02/10/2010 Farm Bureau Market Report

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Grain & Soybean Date: February 10, 2010 Soybeans Local Elevators: (Feb) EAST AR:  885 to 903 (NC) Summ. 864 to 886 River Elevators: (Feb) MISS: 899 to 947 ; AR & White 884 to 894 (NC) Summ. 860 to 896 Ark. Processor Bids: (Feb) 900 to 905  (NC) 873 to 874 Memphis:  (Feb) 937 1/2 to 955 1/2 (NC)  895 1/2 to 900 1/2 Riceland Foods:  (Feb) Stuttgart 900 ; Pendleton 897 ; West Memphis 941 Chicago Futures: Mar up 13 at  937 1/2   May  up  11 3/4  at  947   July up 10 1/2  at  954 1/2   Sept up 5 3/4  at  931 1/2   Nov up 3  at  915 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans closed higher as the market reversed yesterday’s late decline. USDA tightened projected stocks by increasing export use. However, they also raised the Brazilian crop estimate to 66 mmt. That was up 1 mmt from last month, and is still less than some private estimates. Continued strong Chinese buying is a positive. Wheat Cash bid for February at Memphis  436 3/4 to 468 3/4; Bids to farmers at Local Elevators 464-476; River Elevators 468-499; Chicago Futures: Mar up  14 1/2  at  496 3/4    May up 14 1/2  at  511 3/4    July up  14 1/4  at  524 1/4    Sept up  13 3/4  at  540    Dec up  12 1/2  at  565    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for February at Memphis  646 to - - -; Bids to farmers at River Elevators 505-580; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for February at Memphis   370 3/4 to 371 3/4;   New crop at Memphis   320 1/4 to 375 1/4; Bids to farmers at River Elevators  336 to 364 Chicago Futures: Mar up  3 1/4  at  361 3/4    May up  3  at  373 1/4    Sept up  3  at  390 1/4    Dec up  2 1/2  at  396    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Corn was higher again today as the market appears to be putting in a temporary low. Yesterday’s report increased ethanol usage 100 million bushels, while reducing exports 50 million bushels. The net result was slightly lower projected ending stocks. Upside potential appears limited. September has initial resistance around $3.95, and then $4.15. Any move into this range should be used to price expected 2010 production. Wheat prices were bumped higher by short covering, but the overall tone of the market is still weak. Prices continue to be pressured by the large stocks both here in the U.S. and around the World. It’s 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. Cotton & Rice  Date: February 10, 2010 Cotton Spot Price, Grade 41 Staple 34: Memphis   at  6882   Greenwood    at 6882 New York Futures: Mar up  66  at  7282    May up  65  at  7363    July up  64  at  7491    Oct up  77  at  7324    Dec up  25  at  7251  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton continued to move higher with a late decline trimming early gains. Old crop March has gained over 600 points from Friday’s close. Strong export demand led to USDA increasing their estimate by 1 million bales. Projected ending stocks were estimated at just 3.3 million bales, the lowest in 15 years. The National Cotton Council’s planting intentions survey suggests a 10% increase in 2010 with a total just over 10 million acres. Rice Long Grain Cash Bid for  Feb 1332/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Mar down  13  at  1432    May down  13 1/2  at  1463 1/2    July down  11 1/2  at  1488 1/2    Sept unchanged  0  at  1375    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice closed lower, but remains in a consolidation phase that has a slight upward bias. USDA increased both export and domestic use slightly in yesterday’s report. Indications are U.S. 2010 plantings will increase. Producers should keep this in mind and price some of their expected 2010 production on rallies in the September contract. Resistance starts at $13.95 and then $14.10. Cattle & Hogs  Date: February 10, 2010 Cattle As reported by Federal-State Market News, receipts were 2271 head at sales in Ash Flat, Springdale and Ola.  Compared with last week, feeder steers were unavailable . Steers:  Medium & Large Frame 1   400 to 450 lbs. 112 to - - -   500 to 550 lbs. 106.50 to - - -   600 to 650 lbs. 94.25 to - - -  Medium & Large Frame 2   400 to 450 lbs. 99 to - - - Heifers:  Medium & Large Frame 1   500 to 550 lbs. 92 to - - -  Medium & Large Frame 2   400 to 450 lbs. 87.25 to - - - Slaughter Cows, Boners 47   to   53 Light Weight 32 to 39 Bulls, Yield Grade   1   1000   to   2100 lbs.   55   to   62 Midwest Steers   n/a   at   - - -   to   - - - Panhandle Steers   n/a   at   - - -   to   - - - Oklahoma City Feeders Steers 500 to 550 lbs. 110 to 114   550 to 600 lbs. 103.50 to 111 Heifers 500 to 550 lbs. 97 to 101.75   550 to 600 lbs. 94 to 97.25 Chicago Futures: Live Cattle: April up 7 at 9155   June up 27 at 8912 Feeders: Mar up 27 at 10025   May up 37 at 10222 Cattle Comment Cattle futures were up slightly. Strengthening cash prices at local markets combined with poor weather are supporting futures. Hogs Peoria: were     steady   at   39   to   41 Chicago Futures: April up 32 at 6817   June up 35 at 7715 Sheep St. Paul n/a   at   - - -   to   - - - Hogs Comment Hogs ended higher on weather-related strength in the cash market. Tightening hog supplies are providing underlying support, but pork demand will be the key to strength in this market. Poultry  Date: February 10, 2010 Eggs New York:  Ex. Lg. 115-119; Lg. 113-117; Med. 99-103; Chicago:  Ex. Lg. 115-123; Lg. 113-121; Med. 96-104; Eastern Region Turkeys Hens: 8-16 lbs. 77.10 Toms: 16-24 lbs. 80   Delmarva Broilers U.S. Grade A The market tone was steady to fully steady. Demand was fair to moderate with limited trading. Supplies were sufficient 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