 to 550 lbs. 88.50 to 98   550 to 600 lbs. 87 to 95.85 Chicago Futures: Live Cattle: April up 32 at 9040   June up 25 at 8810 Feeders: Mar up 107 at 9832   May up 92 at 10117 Cattle Comment Cattle futures were up slightly. Strengthening cash prices at local markets combined with poor weather in the Midwest are supporting cattle futures. Hogs Peoria: were     steady   at   39   to   41 Chicago Futures: April down 20 at 6672   June down 22 at 7542 Sheep St. Paul n/a   at   - - -   to   - - - Hogs Comment Hogs ended mixed. While cutout prices remain strong pork demand continues to be sluggish. Poultry  Date: February 05, 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 mostly steady. Demand entering the weekend was fair to moderate with trading usually limited to regular commitments. Supplies of all sizes were moderate 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. 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