02/11/2010 Farm Bureau Market Report

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Grain & Soybean Date: February 11, 2010 Soybeans Local Elevators: (Feb) EAST AR:  889 to 908 (NC) Summ. 870 to 892 River Elevators: (Feb) MISS: 905 to 953 ; AR & White 890 to 900 (NC) Summ. 867 to 902 Ark. Processor Bids: (Feb) 898 to 909  (NC) 877 to 880 Memphis:  (Feb) 943 to 962 (NC)  902 1/2 to 907 1/2 Riceland Foods:  (Feb) Stuttgart 909 ; Pendleton 902 ; West Memphis 945 Chicago Futures: Mar up 5 1/2 at  943   May  up  5  at  952   July up 4 1/4  at  958 3/4   Sept up 4 3/4  at  936 1/4   Nov up 7  at  922 1/2   Today's Arkansas LDP rate for soybeans is: 0¢ Soybean Comment Soybeans continue to inch higher. The market is looking for fresh fundamentals as the USDA report,Chinese buying and the South American crop appear to be accounted for in recent trade. Old crop March futures have retracement objectives of $9.72 and $9.92 but would have to close above resistance around $9.60 first. November has resistance at $9.30 and $9.50. Wheat Cash bid for February at Memphis  433 1/2 to 471 1/2; Bids to farmers at Local Elevators 461-473; River Elevators 465-496; Chicago Futures: Mar down  3 1/4  at  493 1/2    May down 3 1/4  at  508 1/2    July down  3  at  521 1/4    Sept down  3  at  537    Dec down  3 1/4  at  561 3/4    Today's Arkansas LDP rate for wheat is: 0¢ Grain Sorghum Cash bid for February at Memphis  649 to - - -; Bids to farmers at River Elevators 507-582; Today's Arkansas LDP rate for sorghum is: 0¢ Corn Cash bid for February at Memphis   368 1/4 to 372 1/2;   New crop at Memphis   322 1/2 to 377 1/2; Bids to farmers at River Elevators  337 to 365 Chicago Futures: Mar up  1 1/2  at  363 1/4    May up  1 3/4  at  375    Sept up  2 1/4  at  392 1/2    Dec up  2 1/2  at  398 1/2    Today's Arkansas LDP rate for corn is: 0¢ Grain Comment Corn closed firm, but is generally consolidating just above last week’s low. Upside potential will be hampered by big projected ending stocks and potentially bigger plantings in 2010. On the other hand, next month’s resurvey of some Midwest States could alter 2009 production. Strong ethanol use is a positive factor. Wheat couldn’t hold early gains and ended a bit lower. Prices continue to be pressured by the large stocks both here in the U.S. and around the World. 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 11, 2010 Cotton Spot Price, Grade 41 Staple 34: Memphis up 10 at  6892   Greenwood up  10 at 6892 New York Futures: Mar up  10  at  7292    May up  18  at  7381    July up  4  at  7465    Oct down  25  at  7299    Dec up  19  at  7270  This week's LDP rate for cotton is  0 cents   The estimate for next week is  0 cents Cotton Comment Cotton was slightly higher today as futures registered a fourth consecutive increase, albeit a very small one. March hit the back of the uptrend that was broken about a month ago. This resistance may be tough to break. Since 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 1336/cwt  to  - - -   - - - - - -  to  - - - Chicago Futures: Mar up  4 1/2  at  1436 1/2    May up  6  at  1469 1/2    July up  5 1/2  at  1494    Sept down  5  at  1370    - - -   - - -  at  - - -  Today's Arkansas LDP rate for long grain rice is  0¢ medium grain rice is  0¢ Rice Comment Rice firmed slightly and 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. On the international side, Vietnam has lowered price in order to move rice immediately. Some sales to the Philippines will be delayed in order to meet these immediate sales needs. Thai values remain well above other Asian offerings and movement is limited. Cattle & Hogs  Date: February 11, 2010 Cattle As reported by Federal-State Market News, receipts were 231 head at sales in Charlotte and Ratliff.  Compared with last week, feeder steers were unavailable . Steers:  Medium & Large Frame 1   400 to 450 lbs. - - - to - - -   500 to 550 lbs. - - - to - - -   600 to 650 lbs. - - - to - - -  Medium & Large Frame 2   400 to 450 lbs. - - - to - - - Heifers:  Medium & Large Frame 1   500 to 550 lbs. 86 to - - -  Medium & Large Frame 2   400 to 450 lbs. - - - to - - - Slaughter Cows, Boners 46.50   to   - - - Light Weight - - - to - - - Bulls, Yield Grade   1-2   1000   to   2100 lbs.   - - -   to   - - - Midwest Steers   were   at   85   to   86 Panhandle Steers   were   at   85   to   86 Oklahoma City Feeders Steers 500 to 550 lbs. 110 to 117.60   550 to 600 lbs. 111 to 115 Heifers 500 to 550 lbs. 102.50 to 103   550 to 600 lbs. 97.50 to 98.25 Chicago Futures: Live Cattle: April steady 0 at 9155   June steady 0 at 8912 Feeders: Mar up 25 at 10050   May up 30 at 10252 Cattle Comment Cattle futures were mostly higher. April set a new high for the move and looks poised to test resistance in the $92.80 area. Hogs Peoria: were steady to $4     higher   at   41   to   43 Chicago Futures: April down 50 at 6767   June up 12 at 7727 Sheep St. Paul n/a   at   - - -   to   - - - Hogs Comment Hogs were under pressure today from weaker cash markets. Pork demand is the key to this market, and there are concerns right now that harsh conditions in the Eastern US are hampering meat demand. Poultry  Date: February 11, 2010 Eggs New York:  Ex. Lg. 111-115; Lg. 109-113; Med. 95-99; 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 fully steady. Demand was fair to moderate with trading usually limited to regular commitments. Supplies were balanced to well cleared 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